Myth #6: My Son Uses the Car for Delivering the Newspaper and His Pizza Delivery Job. He's Not Self-Employed So Our Auto Insurance Will Cover Any Accidents.
If your vehicle is used for anything but personal use, then you will probably need to extend your personal auto policy to cover business use of your vehicle. Don't think just because you were unaware of your coverages this will get your accident paid for--your insurance policy is a contract that you agreed to adhere to. If you don't understand all the coverages in your contract you need to contact your agent about the questions you have.
Myth#7: I Don't Need Disability Insurance... If I Become Disabled Social Security Will Take Care of Me.
Don't count on Social Security to take care of all your needs if you become disabled. If you are able to get Social Security for your disability (not all get approved to receive disability benefits so don't assume you will) then you will still have to wait months before you receive benefits and your disability needs to be long-term to qualify. And even if you qualify for benefits, will it match your current salary? Probably not. Find out more why disability insurance is important at Considering Disability Income Insurance.
Myth #8: If I Need to Stay in a Nursing Home When I am Older, The Government Will Pick Up the Bill.
Again, don't count on Medicare or Medicare Supplemental Insurance to pick up the bill. If you can qualify, Medicaid may pay up to half of the cost. Choosing long term care insurance can help you pay for the costs of a nursing facility or home care if the need arises. Also, do you really want your family to have to pick up the bill if you acquire a long term illness or disability? Long Term Care Insurance is a great option and if started early in life the premiums can be very reasonable. Find out more at Who Should Consider Long Term Care Insurance?
Myth #9: Umbrella Insurance Coverage is Just for Rich People.
Umbrella insurance is not just for the wealthy. With the common occurrence of lawsuits, umbrella insurance is a must for every home, auto, and watercraft owner. Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection. Learn more about umbrella insurance at Why Every Policyholder Needs Umbrella Insurance
Myth #10: People Who Decide not to Purchase Health Insurance Don't Affect Others.
People who choose not to purchase health insurance eventually affect the lives of every American. There are many reasons why some Americans are uninsured. Regardless of the reasons, having so many uninsured individuals drives up the cost of goods when people get sick and cannot do their job. In addition, when many people in a company choose not to purchase health insurance, it sends a message to the employer that health insurance may not be an important benefit which in-turn could cost other workers a loss of their health insurance benefit. Also, when healthy people choose not to be a part of their company's health insurance pool, it raises the costs for everyone else because the risk is spread through less people. And, when people make such low wages that they cannot afford health insurance, the number of people eligible for Medicaid rises (which is paid by your tax dollars!). For these reasons, many have encouraged the government to switch to a Universal Health Care System where the government would help manage health care. Learn more at What is Universal Healthcare?
