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Decoding Deductibles
What is a deductible versus a premium? The deductible is the amount that you are required to pay before the insurance company pays the remaining amount due. For many types of insurance, the deductible amount can be $250, $500, $1000 or more per year. A premium is the payment that you make monthly, quarterly, or annually that keeps your insurance policy active. Raising your deductible from $250 to $500 will lower the premium amount that you will have to pay regularly, but you will need to be prepared to pay the higher deductible amount in case of an accident.
Term or permanent life insurance?
Life insurance is a critical part of any investment or retirement plan. The two main types of life insurance are term and permanent. Term life insurance provides protection for a certain amount of time, such as one or five years. At the end of that term, the policy is renewed and usually the rates increase. There is no cash value to the policy except in death. Permanent life insurance provides lifelong coverage as long as the premium is paid. Permanent life insurance also builds up a cash value, similar to a savings account, that can be withdrawn.
Renter's Insurance
If you rent an apartment or home, it may be wise to invest in renter's insurance. Coverages can be similar to homeowner's insurance, such as personal property, loss of use, personal liability, or medical payments to others. The main difference is that renter's insurance does not cover the building or structures which are usually covered by the landlord.


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