Boat Insurance – The Need And The Means To Get It

The Need

With boating accidents increasing, boats getting stolen and most accidents leading to serious injury, boat insurance is of utmost importance. So, if you own a boat, whether for commercial or personal use, insurance is always necessary. Always go with insurance firms who are responsive and available, always. Be it emergency service or claims, help should be readily available. Hence, chose an insurance firm with excellent customer service, vast network of claim centers and agencies, good reputation and financial stability.

Options and Pricing

Various boat owners, depending on their boats as well as needs look for varied options of coverage and insurance firms should have products to accommodate this need. Insurances also vary in pricing, from the affordable ones to the expensive and depending on the type of boat, be it a motor less boat like a kayak or canoe or higher ends ones like motorboats or personal water crafts, the owner needs to choose the appropriate insurance. Medical insurance for owners and passengers is an added plus. Once you estimate the value of your boat, accordingly go for high or low end boat insurance, keeping all aspects in mind.

Other Coverage

Water coverage and physical damage coverage, should you accidentally hit another boat and damage the boat motor or other components are also available. Emergency damages coverage and equipment coverage for covers, gas tanks, anchor lines and anchors, sonar equipment, engine, gear and compass and life jackets as well as on road protection for trailer and equipments are also available at an additional premium to your boat insurance. In all cases, the boat owner should ensure that he goes with the right insurance and added coverage to support difficult insurance situations.

Choice of Boat Insurance

Many variables decide the boat insurance type. A fishing boat would definitely go with a lower insurance premium than say, a speed boat because the insurance firm will have greater liability on the speed boat. Highly expensive crafts will have a greater insurance premium than low cost boats. Car and boat insurance have many similarities. As with car insurance, factors that an insurance firm would consider as part of their risk assessment, is the same with boats. They would be looking at boat age, owner’s record as well as the records of the main driver and boat’s value, to name a few factors. As with automobile insurance, there are full and basic liability only coverage available. While financing cars or boats, full coverage is usually mandatory. This is done to protect the bank in cases of something happening to the boat or car before it is being paid for. This coverage is most expensive as also is the onus of risk on the insurance firm. In the other form of insurance which is of limited liability, the owner of the boat cannot claim damages or theft. Only the damage to people involved in boat accidents are liable to be paid by the insurance companies. In any case, local laws need to be checked to ensure that the boat owner takes insurance within the parameters so that they also help him in the long run.

Life Insurance For Children – A Terrible Idea?

Life Insurance for children looks like a terrible idea. Life Insurance for a child? Children do not earn an income and isn’t insurance meant to cover a financial loss?

Insurance is meant to cover a financial loss. So it is critically important that parents buy a life policy on themselves to protect their family. After the parents buy a policy on themselves I think there is reason to consider a Child Life policy.

So why would anyone buy life insurance for children? There are a few good reasons. And I will start with the financial reasons.

I would argue that the death of a child could cause financially difficulty. Can you imagine your child dying? It is a terrible thought and it brings tears to my eyes. The death of a child could be paralyzing and you would need time off. Most employers would certainly give a week or two of paid leave. But how long can that generosity last? What if you are not ready to go back to work for months – or years? Would your employer be that generous? For this reason alone I think a small policy on a child is not a bad idea to consider. The money would allow you to take time off work and heal.

A second financial reason is your other children (assuming you have others … if not skip ahead to the next paragraph). Would they need you more if they lost a sibling? Probably. Yet another reason you would take time off work. Beyond that, what if your children need counseling? That’s not free.

The most obvious financial reason to buy insurance on your kids is the cost of a funeral. The last thing you want to worry about is bills for a funeral if a child dies.

You might be thinking that none of the above applies to you. That’s fine. Before you go I would ask you to consider another reason When your child grows into adulthood and is looking for insurance coverage there is a chance that it will not be available due to their, health, lifestyle, or occupation. A good children’s life insurance policy will have a guaranteed insurability built in that allows them to buy more coverage without any questions about health, lifestyle or occupation.

If you are considering buying a policy for your child – please remember to review your own coverage first. There are plenty of good policies available in Canada for children. Make sure you look for the guaranteed insurability I mentioned above.

Elderly People and Long-Term Care Insurance

What is long-term care insurance?

Long-term care insurance provides the insured with a weekly tax-free benefit in case they require assistance with any two of the six activities of daily living – namely dressing, going to the bathroom, bathing, eating, maintaining continence, and transferring (for example from a bed to a chair) – although the exact list depends on any individual policy.

The coverage is designed to ease the burden of two generations – your children, who would have to set aside extra resources to care of you, as well as you, who may otherwise be required to tap into your savings. Unlike life insurance, most long-term care plans do not usually offer a discount to non-smokers, nor do they distinguish between male and female applicants.

How to choose your long-term care insurance policy

Here’s what you should keep in mind when choosing this type of insurance policy:

1. Make sure you understand everything, including the exceptions in the policy regarding how and when you receive coverage.

2. Choose how much income you’ll need to afford your long-term care, and for what time. Your broker can help you estimate.

3. Inquire about any riders of interest to you.

4. Compare insurers’ offers.

As far as individual companies are concerned, you can buy this kind of insurance policy from the Ontario Medical Association/Sun Life Insurance, Penncorp Insurance Company, Manulife, Desjardins, RBC Insurance, and Blue Cross. We’ll quickly look at a handful of them now.

The Ontario Medical Association (OMA) offers a long-term Care insurance policy to clients and their family members from 21 to 80 years of age. The policy is actually underwritten by Sun Life Financial. The cost is identical to Sun Life’s. The plan has a rolling five-year premium guarantee and offers a zero-elimination period for facility care. The policy is receipt-based, and males receive cheaper premiums.

Penncorp Insurance’s One Step Long-term Care Plan pays out as soon as the client has one incapacity, including cognitive impairment, which allows the client to take advantage of the best possible coverage. This is the policy’s specialty in Canada. The One Step Long-term Care Plan by Penncorp is open to applicants from 30 to 70 years of age. However, there’s no premium guarantee on the plan’s premium.

Manulife Financial is banking on simplicity. An applicant is merely required to fill in an application form and take part in an interview – by telephone if he or she is younger than 70, and in person if he or she is over 70. If you are 71 or older, a doctor may be contacted to verify additional medical information. As a rule, Manulife hardly ever requires laboratory exams as part of their long-term care application process. The policy is not receipt-based, and it has an elimination period starting at 90 days.

At Desjardins, the rates are a little more expensive than the competition’s. You can use the funds as you wish and are not required to provide any receipts. Premiums are guaranteed for the first five years and favour males.

As you can see, the offer is pretty large, and thus it may be difficult to keep track of all products. Therefore I highly recommend collaborating with an experienced life insurance broker who’s well-versed in this area of expertise.