Insurance Needs

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Insurance Needs

Automobile • Disaster • Income Protection • Life • Long-Term Care • Medicare • Property and Liability • Seniors Health Insurance Information Program (SHIIP) • What Risks to Insure • Workforce Assistance

Everyone faces risks that may mean a large financial loss. You can buy insurance to cover many losses - damages to your car or truck, home or possessions, illness or injury, liability, death or disability, expenses for long-term care, losses from a tornado, flood or other natural disaster. You can also take steps to avoid or reduce some losses - buying smoke detectors to warn you of a fire or using seat belts to reduce the chance of accidental injury or such as death.

Automobile Insurance

The minimum amount of liability coverage on an automobile in Arkansas is: $25,000 for bodily injury or death of one person in any one accident; $50,000 for bodily injury or death of two or more persons in any one accident and $25,000 for damage to or destruction of the property of another.

Eleven Ways to Save on Your Car Insurance

Disaster Insurance

Managing Financial Losses from A Natural Disaster (FSHEC67) explains the importance of buying both flood and earthquake insurance when you live in areas that have a high likelihood of flooding and experiencing an earthquake. The fact sheet also lists steps on reducing damages and steps to take to recover from the financial losses of a disaster.

Income Protection

Loss of income due to an accident, disability or unemployment can be devastating.

Unemployment Insurance is bought by the employer. It funds any unemployment benefit you may receive. The Arkansas Employment Security Department provides information on how the appeals process works, how to apply for benefits by telephone and how to file a claim.
Worker's Compensation helps with costs associated with worker injuries or death on the job. For more information, see Arkansas Worker's Compensation Commission.

Life Insurance

Life insurance provides protection against financial losses caused by a person's death.

Long-Term Care Insurance

Long-term care insurance covers certain costs for custodial care provided at home, in a community setting such as an adult day care health center, or in a group or institutional setting such as a nursing home.

Medicare

Medicare is an insurance program for persons age 65 and over and disabled workers.

Seniors Health Insurance Information Program (SHIIP) provides one-on-one insurance counseling and assistance to senior citizens in Arkansas. The phone number is 1-800-224-6330. They provide a list of Medicare supplement insurance choices offered in Arkansas.

Property and Liability Insurance

Managing Financial Losses from A Natural Disaster explains the importance of flood and earthquake insurance.

Managing Financial Losses From A Natural Disaster - FSHEC 67

Seniors Health Insurance Information Program (SHIIP)

Seniors Health Insurance Information Program (SHIIP)- The SHIIP is responsible for explaining health insurance programs, especially Medicare supplement insurance choices, to seniors. This site gives the phone number for the toll-free help line and information about speaking engagements throughout the state.

What Risks to Insure

What to insure can be confusing. Self-assessment tools can help you determine what risks you face and the likelihood each risk might happen. Below are two tools to help you determine where to spend your insurance dollars.

Is Your Financial Security at Risk?

Workforce Assistance

Unemployment Insurance - Paid for by the employer, unemployment insurance funds any unemployment benefit you may receive. In this site, sponsored by the Arkansas Employment Security Department, is information on how the appeals process works, how to apply for benefits by telephone and how to file a claim.

University of Arkansas • Division of Agriculture
Cooperative Extension Service
2301 South University Avenue
Little Rock, Arkansas 72204 • USA
Phone (501) 671-2000 • Fax (501) 671-2209

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