Your Personal Finance Questions – Women’s Auto Insurance, Health Coverage, and Designating a Beneficiary for a Life Insurance Policy
Q My auto insurance renewal date is approaching and I don’t know what to do. I have dealt directly with an insurer over the past few years, and it has been generally positive. But I think it’s time for a change and they don’t seem to have a special offer for women pilots. I wonder if there really is a premium difference in choosing a female-focused provider, especially since men can purchase their insurance through them as well?
A There are several factors to consider when renewing your auto insurance. It is good practice to treat your renewal letter from your insurer as a guideline price. Think of it as the highest bid.
You certainly don’t want to pay more, and you can quite possibly do better while shopping, says MissQuote.ie manager Deirdre McCarthy. Insurers generally reserve their best prices for new customers. Therefore, starting your research about three weeks before the renewal date will give you plenty of time to get the best value for your money, she said.
While the Gender Discrimination Act states that men and women should be offered the same price, the fact that most of our customers are women, and therefore generally less risk and fewer complaints than men and women. men, means women can do good business, Ms. McCarthy mentioned.
In addition, insurers aimed specifically at women offer certain advantages, such as a purse cover of a certain value, which, while useful for men, may be of more interest to clients.
Other ways to lower your premium would be to make sure you assign an accurate market value to your car and consider adding additional safety features such as an alarm or immobilizer. You should also consider paying your annual coverage up front to avoid paying interest, or perhaps consider adding a named driver when an insurer offers a discount for adding a partner or partner. spouse to your policy, Ms. McCarthy said.
Q I recently looked at my parents’ health coverage and found out that they have a cash plan called FCA along with the HSF health plan. They are also covered by health insurance. Is it worth it for them to keep the cash-plan coverage or is their health insurance coverage sufficient?
A This is a great cash flow plan, according to Dermot Goode at TotalHealthCover.ie. He added that if your parents incur ongoing outpatient expenses such as GP, physiotherapy, consultant fees, etc., they will be able to claim guaranteed reimbursements on this plan with no excess to pay first. They can also claim up to € 500 on most dental and optical costs (combined).
There is a cash allowance payable on this plan for each night spent in the hospital, including daytime procedures, Mr Goode said.
If they are insured under a dated health insurance plan, it is unlikely that they will have this guaranteed outpatient coverage. Mr Goode said if that was the case he would recommend that they try to maintain the HSF plan as well as the health insurance plan.
Q If I buy a life insurance policy, do I have to designate someone who would get the money if I died when I bought it?
A A life insurance policy is a valuable asset. Like all assets you own, you’ll probably want to take a close look at who would benefit when you die, according to acting proposal manager at Royal London, Karen Gallagher.
If you take out a contract with another person such as your spouse or partner, they will automatically benefit from the proceeds of the contract upon your death. However, if you purchase the policy yourself, it may become part of your estate upon your death. In this case, it is important that you have a valid and up-to-date will to ensure that the person you intend to benefit from receives the proceeds of the policy, Gallagher added. To do this, it is recommended that you talk to your lawyer.
An alternative to naming a beneficiary in your will is to ask the life insurance company to set up the life insurance policy in trust. Many providers, including Royal London, can make this easier when you purchase the policy. This means completing an additional form that allows you to name a specific beneficiary or beneficiaries who will receive the policy proceeds upon your death.
When it comes to putting together a life insurance policy tailored to your individual needs, Gallagher recommends that you speak to a financial broker.