What if your parents or a close friend die and you don’t have insurance? What if you can’t get general liability insurance or, because of other circumstances, you can’t apply for personal coverage? The answer is you don’t need to go through the financial rigmarole of getting general liability insurance, but it does come with its own set of challenges.
General liability insurance covers anyone who is hurt in an accident involving vehicles involved it provides a range of compensation options, from nothing to full family memberships the good news is getting general liability insurance in your estate planning phase doesn’t require months of research, and calculations.
There are a number of steps that can be taken ahead of time to ensure that your heirs have the most productive use out of any asset you have.
Plan How to Get General Insurance
If you are the surviving spouse or the surviving child, you can often acquire general liability insurance protection as a dependency this means that if your legal representative dies or goes into the health or other fields of business, you are still able to rely on your assets to build your estate.
You can acquire insurance coverage for your spouse or surviving child even if they are not your legal representatives this is because an insurance company will only insure you if you are their representative.
The Steps to Get General Insurance:
Obtaining a car insurance policy is the first step because the car insurance policies will only cover you if you are the original owner once you are the owner, the insurance company will have to cover you in addition to the vehicle itself.
Get a home loan this is because families with mortgages can’t hold on to their home equity after the death of the mortgagee however, even if a mortgagee was your spouse or a family member, the loan will only cover the house and not your assets.
A multi-family property is a property that is used multiple times in the same household. In this case, you will need to get a multi-family property insurance policy as well as this is harder because you will have to navigate a lot of complicated rules associated with getting a policy.
Get Medical Insurance
Find a doctor who will treat your condition not all doctors will treat your condition, so you’ll have to find a doctor who will require you to sign a written agreement acknowledging your medical condition and waiving any right you might have to a particular doctor. You will be required to sign this agreement even if you are the patient’s legal representative.
Get a doctor’s note, when you have a condition like diabetes or heart disease, you must sign a physician’s note acknowledging your condition this is because these conditions are treatable and chronic, and taking any other treatment will quickly turn your health into a liability.
Get Property Insurance
Next, you’ll need to get a home loan this is because families with mortgages can’t hold on to their home equity after the death of the mortgagee however, even if a mortgagee was your spouse or a family member, the loan will only cover the house and not your assets.