Special Insurance|Long Term Care & Credit Insurance

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Specialty insurance

Where do you go when you want to get a specialty insurance policy?

Your insurance broker or insurance agent can both provide you specialty insurances. Keep in mind though that not all insurance agents or brokers are trained in the details of specialty insurance policies.  Be sure to ask them about their level of knowledge before doing business with them.

These specialty insurances are special because they are not standard policies…auto insurance and home insurance are standard insurance policies.

Some examples of specialty insurances include long-term care insurance, credit insurance and blue cross insurance. These are considered specialty insurance products because they are usually purchased only for unique or special needs; unlike the standard home and auto insurance policies.

Special Insurance|Special Needs

Long Term Care Insurance

  • A long-term care insurance policy is purchased for needs not covered by a health insurance policy.
  • The needs covered by a long-term care policy include basic daily living activities, such as, bathing, dressing, eating, toileting, walking and getting out of bed.
  • The needs covered are usually those needs you could have as you get older or if you become handicapped or disabled.
  • The time to look into a long-term care policy would be before your age or health makes you ineligible.
  • Ask your agent for quotes at different ages.
  • Credit scores are usually a factor when most insurance premiums are determined, but not with long-term care insurance.
  • Your age and your health are the 2 main factors used to determine your premium.

Credit Insurance

  • A credit insurance policy is commonly purchased by individuals when they take out a loan.
  • The insurance is to protect the lender in case the borrower is unable to make payments on the loan.
  • The credit insurance premium is included in the loan payment.
  • Your credit score can be taken into consideration when the terms of the loan are being determined.

Blue Cross Insurance

  • Blue Cross insurance is a specialty insurance provider.
  • They specialize in selling individual or group medical insurance and travel insurance or accident insurance.
  • Blue Cross Insurance also offers health insurance in addition to their specialty insurance products.
  • Ask your agent for quotes.

If you are shopping for any of the specialty insurances detailed above, be sure the insurance broker you work with is knowledgeable about which insurance product best fits your personal needs.

You may be able to buy these specialty insurance policies online, but it may be better to work with an insurance agent, that way you can get all of your questions and concerns addressed directly.

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