July 27, 2008 show
Topics
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Special Needs Trust
A Reliable Method Of Making Sure An Inheritance Reaches A Person
With A Disability when He / She needs it
Insurance In The News:
A novel scheme: Wife And Her Husband Fake His Death In Insurance Scam
Insurance Outrage of The Week:
Low Health Insurance Caps Leave Patients stranded
Insurance trivia:
Am I Covered:
Have a question or a comment. Call the show. 480-949-1310
Special Guest
Larry J. Busch Jr.
Estate Planning Attorney
Your Source Legal
707 E. Northern Avenue Phoenix, AZ 85020
(SE Corner of 7th St. & Northern Ave)
P: 602.343.1700
www.ysfi.com
Term of The Week:
Workers Compensation insurance:
Arizona, Workers' compensation is a "no fault" system in which injured workers receive medical and compensation benefits no matter who causes the job-related accident. If an illness or injury is job-related, the injured worker (also known as a claimant or applicant) receives medical benefits and may receive temporary compensation, if eligibility requirements are met. In some cases, a claimant may also receive permanent compensation benefits and "job retraining." and rehabilitation, so as to be able to return to the workforce.
Larry's Tip of The Week:
Want to save money on your auto insurance premiums. Ever wonder what amount of a deductible you should carry?
Did you know that the claims you file with your insurance company affect your insurance rates. So you may ask yourself, what about all those years I paid premiums and went accident free. Well that bought you a piece of paper proving you had insurance and keeping you legal to drive on the road.
Since a claim made on your auto insurance might in essence cause your premiums to go up and since the payments you make to your insurance company for all those years you are accident free only benefit your insurance company, why not keep those payments as low as possible.
I recommend you get insurance quotes with a low deductible and a high deductable. Perhaps a $1,000.00 or a $1500.00 deductable would be a good place to start. Purchase the higher deductable and take the difference in premium and instead of giving it to the insurance company, deposit that money into a high yielding savings account. Like an “Orange” account. Let your money work for you and not the insurance company.
As your savings grow raise your deductible and save even more money. If you did get into an accident you have your savings account to cover your expenses up to your deductible.
A high deductable means you are going to end up claiming less on your insurance because your total
amount to the insurance company is your damages less your deductable.