How Your Bank Could Control Your Insurance Premiums
Collateral protection insurance, or CPI, is purchased or imposed by lending institutions to protect themselves from losses in the event the borrower to whom a loan was issued fails to carry insurance on the collateral used to secure the loan. CPI, also known as force-placed insurance, may be classified as single-interest insurance if it protects the lender, or as dual-interest insurance if it protects both the lender and the borrower. If the loan is issued by a credit union, this type of insurance may be called creditor-placed insurance. In the home loan realm, this type of insurance is known as mortgage protection insurance, or MPI. All those who have car or home loans should know what collateral protection insurance is, how it works, and how to avoid paying more than they should.
Is Buying Life Insurance for Your Pet an Expensive Mistake?
It makes sense to purchase a life insurance policy to cover yourself or your spouse if you want to ensure that your family is protected financially in the event of a tragedy. Some people even purchase life insurance for their children to enable them to secure low-cost policies that can stay with them into adulthood. But what about your family pets? After all, Fido and Whiskers may be bona fide members of your family too. Should you buy life insurance policies for them as well?
What Happens When You Stop Paying Your Car Insurance Bill?
Car insurance can be expensive and forking over that premium can hurt. You may feel that you are paying for something you never use. Maybe money is tight, or you simply forgot to send in your payment. Whatever the reason, not paying your car insurance bills is a huge and ultimately expensive mistake.
Breaking Down Your Insurance Policy: Third-Party Liability Coverage
Life is full of risk. Slips, falls, and car accidents are very common and can lead to huge medical bills, lawsuits and the poorhouse if you aren’t properly protected by insurance. A major part of insurance protection is third-party liability coverage, which will respond on your behalf if you manage to hurt a third party or damage their property. Not sure what third-party liability insurance is? Read on to learn everything you need to know about this essential insurance.
What Happens When Your Home Insurance Doesn't Cover Self-Defense Shootings
Gun ownership is a very serious responsibility. Most licensed gun owners are conscientious and informed about gun laws and their rights and responsibilities under those laws. Many people own guns as a means of protecting their family and property. But even the most responsible gun owner can be faced with an unfortunate incident that leads to a lawsuit or even criminal charges. The costs to defend yourself in either case can decimate your finances.
How Not Paying Your Life Insurance Bill Leaves Your Family Vulnerable
Life insurance is a great way to provide a safety net for your surviving family members if you die earlier than expected. A life insurance death benefit can be a financial lifesaver to your beneficiaries. The money provided by a life insurance policy can give your family valuable breathing room by covering immediate expenses related to your death, paying off the mortgage or other outstanding debts, and even bankrolling a college fund for your children.