5 Mistakes to Avoid when Buying Insurance

Buying insurance can be confusing, but when the unexpected happens – a house fire, a car accident or a bone fracture – it is a relief to know that some of those financial losses are going to be covered. But how do you know how much coverage you need? And what questions should you ask before buying a policy? Many consumers aren’t very sure. Insurance coverage is far from one size fits all, so here are mistakes some consumers make when buying insurance.
1. Assuming insurance is out of reach. In some cases, consumers skip insurance because they think it’s out of their budget. Often, that’s not the case, according to Marvin Feldman, president and CEO of the LIFE Foundation, a nonprofit organization that educates consumers about financial planning and insurance. The LIFE Foundation collaborated with LIMRA, a worldwide research and consulting organization for insurance and financial services, on the 2013 Insurance Barometer Study, which found that the average consumer thinks life insurance is three times more expensive than it actually is.

When buying health insurance or property and casualty insurance, ask about potential discounts. While health insurance discounts are often income-based, homeowners and auto insurers offer discounts for everything from being a member of groups like AARP, to being a good student or a good driver, to having a home security system.

2. Relying on assumptions or outdated figures. Changing economic conditions mean you might need more insurance coverage than you had in the past. Take life insurance. In the past, consumers might have based their life insurance coverage on their current income, but if something happens and you’re no longer around, you need more capital at work to provide the same income to your beneficiaries. Disability and long-term care insurance are even more complicated than traditional life insurance.

In the case of homeowners insurance, your home could be underinsured if you’ve renovated or if the cost to build a home has increased due to higher material costs or other factors. That’s why experts recommend reviewing insurance coverage once every year to make sure it still fits your needs. Talk to your insurance agent if you’re unsure.

3. Shopping on price alone. Resist the urge to simply choose the policy with the lowest premium. Consider the company’s reputation and the coverage you’d get for that premium. In general with health insurance, the higher the premium, the lower the amount you pay when you go to the doctor. Private health insurance plans must provide coverage examples showing what your estimated out-of-pocket costs would be for, say, having a baby or managing Type 2 diabetes. Some examples might not apply to you, but they can help you compare plans and see how much you might have to pay in coinsurance and copays.

Your property and casualty insurance may not cover things like food spoilage in the event of a power outage or stolen electronics worth more than $1,000, so you may want to purchase extra endorsements to cover those possibilities.

With disability or long-term care insurance, prices can vary depending on the length of the elimination period – the amount of time you must wait before coverage begins – and whether the policy includes inflation protection, so consider these factors, too.

4. Overlooking details. Make sure you understand what your insurance policy covers. For health insurance, it’s cheaper to see doctors who are in-network and buy prescription drugs covered by the formulary, so check to see if your doctor is in-network and if your prescription drugs are covered before you buy a policy. Otherwise, you could get an expensive surprise.Read your insurance policy and contact your insurance agent if anything is unclear.

5. Setting your deductible too low. Setting a low deductible typically means higher premiums, and in the case of property and casualty insurance, a greater likelihood of small claims that could ultimately raise your premiums. Insurance is designed to protect against losses you could not cover yourself, so if you can afford to pay the first $500 or $1,000 in losses yourself, you may not need a lower premium.

One Small Step for Man, One Giant Leap for Your Class on USA Trips

The USA has an abundance of potential when it comes to school residential trips, and you don’t have to look further than Washington DC, home to the National Air and Space Museum, for inspiration. A visit to this excellent museum will see your students marvelling at the 1903 Wright Flyer and Charles Lindbergh’s Spirit of St. Louis, touching rock that’s come from the moon, and getting to grips with the fascinating history of aviation and space travel.
Home to the world’s largest collection of space and aviation related artefacts, this museum is not only educational, but hugely inspirational as well.Teachers will be pleased to discover that the museum caters extremely well for pupils on residential school trips, and there is much on offer to help make your visit a truly memorable one.

Tours

When taking your students on a trip it’s always useful to know that, when appropriate, you can take a breather and hand them over to the experts. At the National Air and Space Museum,you can book a guided tour specifically designed for students. The History of Flight Tour II and Exploring Space tours are angled towards secondary school children.

The tours last an hour, with all year groups of secondary school age catered for. If you have more than 15 youngsters on your residential school trips, the group will be split accordingly. Hosted by volunteers, these tours are highly informative and can be tailored to any specific interests or curriculum requirements.

Einstein Planetarium

This attraction is considered an absolute highlight of the site and, as one of the most high-tech planetariums in the country, it’snot hard to see why. Adults arealways just as impressed as youngsters and,as the newly installed 8K Full Dome System works its magic, projecting super high-definition visuals, your class will be mesmerised. The vivid colours, intense brightness and pin-sharp clarity simply must be seen to be believed.

There are several shows run throughout the day. To Space and Back invites viewers into the world of exploratory space travel, and shows how intrinsically linked our changing world is to the universe around us. Other shows include The Stars Tonight,whichincorporatesrelevant headlining topics.

Shows change often, so teachers bookingresidential school trips in advance will need to check closer to the time to see exactly what is on. Every show is fantastic, however, so they’re an experience not to be missed.

Observatory

The wonderful observatory at the planetariumhouses an array of telescopes that, because of their safe solar filters, can be used during daylight hours. Pupils will have the opportunity to look for spots on the sun and discover the phases of Venus – and that’s just the start!

When planning residential school trips to Washington DC, booking with a reputable educational travel tour operator is highly recommended, in order to make the most of the time. They will advise and assistwith every aspect of planning your trip, leaving you free to concentrate on making the experience as memorable as it can be for young students.

Author Plate

John Gardiner is the Managing Director of The School Travel Company, a tour operator specialising in educational travel for school and youth groups. Whether you’re planning UK study tours,school residential trips to the USA, Iceland geography trips or trekking expeditions to India, you can trust both the educational and economic value of their itineraries, whether ready-made or specifically designed to suit the needs of your group.

Saving Time and Money with Shipping Insurance

In some industries, you’re required to ship a lot of packages through the mail. Maybe you’ve got multiple factories that specialize in different parts of the same product before it’s completed, or perhaps you have a few clients that prefer to have their goods shipped directly to them from your office. Whatever the case might be, it often makes sense for businesses to run an account for shipping insurance when they’re going to be using shipping services on a regular basis.

The main benefit of having an account for PIC insurance is that you’re not going to have to worry about having to think about whether or not each package needs to have shipping insurance before you send it off. In any business, time is just as important as money, and in some cases, time can be even more important. Every second that you spend thinking about whether or not this package needs insurance or filling out the the required paperwork is time that you could be spending on other aspects of your business.

A second here or there might seem insignificant, but when added up together, they can really be costly. For example, let’s say you’ve got to fill an order that requires 50 packages, and you’ve got to fill out paperwork to get shipping insurance for each one of them. If each form takes you just 30 seconds to fill out, you’ve used up nearly a full extra half-hour on shipping your packages. Do that twice a week for a year, and you’ll have used up a full regular work week on nothing but shipping. Efficiency is one of the top keys to making money for a business while wasting time is the exact opposite.

Not having an account can also be costly in terms of money lost in not taking advantage of discounts. When you ship a lot of packages at once, you can often get a price break for larger amounts. These can be valuable, because every dollar saved is a dollar you can then invest back into your business. It’s a lot easier to grow a business when you can allocate other resources on hiring more qualified people instead.

Choosing an account for PIC insurance is a great way to get your business in prime position to ship items where you need them, while ensuring your reputation stays intact along with the goods you send. If you’re looking for a way to move your business toward getting ahead, this can be a great first step to take.