The Auto Owners life insurance website doesn’t list specific life insurance endorsements. But it does note that the company offers a wide variety of life insurance policies, including term life, whole life, and universal life. Auto-Owners also offers disability income policies, annuities, and life insurance as part of its financial services. Here’s a look at the various types of policies offered by auto owners.
Term life insurance
Auto-Owners is an online company that offers term life insurance. Term policies are available in terms of 10, 20, or 30 years. You can also choose a simplified 5-year level term policy. There are few underwriting requirements, and these policies offer a low variety of coverage. As a bonus, they offer guaranteed death benefits.
One of the advantages of term life insurance is that it can be affordable. Unlike permanent insurance, term life insurance offers protection for a specified period. Premiums increase with age and may become prohibitive at some point. In addition, renewal premiums are typically higher than initial premiums. Additionally, some insurance companies will not renew term life policies after they expire, which may make it difficult for you to afford the coverage. Permanent insurance, on the other hand, will provide coverage as long as you continue to pay the premiums.
Term life insurance is an affordable form of protection for young families. Unlike whole life insurance, term life insurance policies are paid out over a predetermined period. The premiums are based on a policyholder’s age, health, and life expectancy. However, unlike whole life insurance, term life insurance policies do not build up equity or a cash value that can be used to replace income.
Auto-Owners is a super-regional property-and-casualty insurance company that offers auto, home, and life insurance. It has nearly three million policyholders and is headquartered in Lansing, Michigan. Auto-Owners offers expansive coverage for auto owners and small businesses, annuities to supplement retirement income, and long-term care insurance for end-of-life care.
Common loss deductible
Auto-Owners provides a common loss deductible for auto owners. The auto deductible is waived if the insured has a personal property deductible on their home policy. Auto-Owners offers many discounts, including a common loss deductible that reduces the auto deductible by the amount of the home deductible. It may also waive the auto deductible if the homeowners deductible is higher.
For example, if an insured has a $1,000 deductible, they would receive a payout of $1500 from their insurance company, assuming they owned the vehicle outright. While this may seem expensive, it makes financial sense to lower the deductible to $250 or $500, and it will not increase premiums significantly. A lower deductible means a lower premium and more coverage. But remember that a higher deductible will mean a lower premium.
Umbrella policies provide high limits of additional liability coverage, including damage caused by uninsured or underinsured motorists. Some policies will also pay for injuries, property damage, and legal defense fees if you are sued. Umbrella policies will also cover medical bills, lost wages, replacement services, and death. If you by an uninsured motorist, your umbrella policy may cover all of your expenses.
Accident forgiveness option
Some insurance companies offer accident forgiveness for a fee. This add-on may cost between two and ten percent of the premium. Accident forgiveness is not available for every car accident. The insurance company must agree to forgive accidents only if the driver’s record has been spotless for several years. Most insurance companies have their own rules and policies regarding accident forgiveness, so make sure you read your policy carefully before signing anything.
You may be wondering whether to pay for the extra premiums and benefits of accident forgiveness. In general, if you are in an accident, your premiums will go up. However, you can opt to pay for the damages yourself. This way, you’ll only be paying for the part of the policy that’s covered.
The accident forgiveness option on auto owners life insurance is not available in every state. Not all insurers offer it, so you might have to search for one. In addition, accident forgiveness coverage may only be available once every three to five years, and you’ll have to wait until your policy is reset again before you can take advantage of it.
If you have been a loyal customer with the same insurance company for years, you may have a low-risk client profile. If you’ve never made a claim, your insurer may consider you an outlier. That being the case, you should opt for an accident waiver. You can choose whether to include it in your existing policy or add it on as a monthly rider. Nonetheless, remember that not every insurer offers this service.
In the long run, accident forgiveness can save you hundreds or thousands of dollars. While this option can be useful, it’s important to consider the costs. If you’re a high-risk driver, it’s worth it to opt for accident forgiveness. However, it’s important to remember that it will remain on your driving record and may disqualify you from safe-driver discounts. For those of you who rarely drive, accident forgiveness may not be the right option.
