For most Americans, saving money is a priority. Unless you bring in an exceedingly high income –– or you have your priorities greatly out of whack –– chances are you think about ways to cut down on expenses and save yourself some cash from time to time. Unfortunately, young people in particular are prone cutting or omitting vital services from their budget. Consider disability insurance: it’s likely few people in their 20s or early 30s contemplate the possibility of suffering a debilitating setback. As such, it’s also probable that a great deal don’t bother applying for disability insurance coverage, or if they do, they don’t prioritize it. This oversight could prove extremely costly, though. For evidence to that point, here are three reasons why you should rethink disability insurance today:

Time is a Factor

As with just about any insurance program, the sooner you enter into it, the lower you can expect your rates to be. True, every case is unique, but in general younger people will pay lower premiums than their older counterparts. This is why it’s essential for young professionals to look into disability insurance programs now and to demonstrate a modicum of foresight. If you plan on starting a family in the future, signing up for disability insurance now will guarantee you cover yourself in times of need and lock in the lowest rate possible. Sitting around and waiting will only end up costing you in the end –– one way or another.

“Disability” is a Fluid Term

You may be wondering: if I don’t work in a high-risk work environment, why do I need to invest in disability insurance? It’s a good question, to be fair. And the best answer is the fact that “disabled” means a great deal more than most people realize ––  since different jobs require different levels of physical involvement. So what qualifies as “disabled” for one profession, might not for another. Think about doctors who utilize intricate equipment to perform surgery. If they then develop severe arthritis in their hands, they become unable to perform their duties as a result of physical disability. That’s why physician disability insurance is distinct from disability insurance for teachers, for example.

The Worst-Case Scenario

Of course, the most obvious reason why everyone should set aside some capital for disability insurance is the fact that the worst-case scenario without it hardly bears consideration. Indeed, if a person becomes physically unable to perform their job, it can then be extremely difficult –– if not impossible –– to support themselves. And that doesn’t even take into account the possibility of shouldering family-based financial burdens. Regardless of how substantial your emergency fund may be, it’s unwise to overlook disability insurance. In reality, paying a regular rate for disability insurance is a paltry amount when compared with the benefits it could provide one day. It’s never fun to think about calamity, but it’s irresponsible not to plan for it.

When it comes to health insurance, you need to identify the difference between PPO, HMO, and other acronyms. What do these acronyms mean and how do you choose the best plan for your needs?

What is the Difference between PPO and HMO?

For starters, you need to know what these acronyms mean: HMO stands for Health Maintenance Organization and its coverage restricts you, the patient to a specific group of doctors known as a network. On the other hand, PPO is short for Preferred Provider Organization and the coverage it provides allows patients to choose a physician of their choice, who can be either outside or inside the network.

Both PPOs and HMOs are types of managed care and they allow the insurer to control costs. This sounds easy but as is the case with most health insurance, there is always more to the story. Digging into the differences between HMO vs. PPO health insurance will help you understand them better.

Provider Networks and Health Insurance

You can understand the differences between PPO and HMO if you start by looking at the networks. A network refers to a group of healthcare providers who have signed a contract with an insurance company for discounted services for a specific PPO or HMO. Such networks usually include general physicians and specialists such as medical equipment providers, chiropractors, and dermatologists.

To receive coverage under HMO, you need to see your primary care physician, regardless of what disease or condition you have. Consider the primary care physician as the network’s leader. If he/she cannot treat you, you will be referred to another specialist within the network.

Under the PPO plan, you will still be under a network of doctors but you are not restricted to seeing the ones within the network. You can visit any provider you want. Where is the catch? In HMO, you can expect to receive maximum coverage for staying within the network, but you will not have any coverage if you go outside the network.

With PPO, you will still get some coverage when you visit a doctor outside the network. However, it will not be as much as you would get if you stayed within the network. Before you choose the best plan for your needs, you should consider a few more things.

PPO vs. HMO Cost Analysis

With PPO, you will have to pay higher premiums for receiving out-of-network coverage. On the other hand, you will enjoy lower premiums under HMO because you are not allowed to go outside the network. Speaking in general terms, the out of-pocket costs for HMOs might be lower than those of PPOs are.

HMOs do not usually include annual deductibles and charge co-pays when in network at the time of service. PPOs are more complicated as they include co-pays, deductibles, and coinsurance. If your plan includes a deductible with coinsurance, you need to pay a certain percentage of the money until your deductible is met.

Which Services are Covered?

The type of services provided under PPOs and HMOs vary from one plan to the next. If a plan is offered under the Affordable Care Act, it should cover preventive care services such as immunizations, checkups, and physicals. It should also cover maternity care and emergency services.

Filing a Claim

When you are under HMO, there is no need to file a claim because your insurance firm pays the providers directly. Under PPO, you might have to pay your out-of-network services then file a claim seeking reimbursement, which means you need to have money.

It is probably fair to say that some business owners are not even aware that their company needs the sort of protection provided by general liability insurance and there can sometimes be some confusion or misconceptions relating to what is and what coverage it provides.

Here is an overview of what general liability insurance is all about, including a look at whether you need it and what sort of coverage would be right for your business.

Protecting your assets and more

In general terms, general liability insurance is designed to protect your company’s assets and provide a safety net when you are forced to pay for certain obligation and liabilities that would otherwise leave you financially exposed, such as some medical costs.

You can get a tailor-made cover that is specific to your type of business such as general liability insurance for contractors with a view to paying for the sort of cover that is relevant to your needs, although certain aspects of coverage will probably be similar across a range of policies available.

An example of how general liability insurance can protect your business would be a scenario where someone suffers an injury on your premises and files a claim for damages against your business.

Having the right liability insurance in place should cover the cost of your legal defense together with the settlement of an award made against you if the claim is successful.

Without having that peace of mind and level of protection from general liability insurance your business and assets could be exposed and financial losses could even put your ability to continue trading in jeopardy.

Difficult to predict

You might decide that the nature of your business or the level of diligence you apply to any work that you do should ensure that you are highly unlikely to face any sort of claim and therefore, don’t need any liability insurance.

It may well be the case that you trade for years without suffering any sort of financial loss or claim that could have been covered by insurance coverage but if a situation arises and you are left financially exposed, it could be a chastening monetary lesson that could have been avoided.

It is that element of uncertainty that may well tip the balance in favor of either arranging general liability insurance outright or adding it as a key element of your business owner’s policy.

If you do decide to add coverage to an existing policy make sure you check whether the terms and level of cover are adequate for your needs.

Know your limits

Every insurance policy you take out will contain details of the maximum amount the insurance company is prepared to pay out in respect of a liability claim.

It is essential that you understand and acknowledge these limitations as you may need to increase the payout amount if the standard figure is insufficient, although the insurer will want a higher premium and might not be prepared to increase their risk exposure.

How these limits work is fairly straightforward. If your business gets sued and is ordered to pay $500,000, for example, and your coverage is a maximum of $250,000, that means you are on the hook personally for the difference.

The case for contractors

Although there is a reasonable argument for most types of business to have the protection of general liability insurance behind them there are definitely certain industries and sectors that are potentially more prone to claims.

Construction is a case in point. It is a rightly perceived as a high-risk industry where there are numerous opportunities for an injury to occur where a claim might follow as a result of the incident.

If you are a contractor you should consider protecting your business against third-party injuries while you are working on someone’s premises or at their home and getting coverage so that you have protection against a claim made for damage to property too.

It would be wise to be aware of the threat of litigation and financial loss and one way of reducing that risk would be to arrange general liability insurance. Will the right coverage you should be able to go about your business in the knowledge that you have a financial backup plan if something goes wrong.

Seek out a professional opinion and quote for your business so that you can get the most appropriate coverage for your business and enjoy greater peace of mind once you have got general liability insurance.

When dealing with insurance agents, you are probably asking whether you can ask for insurance discounts, or for a much more flexible policy. This is with regard to life insurance in general; however, when it comes to life insurance for your children, you need to ask a different question. Is life insurance necessary for your children?

There are many factors to consider before you make a decision. Some financial consultants suggest buying a term insurance of 10, 20 or 30 years that would cover your children during such a period. If you your child dies within that term, you will receive some death and funeral benefits.

Others suggest buying a full life insurance that covers your children instead of buying a separate policy one for them because you can also transfer the policy to your children when they reach the right age.

To help you figure it out well, here several reasons you should go for or against life insurance for your children.

It Helps You in Funeral Expenses and Related Costs

For: In case of your child’s death, life insurance for your child will provide you with enough money to cover almost all the funeral and burial expenses. You can also receive some money that is normally given to the family of the child in order to get by after a tragic event.

Against: Almost all sources of statistics will show that the likelihood of children dying compared to adults is very low. If that is the case, it would be more advisable to set aside an emergency fund and use it in the event your child dies, which is very rare.

It Ensures the “Insurability” of Your Child Later

For: If your child becomes unhealthy and develops some illnesses that are difficult to cure, getting an insurance policy later will become very difficult. However, if you insure of your child at early stage, you won’t have to worry whether or not you can get another insurance because he or she is already insured.

Against: According to Amburgey, “The vast majority of 20- and 30-something’s have no problem getting insurance.” This shows that there is very little problems for older children or young adults in getting insurance. Also, according to Alfonso, your child’s “insurability” can actually reduce your chance of getting an insurance with high-value amount.

It Offers Savings Which Can Be Used Later

For: Every life insurance policy for children has corresponding elements of savings. While you keep on paying for the premium, a certain percentage will go to your savings. This means a certain percentage of your child insurance can be considered savings, which can be withdrawn and used later minus a surrender fee.

Against: The problem with insurance policies is that they can eat away your savings when you decide to withdraw in the future. When it comes to savings, you will be better off with a time deposit account or a simple savings account. In this way, you won’t have to pay some extra fees. Instead, you can earn interest overtime.

Final Thoughts

It’s not easy to decide whether or not a life insurance for your child is necessary. However, it’s really up to you to decide to choose if it’s in your best interest to do so.

On one hand, you could get a policy that could be converted in a way to pay for college later, but on the other hand, you might think it’s not worth the hassle. You can always ask your insurance agent if curiosity takes a hold of you.

If you’re a transplant to California, you’ve most likely noticed that California drivers seem to have a very hard time driving in the rain, even if it’s only a sprinkle. Motorcyclists duck and weave in traffic and pedestrians just walk across the street without looking both ways, assuming you’ll stop to let them pass.

For someone new to the state, this behavior is strange. How is it that Californians are willing to walk into oncoming traffic but lose their driving skills when the sunny weather turns to a light drizzle? To better understand the traffic curiosities of your new state, here are 10 driving rules and laws that, for better or worse, produce California’s unique driving style.

1. Motorcyclists have the right (by law) to lane split. Lane splitting is when a motorcyclist rides the between the lanes of slow or completely stopped traffic. Watching a motorcycle whiz passed you when you were about to make a lane change is eye-opening, and leaves you wondering how it’s lawful.

2. Drivers can lawfully text and drive. There’s a catch to this law, drivers are only allowed to text and drive if they use hands-free, voice operated smart devices.

3. Auto insurance laws in California dictate that drivers must carry liability insurance. The minimum amount of car insurance Californians must carry is:

• $5,000 for damages to property
• $15,000 for the injury or fatality of one person
• $30,000 for the injury or fatality of multiple people (two or more)

Liability insurance only covers the other party in an accident in which you are declared at fault. The California Department of Motor Vehicles suggests getting more than the bare minimum of coverage.

4. Smart devices used for GPS mapping purposes must be mounted. At the beginning of 2017, California made it illegal for drivers to hold their devices when they use their GPS system. The device must be mounted to the dashboard or in the lower left or right corner of the windshield.

5. Children 2 years or younger must be secured in a rear-facing child passenger seat. If the child weighs 40 or more pounds and stands over 3’3” they will need to sit in a front-facing passenger seat.

6. Drivers are required by to use their headlights when they drive in the rain. In 2008, the California Department of Transportation (CALTRANS) shared the message “Wipers On! Headlights On!” across the state to instruct motorists proper rain driving safety. Not used to the rain, drivers will slow down to a crawl. Be ready for gridlock traffic when it rains.

7. Pedestrians have the right of way in traffic. Any persons on foot must be stopped for so they can pass the street safely. Vehicles must stop for pedestrians at all crosswalks and “every intersection where streets meet at right angles has a crosswalk for pedestrians to cross the street. Many pedestrian crosswalks are marked by solid white lines. Some crosswalks, especially in residential areas, are not marked.” This means that even if there is not a marked crosswalk, pedestrians can still cross at the above-mentioned areas.

8. It is not illegal to use your cell phone at a gas pump. Rumor had it that Californians were not allowed to use their smart devices at the gas pump because it would cause a fire. According to the Federal Communications Commission (FCC), the threat of causing a fire is extremely low.

9. California drivers do not make good practice of using their turn signals. California Driving: A Survival Guide reports that between half and two-thirds of lane changes in California are made without a signal. If it looks like a vehicle wants to move into your lane, even though there’s no signal, the driver will probably attempt to move over.

10. The “California Stop” is very real. Some California drivers will slow the vehicle down at a stop sign but not come to a complete stop. If you are at a four-way stop, stop at the stop sign and proceed when it is safe to do so.

Get to know the laws of your new state and its culture, it’s only to serve you.