Here are 3 reasons why you need multiple

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Sam Swenson, CFA, CPA, The Motley Fool
Published 4:00 a.m. MT Sept. 22, 2020


This budgeting rule will help increase your savings account.


Things happen. They happen to people and inanimate objects, and they happen for very good reasons or for no reason at all. For those in pursuit of accumulating significant retirement accounts and robust stock portfolios, or even if you’re new to saving, it’s never a bad time to review your insurance policy holdings.

The moment you think you don’t need insurance is an invitation for your bike to be stolen (yes, this happened to me a few months ago). Even if a peril has not struck you or your family yet, it’s absolutely critical that you identify areas of your life that stand at risk and find ways to protect them adequately. Here are three reasons why you can’t afford to be uninsured. 


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Betterment launches phone insurance with Sure partnership

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  • Betterment teamed up with tech company Sure to offer phone insurance.
  • And to further differentiate its offering and enhance its competitive advantage, it should look to add more insurance options.

The US-based digital wealth manager has teamed up with tech company Sure to offer phone insurance, per a press release. Customers of Betterment Checking—the startup’s checking account and accompanying debit card—can purchase coverage for phone damage or theft, as long as they pay their monthly phone bill using a Betterment Visa debit card.

eToro debit card launching soon

Betterment is moving into phone insurance.

Business Insider Intelligence

While the claims process is supported by Sure’s platform, the insurance policy is being provided by an undisclosed global insurance company, and customers will receive up to $600 per claim, with a maximum of two claims per 12-month period and a $50 deductible for each claim.

Betterment Checking only launched a few months ago, and enhancing the offering

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A piece of $2.7 billion in health insurance rebates could be coming

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zoranm | E+ | Getty Images

Your health insurance company may owe you some money.

Depending on how you get your coverage, you could be one of the 7.9 million policyholders expected to get a piece of about $2.7 billion in premium rebates from various insurers, according to the Kaiser Family Foundation. While such refunds are issued yearly, the anticipated amount would be nearly double the $1.4 billion issued last year.

Generally, you’re more likely to get a rebate — or already have received one in recent weeks — if you have an individual policy (including through a state health exchange or the federal one) or participate in a small- or large-group plan, said Karen Pollitz, a senior fellow with the foundation. Many of the biggest U.S. employers choose to self-insure, which means their plans don’t have to adhere to certain requirements placed on insurance companies. Different rules also apply

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The Best Travel Insurance For Your Holiday Vacation Trip

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American travelers are looking forward to the holiday travel period like nothing else in recent memory. But given the pandemic health concerns, they’re also trying to find the best travel insurance for a holiday vacation.

A new report by American Express finds travelers are cautiously optimistic about traveling in the next six months. Just over half (55%) of consumers who typically travel domestically anticipate feeling “comfortable” traveling to a domestic destination between now and February.

And a survey by Hopper suggests 39% of Americans plan to travel during the holidays. For more than half of those on the road (55%) it will be their first time traveling since the start of the pandemic.

An eagerly anticipated travel season

“Now that it’s officially fall, many

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How To Avoid Getting Shafted By Wrong Insurance Data On You

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Property-casualty insurance is a mystery to most. How do the insurers set those rates, and why did your premiums go up, even if you had no claims. Maureen Crimmins of Crimmins Wealth Management in Woodcliff Lake, N.J., has one answer, a document that the carriers keep that few know about:

Larry Light: OK, so why as your automobile or homeowner’s insurance premium risen substantially even though you haven’t had any claims or received any tickets for driving infractions?

Maureen Crimmins: The cause could be an error in your C.L.U.E. report. The report database is called C.L.U.E., or Comprehensive Loss Underwriting Exchange, by LexisNexis Risk Solutions.

Light: What’s that?

Crimmins: It’s essentially like a credit report for insurance companies. It includes a five- to seven-year history of claims you’ve filed. The majority of insurance carriers provide claims data to it—data that includes names, birth dates and

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A Car Insurance Claim Estimate Before the Tow Truck Is Called

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As insurance companies have pulled their employees out of the field, the use of virtual estimates has jumped. CCC Information Services, a Chicago company that markets its own A.I.-enhanced Quick Estimate app to insurers, recently reported a 125 percent increase in app use since March — even though traffic levels and accident numbers plunged when states locked down.

Even before the pandemic, major U.S. carriers were exploring the use of A.I. to speed claims settlement. Liberty Mutual’s in-house technology incubator, Solaria Labs, began work on an A.I. estimating algorithm in 2018. The company now uses it to give appraisers a head start on estimates.

USAA took a different approach. Rather than develop its own algorithm, it teamed with Google. Customers can upload photos of their damaged cars for analysis by Google Cloud’s Vision API. That damage assessment is then handed off to another partner, Mitchell International, which also uses A.I.

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Five Insurance Tips To Make Sure Your Business Is Prepared

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Founder and CEO of ValChoice, bringing transparency to insurance. 

With storms off the Gulf Coast, wildfires sparking in the West and floods and tornadoes in the central states, it’s always important to be prepared for what’s ahead. September marks National Preparedness Month (NPM), and the 2020 theme is “Disasters Don’t Wait. Make a Plan Today.” With the pandemic still impacting our daily lives, the NPM theme offers words to live by.

For business owners, the following are actions to take during NPM to make sure you and your business are prepared.

1. Review Your Insurance Company

Businesses and consumers alike outgrow insurance companies. Companies that sell on price may be a good fit for a 19-year-old driver or a startup business. However, as income and assets grow, your exposure increases.

What many consumers and business owners don’t realize is the price leader you originally chose as an insurer

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$100k in Guaranteed Life Insurance Now Available Through WAEPA

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$100k in Guaranteed Life Insurance Now Available Through WAEPA

PR Newswire

FALLS CHURCH, Va., Sept. 14, 2020

WAEPA now offering guaranteed coverage with no medical requirements

FALLS CHURCH, Va., Sept. 14, 2020 /PRNewswire/ — WAEPA (Worldwide Assurance for Employees of Public Agencies) is now offering $100k in guaranteed life insurance coverage for a limited time.

Through WAEPA’s Guaranteed Issue Group Term Life Insurance program, Civilian Federal Employees under the age of 50 are eligible to apply for $100k in coverage with no medical exam required. Civilian Feds who apply are guaranteed approval and coverage is fully portable if they leave federal service.

Experience the interactive Multichannel News Release here:

Civilian Feds who apply are guaranteed approval and coverage is fully portable if they leave federal service.
Civilian Feds who apply are guaranteed approval and coverage is fully portable if they leave federal service.

“At a time with so much uncertainty, we wanted to provide Feds with a worry-free process to secure life insurance,” explained Stephanie

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Insurers not writing Salem-area homeowner policies

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Craig Harris, Salem Statesman Journal
Published 9:12 p.m. MT Sept. 11, 2020


Bill Nichols, operations section chief, provides a update on the Beachie Creek Fire for Friday, Sept. 11.

Salem Statesman Journal

Several insurance companies on Friday put a moratorium on new homeowner policies for Salem-area buyers as wildfires continued to char large swaths of the state.

The temporary suspension postponed some buyers from getting into their homes. An industry advocacy group advised consumers to shop for a new insurance agency because the halting of new policies could run into next week as fires remain uncontained.

No agency has canceled policies across the state, according to the Oregon Division of Financial Regulation. Insurance companies are allowed to temporarily suspend the writing of policies on a case-by-case basis during a wildfire, and insurers would not have to notify the state if that occurs, a spokesman said.

The Statesman Journal was

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Woman cut off her hand with circular saw in $1.2m insurance scam

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  • A Slovenian woman has been sentenced to two years in jail after been found guilty of attempted insurance fraud.
  • Julija Adlesic and her boyfriend plotted to deliberately saw off her hand to receive a €1m ($1.2m) payout, Sky News reports.
  • Adlesic claims it was an accident. However, her boyfriend’s internet history shows he searched for prosthetic hands the day before the incident.
  • Visit Business Insider’s homepage for more stories.

A woman who deliberately sawed off her hand in an insurance fraud plot has been sentenced to two years in jail.

Slovenian Julija Adlesic, 22, is accused of using a circular saw to sever herself at the left wrist in early 2019.

She had taken out insurance policies with five companies the year before and would have received €1m ($1.2m) in payout.

However, the young woman was found guilty of attempted insurance fraud at a court in Ljubljana, Sky News reports.

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