Is Annuity a Good Retirement Plan?
Reader’s Question:
Can annuity be a good retirement plan for me? I am planning to retire here in Washington.
Brad
East Seattle, WA
Thanks for asking Brad!
More and more people these days are becoming more interested in retirement plans and I am glad that you are one of them. It is very common for people to simply want to enjoy the fruits of their labor at the prime of their lives. I understand that you belong to this group of wise people and plan on getting yourself a good retirement plan. Annuity can be one of the most practical plans to. In fact, you never run out of choices for different types of annuity plans that you can choose from.
When you choose annuity, you need to set your mind that you are looking for a good retirement plan. In essence, a good retirement plan is basically composed of four things, and you need to look at these things for you to understand your options well. First, you have to see to it that the return from a retirement plan should be a guarantee. Second, make sure that the return should be more than the principal. Third, verify if the rate of return should be stable. Fourth, it is necessary that the return from the retirement plan should be sufficient enough to cover living expenses plus a room for enough luxury in the future.
The fact is that all of these characteristics of a good retirement plan can be found in annuity. Annuity can be bought from a life insurance company, banks, annuity companies, or other trust and charity organizations in Washington.
Try shopping online or simply call a local annuity agent for you to check on your requirements. It is always good and necessary to shop around before you buy.
Can I Drive Legally Without Auto Insurance in Washington?
Reader’s Question:
I’m just got my new car and a license here in Washington and I’m excited to use it all. But I have no auto insurance yet. Can I still drive legally without auto insurance policy?
Mandy
Bellevue, Washington WA
Wow, you must be excited, Mandy
It’s fun to have everything new especially a new vehicle! Now I’m sure you just want to go wherever the wheels lead you.
Nevertheless, Mandy, you can’t legally drive without auto insurance. All states in America require all vehicles to have at least the liability coverage in auto insurance. And this includes Washington. Non-compliance to this law is punishable ranging from fines to imprisonment. This is how serious the law is about auto insurance so better avoid the penalties and drive legally with auto insurance. Besides, excited you may be with your new car, accidents can happen anytime. So it would do you good if you are protected with auto insurance. The basic compulsory liability coverage of auto insurance is used to meet financial obligation when you meet accidents on the road and caused someone to be injured. It can be used to meet the injured person’s medical bills, funeral or lawsuits against you.
If you still have to register your new car, the registration would usually carry with it auto insurance policy with the basic coverage (you have to pay for it of course). To get the most protection, you may need to buy collision or comprehensive coverage on your auto insurance. Auto insurance with collision coverage protects the car from damages due to collision and comprehensive protects the car from any other incidents aside from collision. There are plenty of insurance companies offering auto insurance policies so it is not actually hard to get one. So while you are excited to drive your car, protect yourself first from authority and possible accidents. Get auto insurance immediately.
Buy Long Term Care Insurance Policy in Washignton
Reader’s Question:
I would like to know if there are any telltale signs that I should buy long term care insurance policy for my parents who currently live in Washington. My mom’s a retired chief nurse and she’s 65 years old. My dad just retired this year as a senior copyrighter. He is 60 years old. Any tips?
Maritha
East Seattle, WA
Hello there, Maritha!
It’s good to know that there are daughters like you who still look after your parents’ welfare despite the demanding life these days that wears out almost everyone. A lot of parents would certainly wish to have one like you.
I guess setting up your parents’ future care can be the most practical thing to do these days which would protect you from the soaring financial trouble due to soaring costs of long term care. If you know exactly what long term care insurance will cover, you will then realize when your parents might need their own long term care insurance policy.
To start with, the best thing that you should look at when assessing your parents’ needs is their age and the way they handle themselves from the point when they were younger until lately.
In some circumstances, such as when your parents are no longer able to stay alone everyday and needs to have you to go over to them since they need so much help with their daily activities, then this might be the go signal. You can right away hook them up with long term care insurance policy before it gets too late.
There can be no general answer though as to when is the best age and the best time since different set of parents will certainly have different lifestyles and needs. The sooner you can get to touch the subject with them, the better. You can always contact a reputable life insurance in Washington to get free quotes, or get started shopping online.
Medical Payment Coverage for Auto Insurance in Washington
Reader’s Question:
My auto insurance in Washington has a reference to medical payment coverage. It seems like this should already be covered within the personal injury rider. What is the difference?
Matthew
Cottage Lake, WA
Good question Matthew,
There are similarities. Personal injury coverage within an auto policy varies from state to state. Auto policies offer medical payment coverage for treatment all injuries to parties in auto accidents, regardless of blame. If you or the operator of your insured vehicle caused the accident, all this rider will help pay for treatment to all parties.
Medical payment insurance covers ambulances, x-rays, extended care, surgery, follow-up visits and physician care. You can only imagine what these might cost today. An important feature of this auto insurance provision is that it goes with the vehicle. So, whether you or another licensed operator is driving your vehicle, this rider is in place.
In a worst case scenario, the medical payment auto insurance rider also covers funeral expenses. That is an unpleasant reality to think about. Motorists who purchase this option are aware of the impact a serious accident can have. If you are considering adding this to your policy, you should talk with your auto insruance agent in Washington because auto insurance does vary by locale. Good luck, Matthew.
Auto Insurance and Health Insurance in Washington
Reader’s Question:
My name is Olivier from Washington. I would like to ask what the relationship between auto insurance and health insurance is. Or I mean, protection wise, is there any?
Olivier
Cottage Lake, WA
Gracie, Olivier! This is actually a wide open question and thank you for asking. I will give you a possible scenario where your question will be addressed.
A person has an accident for which he is clearly not the one liable for it. Now, this person naturally, has been injured and treated with a chiropractor. He has good health insurance and he even provided his chiropractor’s office with the complete information of his health insurance. But the health insurance company noted that this was an automobile’s accident so he better go and talk to his auto insurance company.
It was said that the treatment for injuries in an auto accident will be covered by the auto insurance policy first and the health insurance would start paying for the exceeded amount. Hence, there is no relationship between the two.
They have different coverage and each one has its own responsibility to the insured. It will be wise to clearly see things out before you purchase one. Ask your agents in Washington the same scenarios I have given so that you will be able to know what to do during these times.
Whatever happens, it is still important that you avail such insurances, for your own peace of mind and security!
Types of Car Insurance Coverage in Washington
Reader’s Question
HI! I just want to ask if there are many types of car insurance in Washington or if there’s only one with full package.
Levee Rouge
Aberdeen, Washington
That’s a very interesting topic you have unknowingly opened up, Levee! Good thing you’ve asked that because that will help not only you but every person looking for the best insurance policy, as well.
Few years back, I was also asking myself what would be the best policy to avail. Would you believe I even spent eight months waiting and searching for the best insurance company and policy? I just wanted to make sure I would settle for the best. But worse scenario happened and I had no choice but to immediately avail insurance.
There are so many types of car insurance coverage you may choose from in Washington.
Collision: The insurer will pay for the repairs of vehicle if involved in an accident. Collision Coverage also pays for the purchase of a new vehicle if your car cannot be repaired anymore.
Comprehensive: This is the kind of coverage that pays for a new car when your car was stolen or damaged because of a fire incident.
There is also Kinds of Car Insurance Coverage Protection
Personal Injury Protection (PIP) – It entails to cover payment for medical expenses and lost income in relation to owning the vehicle.
Medical Payments (MP) – a personal injury protection does not cover for all medical needs in an accident, so for any medical expense not covered by PIP will be taken cared of by the Medical Payments.
Liability Insurance – This one covers the legal liability claims brought against the owner or the driver of the car that caused injury or damage to a third party.
PIP, MP and Legal Liability – These are coverage protections that are all covered under the Comprehensive Insurance coverage. This coverage protects the insured and the one driving the car when the accident happened. If other family members use the same car, include them in your car insurance policy.
GAP Insurance – This protects you from any liabilities that may not be covered by the comprehensive insurance especially when you bought a brand new car.
Hope I’ve answered your questions here. Please feel free to ask questions if you still want to learn more. Happy searching!
Washington Insurance – Is Annuity Best For Me?
Reader’s Question:
I’ve been getting mixed advice on annuities. My father thinks they are great. My brother likes other forms of investment. Who’s right?
Myles
Spokane, WA
Good news Myles,
Both your dad and brother right. Your investment portfolio should be as diversified as possible. Your brother sounds like he leans toward risk-return type funds. Your father likes annuities as one of the items that should be in a balanced portfolio. Classify your investments and determine your comfort level on percentage basis. Invest within those percentage parameters.
Fixed annuities are investments whose values are guaranteed not to decrease. Usually the value will increase at a pre-determined interest rate. Every portfolio can use an annuity investment like that. You can set your payments to begin at your retirement age.
Keogh accounts, 401k’s and 403b’s are staple investments, but you can only invest so much. Annuities will supplement these and your social security as you enter retirement. Annuity investments usually provide a better shield against inflation.
The ideal portfolio should also include some of the aggressive investments, which your brother suggests. We think annuities are a stable safety-net and a good source of tax-deferred income. Meet with your financial planner or your insurance agent and set your long-term goals. Then, you have to start and go for it!