There is Such a Thing as Short Term Insurance

Here is a true story that happened to me while being out on FMLA leave in October/November. Some of you know that I had back surgery in October. Due to a disagreement on the amount of FMLA leave I had left to use, my employer only gave me two weeks of covered time. This meant I had 4 weeks of uncovered time while I was home recuperating. I was taken off my medical insurance due to a reduction of hours and they offered me Cobra. Anyone who has dealt with Cobra knows the cost is quite high, so I opted out and decided to take a chance without insurance coverage. I knew I would be put back on medical insurance once I returned to work.

I just found out there is such a thing as Short Term Insurance. What I did by taking a chance was not the smartest decision, for you never know. I wouldn't suggest others follow my lead. You should always cover yourself and your family with medical insurance. Accidents and illness happens and when you least expect it. Medical care is quite expensive and the security of having medical insurance helps with costs.

MultiNational Underwriters at http://www.mnui.com/ offers the Amigo Short Term Medical Plan, which is temporary insurance in your time of need. I sure wish I had known about this earlier.

This company is a full service organization which offers many insurance products to address the needs of consumers worldwide: Short term travel insurance, US citizens and non citizens working or living abroad, International students Insurance are just a few examples. You can chat live with one of their representatives for more information or request a Free quote for short-term coverage.

If you are in a situation where you may find yourself without insurance such as unemployment or in transition from one job to another or if like me, you are offered Cobra for another reason, here is an opportunity to protect yourself. You may also need insurance if you travel, but your regular insurance cannot cover you or for students continuing their education abroad this company should be kept in mind.

Confused by Insurance Options?

When it comes to insurance, there are so many options. You can insure just about anything these days. People often think that it's better to be safe than sorry, but sometimes end up spending more money than they should on coverage they don't really need. If you own a business, there are options for Business Insurance as well.

You should cover the big risks in your life. Those being your life, your health, your home and your car if you have one.

You can save money on insurance. Shopping around for the best deal is one good way. Companies also give discounts to customers who buy more than one type of coverage from them. Raising your deductible will lower your insurance monthly payment. You should make sure that you have coverage that's both comprehensive and covers catastrophic events that would cause hardship, such as the death of a spouse.

According to Robert Hunter, director of insurance for the Consumer Federation of America, there are common types of insurance that he and other experts believe people should avoid:

Life insurance for children- Losing a child, may be the hardest and toughest experience a parent can go through, but the experience does not lead to economic hardship. I would think you do not rely on your children to provide income for your survival.

Cancer insurance- This policy does cover one risk, but it is better to just have good insurance. Death comes in various ways...why pay for protection just for cancer?

Accidental death- Again, this is covering a risk, but having a good policy will be adequate. Unless, you are in a dangerous profession.

Travel insurance- This coverage would only be useful if you are aware of a serious illness or if you would not be able to reschedule.

Whole life insurance- Term insurance provides an investment option that might be a better choice. If you have a spouse working from home, make sure they are also covered due to their death causing a financial hardship.

Insurance against inconveniences- Are they really worth paying monthly for? Would it be the end of the world? Probably not...

Identity theft-Reguarly check your credit report, which can be done for free. Take precautionary steps to avoid someone being able to access your personal information.

Insuring your clunker- It doesn't make sense to have full insurance coverage on an old car unless of course it is a classic and worth a lot of money. If your old car gets totaled in an accident, you will only receive the value regardless. Would your monthly payments over the years exceed the value?

Extended warranties- Quality purchases should not fail while under warranty

Payment protection insurance- You pay a lot of money each month for this protection. This coverage pays your credit card or mortgage payments in case of illness or job loss, but what you have already and will continue to pay be more than having made sure you had just saved enough for a 'rainy day'?

If you own one of the above policies, you may want to reconsider. Is this policy truly necessary in protecting you from a financial hardship? If it isn't, why throw your hard earned money toward a monthly expense?

Pet Injury Coverage

I was surprised the other day to learn that my son's auto insurance company now offers him a FREE pet injury coverage endorsement.

Two years ago his prior insurance company kicked him out of their plan due to two tickets he received from 3 years ago. This really annoyed us because these tickets weren't anything of importance, but in the long run, that company did him a favor.

He just leased an H3 (a baby Hummer) and amended his policy to include this vehicle. Turns out he's saving money and received the pet injury coverage I mentioned.
BTW: I love this truck. I sometimes get to drive it too and was surprised how it handles like a car and gets decent gas mileage.

The coverage reads:

...if you purchased collision coverage for at least one covered auto under your
policy and your pet sustains injury or death as a result of a collision
involving any covered auto or non-owned auto, we will pay up to $500 for
reasonable and customary costs incurred by you or a relative for vet fees or pet
replacement cost if you pet dies in the accident...

It is my understanding that his insurance company is the first major car insurance company to provide this pet injury coverage.

This is a start. Ok, so the amount of $500 isn't very much, but it's something...being an animal lover, I consider my dog as one of the family. I always felt there should be insurance available to me to protect her in case of illness. Vet bills are outrageous!

Well, now at least she'll be covered if riding in my sons truck.

I just thought this was great news and I was so excited about it...just had to share...