Life is unpredictable. You can never anticipate when something unexpected will impact your life or finances. If your car breaks down, a storm damages your property, you get in an accident, or develop an illness or disability, it’s important to have the financial means in order to get by.
You Need Insurance
Homeowners, renters, life, car, disability, and business insurance policies are essential investments to mitigate the financial impacts of unexpected expenses. While homeowners and car insurance are required by law, investing in other insurance policies can provide financial coverage for unexpected moments that cause financial distress.
Manage Insurance Policies
If you have multiple policies, it can be difficult to manage them all. With numerous monthly balances, due dates, deductibles, and associated fees to cover it is hard to keep track. You can overlook an upcoming payment which will put your policy on the line and increase your out-of-pocket expenses. Luckily, that’s why service providers like ONE offer a better solution.
ONE Makes A Difference
ONE is a virtual bank established in 2019. They offer affordable, convenient, and user-friendly products and services for everyday consumers. ONE’s innovative features can help customers develop financial management practices that make it easy to stay on top of their insurance needs. Here’s how:
Track Multiple Policies With Pockets
With Pockets from ONE, you won’t have to worry about when your next insurance payment is due. ONE’s Pockets make tracking your expenses more manageable because they are mini-accounts linked to your ONE card. You can customize them based on your policies, including auto, homeowners, renters, life, and disability. By looking at your account statements for each policy, you can determine how much is due each month and then schedule transfers to ensure that money is always available to cover your insurance costs.
Avoid Overdrafts
If an insurance company tries to debit your account but the funds aren’t available, you can end up with an insurance bill, added fees, and an overdraft fee from your bank. While it’s crucial to ensure that you have money in your account before your insurance due date, sometimes things happen. ONE has overdraft and Pocket protector services to help lend a hand.
Overdraft services are connected to your main Spend account and will cover transactions up to $200. If your insurance bill overdrafts your account, the additional help from ONE could help you cover the costs until you get paid. The overdrawn amount will still need to be repaid immediately; however, if you need more time, you can repay the overdraft at a 1% interest rate.
Pocket Protector services work similarly to overdraft protection. Pocket Protector takes money from your main account and transfers it to the designated Pocket to cover the expense. For example, if you’re $50 short for your car insurance, ONE will withdraw $50 from your Spend account and place it in your car insurance Pocket.
Save Towards Your Deductible
Some insurance policies require customers to pay a deductible. This is the amount you agree to pay before the insurance company covers the remaining costs. Many people tend to increase their deductible as a way to save money on their premiums; however, if you need to file a claim, you may not have enough to cover your end.
ONE knows how essential insurance is to its customers. That’s why they offer multiple ways to save money. You can use these funds to cover the deductible. ONE provides the highest interest rate in the banking industry at 1.00% APY. Simply transfer funds to your Save Pocket and watch your money grow. If you turn on the Auto-Save feature, ONE will round up your transactions and deposit the change into an Auto-Save Pocket, where you can accumulate 3.00% APY.
No matter how hard you try, you can’t control everything that happens in life. When unexpected circumstances arise, having an adequate insurance policy can ease your financial burden. Opening an account with ONE can provide the tools and resources you need to stay on track.
