If you don’t have a complete understanding of the <A href="/car-insurance">car insurance coverage</A>, don’t worry. This guide provides an overview of the insurance type and its general scope. Additionally, it explains if the policy is essential to keep in your back pocket.</P> <P><STRONG>What Is Bodily Injury Liability Insurance?</STRONG></P> <P>Bodily injury liability insurance comes with your vehicle’s coverage policy. It takes effect when you’re responsible for an accident that harms other drivers, passengers, or pedestrians. Basically, the coverage pays for the injuries and damages you’ve caused, including each individual’s medical bills and lost wages due to the incident.</P> <P><STRONG>What’s Included in the Coverage?</STRONG></P> <P>As the policyholder, your insurance pays part of the fees required for every person involved in the accident you’ve caused. Below are the items commonly covered by a bodily injury policy:</P> <UL> <LI><STRONG>Medical Expenses</STRONG><BR/> This component includes accident-related emergency care, hospital fees, recovery treatments, follow-up costs, and equipment expenses.</LI> <LI><STRONG>Pain and Suffering</STRONG><BR/> The liability insurance covers financial reimbursement for lingering physical pain and emotional suffering due to the injuries associated with the accident.</LI> <LI><STRONG>Loss of Income</STRONG><BR/> Injured people often have physical limitations that hinder their ability to work, resulting in lost wages. As part of your obligations to the other party, your liability insurance provides compensation for their loss of income.</LI> <LI><STRONG>Legal Fees</STRONG><BR/> If you get sued after the accident, your bodily injury liability insurance typically pays for the legal defense fees, reducing your court costs.</LI> <LI><STRONG>Funeral Costs</STRONG><BR/> Your car insurance coverage pays a portion of the funeral costs in the unfortunate event of accident fatalities.</LI> </UL> <P><STRONG>Do You Need It?</STRONG></P> <P>The general answer is yes: bodily injury liability insurance is essential for your car coverage. Aside from being a requirement for all but three states, the policy also protects drivers who aren’t at fault during auto collision accidents.</P> <P>Injury coverage is one of two types of liability insurance required in most states, the other being property damage coverage. By California law, the minimum liability coverage amount per person is $15,000, while the minimum amount per accident is $30,000.</P> <P><STRONG>Contact Cullen Insurance Agency for Car Coverage in California</STRONG></P> <P>Through our extensive industry knowledge and award-winning service, we have established ourselves as one of the top insurance providers in Southern California. With our wide range of policy options, you can find the best coverage at affordable prices. So, if you need liability insurance, call us today. Our team of expert brokers will help ensure that you get complete protection for your assets.
Term Life Insurance<BR/> </STRONG>Term life insurance only provides coverage protection within a limited period. If you’re shopping for short-term coverage, here are the advantages and disadvantages of getting this type of life insurance.</P> <P><STRONG>Pros</STRONG></P> <UL> <LI><STRONG>Cheaper Premiums<BR/> </STRONG>Term life insurance is considered the most affordable option for its type, as it’s only temporary and it only covers a death benefit. Most insurers offer flexible options that include level, yearly renewable, and decreasing term policies.</LI> </UL> <UL> <LI><STRONG>Convertible Options<BR/> </STRONG>Once your current term expires, you can do one of three things. You can either convert your insurance into a permanent policy, renew the existing policy for a new term, or terminate your term insurance coverage.</LI> </UL> <P><STRONG>Cons</STRONG></P> <UL> <LI><STRONG>Limited Protection<BR/> </STRONG>As the policy expires after a fixed term, protection is not guaranteed for a long time. You have to renew your policy annually, every five years, or every decade.</LI> </UL> <UL> <LI><STRONG>No Cash Value<BR/> </STRONG>Because it doesn’t have a savings component, a term insurance policy doesn’t accumulate any cash value. The coverage type is also not a viable option for wealth-building or tax-planning strategies.</LI> </UL> <P><STRONG>Permanent Life Insurance<BR/> </STRONG>Permanent life insurance provides continuous protection so long as the premium payments proceed without interruption. Here are the upsides and downsides if you’re considering this type of policy.</P> <P><STRONG>Pros</STRONG></P> <UL> <LI><STRONG>Lifetime Coverage<BR/> </STRONG>As your policy never expires, your coverage is guaranteed for life, ensuring long-term financial protection. You can choose from four permanent policies, including whole life, universal life, variable life, and variable universal life.</LI> </UL> <UL> <LI><STRONG>Multiple Financial Benefits<BR/> </STRONG>Being a permanent policyholder gives you several financial advantages. First, it provides cash value, which increases the longer you pay your policy. Second, the insurance type allows you to borrow against the policy’s cash value. Lastly, all loans, including death benefits, are often tax-free.</LI> </UL> <P><STRONG>Cons</STRONG></P> <UL> <LI><STRONG>Expensive Premiums<BR/> </STRONG>While the policy type has a lot of special perks, permanent policies can be pretty costly. Premiums for a lifetime coverage can cost up to fifteenfold compared to a term policy’s payments.</LI> </UL> <UL> <LI><STRONG>Loans Decrease Death Benefits<BR/> </STRONG>Any unpaid loans from your policy will affect the amount your beneficiaries will receive. The outstanding loan, as well as any due interests, will be taken from your death benefits.</LI> </UL> <P><STRONG>Secure Your Future With Cullen Insurance Agency<BR/> </STRONG>Call Cullen Insurance Agency and talk to us about the type of life insurance coverage you want. Whether you prefer term or permanent, our team will work with you to ensure that you’d get the policy that works for you.
