1.Do I Need Life Insurance?

· There are fundamental questions you need ask yourself: Can you avoid three types of life: live short, live long or live unhealthy?  When you are gone, is there any replacement income to your family? Do you have any outstanding debts or obligations left to your family? Any estate are you planning to you loved?  If your answer is yes to any one of above questions, you need life insurance definitely. Life insurance is a cost-effective financial planning to provide for your loved ones and one of best way to meet your financial need.


2. What Types of Life Insurance?

· Basically, there are two types of life insurance term and permanent. Term insurance is a short-term financial protection with the specific period from 5 years to 30 years normally. Generally, term insurance has no cash savings but provide a death benefit only. Permanent insurance, including whole life insurance, universal life insurance, variable universal life insurance and indexed universal life insurance, provides a long-term protection with building equity except providing death benefit. Moreover, you can access potential cash value for retirement supplement in the future and some permanent life insurance offered by some carriers can provide living benefit also.

3. How Much Life Insurance Coverage Do I Need?

·The right coverage is suitable and affordable to you. You can list out the number first by using 4 ways: 10 or 20 times of your annual income; numbers of dependents on you times college cost or living expenses. The total amount of outstanding debts including mortgage, car loan and student loan. The tax amount of the equity which will be carry on the next generation. The simple formula you can calculate the above number together and control the premium within 20% or less of your annual income.


4. Do I Need Buy UM or Optional Coverage if I Buy Auto Insurance?

·There are basic terms you need know about auto insurance:
Bodily Injury Liability (BI or BIL) coverage applies to injuries you. Third-party insurance policy that pays damages arising from bodily injuries caused to others by the policyholder’s actions. 25/50 for example, it represents your liability for per-person and all persons injured in any one car accident. Most states require a mandatory minimum amount. But you need consider if you have enough liability insurance to protect your assets and future income.
Property Damage Liability insurance usually covers damage done to another person’s property, including damage to somebody else car, buildings, other structures or others your car damage.
Uninsured and Underinsured Motorist Coverage (UM) reimburse you or your family member , or a designated driver if one of you is hit by an uninsured or not enough insured or a hit-and-run driver without auto insurance.
Medical Payments or Personal Injury Protection (PIP) coverage pays for health care costs regardless of who have been assigned fault.
Collision insurance or coverage, the insurer pays for the damage to the insured’s vehicle and to the other vehicles and private property damage arising out of the collision. Comprehensive insurance covers the insured driver and vehicle, the third-party driver and vehicle and the third-party property. It also called fully comprehensive insurance.

5. Is Auto Insurance Required in USA?

·Almost every state in USA, auto insurance require is mandatory legally, except New Hampshire.


6. What Is Homeowners Insurance?

·Homeowners insurance offer the coverage for damage caused by most disasters like fires, lightning strikes, windstorms, hail and household pets. Also, it covers the damage to your property and liability. But the damage caused by some natural disasters, like floods and earthquakes or poor maintain are not covered.

7.What Is Landlord Insurance?

·Landlord insurance is a type of insurance policy designed specifically to help financially protect landlords for some of the common risks associated with renting their investment property.
The big difference between homeowners and landlord polices include personal property coverage. When homeowners insurance may help cover many kinds of belongings and landlord insurance typically only cover the items used to service the rented property.


8.Is It Mandatory Buying House Insurance?

·No, it’s not. You can choose if you need financial protection against some nature disasters and your liabilities for any injuries or property damages. However, if you have mortgage, your lender normally requires you to have home insurance coverage to protect your home in case of damage cause by some natural disasters.