People have different approaches toward dealing with their deductibles. Often, these amounts are set for certain types of policies. Often health policies provided by employers come with pre-determined amounts that the employees must pay before the insurer steps in. On the other hand, drivers generally have a lot of latitude in setting deductible amounts for their insurance policies. Many simply accept the recommended amount, not really understanding the pros and cons of choosing a smaller or greater value. Others opt for a large deductible so they can reduce their premiums (and then pray like mad they will never have an accident). Others choose a smaller deductible, so they will minimize their surprise expense. A secure method of arranging protection is to choose a deductible according to the best incremental return on the premium, and then setup a savings account with the deductible amount. However, some types of policies make it impossible for someone to choose any of these strategies. This is when a Delaware Series becomes necessary.
Arrange True Protection
Some policies require set deductible amounts that are simply unaffordable by the insured. One example is the trucking industry, where drivers are forced to accept a $5,000 to $10,000 deductible. Fortunately, they can setup a deductible reimbursement policy with a specialty carrier. With this policy, they will be covered for most of the deductible from the first carrier in case of an incident.