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MyFinanceOnline
Patrick West
UAB School of Business
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In this video series on different types and roles of insurance, Patrick West from the UAB School of Business why it is important that you protect your resources through insurance. Topics such as health, homeowners, disability and renters insurance are covered. Many people focus on building wealth, but in this segment on personal finance, we cover the role of protecting your assets.
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Generally the proceeds of a life insurance policy are not taxable, but if you receive interest payments from funds held by the insurance company, you will have to pay taxes on the interest that you receive. |
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This video segment covers how the proceeds of a life insurance policy will be paid. You may want to get the payment as a lump sum or set up a trust and have it managed by a bank. |
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What should you look for when purchasing a disability insurance policy? Why should your policy cover 60-70% of your income? What is the definition of disability? These and other topics are covered in this information personal finance segment. |
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The definition of disability is critical to your policy. Inflation can have a huge impact on your benefits. You may want to have your policy index to the inflation rate. We also cover the important role of social security when it comes to disability insurance. |
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It is important to understand your disability policy and benefits. The reason to have disability insurance is to protect your income. If you have an individual disability policy, you need to update the policy to keep up with your income. |
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To get the most from your health insurance, you need to be an educated consumer. If you have a group medical plan, understand what it covers and what it doesn't. |
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What do terms such as HMO, PPO, COBRA mean? These and other health insurance topics are covered in this personal finance segment. We also talk about the fact that with health insurance you are trying to insure against the large risks. |
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As with other types of insurance, if you handle the smaller risks yourself, you can decrease your premiums. You are buying a set of benefits with your premium and the larger the deductible, the smaller the cost of the insurance policy. |
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Reading an insurance policy can be difficult. What is a provision and what does inclusion and exclusion mean? We cover those topics along with Medical Savings Plans and Cafeteria Plans in this segment |
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Estimating how much money to put into your cafeteria plan can be tricky, but remember, even if you over estimate your costs, you are using pre-taxed dollars so you may still come out ahead. |
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Renters insurance is very inexpensive because it is not insuring the structure, just the contents of your apartment or rental house. Renters insurance also provides liability coverage in case someone is hurt at your apartment. |
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If you have a mortgage on your home, you must carry homeowners insurance. Even if you do not have a mortgage, you need homeowners insurance to cover liability issues and the ability to replace your home in case of loss. |
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Why is replacement cost coverage so important when it comes to homeowners coverage? The cost of materials continue to increase and if your coverage doesn't, then you will not have the money to rebuild your home in case of loss. You also need to pay attential to the limitiations on your policy and that you have high limits when it comes to liability. |
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