Customer Reviews

Insurance for Dummies

5 star:		(18)
4 star:		(3)
3 star:		(1)
2 star:		(2)
1 star:		(3)

 

 

I know I'm getting older when I start reading and writing reviews about insurance books.

I'm not a big fan of the "dummies" books for a few reasons: (1) First my ego...I have to admit I don't want a book on my shelf that is a dummy guide for anything, and (2) I don't want to buy another reference book that is going to sit on my shelf and collect dust.

I purchased this book b/c I had big questions about car insurance, life insurance, and umbrella policies. No concerns about house insurance, which seemed to be the biggest complaint about the book.

Quite frankly, it answered all of my questions. Before reading this book, I didn't even know the difference between collision, liability, and comprehensive insurance; and I had no clue how much insurance I should carry for that "break glass in case of emergency" type accident. And like all of the dummy books, the text is informative while remaining engaging , and actually entertaining-even though the subject is insurance.

I actually feel empowered after reading this book. It led me to purchase an inexpensive umbrella policy (if you don' t have one, you need it) that will certainly make me sleep better at night.

This is one of those books that after you read/reference it, you'll wonder how you ever operated in the past without the knowledge it contains.

Don't put too much trust in earthly treasures, but you should certainly protect what you do have!

Recommended.

I have been in the insurance business for 31 years. I found this book to be every helpful. Jack has taken a complex subucet ( insurance ) and explains it in simple terms. I have shared this book with other professionals and they are as delighted as I am. I now use some those examples in my own practice to explain things to my clients. It is worth the time to reading. .

This book is worth its weight in gold. I originally picked it up while doing research on life insurance options. But after reading the first chapter on auto insurance, we called our agent, raised our libability limits and deductibles, got rid of unnecessary coverage and ended up saving ourselves $250 a year! The author, who has worked in the insurance industry for years, makes things plain and simple and illustrates his points with easy-to-understand charts. Now I feel like we actually have a clue about what we're buying, and I feel much more secure knowing we'll likely be well covered in the event of a catastrophe. This should be on every homeowner's bookshelf.

This title is well worth searching out if you're thinking of purchasing new coverage or if it's been a long time since you've reviewed your current coverage. There's a lot more to insurance than most realize, and this book can help make things a lot clearer, save you money, and prevent nasty surprises down the road. Note that the edition available in Canada, of which I own a copy, appears to be identical to the American one in all respects.

This book is a great comprehensive overview of all the important insurance matters one needs to be aware of in today's life in America. Too many young people like myself aren't aware of how underinsured (and therefore financially exposed) they are in the face of life's various perils until something terrible happens. This book does an excellent job at explaining in simple terms all the key facts and questions one needs to know and ask in order to get adequate protection.

This is a must have for young families, professionals, and really everyone who has their own residence. Through this book I found out my "sueability" and really restructured my entire insurance plan. Most people won't believe how grossly underinsured they are!

I didn't think it was possible, but Jack Hungelmann made reading about insurance actually interesting. I cannot tell you how much money and time I have saved just by taking a few minutes here and there to look up specific topics in this book. It is really well-written, covers an incredible broad range of topics, and has a lot of funny and real-life stories which capture the topics. I will also continue to find it very helpful as a reference to refer to as new insurance issues come up. Trust me, this is the insurance book to buy and trust!

I am a Public Claims Adjuster, and bought the book to see what Jack would say about insurance in general and claims specifically. Agents and other adjusters are on the side of the insurance companies. Public Adjusters only represent the policyholders, and assist them in calculating and submitting their claims. Characteristically, when a policyholder uses a PA, he collects significantly more money than if he allows the insurance company to calculate the claim for him.

Jack does a masterful job explaining the proper ways of analyzing risk and buying insurance. You can't go wrong with his recommendations on coverage and buying insurance. BUY THIS BOOK!

Russell D. Longcore
Executive General Adjuster
Marietta, Georgia
author of the book, "Insurance Claim Secrets REVEALED!"
www.insurance-claim-secrets.com

I didn't think it was possible, but Jack Hungelmann made reading about insurance actually interesting. I cannot tell you how much money and time I have saved just by taking a few minutes here and there to look up specific topics in this book. It is really well-written, covers an incredible broad range of topics, and has a lot of funny and real-life stories which capture the topics. I will also continue to find it very helpful as a reference to refer to as new insurance issues come up. Trust me, this is the insurance book to buy and trust!

Insurance is a notoriously boring, even painful, subject; one of life's burdens towards which we only begrudgingly direct our attention. There are several explanations one could put forth as to why, some relating to disreputable practices ( pushy salesmen, unethical denial of claims, etc ) others pertaining to the mind-numbing details contained in lengthy contractual boiler-plate which most folks regrettably ( if understandably ) gloss over prior to committing their signatures. In no small part, human psychology plays a role, finding it distasteful to shell out for services that provide no immediate, tangible benefit ( "I paid all this money and all I got was this lousy policy" ) or to contemplate the various accidents and incidents to which we are all too vulnerable. And yet, for all the loathing associated with the subject, a strong case can be made for insurance as the foundation of financial security, a benefit to both individuals and society- its importance is only magnified by the disdain with which it is treated. In fact, purely as a matter of prudence, insurance should be considered as the foundation upon which a family may erect other household "programs" ( ie, emergency fund, long-term investment, living wills ).

Jack Hungelmann's "Insurance for Dummies" rectifies this situation of malign neglect with 300+ pages of highly practical, jargon-free information for each of six specific categories of insurance:

1) auto insurance
2) home insurance
3) umbrella (liability) insurance
4) health insurance
5) disability insurance
6) life insurance

A functional ( if not dictionary ) definition of insurance is "management of risk". Bearing this in mind, Mr. Hungelmann goes through what he calls the ARRT of risk management: Avoid, Reduce, Retain, Transfer. It is evident that the aforementioned principles involve more than mere procurement of policies: while chance always plays a role, it is in fact the choices people make in life ( how and where they conduct themselves ) that often have the greatest impact on the amount of risk to which they are exposed. Hungelmann makes this point in the course of providing numerous detailed explanations and tips, many of which this reviewer considers to be of an immediately actionable character.

Examples:

If you're like me, you just "inherited" insurance contacts from relatives and let the "family broker" set you up with an auto policy straight out of high school. More than likely, that broker set you up with a low deductible ( i.e., the amount you pay for repairs in a claim ) in order to save you money. As the years went by you just kept renewing your policy, never adjusting the deductible. Everything's fine, right? Well, "Insurance for Dummies" points out that in all likelihood your liability limit is woefully inadequate ( especially considering the litigious nature of our society ) but could be raised to safer level with a cost offset by simultaneously raising your deductible. Did your broker tell you this? Mine never did, and the realization that "professionals" weren't always providing me with useful information was the necessary goad towards a modicum of self-education ( on insurance and other topics ).

Vis a vis litigation, Mr. Hungelmann demonstrates just how cheap it is to buy an umbrella (excess liability) policy, describing it as "flat-out the best value in the insurance business". For a nominal amount of money, you increase the amount of skin your insurance company has in the game and in essence, provide an incentive for them to either settle or vigorously defend you ( up to your umbrella amount ) on their own dime.

A thorny and expensive thicket, life insurance is a matter of vital importance for married couples ( especially those with children ). "Insurance for Dummies" surveys the various pros and cons, enabling one to be conversant in the language of the industry when discussing a prospective policy with an agent. In the course of negotiation, and granting the obvious level of asymmetric knowledge between parties, it does make a tremendous difference knowing some of the tricks of the trade. While the author generally comes down on the side of term life as being of greatest benefit to most couples, he doesn't ( as is often the case ) savage the alternative of permanent ( cash value or "whole" ) life when circumstantially applicable ( high net worth, maxed out retirement contributions, etc. )

Finally, Mr. Hungelmann considers the woefully neglected matter of long term disability insurance. In his own words ( page 271 ):

"You have to deal with five possible causes of a major financial loss through insurance: lawsuits, destruction of home and personal property, major medical bills, premature death with dependents, and long-term disability. Most consumers, in their insurance programs, carry protection for the first four threats. But many consumers don't protect themselves from long-term loss of income from illness or injury unless their employer provides the insurance. Yet a person is three times more likely to become disabled for six months or more than to die prior to age 65."

"Insurance for Dummies" has proven to be one of the most useful tools my wife and I have found in laying the groundwork for a reasonable amount of insurance; a truly useful "hedge" against risk. Recommended in the highest possible terms.