Consumers

An annuity is an insurance product you typically buy to set aside a significant amount of money. People typically buy annuities if they:

• Need to save significantly
• Want an investment that reduces taxes
• Want to ensure a steady flow of income

How annuities work

When you buy an annuity, you either pay a large, single premium or make payments for a period of time in exchange for a future income. Until you withdraw money or begin receiving payments, the annuity will grow on a tax-deferred basis.

When a business self-insures, they don’t buy a plan from an insurance company. Instead, they set aside money and use it to pay for their general liability, commercial auto and property damage claims. Businesses that provide their own coverage directly from their own funds typically insure for:

Factors that affect finding insurance

Your type of business, the number of years you have been in business and your claims history can be factored into the type of insurance and coverage you need.

Know your health plan

• Does your health plan have network providers?
• Does your health plan let you visit out-of-network providers?
• What are the deductible, copay or coinsurance amounts?

Before you buy, it's up to you to decide what coverages best fit your needs. This may mean choosing more coverages than you need to meet requirements. Your agent should work with you and your needs to come up with a personalized policy.

Don’t find yourself in a position where you assumed something was covered and it’s not. Read your policy thoroughly and familiarize yourself with these types of coverages to know what’s covered under your auto policy.