Insurance Companies Near me for Health, Life & Auto Coverage
– Insurance Companies Near me –
It is not in our place to predict the future and prevent unpleasant things from happening, we can at least try to get some protection in case they happen.
There are different types of insurance options for different situations, even the weirdest insurance for things for possible mishaps that are necessary to protect us if bad things happen.
Also, they are meant to safeguard us, at least financially, should certain things happen.
In this article, we have explained comprehensively what Insurance is, why they are important, different types of insurance coverage, and the best companies for health, life, and auto insurance near you.
What is Insurance?
Insurance is a legal contract between two parties, the insurance company and the individual, in which the insurance company agrees to pay the insured individual for financial losses caused by insured eventualities in exchange for premiums paid.
In simple words, insurance is a risk transfer mechanism, where you transfer your risk to the insurance company and get the cover for financial loss that you may face due to unforeseen events.
Also, the amount that you pay for this arrangement is called the premium.
There is insurance available for various risks, starting from your life to the mobile phones that you use. In the end, it’s essential to protect what is ‘important’ to you.
How does Insurance Work?
The concept of insurance works on the basis of ‘risk pooling. When you buy any type of insurance policy from the insurance company for a specified period with a specific cover, you will make regular payments (referred to as premiums) towards the policy.
Similarly, an Insurance Company collects premiums from all of its clients (referred to as insured) and pools the money collected to pay for losses arising out of an insured event.
Moreover, In case the insured event takes place, and you make a claim, the insurance company will compensate losses from the pool of policyholder’s premiums.
The following are some of the important benefits of insurance companies coverage:
1. Provides Peace of Mind
Insurance provides protection against various uncertainties that can put you or your family in a financial crisis.
By covering the uncertainties of human life and businesses, insurance provides a sense of security.
Having life insurance gives you peace of mind that the financial stability of your family will remain intact even when you are not around.
However, having health insurance gives you a sense of security that you do not need to shell out all your savings in the event of medical emergencies.
2. Promotes Risk Control
As insurance works on risk transfer mechanisms, it promotes risk control activity.
3. Promotes Economic Growth
As they invested insurance funds in various projects like water supply, power, roads, etc, it contributes to the overall economic growth of the nation. Also, insurance provides employment opportunities to people.
Insurance contributes to economic growth in many other ways such as getting Foreign Direct Investment, paying taxes on the profit earned and investing in the capital market, etc.
4. Distribution of Risk
They spread the risk of insurance across various individuals and organizations instead of concentrating on only one.
5. Helps to get Loan Easily
In the case of home loans, having an insurance cover can help to get the loan easily from the lender.
6. Inculcates Savings Habit
There are many life insurance products that come with investment cum protection benefits.
Hence, such products inculcate a regular saving habit among individuals. Plans like endowment insurance plans help in achieving long-term financial goals.
Pension plans help to receive regular income flow in older age.
7. Provides Tax Benefit
Insured gets the tax benefits for a premium paid depending on the insurance product type.
For example, the premium paid towards life insurance plans qualifies for tax deduction under Section 80C of the Income Tax Act.
And, the premium paid towards health insurance plans qualifies for tax deduction under Section 80D of the Income Tax Act.
Types of Insurance Everyone Needs
Here are eight types of insurance, and eight reasons you might need them.
1. Health insurance
Why you need it: Both expected and unexpected health care expenses — including routine visits, medications, emergency stays, and serious surgeries — can add up quickly and cause a lot of debt for those who can’t afford the out-of-pocket costs.
Who needs it: Everyone
What it is: Health insurance is a contract between a health insurer and a policyholder that requires the health insurer to pay for all or at least a portion of medical costs.
2. Car insurance
Why you need it: Driving while uninsured is against the law and dangerous because the driver and their vehicle aren’t protected against an accident, collision, or general theft and vandalism.
Who needs it: Drivers
What it is: Auto insurance covers cars, motorcycles, trucks, and other vehicles, and is intended to protect against physical damage or bodily injury that could result from driving, whether the incident is reckless or an accident.
3. Life insurance
Why you need it: Death can be expensive — from settling an estate to planning a funeral, the associated costs can really set you back — but a life insurance policy will ease the financial burden placed on a surviving spouse and dependents (i.e. children).
Who needs it: Those with dependents
What it is: In the event of death, a life insurance policy pays a beneficiary an agreed-upon amount of money to cover the expenses left by the deceased. A beneficiary is a person or entity named in a policy who receives benefits, such as a spouse.
4. Homeowner’s insurance
Why you need it: Maintain your home and keep its property value high, plus be covered in the case of major damage, like a house fire.
Who needs it: Homeowners and landlords
What it is: Homeowners insurance covers the house you reside in and any associated structures, such as a porch, garage, and balcony.
5. Umbrella insurance
Why you need it: If you think you may need extra coverage in addition to another type of insurance policy, for example on a home or vehicle, then umbrella insurance will help further protect you from the risk of being sued for damages.
Who needs it: Anyone already insured
What it is: Liability insurance is what’s called umbrella insurance because it covers costs in excess of other insurance policies.
6. Renter’s insurance
Why you need it: Things happen — that’s a mantra every renter knows to be true, and so they protect themselves and their property while renting. In fact, many landlords require it.
Who needs it: Tenants
What it is: Renters insurance is used by tenants to cover personal property in case of damage or theft, which is not the responsibility of the landlord.
7. Travel Insurance
Why you need it: Planning to jet off to a new destination? Then make sure the cost of your airfare is covered in case of medical emergencies or other incidents that may cause a trip to be cut short.
Who needs it: Travelers
What it is: Travel insurance covers trip cancellations, lost or misplaced luggage, travel accidents, and even medical expenses while on the trip.
8. Pet Insurance
Why you need it: Paying into pet insurance may be more cost-effective than paying a lump sum to your vet should your pet need emergency medical treatment, like an emergency room visit.
Who needs it: Pet owners
What it is: Pet insurance covers all or part of veterinary treatment when a pet is hurt or sick.
There are two types of pet insurance: a wellness plan that covers routine visits and shots, and a health insurance plan that is more comprehensive of genetic diseases and major surgeries.
How to Decide on the Type of Insurance you Need?
Before you buy any insurance, it’s important to understand the need for insurance. Here are certain things to keep in mind at the time of deciding what type of insurance you need.
- Purpose of cover
- Risks that you want to be covered against
- How long you might need the coverage
Why You Need these Insurance Covers
Here are important insurance that is often overlooked. And why you need them.
1. Health Insurance
Having adequate health insurance is a must. HealthMarkets recently conducted a survey where we asked more than 1,700 people of various ages, locations, and backgrounds throughout the United States about their health insurance plans and the coverage(s) provided.
We found the following results:
- Uninsured respondents frequently had higher costs for emergency medical care but are the least likely to be able to afford it.
- More than 80% of uninsured respondents who had an emergency either could not afford the costs or required six or more months to pay off the bills.
- While Medicare and Medicaid recipients were the least likely to have to pay for emergency costs, when they did, they were the least able to afford it out of the insured population.
- Those on Medicare or Medicaid were two times more likely not to be able to afford emergency costs compared to those with employer-provided plans.
- More Medicare or Medicaid recipients had lost monthly premiums and low monthly out-of-pocket costs than those on employer-provided or Affordable Care Act (ACA) plans.
2. Life Insurance
People tend to think of life insurance only as the means to pay final expenses.
An often overlooked expense that occurs when someone passes their property on to their heirs is estate taxes. Sufficient life insurance provides a way to pay these taxes.
However, life insurance is also a way for parents to ensure that their kids can still go to college if something should happen to one or both of them.
3. Umbrella Insurance
Think of an umbrella insurance policy as extra insurance for your insurance. … For example, let’s say you get into a car crash.
Your auto insurance will payout and make you whole. Now, let’s imagine in your car crash that the other car is a Lamborghini.
Your insurance might not cover enough damage in that situation. Rather than paying out of pocket, your umbrella insurance policy will kick in and cover the difference.
While not a likely scenario, an umbrella policy here could save you thousands of dollars.
In other words, your umbrella insurance policy will add extra protection to all of your existing insurance policies in case you are in a situation where your insurance just is not enough.
4. Flood Insurance
Almost one of every four flood claims occurs in areas not designated as flood zones.
Also, according to FEMA, 5 inches of water in a home will cause more than $11,000 worth of damages.
5. Renter’s Insurance
Another often overlooked insurance need is renter’s insurance.
Also, In the event of a flood, natural disaster, burglary, fire, or other mishaps, the tenants’ belongings would be at risk.
6. Travel Insurance
While some people may overlook it, sometimes people buy travel insurance when they don’t need [it.].
Unless you are well familiar with the benefits, you already enjoy with any of your other current insurance policies, credit card benefits, membership programs, etc.
Then you could potentially end up buying a policy that has some duplication of benefits with what you already have.
The vast majority of typical major medical health insurance policies only offer a travel insurance element to the extent that it involves emergency care.
Some of the things to look for in a travel insurance policy include the following major types of travel insurance coverage: major medical, accident, evacuation (immediate transport home in the event of a major illness or accident), and trip cancellation/interruption.
They can purchase separately or combine each of these different elements as a package policy. One major pro to purchasing a comprehensive travel insurance policy is simply peace of mind.
7. Pet Insurance
Pet insurance is a great thing to have for your pets. There are different plan types. Some just cover accidents and illnesses, and some cover wellness, also.
If you get a plan that covers everything, usually it pays for itself.
If your dog is ever in an accident or gets sick, it will be a great thing to have. Some major surgeries and hospitalizations for illness can be very costly. Pet insurance can help your $2,000 to $3,000 dollar bill go down to a few hundred.
Best Health Insurance Companies Near You 2022
Here are some of the top health insurance companies near you in 2022:
A diversified health and well-being company, UnitedHealth Group’s core capabilities are clinical expertise, advanced technology, and data and health information.
UnitedHealth Group serves clients and consumers in the US and more than 130 other countries through two distinct platforms: UnitedHealthcare provides healthcare coverage and benefits services, while Optum provides information and technology-enabled health services.
2. Kaiser Foundation – Health Insurance Companies
Kaiser Foundation Health Plan, Inc. operates as a non-profit healthcare organization.
The organization offers allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy services. The company serves patients in the US.
3. Anthem, Inc.
Anthem, Inc. is a health benefits company that is committed to improving lives and communities and making healthcare simpler.
And Anthem, through its affiliated companies, serves over 106 million people, including over 42 million within its family of health plans.
4. Centene Corp – Health Insurance Companies
Centene Corporation, a Fortune 500 company, is a diversified, multinational healthcare company. They operate local health plans and provide a range of health insurance solutions.
Also, it contracts with other healthcare and commercial organizations to offer specialty services, ranging from behavioral health, dental benefits, life and health, and pharmacy benefits management to care management software, etc.
Providing personalized, simplified, whole-person healthcare experiences aligned Humana’s cultural foundation to helping members achieve their best health.
Recognizing that each person, family, and community’s healthcare needs continue to evolve, Humana creates innovative solutions and resources to help people live the healthiest lives on their terms–when and where they need it.
6. CVS – Health Insurance Companies
CVS Health is a healthcare innovation company with the purpose to help people on their path to better health. Through its health services, plans, and community pharmacists, it pioneers a new approach to total health.
7. Cigna Health
Cigna Corporation is a global health service organization with more than 165 million customer and patient relationships in over 30 countries and jurisdictions.
Its insurance plans and products include healthcare insurance for individuals and families, dental insurance plans, Medicare plans, Medicare supplemental plans, other supplemental insurance, and international health insurance.
Best Life Insurance Companies Near Me 2022
Prudential offers term life insurance coverage, universal life insurance, indexed universal life insurance, and variable universal life insurance, and you can add riders to your policy that include an accidental death benefit, a living needs benefit, and a children’s protection rider.
2. State Farm – Insurance Companies
When it comes to the life insurance products it offers, State Farm lets consumers purchase term life insurance coverage, whole life insurance, and universal life insurance.
State Farm also makes it easy to enter your information and get a free quote online for term life.
State Farm extends instant answer term life insurance coverage you can apply for online, and these policies can be purchased with no medical exam. You do have to answer health questions in your application, however.
Transamerica offers very affordable term life insurance coverage and has a long history of financial strength and reliability, which helps the company stand out as the best value in life insurance.
4. Northwestern Mutual
While Northwestern Mutual is known for quality overall, its whole life insurance policies are especially popular.
Northwestern Mutual offers term life insurance coverage, whole life insurance coverage, and universal life insurance coverage.
5. New York Life – Insurance Companies
New York Life Insurance Company has 6.75% of the U.S. life insurance market share and was the largest insurance company in 2020.
Apart from its life insurance business, New York Life also sells long-term care insurance, annuities, and mutual funds and operates a growing investment management business.
New York Life is a mutual insurance company and is not publicly traded.
Best Car Insurance Companies Near Me 2022
1. State Farm
State Farm is the nation’s largest insurer of personal autos. The company offers numerous lines of insurance, banking products, and loans, which are available through a network of local State Farm agents across the U.S.
If you are in the market for insurance and banking services, State Farm is worth consideration.
State Farm has 19,000 local agents and 58,000 employees, making it easy to find help with your policy in your area.
Additionally, State Farm has a usage-based insurance telematics program called Drive Safe and Save that rewards drivers with discounts on their car insurance based on good driving habits.
Policyholders earn a discount just for signing up and could earn up to 30% for participating.
2. Geico – Insurance Companies
Geico is the nation’s second-largest auto insurance writer and insures more than 28 million vehicles. Its slogan, “15 minutes could save you 15% or more on car insurance,” is especially memorable when paired with its commercials featuring the Geico Gecko.
Geico’s user-friendly app for Android and Apple iOS operating systems makes it easy to view your policy, get quotes, and file claims on your smartphone from wherever you are.
The company also has a wide variety of discount opportunities, including occupational and professional organization-based discounts, and savings for federal employee status.
3. Progressive – Insurance Companies
Progressive is the third-largest car insurance company in the U.S. With so many resources at its fingertips, the company offers a wide range of coverage options for your vehicle, home, boats, and RVs.
If you’re looking to save money, the innovative Progressive Snapshot usage-based telematics program uses sensors to track your driving in real-time and offers lower rates for safe driving.
Progressive offers both standard and nonstandard car insurance. If you have accidents, tickets or DUI convictions and find it difficult to find auto coverage, Progressive may be able to help.
Allstate is one of the largest insurance companies in the nation. By offering auto, home, renters and life insurance coverage, Allstate makes it easy to bundle multiple insurance types and earn a premium discount.
Allstate’s usage-based Drivewise telematics program can generate an additional discount if you maintain good driving habits.
Drivewise participants can also earn rewards points, which they can redeem for car rentals, magazine subscriptions, gift cards, and merchandise.
5. USAA – Insurance Companies
Exclusively an insurer for the military community, USAA offers heavily discounted auto coverage to active-duty service members, veterans, and family members with an average annual savings of $725 when you switch. USAA is the fifth-largest auto insurer in the U.S.
This includes vehicle storage discounts while on deployment and automatic payment schedules.
6. Liberty Mutual
You can purchase insurance coverage for just about anything through Liberty Mutual, from your home to your boat to your pets.
The company’s auto insurance policies are easy to purchase, manage and bundle with other Liberty Mutual policies.
Bundling is not the only way to save. Liberty Mutual lists 17 different auto discounts on its website to help customers get the best price on their car insurance.
Leased cars do not qualify for this coverage, but drivers who own their vehicle and would rather upgrade it following a covered total loss event may find this coverage to be a good option.
7. Farmers – Insurance Companies
As the seventh-largest auto insurer in the U.S., Farmers offers robust coverage, with a long list of unique features. For example, you can purchase ridesharing coverage if you drive for transportation providers like Uber or Lyft.
If you have recently purchased a new car, you may want to consider Farmers’ New Car Replacement Coverage.
Nationwide offers full lines of personal and commercial insurance products.
Through Nationwide’s Vanishing Deductible program, you can potentially earn $100 off your collision and/or comprehensive deductible for each year you practice safe driving, up to a maximum of $500.
9. American Family – Insurance Companies
American Family, commonly known as AmFam, sells auto, home, life, health, travel, and identity theft insurance, along with other insurance products.
The company, which has a network of local agents throughout the U.S., puts an emphasis on convenience, providing smartphone apps with features like easy bill paying and a Teen Safe Driver program.
AmFam’s Dreams Restored Program takes the stress out of finding a repair shop by connecting you with partner shops in your area.
Bills are sent directly to the insurance company, so you never have to see them. The work also gets a lifetime workmanship guarantee from American Family.
Travelers offer standard auto insurance coverage types, as well as options to tailor your policy, like rental car coverage, new car replacement, and accident forgiveness.
The company’s numerous discounts might allow you to save on your policy for bundling, safe driving, or shopping early for a new policy.
For example, Travelers’ multi-policy discount can save you up to 13% on your car insurance premiums.
Travelers received below-average claims service ratings from J.D. Power, as well as below-average customer service satisfaction scores in the specific regions in which it is available.
We can’t always control unexpected things or stop them, but we can keep ourselves prepared for them.
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