There are several different coverages under your automobile policy.  They include liability insurance, medical payment insurance, physical damage insurance, uninsured/underinsured motorist and miscellaneous endorsements.  The liability portion covers against any legal liability arising from bodily injury or propery damage that may arise from an accident. coverage can be a single limit Ex.($100,000 per accident) or split limits Ex. ($100,000/$300,000) per person/per accident.  Medical Payments pays medical expenses or funeral expenses due to bodily injury.  This coverage is generally sold in increments of $1,000 to $5,000 and sometimes goes to $100,000. Physical Damage covers the damage to the insured auto.  Collision covers as the name implies any damage due to a collision. Comprehensive covers anything other than collision such as theft, fire, storm damage etc. This coverage usually pays up to the amount of cost to repair or replace the vehicle minus the deductible. Uninsured or underinsured motorist covers the difference between the actual loss and what an individual can collect from an at fault uninsured or underinsured driver up to the policy limits. Miscellaneous endorsements can cover different miscellaneous vehicles such as golf carts, boats, mopeds, motorcycles antique cars etc. It can also cover you for rental reimbursement after an accident while your car is being fixed or towing and labor which will pay you the amount it takes to get you to the closest garage if your vehicle breaks down on the road.  These coverages usually have a certain cost limitation.

This is a common question that is not easily answered.  Depending on your family situation, most financial planners will tell you to use 7 to 10 times your income as a rule of thumb.  This is a simplistic view that can be used but I believe you can arrive at a more accurate figure by breaking it down into 2 areas of need. Immediate Needs and Income Needs.  Immediate needs include things such as final expenses, outstanding debt such as auto loans, credit cards and mortgages. Income Needs change over time and are comprised of amounts for the family to live daily to purchase food, clothing, insurances, educational expenses, utilities, taxes etc.  These costs will need to be projected out over the amount of years the children will be at home and over the surviving spouses lifetime. Freeman/Groves Insurance has the resources to help you to figure the amount that is right for you and your family.

What is the difference between an employer sponsored health plan and an individual health plan that I may purchase on my own.

Employer sponsored health plans provide coverage that are required to follow certain state mandates and contain certain coverages not required by an individual policy.  Group policies,for example, cannot deny you health insurance due to pre-exiting conditions whereas an individual policy can either raise your rate or totally deny coverage based on your health history.  Under your group policy your employer is required to pay a certain portion of the premium whereas under an individual policy your employer is prohibited from contributing to the premium.  In certain cases you may also pay your premiums pre-tax under your employer sponsored health insurance plan.