Am 44 with a payed off low life insurance policy, should i cash in and get a higher policy?
Answers: no keep the policy if it is paid in full, if you feel you need more insurance open another policy to make up the difference, but don't give up the one you already own.
It depends. Do you have the need for a higher payout if something happens to you? For example, if you have kids, how old are they? Will they be needing money for college or will your spouse be needing extra income if something happens to you? If the amount you have is sufficient - why get more? If you find you need more, you need to get it before you get too old or develop an illness that will prevent you from getting insurance at all.
what Billy said is good - get more don't cash out.
It really depends on what your goals are. Try talking with a few independent insurance brokers to get multiple perspectives.
Are touchtone phone call between insurance comapnies and yourself legitimately binding?
ive had meny conversations next to my insurance company and they keep stating they will dispatch out sum information for me and that it would take up to 7 working days. it have now be 20 working days and still nothing? is this allowed or is here any act or legislation to backing me?any info would be great
Answers: I presume you're in England (the canon is different in Scotland and the US). Although the insurance company have given an undertaking, this is not a contract so they are not bound by it. However, the Financial Markets and Services Act requires insurance companies to treat their customers fairly and you hold grounds for complaint.
I suggest you write to them pointing out what has happen. That way, it will be deal with by the insurance company and not by someone surrounded by a call nub on a different continent.
No. This is not a binding contract. Especially since you are waiting for something via mail. Maybe they own mailed it out but it get lost in the post, or they have the incorrect address.
Call the insurance company again and ask for a supervisor, explain your concerns and hopefully that will filch care of your problem.
How can I find the dolllar amount of appliances I bought years ago?
We had marine damage to our kitchen and I involve to find the cost I originally paid. We hold replacement cost and my adjuster is not a lot of lend a hand.Answers: I'm an insurance adjuster and I'm not sure why your adjuster needs to know what you compensated for something years ago.
Are you looking at a column on a form they gave to you or did the TELL you that you needed that numeral. If they didn't actually report to you that you needed to put that figure on the form I would skip that column. Or you might want to ring the adjuster just to confirm that the artistic purchase price is needed.
Here is how replacement cost (RC) coverage normally works.
You involve to determine the cost to replace the items at todays cost. This is the replacement cost. (RC)
For example if you had a microwave that you remunerated $150 for 4 years ago, the $150 figure shouldn't even come into play.
What you want to do is find a "comparable" microwave and see what it would cost to buy it today. Don't be surprised if a comparable one is cheaper today than it was 4 years ago. This is especially common for appliances and electronics.
Anyway, let's say-so that a "comparable" microwave is now $100. That is the numeral that matters. It is also the integer that the homeowner normally reports to the insurance adjuster on the contents catalogue.
The adjuster then will numeral out a depreciation figure for that microwave base on the expected life span of the microwave. We'll use 10 years as the expected existence span for our example.
So the Microwave is 4 yrs old and have used 40% ( 4 yrs divided by 10 yrs) of its expected life span.
The RC effectiveness of $100.00 is reduced by the 40% depreciation figure to determine the INITIAL payout. 40% of $100 = $40 .
Here is where on earth policyholders normally achieve surprised or angry. The small print of your policy normally states the company will remuneration you the depreciated amount up front. So the RC of $100 - $40 depreciation = $60. This means that you will receive $60 up front for the microwave.
HOWEVER, you will be remunerated the $40 depreciation amount AFTER you provide receipts showing that you have truly replaced the amount. You actually own to replace the item in demand to be able to collect the full $100 RC surrounded by this example.
You will have a set time to present your receipts to the adjuster in demand to get the subsidiary payment. Check next to the adjuster to see what the time frame is. Normally, it is 90 to 180 days.
I hope this makes some sense to you and I hope my explanation is not too confusing. If you can't catch any help from your adjuster ask to speak to a claims governor.
FYI depending on the size of the claim some companies will pay you the entire amount up front regardless of whether you replace the item or not.
Good Luck
Without receipts, you can't.