Maintaining responsibility for a trust fund, pension fund or any other related financial service can be complicated and challenging. As the individual or group who is responsible to handle the funds, you must take measures to protect against possible mistakes and problems that may arise.
What is the Insurance?
A fiduciary liability insurance policy is a type of coverage that protects you as the trustee or the agent of a business. You have a large amount of responsibility toward the finances of other individuals, so it is important that you take measures to protect your personal assets from possible problems in case you make a mistake or an error at any time while you are responsible for the fund of others.
The insurance allows you to make decisions without worrying about the possibility of facing a court case or losing your personal assets when an unexpected problem occurs.
What it Covers
A fiduciary liability insurance policy provides protection against the threat of lawsuits or even high-cost fees associated with your role as a trustee, guardian or corporate employee who is responsible for the finances of others.
It will help pay for any losses or damages that you could have prevented when a pension fund, retirement account or trust fund loses money due to your decisions. It can also help protect your personal belongings by paying for the majority of the problems. In some cases, it may also pay for legal fees and associated legal costs if you are taken to court.
The problem with caring for the money of others is that you have a high level of responsibility and even a small mistake can result in court cases and issues. Contact us to speak to an agent to learn more about your policy options and the coverage that is available.
You know you need to invest in life insurance. And you want a policy that covers you for your entire life, not just a set number of years. This means that you have two main choices: a whole life insurance policy or a universal life insurance policy.
The problem is that most consumers get these two types of life insurance policies confused. This isn’t surprising. Both whole life and universal life insurance provide coverage for you throughout your entire life. And both come with an investment portion, meaning that you can earn money off of both policies.
But there are important differences between the two.
In a whole life policy, you’ll receive coverage until the day you die. During the life of your policy, the insurance company behind it will invest some portion of your insurance premium into products such as bonds or mortgages. You might receive the proceeds from these investments in the form of a regular dividend. Some companies even offer a guaranteed rate of return, reducing much of the risk involved in taking out one of these policies.
Universal life works a bit differently. First, you’ll decide how much you want to pay above a minimum premium set by your insurer. The insurance company then invests these extra dollars, usually into mortgage products or bonds. The money you invest, and the returns on your investment, are then funneled into an account. You can use the money in this account to cover your regular premiums or you can allow it to grow over time.
When you die, the money in this account is handled in one of two ways. In one type of universal policy, the money is simply used to cover a portion of the face value of the account, and your beneficiary only receives this face-value amount when you die. In another type, the beneficiary of your account receives not only the face value of it but also the money in your investment account. This second type of policy often requires higher premiums as you age.
A high deductible health insurance policy, or an HDHP as it is sometimes called, is a health insurance plan that is set up to protect the health of the policy holder, while not costing a lot in annual premiums.
An HDHP plan is set up to have extremely high annual deductibles. A deductible is the amount of money an individual must spend out-of-pocket in order for the health insurance to kick in. The deductibles on an HDHP plan can range from a thousand to a couple thousand dollars depending upon the type of plan and the insurance provider.
One of the biggest benefits of this type of health insurance plan is the fact that the policy holder will be able to save money. The policy holder saves money by not having to pay high monthly premiums for health insurance coverage they may or may not be using.
The HDHP plan allows people to have health insurance coverage that will provide protection in the event of a medical emergency or hospital stay, but that does not require the frequent payment of high monthly premiums. This setup allows policy holders to save money that can be put into a health savings account or other type of investment.
A HDHP plan may sound ideal, but it is not a health insurance plan that is right for everyone. The high deductibles can make routine checkups and regular doctor visits expensive. This type of health plan is ideal for individuals who are relatively healthy and who can afford to pay out the high deductibles should a health emergency arise.
Don’t find yourself without the proper health insurance coverage should an emergency arise. Work with the independent insurance agents at Access Insurance Services Agency in San Antonio, TX to discuss various health insurance plans and how they can provide you with the coverage that you want and need.
Applying for business insurance is not as easy as applying for a personal auto insurance policy, primarily due to the number of facts, figures and details that the company must provide before obtaining a business insurance quote. Even if your needs are limited, it can take a long time before the quote is provided when compared to a personal policy.
Number of Individuals
A key reason that the quote may take longer to generate is the number of individuals who may be listed on the policy. While the different types of business insurance can play a role in the process of applying for coverage, many insurers will need a greater amount of information. For example, you may need to provide several driver’s license numbers if you want an auto policy. The time it takes to look up the driving history for so many individuals can contribute to a longer wait.
Type of Policy and Risk Evaluation
The type of policy that you are trying to obtain can also contribute to the duration of your wait. If you want a basic liability policy, then your wait may be limited when compared to a more complex policy.
Risk evaluation can also play a role because some companies have a greater level of risk and the number of potential problems will need to be considered before a policy is provided. A high-risk industry may result in a longer wait for a quote.
Insurance is not the same when you are looking for coverage to protect a business rather than a personal vehicle or asset. A business has a greater number of risks, particularly if you have hired employees. Contact us to speak to an agent to learn more about business insurance.