Deciding to invest in life insurance can be an intricate process not
only in any particular country, but in most countries in general. Among
the many kinds available in the market, you have to make an informed and
intelligent comparison between the likes of health insurance and life
insurance-these two being the most popular among the general public.
Furthermore, it gets even more complex if you are trying to invest in
this industry at a young age.
I know what you'll say. As a single,
independent and free-spirited 25-year old like myself, what are the
chances of dying from a debilitating illness or getting hit by a bus in a
two-way street? Chances are, getting my life insured at this ripe point
in my life is as bleak as Donald Trump's chances at winning the 2016 US
Presidential elections! However, let me ask you this. If you don't have
a spouse, a daughter or a son to stress on, I'm pretty sure you have
loved ones in your nuclear family. An aging mother perhaps? A father? A
brother or a sister?--whose future you want to secure in the event of
your untimely demise or physical incapability on account of a nasty
accident.
Thinking about your loved ones' future when you have
gone to the Great Divide is perhaps the most touching and selfless thing
you can do for them-financially providing for your dependents if you
pass away. On a side note, in case of illness or hospitalization, you
can get health coverage from your insurance provider without stressing
your parents or family of the financial costs of hospitalization.
This
is the ultimate and most conspicuous reason why you should get a life
insurance as early as now. As counter-intuitive as may sound, your young
age and optimum state of health now are the very factors that propel an
inexpensive insurance premium on your part. Because of your young age,
the risks of dying from a disease is still low, hence, you can get
premium insurance coverage for a very low or inexpensive cost while at
the same time ensuring the future of your beneficiaries. Your aging
parents who are accustomed to a certain lifestyle, or your brother or
sister who has not finished college or is still in high school will no
longer have to concern themselves of their finances after you die.
Simply put, your premature death won't cripple their financial security
because you have made sure that they still enjoy the best of life even
after you are gone.
read more here / http://www.workersinsurance.blogspot.com
jeudi 31 mars 2016
mercredi 30 mars 2016
What Does Ocean Marine Insurance Cover?
It is a type of transit insurance which protects goods and
merchandise that are being transported by vessels over foreign or
domestic water. It also involves coverages for damages sustained by the
vessels during shipments.
Depending upon the insured entity or companies requirements, ocean marine insurance can undergo the form of a number of distinct contracts. The insurance policy promises protection against all sorts of risks.
Coverages by Ocean Marine Insurance
This type of insurance policy provides protection against a wide array of damages that may occur during the course of shipment. These may encompass perils of the nautical journey such as:
1. Collision with icebergs or another vessel
2. High waves
3. Shipwrecking
4. Ship hull failure
It also encompasses damages or harm caused by jettison, pirates, and barratry which is a fraudulent breach by the ship's owner that includes embezzling the cargo, deserting or stealing the ship.
Some of the most popular coverages included in ocean marine insurance policies are:
Cargo Insurance Coverages
This type of insurance compensates the shipper of the merchandise/goods if damages have been sustained. The cargo can be insured in any one of the two following ways that depends on the particular insurance requirements of the shippers:
1. A single shipment only
2. Automatic coverage for each and every shipment
Freight Insurance Coverages
This type of coverage backs up the owner of the ship financially that is carrying the goods in case of any misfortunate event when the cargo and merchandise is either harmed or lost.
Protection & Indemnity Insurance Coverages
This type of insurance is for the protection of the owner of the ship. It protects the vessel's owner against any legal binding or liability which may arise because of physical body injuries or damages to the properties belonging to others.
Hull Insurance Coverages
This type of coverage is somewhat similar to the coverage policies of auto insurance in case of a collision. Anything that has the potential to cause damage to the vessel or the ship is protected through this insurance policy. If you are deciding to purchase this policy, then it is important to note that you may have to pay for certain deductibles in case of the event of covered losses.
read more here / http://www.workersinsurance.blogspot.com
Depending upon the insured entity or companies requirements, ocean marine insurance can undergo the form of a number of distinct contracts. The insurance policy promises protection against all sorts of risks.
Coverages by Ocean Marine Insurance
This type of insurance policy provides protection against a wide array of damages that may occur during the course of shipment. These may encompass perils of the nautical journey such as:
1. Collision with icebergs or another vessel
2. High waves
3. Shipwrecking
4. Ship hull failure
It also encompasses damages or harm caused by jettison, pirates, and barratry which is a fraudulent breach by the ship's owner that includes embezzling the cargo, deserting or stealing the ship.
Some of the most popular coverages included in ocean marine insurance policies are:
Cargo Insurance Coverages
This type of insurance compensates the shipper of the merchandise/goods if damages have been sustained. The cargo can be insured in any one of the two following ways that depends on the particular insurance requirements of the shippers:
1. A single shipment only
2. Automatic coverage for each and every shipment
Freight Insurance Coverages
This type of coverage backs up the owner of the ship financially that is carrying the goods in case of any misfortunate event when the cargo and merchandise is either harmed or lost.
Protection & Indemnity Insurance Coverages
This type of insurance is for the protection of the owner of the ship. It protects the vessel's owner against any legal binding or liability which may arise because of physical body injuries or damages to the properties belonging to others.
Hull Insurance Coverages
This type of coverage is somewhat similar to the coverage policies of auto insurance in case of a collision. Anything that has the potential to cause damage to the vessel or the ship is protected through this insurance policy. If you are deciding to purchase this policy, then it is important to note that you may have to pay for certain deductibles in case of the event of covered losses.
read more here / http://www.workersinsurance.blogspot.com
mardi 29 mars 2016
How Will Cuts in Disability Benefits Affect You
The UK government are declining to answer whether it will go
ahead with its £30-a-week cuts to key disability benefits after it's
defeat in the House of Lords in January - prompting hopes of a change in
policy.
It's an uncertain time for anyone claiming Disability Benefits in the UK and in the USA.
In the USA, they face similar issues. Congress has bailed out the Social Security Disability Insurance program using funds from the Social Security's Retirement program - Robbing Peter to pay Paul?
The first issue that comes to mind when people become ill is "how am I going to make a living?" Disability Insurance in the US is a priority especially if you are unable to work even for a short space of time.
According to a 2012 survey by the Consumer Federation of America and UNUM - 50% of workers polled knew little or nothing about disability insurance. This makes scary reading as most would put insurance coverage as Vital. If it's offered as part of an employee benefit plan at work make sure you sign up for it or consider purchasing it through the workplace.
According to the Council for Disability Awareness, an insurance industry-funded trade group, back injuries, cancer, heart attacks, diabetes and other illnesses lead to most disability claims but only 55% of Americans have enough savings to see them through the first month of illness.
Back in the UK, we all feel like we are on tender hooks not knowing where the axe will fall. It's the uncertainty that adds stress to an already worrying picture for people on Long and Short-term Disabilities Benefits.
One worrying issue is people affected by Cancer, there are over 2,300 people currently in the group whose rate for new claimants would be cut.
Research commissioned by charities has also warned that a reduction in Benefits makes it more difficult and more unlikely for people to get back into the workforce.
Today the Prime Minister is offering little assurance on the key concerns of activity groups such as WRAG (work related activity group) The effects will be damaging not only to employment but to people's health.
New claimants will receive a third less money than the current recipients, 28% say they will not be able to afford to eat with the amount they have to live on.
I see first hand the effects of the cuts having worked for over 18 months with Citizens Advise Bureau here in the UK, the cuts are harsh and brutal forcing many people to choose between Heating or Eating.
read more here / http://www.workersinsurance.blogspot.com
It's an uncertain time for anyone claiming Disability Benefits in the UK and in the USA.
In the USA, they face similar issues. Congress has bailed out the Social Security Disability Insurance program using funds from the Social Security's Retirement program - Robbing Peter to pay Paul?
The first issue that comes to mind when people become ill is "how am I going to make a living?" Disability Insurance in the US is a priority especially if you are unable to work even for a short space of time.
According to a 2012 survey by the Consumer Federation of America and UNUM - 50% of workers polled knew little or nothing about disability insurance. This makes scary reading as most would put insurance coverage as Vital. If it's offered as part of an employee benefit plan at work make sure you sign up for it or consider purchasing it through the workplace.
According to the Council for Disability Awareness, an insurance industry-funded trade group, back injuries, cancer, heart attacks, diabetes and other illnesses lead to most disability claims but only 55% of Americans have enough savings to see them through the first month of illness.
Back in the UK, we all feel like we are on tender hooks not knowing where the axe will fall. It's the uncertainty that adds stress to an already worrying picture for people on Long and Short-term Disabilities Benefits.
One worrying issue is people affected by Cancer, there are over 2,300 people currently in the group whose rate for new claimants would be cut.
Research commissioned by charities has also warned that a reduction in Benefits makes it more difficult and more unlikely for people to get back into the workforce.
Today the Prime Minister is offering little assurance on the key concerns of activity groups such as WRAG (work related activity group) The effects will be damaging not only to employment but to people's health.
New claimants will receive a third less money than the current recipients, 28% say they will not be able to afford to eat with the amount they have to live on.
I see first hand the effects of the cuts having worked for over 18 months with Citizens Advise Bureau here in the UK, the cuts are harsh and brutal forcing many people to choose between Heating or Eating.
read more here / http://www.workersinsurance.blogspot.com
lundi 28 mars 2016
How Your Business And Workers Benefit From Supplemental Insurance
As healthcare costs continue to rise, employers have started to shift
the burden of health care costs onto their employees. Some have even
cut back on employer-paid benefits. The health-care law requires most
people to obtain and most employers to offer major medical coverage with
certain essential benefits. Even so, what workers pay out-of-pocket
through these plans keep rising as employers try to control their own
costs.
A 2015 report revealed how employers are still looking for ways to reduce expenses by pushing costs onto workers in the form of increased deductibles, premiums and copayments. By offering supplemental or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why supplemental insurance is essential for employees are:
Healthcare cost increases are outpacing raises
According to a report, 31 percent of employers increased employees' share of premium, 30 percent increased employees' copayments, and 21 percent implemented high-deductible health plans. Those are big expenses hitting employees' wallets, but salary increases are not keeping up. A recent Kaiser Family Foundation study found that deductibles have risen six times faster than workers' earnings since 2010.
Out-of-pocket limits are high, even for higher-paid employees
The average out-of-pocket expense is approximately $7,000 for individuals and $14,000 for families, and that is only for covered essential health benefits. Yet, a whopping 52 percent of employees have less than $1,000 to pay for out-of-pocket expenses associated with an unexpected serious illness or accident, and 28 percent have less than $500.
Workers tend to choose price over quality, which may mean less coverage than they realize
With rising costs, it is tempting to choose health insurance based on the monthly price tag. In fact, 30 percent of employees say monthly premium is the most important factor when choosing a major medical insurance plan each year. A lower-cost plan may mean short-term savings, but could eventually add up to significantly higher out-of-pocket costs.
Employees need a financial safety net. Benefits received from supplemental insurance have long served as a way to help protect employees when they are sick or injured, regardless of their major medical insurance coverage. Some of these benefits include vision, dental, pet insurance, short-term disability, accident, critical illness, and hospital indemnity. Supplemental benefit recipients can use money received from these products to help pay for their daily living expenses, such as rent, mortgage payment, groceries, child care, and medical bills during the time the insured is unable to work.
A 2015 report revealed how employers are still looking for ways to reduce expenses by pushing costs onto workers in the form of increased deductibles, premiums and copayments. By offering supplemental or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why supplemental insurance is essential for employees are:
Healthcare cost increases are outpacing raises
According to a report, 31 percent of employers increased employees' share of premium, 30 percent increased employees' copayments, and 21 percent implemented high-deductible health plans. Those are big expenses hitting employees' wallets, but salary increases are not keeping up. A recent Kaiser Family Foundation study found that deductibles have risen six times faster than workers' earnings since 2010.
Out-of-pocket limits are high, even for higher-paid employees
The average out-of-pocket expense is approximately $7,000 for individuals and $14,000 for families, and that is only for covered essential health benefits. Yet, a whopping 52 percent of employees have less than $1,000 to pay for out-of-pocket expenses associated with an unexpected serious illness or accident, and 28 percent have less than $500.
Workers tend to choose price over quality, which may mean less coverage than they realize
With rising costs, it is tempting to choose health insurance based on the monthly price tag. In fact, 30 percent of employees say monthly premium is the most important factor when choosing a major medical insurance plan each year. A lower-cost plan may mean short-term savings, but could eventually add up to significantly higher out-of-pocket costs.
Employees need a financial safety net. Benefits received from supplemental insurance have long served as a way to help protect employees when they are sick or injured, regardless of their major medical insurance coverage. Some of these benefits include vision, dental, pet insurance, short-term disability, accident, critical illness, and hospital indemnity. Supplemental benefit recipients can use money received from these products to help pay for their daily living expenses, such as rent, mortgage payment, groceries, child care, and medical bills during the time the insured is unable to work.
dimanche 27 mars 2016
An Insight Into How Long Term Investment Is Useful
Long term investments - these are one of the best things and one of
the wisest things that any individual can and should start doing as
early as possible in life. There is ideally no perfect age to start
working or to start saving. It will help not just the individual but
also his or her family to have a secured life.
How does the long term planning work?
Ideally this is one of the best ways to secure one's life. The greater benefits of slow and steady investment are:
• Flexibility to invest less: When the planning is for a longer span of time it is obvious that it will work well even if the amount invested is less. This is so as the amount being saved is for longer period and also the interest obtained will be on the higher side resulting in the ending amount to be on the higher side. This is obviously not possible when the period of investment is less. It is also seen that the mode of interest calculation is also different and yields lesser returns.
• Flexibility to choose return options- When longer period of planning is done, it is obvious that the mode of return can be determined by the investor. This means that one will have the choice to select how and when they want the returns. Whether it can be a onetime payment, savings that can be converted to annuity, or a regular income in the form of pension.
These might just seem too little benefits to read but in practical life these actually form one of the most important of one's life. Just read through the points again and you will understand. Even if you do not understand them thoroughly it is always better to start planning for your future and the future of your family well in advance.
As the famous saying goes; A stitch in time saves nine- why to wait for a calamity to strike for thinking if how to manage it? Plan well in advance so when there is an actual need you will have finances or help to tackle the situation. Otherwise any unfortunate incident or a general old age ailment will result in compromise of the lifestyle of even basic needs by the entire family.
Everyone is aware of the constant raising prices especially payments for the medical care and old age nursing. Care at home or even at a nursing home can cause you to spend an entire fortune and or spend all your life time money. Hence it is the best to start planning your future as soon as possible.
But it is also obvious that not everyone will be aware of how and where these long term investments can be done. For these sakes there are many advisors and advisory organisations that dedicatedly work to help and guide people about such planning and return. Just check online for such reputed organisations and you will find genuine people who can help get a secure life.
read more here / http://www.workersinsurance.blogspot.com
How does the long term planning work?
Ideally this is one of the best ways to secure one's life. The greater benefits of slow and steady investment are:
• Flexibility to invest less: When the planning is for a longer span of time it is obvious that it will work well even if the amount invested is less. This is so as the amount being saved is for longer period and also the interest obtained will be on the higher side resulting in the ending amount to be on the higher side. This is obviously not possible when the period of investment is less. It is also seen that the mode of interest calculation is also different and yields lesser returns.
• Flexibility to choose return options- When longer period of planning is done, it is obvious that the mode of return can be determined by the investor. This means that one will have the choice to select how and when they want the returns. Whether it can be a onetime payment, savings that can be converted to annuity, or a regular income in the form of pension.
These might just seem too little benefits to read but in practical life these actually form one of the most important of one's life. Just read through the points again and you will understand. Even if you do not understand them thoroughly it is always better to start planning for your future and the future of your family well in advance.
As the famous saying goes; A stitch in time saves nine- why to wait for a calamity to strike for thinking if how to manage it? Plan well in advance so when there is an actual need you will have finances or help to tackle the situation. Otherwise any unfortunate incident or a general old age ailment will result in compromise of the lifestyle of even basic needs by the entire family.
Everyone is aware of the constant raising prices especially payments for the medical care and old age nursing. Care at home or even at a nursing home can cause you to spend an entire fortune and or spend all your life time money. Hence it is the best to start planning your future as soon as possible.
But it is also obvious that not everyone will be aware of how and where these long term investments can be done. For these sakes there are many advisors and advisory organisations that dedicatedly work to help and guide people about such planning and return. Just check online for such reputed organisations and you will find genuine people who can help get a secure life.
read more here / http://www.workersinsurance.blogspot.com
samedi 26 mars 2016
Are You a Good Candidate for Long Term Care Insurance?
Approximately 70% of older adults will need some type of long-term
care at some point. This type of care could include a nursing home or
various degrees of in-home care, whether that includes skilled nursing
care, help with activities of daily living, or some combination of
services.
The problem is that these services are very expensive-and the costs are not covered by Medicare, outside of a 100-day period where skilled nursing care is covered for those who qualify and which does not cover non-medical care.
Medicaid does cover some costs of long-term care, but the income requirements to qualify for Medicaid assistance are very strict. It is not uncommon for older adults to spend everything they have on their care in order to qualify, so that by the time they do, they are near destitution.
This can be prevented with an LTC insurance policy. But these policies come with challenges of their own-and not everyone is a good candidate. Here is an overview of when you should - and shouldn't - consider long-term care insurance.
If you have assets to protect. If you have significant assets-such as a valuable home or savings account-that you want to protect and leave to your family, you may want to buy LTC insurance. If you can afford it, this type of insurance will cover your long-term care without requiring that you "spend down" to meet strict income requirements.
If you have a health background that suggests you need it. Long-term care policies can be expensive on their own, and sometimes include significant out-of-pocket costs. Essentially, you are taking a gamble that you will need long-term care someday. If you have a history of health problems in your family that typically need this type of care, however-such as dementia, diabetes, or cardiovascular disease-you may be more likely to need it yourself.
If you have no family members to rely on. If you have no close family members who could care for you, then buying long-term care insurance may be a better bet. That being said, it is possible that even if you have a family member ready and willing to care for you, he or she will not be able to provide the type of care you need as your situation progresses-or your future caretaker's financial or job situation will change and make caring for you less of an option. Regardless of whether you have family members who might be able to care for you-and you should discuss this with them first-it is important to take the steps you need to prepare for your future.
If you can afford it. Long-term care is expensive. Generally, you should consider long-term care insurance only if you have at least $75,000 in assets excluding your car and home, and an annual income of $35,000 per year at minimum (although this can vary by state) according to the United Seniors Health Cooperative. Premiums can also increase significantly, so you will need to be sure you can afford them comfortably without making major sacrifices.
read more here / http://www.workersinsurance.blogspot.com
The problem is that these services are very expensive-and the costs are not covered by Medicare, outside of a 100-day period where skilled nursing care is covered for those who qualify and which does not cover non-medical care.
Medicaid does cover some costs of long-term care, but the income requirements to qualify for Medicaid assistance are very strict. It is not uncommon for older adults to spend everything they have on their care in order to qualify, so that by the time they do, they are near destitution.
This can be prevented with an LTC insurance policy. But these policies come with challenges of their own-and not everyone is a good candidate. Here is an overview of when you should - and shouldn't - consider long-term care insurance.
If you have assets to protect. If you have significant assets-such as a valuable home or savings account-that you want to protect and leave to your family, you may want to buy LTC insurance. If you can afford it, this type of insurance will cover your long-term care without requiring that you "spend down" to meet strict income requirements.
If you have a health background that suggests you need it. Long-term care policies can be expensive on their own, and sometimes include significant out-of-pocket costs. Essentially, you are taking a gamble that you will need long-term care someday. If you have a history of health problems in your family that typically need this type of care, however-such as dementia, diabetes, or cardiovascular disease-you may be more likely to need it yourself.
If you have no family members to rely on. If you have no close family members who could care for you, then buying long-term care insurance may be a better bet. That being said, it is possible that even if you have a family member ready and willing to care for you, he or she will not be able to provide the type of care you need as your situation progresses-or your future caretaker's financial or job situation will change and make caring for you less of an option. Regardless of whether you have family members who might be able to care for you-and you should discuss this with them first-it is important to take the steps you need to prepare for your future.
If you can afford it. Long-term care is expensive. Generally, you should consider long-term care insurance only if you have at least $75,000 in assets excluding your car and home, and an annual income of $35,000 per year at minimum (although this can vary by state) according to the United Seniors Health Cooperative. Premiums can also increase significantly, so you will need to be sure you can afford them comfortably without making major sacrifices.
read more here / http://www.workersinsurance.blogspot.com
vendredi 25 mars 2016
The Need for Flood Insurance Is Real
Unfortunately for Californians, the flooding this year is here. As
predicted the rains have come from our long long drought. After three
years, the rain gods have answered.
A common misconception in California is that only the people in the Midwest need flood protection and that is a poor argument. Although the floods that we get in California are different they are certainly not nonexistent.
Lucky for many of the residents of the San Francisco Bay Area, Flood Insurance can be inexpensive you if you live in a good flood zone and your community participates in the National Flood Insurance Program, otherwise known as the NFIP. National Flood Ins is essentially underwritten by US National Government through the Department of Homeland Security.
Clients that live in A and V flood zones, unfortunately will pay much more in flood insurance costs. Sometimes upwards of 9 or even 10 times that cost. There are, of course, numerous other rating factors involved such as the exact elevation of your house and the foundation you have. Clients that live in these so called high risk flood zones are increasing being tasked with a herculean task of paying flood prices that would make the average consumer's eyes water. Trust me, it's a high number
A common misconception in California is that only the people in the Midwest need flood protection and that is a poor argument. Although the floods that we get in California are different they are certainly not nonexistent.
Lucky for many of the residents of the San Francisco Bay Area, Flood Insurance can be inexpensive you if you live in a good flood zone and your community participates in the National Flood Insurance Program, otherwise known as the NFIP. National Flood Ins is essentially underwritten by US National Government through the Department of Homeland Security.
Clients that live in A and V flood zones, unfortunately will pay much more in flood insurance costs. Sometimes upwards of 9 or even 10 times that cost. There are, of course, numerous other rating factors involved such as the exact elevation of your house and the foundation you have. Clients that live in these so called high risk flood zones are increasing being tasked with a herculean task of paying flood prices that would make the average consumer's eyes water. Trust me, it's a high number
jeudi 24 mars 2016
Insurance Agent Vs Insurance Company: Which Is Right For Your Business?
When it comes to buying insurance, the first step is to figure out
whether you want to purchase through an insurance agent or direct from a
company. While the two may seem one-and-the-same, the differences
between the two can majorly impact your trucking business. This article
aims to help you decide which option will work best for you and your
trucking company.
Coverage.
When you choose to buy trucking insurance direct from a company, you are also choosing to buy one of the standard insurance packages. These packages were designed with a "one size fits all" mentality, so you might have to buy a package with coverage you don't need in order to receive coverage you do need.
Contrary to popular belief, insurance agents do not have the ability to negotiate a policy rate. However, the agent will be able to provide you a list of options at different price points. By being independent, agents also have access to other carrier policies and are able to tailor the policy to best suit your needs. Additionally, the agents may reach out to insurance companies most people have never even heard of, or don't know provide commercial trucking insurance, which allows them to find even more coverage options for the insured (you) to review.
Pricing.
As mentioned previously, when you choose to buy a standard insurance package direct from an insurance company, there's a chance you're overpaying. Since the package is not tailored to your needs, there may be coverages within it that you don't necessarily want or need. Additionally, when it comes time for renewal these agencies will only show you rates from their employer since it's their job to keep you insured with that company.
Agents own their own business, thus must generate income by charging the insured for the service provided. However, even with the additional fee, going through an agent usually results in a cheaper premium-sometimes up to 25%-due to their ability to price shop. Furthermore, when it comes to renewal, independent agents are able to reevaluate your premium based on new rates from multiple insurance companies. Therefore, the chance for cost savings increases.
Experience.
One of the biggest differences between buying direct and buying through an agent is the experience. On one hand, when you call an insurance company to talk to someone about your coverage, odds are you're going to get transferred to someone in a call center. Yes, you will be speaking with an individual who has passed the same exams as personal agents, and therefore can address all of your needs. However, the biggest difference is that the next time you call you most likely will not be speaking to the same individual you spoke to previously.
Coverage.
When you choose to buy trucking insurance direct from a company, you are also choosing to buy one of the standard insurance packages. These packages were designed with a "one size fits all" mentality, so you might have to buy a package with coverage you don't need in order to receive coverage you do need.
Contrary to popular belief, insurance agents do not have the ability to negotiate a policy rate. However, the agent will be able to provide you a list of options at different price points. By being independent, agents also have access to other carrier policies and are able to tailor the policy to best suit your needs. Additionally, the agents may reach out to insurance companies most people have never even heard of, or don't know provide commercial trucking insurance, which allows them to find even more coverage options for the insured (you) to review.
Pricing.
As mentioned previously, when you choose to buy a standard insurance package direct from an insurance company, there's a chance you're overpaying. Since the package is not tailored to your needs, there may be coverages within it that you don't necessarily want or need. Additionally, when it comes time for renewal these agencies will only show you rates from their employer since it's their job to keep you insured with that company.
Agents own their own business, thus must generate income by charging the insured for the service provided. However, even with the additional fee, going through an agent usually results in a cheaper premium-sometimes up to 25%-due to their ability to price shop. Furthermore, when it comes to renewal, independent agents are able to reevaluate your premium based on new rates from multiple insurance companies. Therefore, the chance for cost savings increases.
Experience.
One of the biggest differences between buying direct and buying through an agent is the experience. On one hand, when you call an insurance company to talk to someone about your coverage, odds are you're going to get transferred to someone in a call center. Yes, you will be speaking with an individual who has passed the same exams as personal agents, and therefore can address all of your needs. However, the biggest difference is that the next time you call you most likely will not be speaking to the same individual you spoke to previously.
mercredi 23 mars 2016
Renters' Insurance Recommendation
When renting an apartment, whether you are a first time renter or
an experienced renter, it is important to purchase renters' insurance!
It is one product that I definitely recommend getting when leasing an
apartment. Renters' insurance is generally not required to get when
living in an apartment, but it is necessary and extremely smart to get
it anyways.
We all think that incidents like theft, fire, flood, etc will never happen to us, but they could. Renters' insurance is there to protect your belongings that you bring into the apartment. Your landlord will not be responsible for damages to your property. The landlord has their own insurance to protect their buildings and the furniture or whatever they provide in the apartment. They will not protect your belongings, which is important to know and realize.
One of the apartment units that my company managed unfortunately had a fire. The male residents lost pretty much all of their belonging or had some sort of smoke damage to them. The fire was not bad and was controlled quickly; however, that did not prevent damage to their belongings. None of the four residents had renters' insurance. Therefore, they will have to pay out-of-pocket to get new things that they lost in the fire. It can protect so much and help ensure that if something happens to your belongings that they are insured and you will receive money to replace them. Make sure to take pictures of your belongings that you have brought into the apartment and have any serial numbers for expensive products in a safe place to help with your claims if something were to happen to your apartment.
Renters' insurance is generally pretty affordable at an estimated cost of about $180 a year (could be more or less depending on the coverage you choose). I think spending that much money is worth it when it could potentially save you thousands of dollars if you had to replace some of your belongings. Everyone hopes that it never comes down to having to use your coverage to replace your belongings from your apartment, but disasters and theft do happen. It is always better to be prepared and have it just in case!
I recommend getting this for any renter. When reading a lease agreement, make sure that you a re clear that it is not provided and your belongings are not protected. Talk with an insurance representative about getting renters' insurance and what kind of coverage you should get!
We all think that incidents like theft, fire, flood, etc will never happen to us, but they could. Renters' insurance is there to protect your belongings that you bring into the apartment. Your landlord will not be responsible for damages to your property. The landlord has their own insurance to protect their buildings and the furniture or whatever they provide in the apartment. They will not protect your belongings, which is important to know and realize.
One of the apartment units that my company managed unfortunately had a fire. The male residents lost pretty much all of their belonging or had some sort of smoke damage to them. The fire was not bad and was controlled quickly; however, that did not prevent damage to their belongings. None of the four residents had renters' insurance. Therefore, they will have to pay out-of-pocket to get new things that they lost in the fire. It can protect so much and help ensure that if something happens to your belongings that they are insured and you will receive money to replace them. Make sure to take pictures of your belongings that you have brought into the apartment and have any serial numbers for expensive products in a safe place to help with your claims if something were to happen to your apartment.
Renters' insurance is generally pretty affordable at an estimated cost of about $180 a year (could be more or less depending on the coverage you choose). I think spending that much money is worth it when it could potentially save you thousands of dollars if you had to replace some of your belongings. Everyone hopes that it never comes down to having to use your coverage to replace your belongings from your apartment, but disasters and theft do happen. It is always better to be prepared and have it just in case!
I recommend getting this for any renter. When reading a lease agreement, make sure that you a re clear that it is not provided and your belongings are not protected. Talk with an insurance representative about getting renters' insurance and what kind of coverage you should get!
mardi 22 mars 2016
6 Ways to Save Your Home From Storm Risks
You say you don't like wind, hail, rain and floods? Guess what? Your
home and business like it all a lot less. With spring storm season
unofficially upon us and summertime storms, including hurricanes just
around the bend, the related damage statistics beg us to react.
What are the best steps to take to protect your property? Following these smart tips will ensure you are being proactive about the most important assets you own.
Roof Fixes
At this point in time, we've passed the snow and ice season. But that doesn't mean you or your home are out of the woods. If you don't patch the damage caused to your roof from winter exposure, you will be asking for trouble come the spring storms. Check for existing damage. Are any shingles or tiles gone? Is your chimney missing its cap? Did it develop cracking? Is the surrounding flashing leaking? Make sure to do any necessary repairs.
Gutter Checks
Get your gutter cleaned from all leaves and rubbish. Then, do a drain-test by observing how it functions when the rain is coming down. Is the water draining downward and away from your home as it should? If not, do necessary repairs on rust or cracks. Test your air conditioner's draining system as well.
Door and Window Sealing
You don't have to be a rocket scientist to know this is an important aspect of home protection. Inspect your windows and doors. Are they caulked securely? What about the openings for home wiring and piping? Make sure all those house gaps are sealed properly. If you live in an area where hurricanes are known to develop, think about protecting your windows with storm shutters. Most insurance companies even offer a significant homeowner or commercial discount for this.
Tree Trimming
Spring returns the green beauty of nature to trees. As the majesty of fresh foliage reappears, get your trees assessed by a professional. It's wise to remove any dead tree limbs because they can easily fall during a storm and cause extensive home or auto damages and losses. Make sure that branches are at least 10 feet away from your home or business structure and trim anything that does not meet this standard.
Sump Pump Inspection
The winter's accumulation of snow and rain is what makes natural and manmade bodies of water rise. This can and does result in sewage backup issues. To avoid problems, inspect your sump pump to see if it is operating as it should. Think about installing a battery-operated support system that maintains operation in the event there is a storm-induced power outage. If electronic devices and important paperwork is located on the floor of your basement, consider moving them to a safer place where the risk of water damage from floods is much less.
What are the best steps to take to protect your property? Following these smart tips will ensure you are being proactive about the most important assets you own.
Roof Fixes
At this point in time, we've passed the snow and ice season. But that doesn't mean you or your home are out of the woods. If you don't patch the damage caused to your roof from winter exposure, you will be asking for trouble come the spring storms. Check for existing damage. Are any shingles or tiles gone? Is your chimney missing its cap? Did it develop cracking? Is the surrounding flashing leaking? Make sure to do any necessary repairs.
Gutter Checks
Get your gutter cleaned from all leaves and rubbish. Then, do a drain-test by observing how it functions when the rain is coming down. Is the water draining downward and away from your home as it should? If not, do necessary repairs on rust or cracks. Test your air conditioner's draining system as well.
Door and Window Sealing
You don't have to be a rocket scientist to know this is an important aspect of home protection. Inspect your windows and doors. Are they caulked securely? What about the openings for home wiring and piping? Make sure all those house gaps are sealed properly. If you live in an area where hurricanes are known to develop, think about protecting your windows with storm shutters. Most insurance companies even offer a significant homeowner or commercial discount for this.
Tree Trimming
Spring returns the green beauty of nature to trees. As the majesty of fresh foliage reappears, get your trees assessed by a professional. It's wise to remove any dead tree limbs because they can easily fall during a storm and cause extensive home or auto damages and losses. Make sure that branches are at least 10 feet away from your home or business structure and trim anything that does not meet this standard.
Sump Pump Inspection
The winter's accumulation of snow and rain is what makes natural and manmade bodies of water rise. This can and does result in sewage backup issues. To avoid problems, inspect your sump pump to see if it is operating as it should. Think about installing a battery-operated support system that maintains operation in the event there is a storm-induced power outage. If electronic devices and important paperwork is located on the floor of your basement, consider moving them to a safer place where the risk of water damage from floods is much less.
lundi 21 mars 2016
Spotting False Term Life Insurance
False life insurance fraud is perhaps the most sensitive kind of
insurance scam, since larger frauds are often discovered only after the
death of the insured. Although buyer frauds are very common, and can
even lead to the murder or suicide of the insured in order to cash in
their insurance, this article focuses on seller fraud, where those
selling or claiming to sell insurance are involved in the fraud.
Fake websites and agents
These exist for the sole intention of obtaining an unsuspecting person's money, usually through credit cards. Websites may be made to look like those of a genuine insurance company, or may represent a completely bogus organization. These can be recognized in a variety of ways, the easiest of which is to check whether the web address starts with https:// - this is a secure site and payment information can be entered here. Often, links to fake sites will be emailed to you, so check if the email is from a public account or your insurance company's account. Furthermore, hovering the mouse pointer over a link in the email will tell you if the email was sent from the same site, and not a fake one. It is important to remember that no bank or insurance company will tell you to "renew information" through an email. If you receive such an email from your bank, verify it by calling them, and not on the number given in the email!
Fake agents are a little trickier to detect, since both real and fake ones will approach you personally and advertise policies. Thieves collect premiums and do not pass them on to the insurance company. As a general rule, verify with your company beforehand if they have any policies and whether they have sanctioned agents to collect premiums.
Ghost companies
These "companies" are really just groups of con artists operating out of a single room, who dial their targets and sell them policies, claiming to be certified or licensed. The smartest thing to do is to check with your state or national insurance department whether these companies exist. As always, do not hand over credit card information over the phone, and ask around for any news on insurance scams.
Churning
This involves selling or advertising unwanted policies with an intent to generate commissions rather than yield any genuine benefits to the customer. For example, an annuity plan that generates cash but only after 15 years is unlikely to be popular among 60-year olds. Hiding the disadvantages of this plan, which often include paying large penalties or surrender fees in order to receive payment earlier, is often involved.
Similar to churning is selling plans that over or under-cover the client, only to generate commissions for the broker. The best way to avoid this kind of fraud is to run one's account independently, without letting brokers have discretionary authority over buying policies.
Fake websites and agents
These exist for the sole intention of obtaining an unsuspecting person's money, usually through credit cards. Websites may be made to look like those of a genuine insurance company, or may represent a completely bogus organization. These can be recognized in a variety of ways, the easiest of which is to check whether the web address starts with https:// - this is a secure site and payment information can be entered here. Often, links to fake sites will be emailed to you, so check if the email is from a public account or your insurance company's account. Furthermore, hovering the mouse pointer over a link in the email will tell you if the email was sent from the same site, and not a fake one. It is important to remember that no bank or insurance company will tell you to "renew information" through an email. If you receive such an email from your bank, verify it by calling them, and not on the number given in the email!
Fake agents are a little trickier to detect, since both real and fake ones will approach you personally and advertise policies. Thieves collect premiums and do not pass them on to the insurance company. As a general rule, verify with your company beforehand if they have any policies and whether they have sanctioned agents to collect premiums.
Ghost companies
These "companies" are really just groups of con artists operating out of a single room, who dial their targets and sell them policies, claiming to be certified or licensed. The smartest thing to do is to check with your state or national insurance department whether these companies exist. As always, do not hand over credit card information over the phone, and ask around for any news on insurance scams.
Churning
This involves selling or advertising unwanted policies with an intent to generate commissions rather than yield any genuine benefits to the customer. For example, an annuity plan that generates cash but only after 15 years is unlikely to be popular among 60-year olds. Hiding the disadvantages of this plan, which often include paying large penalties or surrender fees in order to receive payment earlier, is often involved.
Similar to churning is selling plans that over or under-cover the client, only to generate commissions for the broker. The best way to avoid this kind of fraud is to run one's account independently, without letting brokers have discretionary authority over buying policies.
dimanche 20 mars 2016
How Your Business And Workers Benefit From Supplemental Insurance
As healthcare costs continue to rise, employers have started to shift
the burden of health care costs onto their employees. Some have even
cut back on employer-paid benefits. The health-care law requires most
people to obtain and most employers to offer major medical coverage with
certain essential benefits. Even so, what workers pay out-of-pocket
through these plans keep rising as employers try to control their own
costs.
A 2015 report revealed how employers are still looking for ways to reduce expenses by pushing costs onto workers in the form of increased deductibles, premiums and copayments. By offering supplemental or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why supplemental insurance is essential for employees are:
Healthcare cost increases are outpacing raises
According to a report, 31 percent of employers increased employees' share of premium, 30 percent increased employees' copayments, and 21 percent implemented high-deductible health plans. Those are big expenses hitting employees' wallets, but salary increases are not keeping up. A recent Kaiser Family Foundation study found that deductibles have risen six times faster than workers' earnings since 2010.
Out-of-pocket limits are high, even for higher-paid employees
The average out-of-pocket expense is approximately $7,000 for individuals and $14,000 for families, and that is only for covered essential health benefits. Yet, a whopping 52 percent of employees have less than $1,000 to pay for out-of-pocket expenses associated with an unexpected serious illness or accident, and 28 percent have less than $500.
Workers tend to choose price over quality, which may mean less coverage than they realize
With rising costs, it is tempting to choose health insurance based on the monthly price tag. In fact, 30 percent of employees say monthly premium is the most important factor when choosing a major medical insurance plan each year. A lower-cost plan may mean short-term savings, but could eventually add up to significantly higher out-of-pocket costs.
Employees need a financial safety net. Benefits received from supplemental insurance have long served as a way to help protect employees when they are sick or injured, regardless of their major medical insurance coverage. Some of these benefits include vision, dental, pet insurance, short-term disability, accident, critical illness, and hospital indemnity. Supplemental benefit recipients can use money received from these products to help pay for their daily living expenses, such as rent, mortgage payment, groceries, child care, and medical bills during the time the insured is unable to work.
A 2015 report revealed how employers are still looking for ways to reduce expenses by pushing costs onto workers in the form of increased deductibles, premiums and copayments. By offering supplemental or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why supplemental insurance is essential for employees are:
Healthcare cost increases are outpacing raises
According to a report, 31 percent of employers increased employees' share of premium, 30 percent increased employees' copayments, and 21 percent implemented high-deductible health plans. Those are big expenses hitting employees' wallets, but salary increases are not keeping up. A recent Kaiser Family Foundation study found that deductibles have risen six times faster than workers' earnings since 2010.
Out-of-pocket limits are high, even for higher-paid employees
The average out-of-pocket expense is approximately $7,000 for individuals and $14,000 for families, and that is only for covered essential health benefits. Yet, a whopping 52 percent of employees have less than $1,000 to pay for out-of-pocket expenses associated with an unexpected serious illness or accident, and 28 percent have less than $500.
Workers tend to choose price over quality, which may mean less coverage than they realize
With rising costs, it is tempting to choose health insurance based on the monthly price tag. In fact, 30 percent of employees say monthly premium is the most important factor when choosing a major medical insurance plan each year. A lower-cost plan may mean short-term savings, but could eventually add up to significantly higher out-of-pocket costs.
Employees need a financial safety net. Benefits received from supplemental insurance have long served as a way to help protect employees when they are sick or injured, regardless of their major medical insurance coverage. Some of these benefits include vision, dental, pet insurance, short-term disability, accident, critical illness, and hospital indemnity. Supplemental benefit recipients can use money received from these products to help pay for their daily living expenses, such as rent, mortgage payment, groceries, child care, and medical bills during the time the insured is unable to work.
samedi 19 mars 2016
How Will Cuts in Disability Benefits Affect You?
The UK government are declining to answer whether it will go
ahead with its £30-a-week cuts to key disability benefits after it's
defeat in the House of Lords in January - prompting hopes of a change in
policy.
It's an uncertain time for anyone claiming Disability Benefits in the UK and in the USA.
In the USA, they face similar issues. Congress has bailed out the Social Security Disability Insurance program using funds from the Social Security's Retirement program - Robbing Peter to pay Paul?
The first issue that comes to mind when people become ill is "how am I going to make a living?" Disability Insurance in the US is a priority especially if you are unable to work even for a short space of time.
According to a 2012 survey by the Consumer Federation of America and UNUM - 50% of workers polled knew little or nothing about disability insurance. This makes scary reading as most would put insurance coverage as Vital. If it's offered as part of an employee benefit plan at work make sure you sign up for it or consider purchasing it through the workplace.
According to the Council for Disability Awareness, an insurance industry-funded trade group, back injuries, cancer, heart attacks, diabetes and other illnesses lead to most disability claims but only 55% of Americans have enough savings to see them through the first month of illness.
Back in the UK, we all feel like we are on tender hooks not knowing where the axe will fall. It's the uncertainty that adds stress to an already worrying picture for people on Long and Short-term Disabilities Benefits.
One worrying issue is people affected by Cancer, there are over 2,300 people currently in the group whose rate for new claimants would be cut.
Research commissioned by charities has also warned that a reduction in Benefits makes it more difficult and more unlikely for people to get back into the workforce.
Today the Prime Minister is offering little assurance on the key concerns of activity groups such as WRAG (work related activity group) The effects will be damaging not only to employment but to people's health.
New claimants will receive a third less money than the current recipients, 28% say they will not be able to afford to eat with the amount they have to live on.
I see first hand the effects of the cuts having worked for over 18 months with Citizens Advise Bureau here in the UK, the cuts are harsh and brutal forcing many people to choose between Heating or Eating.
It's an uncertain time for anyone claiming Disability Benefits in the UK and in the USA.
In the USA, they face similar issues. Congress has bailed out the Social Security Disability Insurance program using funds from the Social Security's Retirement program - Robbing Peter to pay Paul?
The first issue that comes to mind when people become ill is "how am I going to make a living?" Disability Insurance in the US is a priority especially if you are unable to work even for a short space of time.
According to a 2012 survey by the Consumer Federation of America and UNUM - 50% of workers polled knew little or nothing about disability insurance. This makes scary reading as most would put insurance coverage as Vital. If it's offered as part of an employee benefit plan at work make sure you sign up for it or consider purchasing it through the workplace.
According to the Council for Disability Awareness, an insurance industry-funded trade group, back injuries, cancer, heart attacks, diabetes and other illnesses lead to most disability claims but only 55% of Americans have enough savings to see them through the first month of illness.
Back in the UK, we all feel like we are on tender hooks not knowing where the axe will fall. It's the uncertainty that adds stress to an already worrying picture for people on Long and Short-term Disabilities Benefits.
One worrying issue is people affected by Cancer, there are over 2,300 people currently in the group whose rate for new claimants would be cut.
Research commissioned by charities has also warned that a reduction in Benefits makes it more difficult and more unlikely for people to get back into the workforce.
Today the Prime Minister is offering little assurance on the key concerns of activity groups such as WRAG (work related activity group) The effects will be damaging not only to employment but to people's health.
New claimants will receive a third less money than the current recipients, 28% say they will not be able to afford to eat with the amount they have to live on.
I see first hand the effects of the cuts having worked for over 18 months with Citizens Advise Bureau here in the UK, the cuts are harsh and brutal forcing many people to choose between Heating or Eating.
vendredi 18 mars 2016
Spotting False Term Life Insurance
False life insurance fraud is perhaps the most sensitive kind of
insurance scam, since larger frauds are often discovered only after the
death of the insured. Although buyer frauds are very common, and can
even lead to the murder or suicide of the insured in order to cash in
their insurance, this article focuses on seller fraud, where those
selling or claiming to sell insurance are involved in the fraud.
Fake websites and agents
These exist for the sole intention of obtaining an unsuspecting person's money, usually through credit cards. Websites may be made to look like those of a genuine insurance company, or may represent a completely bogus organization. These can be recognized in a variety of ways, the easiest of which is to check whether the web address starts with https:// - this is a secure site and payment information can be entered here. Often, links to fake sites will be emailed to you, so check if the email is from a public account or your insurance company's account. Furthermore, hovering the mouse pointer over a link in the email will tell you if the email was sent from the same site, and not a fake one. It is important to remember that no bank or insurance company will tell you to "renew information" through an email. If you receive such an email from your bank, verify it by calling them, and not on the number given in the email!
Fake agents are a little trickier to detect, since both real and fake ones will approach you personally and advertise policies. Thieves collect premiums and do not pass them on to the insurance company. As a general rule, verify with your company beforehand if they have any policies and whether they have sanctioned agents to collect premiums.
Fake websites and agents
These exist for the sole intention of obtaining an unsuspecting person's money, usually through credit cards. Websites may be made to look like those of a genuine insurance company, or may represent a completely bogus organization. These can be recognized in a variety of ways, the easiest of which is to check whether the web address starts with https:// - this is a secure site and payment information can be entered here. Often, links to fake sites will be emailed to you, so check if the email is from a public account or your insurance company's account. Furthermore, hovering the mouse pointer over a link in the email will tell you if the email was sent from the same site, and not a fake one. It is important to remember that no bank or insurance company will tell you to "renew information" through an email. If you receive such an email from your bank, verify it by calling them, and not on the number given in the email!
Fake agents are a little trickier to detect, since both real and fake ones will approach you personally and advertise policies. Thieves collect premiums and do not pass them on to the insurance company. As a general rule, verify with your company beforehand if they have any policies and whether they have sanctioned agents to collect premiums.
jeudi 17 mars 2016
Is Mental Health Covered Under Health Insurance?
For people who depend on any type of private or company insurance to
cover the cost of their health needs, the question of whether or not the
health insurance policy covers mental health problems is a crucial one
for a number of reasons.
The idea of a split between physical health and mental health is an old one, and is a fairly arbitrary decision as to which is which some of the time. From a point of view of health insurance, classifying illnesses or diseases can determine whether or not the insurance company will pay for them, and for many people with mental health issues that can literally be a life or death process.
The term mental health can relate to a condition ranging from a fairly mild form of depression through to serious conditions of clinical depression, schizophrenia, alcoholism, full-blown psychotic episodes etc.
Any health insurance policy should specify exactly what types of illness or disease it is willing to provide cover for and those which it is not. This will also include what it specifies as a type of mental health problem or issue and whether or not the insurance policy provides any type of cover for it.
One of the reasons people are wary of health insurance plans with relation to mental health issues, is that often any type of treatment for a mental health issue relates either to what is known as a talking therapy, or some type of pharmaceutical drug based regime.
Any type of talking therapy that is likely to be effective is likely to be a relatively long-term process, depending upon the nature and seriousness of the illness. Any insurance policy that does cover specified mental health conditions will also provide very strict criteria as to what type of talking therapy is covered, for how long and by whom the talking therapy can be carried out by.
The other issue to be really aware of when looking at any type of mental health coverage under a health insurance plan is the nature of deductibles, co-pay and co-insurance. These terms are essentially ways of getting the person who is insured under the policy to bear some of the cost of the treatment on an ongoing basis in relation to the insurance company.
Most people are familiar with the idea of a deductible, sometimes called an excess, in a policy, but any health insurance policy needs to be looked at carefully in terms of what it's deductibles are. This is because there are often several different deductibles applicable to the same policy, each for differing amounts and applying to different sections of the policy.
This means that a health insurance policy could have both an individual and a family deductible. This deductible could be separate from another deductible that would apply to specific types of drugs, normally where a distinction is made between a generic and a brand-name drug. The amounts involved in terms of these deductibles can be significant, and when taken in addition to any co-pay or co-insurance amounts can stack up into a sizeable burden that the individual will have to carry for themselves.
The idea of a split between physical health and mental health is an old one, and is a fairly arbitrary decision as to which is which some of the time. From a point of view of health insurance, classifying illnesses or diseases can determine whether or not the insurance company will pay for them, and for many people with mental health issues that can literally be a life or death process.
The term mental health can relate to a condition ranging from a fairly mild form of depression through to serious conditions of clinical depression, schizophrenia, alcoholism, full-blown psychotic episodes etc.
Any health insurance policy should specify exactly what types of illness or disease it is willing to provide cover for and those which it is not. This will also include what it specifies as a type of mental health problem or issue and whether or not the insurance policy provides any type of cover for it.
One of the reasons people are wary of health insurance plans with relation to mental health issues, is that often any type of treatment for a mental health issue relates either to what is known as a talking therapy, or some type of pharmaceutical drug based regime.
Any type of talking therapy that is likely to be effective is likely to be a relatively long-term process, depending upon the nature and seriousness of the illness. Any insurance policy that does cover specified mental health conditions will also provide very strict criteria as to what type of talking therapy is covered, for how long and by whom the talking therapy can be carried out by.
The other issue to be really aware of when looking at any type of mental health coverage under a health insurance plan is the nature of deductibles, co-pay and co-insurance. These terms are essentially ways of getting the person who is insured under the policy to bear some of the cost of the treatment on an ongoing basis in relation to the insurance company.
Most people are familiar with the idea of a deductible, sometimes called an excess, in a policy, but any health insurance policy needs to be looked at carefully in terms of what it's deductibles are. This is because there are often several different deductibles applicable to the same policy, each for differing amounts and applying to different sections of the policy.
This means that a health insurance policy could have both an individual and a family deductible. This deductible could be separate from another deductible that would apply to specific types of drugs, normally where a distinction is made between a generic and a brand-name drug. The amounts involved in terms of these deductibles can be significant, and when taken in addition to any co-pay or co-insurance amounts can stack up into a sizeable burden that the individual will have to carry for themselves.
mercredi 16 mars 2016
How Umbrella Insurance Fills Your Liability Coverage Gaps
If you have general liability insurance on your homeowners, auto or
commercial policy, you may imagine that you are protected for risk
exposure. However, if you do not own umbrella coverage, you may be
setting yourself up with a situation that could sky-rocket out of
control.
How so?
To answer that, simply imagine these very probable situations.
• Your teenage daughter recently passed her driving test and is on your auto plan. While backing out of the driveway, she crashes into a passing car. The other driver sustains extensive injuries as a result.
• You have been on a tight working schedule for quite some time. Ultimately, this leads you to fall asleep while you are driving, causing your car to cross over the divide onto the wrong side of the highway. The oncoming truck driver quickly swerves out of the way to prevent a crash. By doing so, the driver propels his truck off the roadway into a retail window, incurring damage while causing serious injury to a sales person.
• You finally have the financial wherewithal to replace your home's old kitchen counters and appliances. Unfortunately, as the kitchen team begins to install the granite tops, one worker falls over equipment. Because his own insurance does not fully cover compensation for his medical bills for the ensuing injuries, the boss files a law suit claim against you.
• Your business was severely impacted when your delivery man was the responsible party in a major multi-vehicle accident. Your employee was seriously injured, and four others were killed.
• After years of loyal secretarial work for the company, your administrative assistant is diagnosed with carpal tunnel syndrome. The doctor tells her she needs corrective surgery with follow-up extensive physical therapy treatment.
Now close your eyes and let your mind imagine scores of other frightening possibilities. It shouldn't be difficult to conjure scenarios that can happen any time - to you.
What would you do if your liability expenses exceed the standard limits of its policy? What would you do if you are responsible to pay out of the pocket? Encountering such scenarios could lead to catastrophic financial disaster!
Most folks do not have umbrella coverage in place. Considering the above examples and the fact that a personal umbrella policy is a relatively low cost investment, acquiring protective umbrella insurance is one of the wisest things to do for homeowners, renters and condo owners, as well as business and corporate property owners.
How so?
To answer that, simply imagine these very probable situations.
• Your teenage daughter recently passed her driving test and is on your auto plan. While backing out of the driveway, she crashes into a passing car. The other driver sustains extensive injuries as a result.
• You have been on a tight working schedule for quite some time. Ultimately, this leads you to fall asleep while you are driving, causing your car to cross over the divide onto the wrong side of the highway. The oncoming truck driver quickly swerves out of the way to prevent a crash. By doing so, the driver propels his truck off the roadway into a retail window, incurring damage while causing serious injury to a sales person.
• You finally have the financial wherewithal to replace your home's old kitchen counters and appliances. Unfortunately, as the kitchen team begins to install the granite tops, one worker falls over equipment. Because his own insurance does not fully cover compensation for his medical bills for the ensuing injuries, the boss files a law suit claim against you.
• Your business was severely impacted when your delivery man was the responsible party in a major multi-vehicle accident. Your employee was seriously injured, and four others were killed.
• After years of loyal secretarial work for the company, your administrative assistant is diagnosed with carpal tunnel syndrome. The doctor tells her she needs corrective surgery with follow-up extensive physical therapy treatment.
Now close your eyes and let your mind imagine scores of other frightening possibilities. It shouldn't be difficult to conjure scenarios that can happen any time - to you.
What would you do if your liability expenses exceed the standard limits of its policy? What would you do if you are responsible to pay out of the pocket? Encountering such scenarios could lead to catastrophic financial disaster!
Most folks do not have umbrella coverage in place. Considering the above examples and the fact that a personal umbrella policy is a relatively low cost investment, acquiring protective umbrella insurance is one of the wisest things to do for homeowners, renters and condo owners, as well as business and corporate property owners.
mardi 15 mars 2016
Bespoke Coach House Buildings And Contents Insurance Is Still So Difficult To Find!
If you own a coach house you will need a policy that will insure the
whole property including all the garages, your own garage (freehold) and
those on Leasehold to neighbours. These are usually on lease on a 999
year Peppercorn Leasehold.
You must include the Legal Liability cover you need to protect your liabilities as freeholder to the leaseholder's, whilst insuring the whole building including the garages on lease.
Coach House Insurance must include but not be limited to:
• All Perils - these are things like Fire, Storm Flood etc.. including Escape of Water
• Impact and Collision - This covers the property should anyone hit the building with a car - such as a slight miss when driving into a garage!
• £2m Property Owners Legal Liability, which is the part of the policy that protects your legal liabilities to the leaseholder.
• Accidental Damage - this is optional, and covers things like a spillage on the sofa, and DIY disasters.
• Personal Possession Cover - this is also optional and includes your day-to-day valuables when you take them out of the house - mobile telephones, handbags, camera's etc...
• Specified Items - you can specify any particular valuables you have over £1,500 in value for example.
Plus much more!
You can expect all the regular Features and Benefits that Home Insurance offers whilst tailoring a policy to meet your specific needs of your property.
Why is it so difficult? There are more and more of these types of properties being built all the time so it is a shame that the insurance industry has not kept up, this does make things difficult for the owners of coach houses and the market is much more limited. The legal liability aspect of the property arrangement is something that most insurers do not understand, so they simply decline cover or impose huge ratings on the premium to cover the risk. The fact of the matter is that there is no more risk to insuring a coach house as any other type of property. It comes down to lack of knowledge.
There are Insurer's who are very skilled at writing good quality bespoke insurance for these types of properties, you need to look hard enough.
What NOT to do. Never insure your coach house as a detached house because it is not a detached house, never insure your coach house as a flat because it is not a flat. This seems obvious but some people simply change the description of the property to suit the check box! Any claims made on a policy with incorrect information submitted by the policy owner will be rejected. You cannot insure a BMW as a ford and the same logic applies.
You must include the Legal Liability cover you need to protect your liabilities as freeholder to the leaseholder's, whilst insuring the whole building including the garages on lease.
Coach House Insurance must include but not be limited to:
• All Perils - these are things like Fire, Storm Flood etc.. including Escape of Water
• Impact and Collision - This covers the property should anyone hit the building with a car - such as a slight miss when driving into a garage!
• £2m Property Owners Legal Liability, which is the part of the policy that protects your legal liabilities to the leaseholder.
• Accidental Damage - this is optional, and covers things like a spillage on the sofa, and DIY disasters.
• Personal Possession Cover - this is also optional and includes your day-to-day valuables when you take them out of the house - mobile telephones, handbags, camera's etc...
• Specified Items - you can specify any particular valuables you have over £1,500 in value for example.
Plus much more!
You can expect all the regular Features and Benefits that Home Insurance offers whilst tailoring a policy to meet your specific needs of your property.
Why is it so difficult? There are more and more of these types of properties being built all the time so it is a shame that the insurance industry has not kept up, this does make things difficult for the owners of coach houses and the market is much more limited. The legal liability aspect of the property arrangement is something that most insurers do not understand, so they simply decline cover or impose huge ratings on the premium to cover the risk. The fact of the matter is that there is no more risk to insuring a coach house as any other type of property. It comes down to lack of knowledge.
There are Insurer's who are very skilled at writing good quality bespoke insurance for these types of properties, you need to look hard enough.
What NOT to do. Never insure your coach house as a detached house because it is not a detached house, never insure your coach house as a flat because it is not a flat. This seems obvious but some people simply change the description of the property to suit the check box! Any claims made on a policy with incorrect information submitted by the policy owner will be rejected. You cannot insure a BMW as a ford and the same logic applies.
lundi 14 mars 2016
top Tips To Leverage LinkedIn For Insurance Agency Web Marketing
If your target market includes businesses, then you need to add
LinkedIn to your Insurance Marketing strategy. With LinkedIn you can
connect and network with business professionals in your target markets,
and better determine the decision makers for these companies. LinkedIn
differs from Facebook, Instagram and Twitter, it's a business centric
social media platform requiring a different approach to be successful.
Here are some tips to help you along the way.
As a professional network, LinkedIn is a great way to communicate with business prospects. As a part of a digital insurance marketing strategy, LinkedIn is an effective tool to locate potential prospects and engage with them in a professional manner.
- Professional Picture: You need a professional picture for your LinkedIn profile. Smile and look friendly but don't use a selfie, a low res (blurry) image or a picture which is too casual.
- Explain How You Help Your Customers: Don't just copy and paste information from your resume on LinkedIn. Use the Summary and Experience sections to show what you can do for your customers and how you can help your ideal prospects.
- Skills and Endorsements: Include all relevant skills on your profile and ask current customers who are on LinkedIn to endorse you so that connections will see you are an expert.
- Make It Easy To Communicate With You: In your profile, include your contact information (address, phone number and a link to your Website) to make it easy for prospects to reach out to you.
- Post Articles - Long Form Publishing: Posting articles which is called long form publishing is another great way to share your knowledge and reach out to potential prospects.
- Don't Just Join Groups In Your Profession: LinkedIn Groups is a great way to network with other agents, brokers and wholesalers but it is also a great way to communicate with prospects. Join groups which are applicable to your target prospects.
- Don't Sell In Groups: When you do join groups that contain your prospects don't post messages that sell your services. Most groups forbid selling by members in the group and the other members will believe you are only there to find customers. Instead post relative content and communicate with group members in order to network with them.
- Message Occasionally: You are allowed to message 1st degree connections, but you don't want to bombard people with marketing messages. Instead message them occasionally with helpful information or just to let them know you are there to help them if they are interested.
As a professional network, LinkedIn is a great way to communicate with business prospects. As a part of a digital insurance marketing strategy, LinkedIn is an effective tool to locate potential prospects and engage with them in a professional manner.
dimanche 13 mars 2016
Managing Workers' Comp Claims: It Pays to Hire a Professional
As a small-business owner, do you have hours of extra time to handle a
workers' compensation claim? You most likely are working constantly on
your business and have no spare time for anything, much less processing
and reviewing the integrity of a claim.
Considering the sheer amount of time it takes to walk through the workers' compensation claims process, you can save hundreds to thousands of dollars if you hire a professional. Also, by contracting with a company for only the services you need, you can also save on insurance per claim and for the long term.
Audit Current Practices to Identify Potential Issues
When you hire a professional service to manage your workers' compensation claims, your business will be audited to assess its current risk profile before any issues arise. If the team finds obvious areas where your company can improve its safety compliance, you will receive a full report on how to execute a new strategy that will address all of these discrepancies and help to prevent any workers' compensation claims.
Assured Compliance with Governmental Standards
There's no denying the complexity of attempting to stay up to date on the changes in safety compliance law put into place by the Occupational Safety and Health Administration (OSHA). And that's just on a federal level. You may have to consider how your state's safety compliance laws affect your company's operational procedures as well. Are you in line with the law?
A professional will be fully informed and able to assess your business' compliance and make the necessary changes to avoid penalties and fines.
Construction of a Comprehensive Safety Program
A large part of successful workers' compensation administration is the creation of a safety training program for all employees. Your hired team will put together a company safety manual that details employer responsibilities and how employees can maximize efficiency within the system. They can also organize training to ensure full understanding from each employee and company member.
Initiation of a Back-to-Work Program
Not only will expert workers' compensation management involve coordination with health professionals and affected individuals, but it also requires an in-depth knowledge of the right methods and schedules for employees to return to work as soon as possible. Professionals create a tailored program for each case to minimize lost wages for the employee and encourage an accepting atmosphere of communication and openness in the workplace.
Claims Management and Analysis
Of course, false claims must be quickly identified and investigated so your company suffers the least financial harm. You may not be able to separate truth from falsehood, but a professional with years of experience knows exactly what to look for in identifying bogus workers' compensation claims.
Considering the sheer amount of time it takes to walk through the workers' compensation claims process, you can save hundreds to thousands of dollars if you hire a professional. Also, by contracting with a company for only the services you need, you can also save on insurance per claim and for the long term.
Audit Current Practices to Identify Potential Issues
When you hire a professional service to manage your workers' compensation claims, your business will be audited to assess its current risk profile before any issues arise. If the team finds obvious areas where your company can improve its safety compliance, you will receive a full report on how to execute a new strategy that will address all of these discrepancies and help to prevent any workers' compensation claims.
Assured Compliance with Governmental Standards
There's no denying the complexity of attempting to stay up to date on the changes in safety compliance law put into place by the Occupational Safety and Health Administration (OSHA). And that's just on a federal level. You may have to consider how your state's safety compliance laws affect your company's operational procedures as well. Are you in line with the law?
A professional will be fully informed and able to assess your business' compliance and make the necessary changes to avoid penalties and fines.
Construction of a Comprehensive Safety Program
A large part of successful workers' compensation administration is the creation of a safety training program for all employees. Your hired team will put together a company safety manual that details employer responsibilities and how employees can maximize efficiency within the system. They can also organize training to ensure full understanding from each employee and company member.
Initiation of a Back-to-Work Program
Not only will expert workers' compensation management involve coordination with health professionals and affected individuals, but it also requires an in-depth knowledge of the right methods and schedules for employees to return to work as soon as possible. Professionals create a tailored program for each case to minimize lost wages for the employee and encourage an accepting atmosphere of communication and openness in the workplace.
Claims Management and Analysis
Of course, false claims must be quickly identified and investigated so your company suffers the least financial harm. You may not be able to separate truth from falsehood, but a professional with years of experience knows exactly what to look for in identifying bogus workers' compensation claims.
samedi 12 mars 2016
How a Nursing Home Liability Brought Sunshine to Retirement
That's the word you could use to describe the eighty plus woman
living in the aging facility. There would have to be a few more
adjectives added to really do her justice. How about youthful? Fun
loving? Adorable? Life of the party? Saintly? Yes, those and more could
have accurately described Fay Sunnenshine.
But let's start from the beginning.
When Fay's children accompanied her for a preliminary visit to the aging services facility, the admission staff was doubtful. Here was a smiling woman that clearly presented a fall risk. The claim control department had a hard time allowing her residency.
It was equally as hard not allowing her resident status in the nursing home, however.
"You've got to get to know me," said Fay, as the top brass voiced their opposition. "See my smile? I'll get the entire population of Green Meadows Aging Center to smile the same way!"
You needed an uncommonly hard heart to debate that argument. So the professionals at Green Meadows conferred with their insurance agency who did their homework exceedingly well.
"Although Mrs. Sunnenshine does indeed pose more of a tendency as a fall claim risk, you've got good coverage," the agent said most assuredly. "You're connected with one of the top insurance providers nationwide. Use their guidance for fall prevention and claim management and you should be fine with this new resident."
Fay was admitted and sure enough, the atmosphere at Green Meadows began to shift from the doldrums to a highly uplifted atmosphere! Fay's jolly laughter filled the halls and dining room as she mesmerized her growing audience of wheelchair occupants and walker-walkers.
One notable story put even the staff members in stitches, and it illustrated the real stuff Fay was made of. Hailing from inner-city New York, Fay moved to a small NJ town in her middle years. Accustomed to standing up for her rights, as well as those of any innocent bystander who happened to be within her range and under attack by the local hoodlums, it seemed that nobody ever was able to fully take advantage of her. As an unsavory type of hooligan thought he could have an easy time with little Miss Fay, she proved him decisively wrong.
But let's start from the beginning.
When Fay's children accompanied her for a preliminary visit to the aging services facility, the admission staff was doubtful. Here was a smiling woman that clearly presented a fall risk. The claim control department had a hard time allowing her residency.
It was equally as hard not allowing her resident status in the nursing home, however.
"You've got to get to know me," said Fay, as the top brass voiced their opposition. "See my smile? I'll get the entire population of Green Meadows Aging Center to smile the same way!"
You needed an uncommonly hard heart to debate that argument. So the professionals at Green Meadows conferred with their insurance agency who did their homework exceedingly well.
"Although Mrs. Sunnenshine does indeed pose more of a tendency as a fall claim risk, you've got good coverage," the agent said most assuredly. "You're connected with one of the top insurance providers nationwide. Use their guidance for fall prevention and claim management and you should be fine with this new resident."
Fay was admitted and sure enough, the atmosphere at Green Meadows began to shift from the doldrums to a highly uplifted atmosphere! Fay's jolly laughter filled the halls and dining room as she mesmerized her growing audience of wheelchair occupants and walker-walkers.
One notable story put even the staff members in stitches, and it illustrated the real stuff Fay was made of. Hailing from inner-city New York, Fay moved to a small NJ town in her middle years. Accustomed to standing up for her rights, as well as those of any innocent bystander who happened to be within her range and under attack by the local hoodlums, it seemed that nobody ever was able to fully take advantage of her. As an unsavory type of hooligan thought he could have an easy time with little Miss Fay, she proved him decisively wrong.
vendredi 11 mars 2016
How Your Business And Workers Benefit From Supplemental Insurance
As healthcare costs continue to rise, employers have started to shift
the burden of health care costs onto their employees. Some have even
cut back on employer-paid benefits. The health-care law requires most
people to obtain and most employers to offer major medical coverage with
certain essential benefits. Even so, what workers pay out-of-pocket
through these plans keep rising as employers try to control their own
costs.
A 2015 report revealed how employers are still looking for ways to reduce expenses by pushing costs onto workers in the form of increased deductibles, premiums and copayments. By offering supplemental or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why supplemental insurance is essential for employees are:
Healthcare cost increases are outpacing raises
According to a report, 31 percent of employers increased employees' share of premium, 30 percent increased employees' copayments, and 21 percent implemented high-deductible health plans. Those are big expenses hitting employees' wallets, but salary increases are not keeping up. A recent Kaiser Family Foundation study found that deductibles have risen six times faster than workers' earnings since 2010.
Out-of-pocket limits are high, even for higher-paid employees
The average out-of-pocket expense is approximately $7,000 for individuals and $14,000 for families, and that is only for covered essential health benefits. Yet, a whopping 52 percent of employees have less than $1,000 to pay for out-of-pocket expenses associated with an unexpected serious illness or accident, and 28 percent have less than $500.
Workers tend to choose price over quality, which may mean less coverage than they realize
With rising costs, it is tempting to choose health insurance based on the monthly price tag. In fact, 30 percent of employees say monthly premium is the most important factor when choosing a major medical insurance plan each year. A lower-cost plan may mean short-term savings, but could eventually add up to significantly higher out-of-pocket costs.
Employees need a financial safety net. Benefits received from supplemental insurance have long served as a way to help protect employees when they are sick or injured, regardless of their major medical insurance coverage. Some of these benefits include vision, dental, pet insurance, short-term disability, accident, critical illness, and hospital indemnity. Supplemental benefit recipients can use money received from these products to help pay for their daily living expenses, such as rent, mortgage payment, groceries, child care, and medical bills during the time the insured is unable to work.
A 2015 report revealed how employers are still looking for ways to reduce expenses by pushing costs onto workers in the form of increased deductibles, premiums and copayments. By offering supplemental or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why supplemental insurance is essential for employees are:
Healthcare cost increases are outpacing raises
According to a report, 31 percent of employers increased employees' share of premium, 30 percent increased employees' copayments, and 21 percent implemented high-deductible health plans. Those are big expenses hitting employees' wallets, but salary increases are not keeping up. A recent Kaiser Family Foundation study found that deductibles have risen six times faster than workers' earnings since 2010.
Out-of-pocket limits are high, even for higher-paid employees
The average out-of-pocket expense is approximately $7,000 for individuals and $14,000 for families, and that is only for covered essential health benefits. Yet, a whopping 52 percent of employees have less than $1,000 to pay for out-of-pocket expenses associated with an unexpected serious illness or accident, and 28 percent have less than $500.
Workers tend to choose price over quality, which may mean less coverage than they realize
With rising costs, it is tempting to choose health insurance based on the monthly price tag. In fact, 30 percent of employees say monthly premium is the most important factor when choosing a major medical insurance plan each year. A lower-cost plan may mean short-term savings, but could eventually add up to significantly higher out-of-pocket costs.
Employees need a financial safety net. Benefits received from supplemental insurance have long served as a way to help protect employees when they are sick or injured, regardless of their major medical insurance coverage. Some of these benefits include vision, dental, pet insurance, short-term disability, accident, critical illness, and hospital indemnity. Supplemental benefit recipients can use money received from these products to help pay for their daily living expenses, such as rent, mortgage payment, groceries, child care, and medical bills during the time the insured is unable to work.
jeudi 10 mars 2016
How Can I Fight the Decision of My Insurance Adjuster?
April, who like so many insureds fail to understand the
importance of protecting themselves properly, not that they are to
blame, but the adjuster in most cases fails to explain the process to
them so they understand it. It is the homeowners job to be sure they
don't rely upon any person except themselves during a time of peril,
even though it is a very difficult time. I suggest for them to seek
outside help, which we will discuss later.
With that being said, April was in for a rude awakening and the experience was going to be something that she would never forget, even though she wanted to forget it.
Even though April had a fire and felt very fortunate that all four of her children escaped, along with their animals which were also a part of the family, she would soon learn that her insurance company was not going to take care of her like her agent had always told her they would if she ever needed them. She called her insurance agent immediately, and it was the next day that a contractor showed up at her door along with the insurance adjuster just a couple of minutes later. The contractor explained that he would help her and assist her on her claim and it was not long before he had her sign his contract that, unknowingly to her, the contract locked her into a position giving the contractor full control over the entire claim. She was comfortable at the time doing this, after all, her insurance adjuster assured her that he was a good contractor and would do a good job for her.
Her adjuster was kind, at least most of the time, but it was not long until he simply appeared not to care what was in the best interest of April, and more concerned about his company; and that scared April. It was not but after a few weeks of witnessing this type of tragedy taking place in front of her that she reached out to someone who she thought could at least give her some guidance. After talking to her friend, she realized she needed the help of an outside person who understood the insurance business just as good or better than the insurance adjuster did. Her friend told her to look for a public adjuster, someone who works for the homeowner only, so she did. It was not long until she found a local public adjusting firm who understood and had the knowledge that was needed to help her who was a claim expert working for homeowners.
After hiring her public adjuster, she really did begin to feel more at ease because she could see that what the insurance company adjuster told her that he would not cover, began to be covered and paid for. April did not need to worry about the little details from that point forward. She knew she had made the right decision and could see progress being made. Her claim was brought to a close with a quality job due to the public adjuster finding out during his investigation that the contractor whom she had hired in the beginning to be more concerned about the fear of asking the insurance company for more money to fix her property correctly, so the public adjuster helped her locate an honest contractor to get her job done. Customer satisfied and moved back into her home.
With that being said, April was in for a rude awakening and the experience was going to be something that she would never forget, even though she wanted to forget it.
Even though April had a fire and felt very fortunate that all four of her children escaped, along with their animals which were also a part of the family, she would soon learn that her insurance company was not going to take care of her like her agent had always told her they would if she ever needed them. She called her insurance agent immediately, and it was the next day that a contractor showed up at her door along with the insurance adjuster just a couple of minutes later. The contractor explained that he would help her and assist her on her claim and it was not long before he had her sign his contract that, unknowingly to her, the contract locked her into a position giving the contractor full control over the entire claim. She was comfortable at the time doing this, after all, her insurance adjuster assured her that he was a good contractor and would do a good job for her.
Her adjuster was kind, at least most of the time, but it was not long until he simply appeared not to care what was in the best interest of April, and more concerned about his company; and that scared April. It was not but after a few weeks of witnessing this type of tragedy taking place in front of her that she reached out to someone who she thought could at least give her some guidance. After talking to her friend, she realized she needed the help of an outside person who understood the insurance business just as good or better than the insurance adjuster did. Her friend told her to look for a public adjuster, someone who works for the homeowner only, so she did. It was not long until she found a local public adjusting firm who understood and had the knowledge that was needed to help her who was a claim expert working for homeowners.
After hiring her public adjuster, she really did begin to feel more at ease because she could see that what the insurance company adjuster told her that he would not cover, began to be covered and paid for. April did not need to worry about the little details from that point forward. She knew she had made the right decision and could see progress being made. Her claim was brought to a close with a quality job due to the public adjuster finding out during his investigation that the contractor whom she had hired in the beginning to be more concerned about the fear of asking the insurance company for more money to fix her property correctly, so the public adjuster helped her locate an honest contractor to get her job done. Customer satisfied and moved back into her home.
mercredi 9 mars 2016
How to Find Pet Insurance for Your New Kitten
Getting a new kitten involves a bit of preparation - getting food
and water bowls, sorting the location for the litter box and their bed,
picking a range of toys. Ill health isn't something that you think
about with a kitten but it prepares to be ready for the unexpected. For
that reason, on your to-do list for the kitten's arrival should be
getting pet insurance in place.
Why insure a cat?
As a rule, cats are less prone to health problems than dogs and those that spend their lives indoors are less so again. But there is always the unexpected factor and illness or injury can attack any animal, regardless how safe its environment.
The quality of the vet service in the US is among the best in the world but this doesn't come cheap. This means that a visit to the vets can be costly and unless you have a reservoir of money saved for this, can cause real problems. Vets have known cat owners having to miss out on treatment or go into debt to pay a bill.
What does it cover?
Pet insurance is like many other types of insurance - there are a variety of products with different levels of cover and different benefits. From one state to another, there can be changes in what is covered and of course the price. In fact, apart from California, there isn't even statewide regulations about this type of policy so checking the fine print is important.
The basics of the cover include elements such as illness and accident but don't cover annual reviews or check-ups as well as the cost of vaccinations. Some policies may cover if the cat goes missing or causes damage to a third party as well as even money to help advertise for them if they run away. But with most policies, you can pay for as much or as little as you require.
You can also get different levels of how much the policy pays out - this can be 80%, 90% or 100% of the bill. So the bill could be $1000 and if you choose the first level, the insurance company will pay you back $800 or $900 on the second level. The more money you are refunded, the higher the premium the insurance company will take for it.
Other options
If you don't like the idea of pet insurance, you can always take the self-insure idea. This involves setting up a bank account for the purpose, putting a set amount into the account every month and not touching it for anything apart from emergencies or illnesses. Don't use it for normal check-ups or to buy stuff the kitten needs - save it and hope you don't need it until there is plenty of money in the account!
Whatever option you choose for your kitten, it is important to start the plan as soon as the kitten arrives. While that cute little face will bring you love and affection, it can also bring you a very big vet's bill and it is best to be prepared for it.
Why insure a cat?
As a rule, cats are less prone to health problems than dogs and those that spend their lives indoors are less so again. But there is always the unexpected factor and illness or injury can attack any animal, regardless how safe its environment.
The quality of the vet service in the US is among the best in the world but this doesn't come cheap. This means that a visit to the vets can be costly and unless you have a reservoir of money saved for this, can cause real problems. Vets have known cat owners having to miss out on treatment or go into debt to pay a bill.
What does it cover?
Pet insurance is like many other types of insurance - there are a variety of products with different levels of cover and different benefits. From one state to another, there can be changes in what is covered and of course the price. In fact, apart from California, there isn't even statewide regulations about this type of policy so checking the fine print is important.
The basics of the cover include elements such as illness and accident but don't cover annual reviews or check-ups as well as the cost of vaccinations. Some policies may cover if the cat goes missing or causes damage to a third party as well as even money to help advertise for them if they run away. But with most policies, you can pay for as much or as little as you require.
You can also get different levels of how much the policy pays out - this can be 80%, 90% or 100% of the bill. So the bill could be $1000 and if you choose the first level, the insurance company will pay you back $800 or $900 on the second level. The more money you are refunded, the higher the premium the insurance company will take for it.
Other options
If you don't like the idea of pet insurance, you can always take the self-insure idea. This involves setting up a bank account for the purpose, putting a set amount into the account every month and not touching it for anything apart from emergencies or illnesses. Don't use it for normal check-ups or to buy stuff the kitten needs - save it and hope you don't need it until there is plenty of money in the account!
Whatever option you choose for your kitten, it is important to start the plan as soon as the kitten arrives. While that cute little face will bring you love and affection, it can also bring you a very big vet's bill and it is best to be prepared for it.
mardi 8 mars 2016
Vision Insurance for the Elderly
How important is vision insurance?
Unfortunately, most people do not think of it as critical. It is bought separately from general health insurance policies and often thrown in with other types of insurance, most commonly dental insurance. Additionally people are not always aware of how to care for their vision. As we age, our vision, like the rest of the body, degrades.
However, to show how critical vision is, compare the following facts.
Before we get into insurance, let us talk about common vision ailments and what you, as an elderly person, can do to prevent vision problems.
STRUCTURE OF THE EYE
Let me break down your eye structure. Key functions of the eye are to receive light, focus on objects and transmit data to the brain. Here are the key parts of your eye.
COMMON EYE CONDITIONS
Common vision and sight-impairement conditions are as follows:
1. Cataract
2. Diabetes related dieseases
3. Macular degeneration
4. Glaucoma
5. Dry eye
6. Vision impairment
PREVENTIVE TIPS
While age related degradation of the eye is common and unfortunately cannot be eliminated, its advance can be slowed down through discipline and some smart practices. They are;
1. Testing: make sure you see your eye doctor at least once a year (usually every six months after the age of 60 or if you have genetic issues with the eye) is recommended. Make sure you undergo a "comprehensive dilated eye exam"
2. Hereditory history: certain eye problems are genetic; know your family's exposure to eye diseases.
3. Diet: a healthy diet rich in fruits and vegetables, particularly leafy vegetables is good for the health of your eye
4. Rest: like the rest of our body, your eyes need to rest. Constant focusing, particularly in back-lit devices, can strain eye muscles.
5. Over-exposure: wear sunglasses--not just to look cool, but avoid hits of sun's ultraviolet rays.
VISION INSURANCE:
Most vision insurance policies cover basic preventive routines such as eye exams etc. Most come with an annual maximum. But aside from the money, your vision insurance provider should offer the following broad categories of protection and support.
1. Products, Services: these include eye exams, surgery, age-related procedures and discounts on frames and lenses
2. Acceptance. Make sure your provider's policy is accepted across a wide network of opthomologists and eye surgeons near where you live or work. Particularly if you are retired, you may not be very mobile. To have to drive or be driven far to see your eye doctor is not acceptable. It is worth paying a little bit extra for a provider who is accepted widely.
3. Resources. Your provider should have a website member support center that can answer technical questions
4. Customer service. Your provider should have knowledgeable customer service reps who understand what is and is not covered under the policy, how much a particularly procedure can cost in your area and recommend good doctors.
Unfortunately, most people do not think of it as critical. It is bought separately from general health insurance policies and often thrown in with other types of insurance, most commonly dental insurance. Additionally people are not always aware of how to care for their vision. As we age, our vision, like the rest of the body, degrades.
However, to show how critical vision is, compare the following facts.
- Even with the medical advances, restoration of full vision is nearly impossible; so once lost, very little can done to restore vision to its previous strength. This is not true of most body parts including teeth
- It is relatively cheap to insure vision, vs. dental or health insurance
- Policies are relatively simple to understand, unlike health insurance policies with their myriad exclusions
Before we get into insurance, let us talk about common vision ailments and what you, as an elderly person, can do to prevent vision problems.
STRUCTURE OF THE EYE
Let me break down your eye structure. Key functions of the eye are to receive light, focus on objects and transmit data to the brain. Here are the key parts of your eye.
- Pupil, transmits light to the back of the eye
- Lens, retina and macula work together to transmit not only light and contours but interpret it and communicate data to the brain
- Vitreous gel, which is 90+ percent water, keeps the shape of the eye and provides moisture
- Cornea helps to keep the eye from getting infected and also regulates light entering into the eye
- Iris acts a light meter or filter
COMMON EYE CONDITIONS
Common vision and sight-impairement conditions are as follows:
1. Cataract
2. Diabetes related dieseases
3. Macular degeneration
4. Glaucoma
5. Dry eye
6. Vision impairment
PREVENTIVE TIPS
While age related degradation of the eye is common and unfortunately cannot be eliminated, its advance can be slowed down through discipline and some smart practices. They are;
1. Testing: make sure you see your eye doctor at least once a year (usually every six months after the age of 60 or if you have genetic issues with the eye) is recommended. Make sure you undergo a "comprehensive dilated eye exam"
2. Hereditory history: certain eye problems are genetic; know your family's exposure to eye diseases.
3. Diet: a healthy diet rich in fruits and vegetables, particularly leafy vegetables is good for the health of your eye
4. Rest: like the rest of our body, your eyes need to rest. Constant focusing, particularly in back-lit devices, can strain eye muscles.
5. Over-exposure: wear sunglasses--not just to look cool, but avoid hits of sun's ultraviolet rays.
VISION INSURANCE:
Most vision insurance policies cover basic preventive routines such as eye exams etc. Most come with an annual maximum. But aside from the money, your vision insurance provider should offer the following broad categories of protection and support.
1. Products, Services: these include eye exams, surgery, age-related procedures and discounts on frames and lenses
2. Acceptance. Make sure your provider's policy is accepted across a wide network of opthomologists and eye surgeons near where you live or work. Particularly if you are retired, you may not be very mobile. To have to drive or be driven far to see your eye doctor is not acceptable. It is worth paying a little bit extra for a provider who is accepted widely.
3. Resources. Your provider should have a website member support center that can answer technical questions
4. Customer service. Your provider should have knowledgeable customer service reps who understand what is and is not covered under the policy, how much a particularly procedure can cost in your area and recommend good doctors.
lundi 7 mars 2016
The Need for a Business Owner's Insurance Policy
A business owner's policy (also known as a BOP) is specially
tailored commercial insurance offering protection against law-suits
claiming your business for bodily injuries or property damages.
Such lawsuits can be very costly or bankrupt a business even if your not liable. For this reason, you need adequate protection.
The article contains reasons to invest in a well suited business owner's insurance policy.
1. Protection of Employees
Usually all types of businesses have employees, and need a business owner's policy for the protection of employees. This policy will shield them if they get hurt on the job. In addition to protection, they will also guard your finances in case your employees sue you over their illnesses, injuries or wounds. You can get guidance from an insurance agent or broker to provide you with adequate coverage.
Protection of Core Business Activities
A business insurance policy reduces your stress. The coverage gives peace of mind to work and focus on your core business activities. You do not need to worry about getting sued for various situations your company or business may encounter. The better the policy, the more you will be able to concentrate on your business operations. Good business coverage can be lucrative for your company.
2. Protection from Future Law-suits
You can never predict your business's future regardless of any business type. All of us wear seat belts in our cars to secure ourselves from unexpected accidents. We may not necessarily have an accident, but still we wear them for our safety.
Similarly, it's smart to invest money to protect your business. You may not get sued by every client you encounter but it is always safe to shield your business. You should always keep in mind that a claim from a single client can put you into losses and may even bankrupt your business.
3.Chance of Opportunities
You might be willing to take on more risk knowing you have adequate insurance coverage. This insurance policy gives you a chance to take risks keeping in view the safety procedures and best practices. You can peacefully go for the lucrative opportunities by managing your risks prudently.
But it is imperative to ensure that the business practices you decide to take are covered first. You need to maintain a good relationship with your insurance company keeping them up-to-date about all the ins-and-out of the new business activities.
4. Make Your Business Trustworthy
The BOP makes your business trustworthy in the eyes of the clients. They find your business safer because the insurance policy ensures to compensate them in case anything goes wrong.
Your insurance company can pay for the settlement in case they sue you. With this insurance policy, your business can provide a safety net to all your clients making your business more credible and trustworthy.
Such lawsuits can be very costly or bankrupt a business even if your not liable. For this reason, you need adequate protection.
The article contains reasons to invest in a well suited business owner's insurance policy.
1. Protection of Employees
Usually all types of businesses have employees, and need a business owner's policy for the protection of employees. This policy will shield them if they get hurt on the job. In addition to protection, they will also guard your finances in case your employees sue you over their illnesses, injuries or wounds. You can get guidance from an insurance agent or broker to provide you with adequate coverage.
Protection of Core Business Activities
A business insurance policy reduces your stress. The coverage gives peace of mind to work and focus on your core business activities. You do not need to worry about getting sued for various situations your company or business may encounter. The better the policy, the more you will be able to concentrate on your business operations. Good business coverage can be lucrative for your company.
2. Protection from Future Law-suits
You can never predict your business's future regardless of any business type. All of us wear seat belts in our cars to secure ourselves from unexpected accidents. We may not necessarily have an accident, but still we wear them for our safety.
Similarly, it's smart to invest money to protect your business. You may not get sued by every client you encounter but it is always safe to shield your business. You should always keep in mind that a claim from a single client can put you into losses and may even bankrupt your business.
3.Chance of Opportunities
You might be willing to take on more risk knowing you have adequate insurance coverage. This insurance policy gives you a chance to take risks keeping in view the safety procedures and best practices. You can peacefully go for the lucrative opportunities by managing your risks prudently.
But it is imperative to ensure that the business practices you decide to take are covered first. You need to maintain a good relationship with your insurance company keeping them up-to-date about all the ins-and-out of the new business activities.
4. Make Your Business Trustworthy
The BOP makes your business trustworthy in the eyes of the clients. They find your business safer because the insurance policy ensures to compensate them in case anything goes wrong.
Your insurance company can pay for the settlement in case they sue you. With this insurance policy, your business can provide a safety net to all your clients making your business more credible and trustworthy.
dimanche 6 mars 2016
Spotting False Term Life Insurance
False life insurance fraud is perhaps the most sensitive kind of
insurance scam, since larger frauds are often discovered only after the
death of the insured. Although buyer frauds are very common, and can
even lead to the murder or suicide of the insured in order to cash in
their insurance, this article focuses on seller fraud, where those
selling or claiming to sell insurance are involved in the fraud.
Fake websites and agents
These exist for the sole intention of obtaining an unsuspecting person's money, usually through credit cards. Websites may be made to look like those of a genuine insurance company, or may represent a completely bogus organization. These can be recognized in a variety of ways, the easiest of which is to check whether the web address starts with https:// - this is a secure site and payment information can be entered here. Often, links to fake sites will be emailed to you, so check if the email is from a public account or your insurance company's account. Furthermore, hovering the mouse pointer over a link in the email will tell you if the email was sent from the same site, and not a fake one. It is important to remember that no bank or insurance company will tell you to "renew information" through an email. If you receive such an email from your bank, verify it by calling them, and not on the number given in the email!
Fake agents are a little trickier to detect, since both real and fake ones will approach you personally and advertise policies. Thieves collect premiums and do not pass them on to the insurance company. As a general rule, verify with your company beforehand if they have any policies and whether they have sanctioned agents to collect premiums.
Ghost companies
These "companies" are really just groups of con artists operating out of a single room, who dial their targets and sell them policies, claiming to be certified or licensed. The smartest thing to do is to check with your state or national insurance department whether these companies exist. As always, do not hand over credit card information over the phone, and ask around for any news on insurance scams.
Fake websites and agents
These exist for the sole intention of obtaining an unsuspecting person's money, usually through credit cards. Websites may be made to look like those of a genuine insurance company, or may represent a completely bogus organization. These can be recognized in a variety of ways, the easiest of which is to check whether the web address starts with https:// - this is a secure site and payment information can be entered here. Often, links to fake sites will be emailed to you, so check if the email is from a public account or your insurance company's account. Furthermore, hovering the mouse pointer over a link in the email will tell you if the email was sent from the same site, and not a fake one. It is important to remember that no bank or insurance company will tell you to "renew information" through an email. If you receive such an email from your bank, verify it by calling them, and not on the number given in the email!
Fake agents are a little trickier to detect, since both real and fake ones will approach you personally and advertise policies. Thieves collect premiums and do not pass them on to the insurance company. As a general rule, verify with your company beforehand if they have any policies and whether they have sanctioned agents to collect premiums.
Ghost companies
These "companies" are really just groups of con artists operating out of a single room, who dial their targets and sell them policies, claiming to be certified or licensed. The smartest thing to do is to check with your state or national insurance department whether these companies exist. As always, do not hand over credit card information over the phone, and ask around for any news on insurance scams.
vendredi 4 mars 2016
How to Find Pet Insurance for Your New Kitten
Getting a new kitten involves a bit of preparation - getting food
and water bowls, sorting the location for the litter box and their bed,
picking a range of toys. Ill health isn't something that you think
about with a kitten but it prepares to be ready for the unexpected. For
that reason, on your to-do list for the kitten's arrival should be
getting pet insurance in place.
Why insure a cat?
As a rule, cats are less prone to health problems than dogs and those that spend their lives indoors are less so again. But there is always the unexpected factor and illness or injury can attack any animal, regardless how safe its environment.
The quality of the vet service in the US is among the best in the world but this doesn't come cheap. This means that a visit to the vets can be costly and unless you have a reservoir of money saved for this, can cause real problems. Vets have known cat owners having to miss out on treatment or go into debt to pay a bill.
What does it cover?
Pet insurance is like many other types of insurance - there are a variety of products with different levels of cover and different benefits. From one state to another, there can be changes in what is covered and of course the price. In fact, apart from California, there isn't even statewide regulations about this type of policy so checking the fine print is important.
The basics of the cover include elements such as illness and accident but don't cover annual reviews or check-ups as well as the cost of vaccinations. Some policies may cover if the cat goes missing or causes damage to a third party as well as even money to help advertise for them if they run away. But with most policies, you can pay for as much or as little as you require.
You can also get different levels of how much the policy pays out - this can be 80%, 90% or 100% of the bill. So the bill could be $1000 and if you choose the first level, the insurance company will pay you back $800 or $900 on the second level. The more money you are refunded, the higher the premium the insurance company will take for it.
Other options
If you don't like the idea of pet insurance, you can always take the self-insure idea. This involves setting up a bank account for the purpose, putting a set amount into the account every month and not touching it for anything apart from emergencies or illnesses. Don't use it for normal check-ups or to buy stuff the kitten needs - save it and hope you don't need it until there is plenty of money in the account!
Whatever option you choose for your kitten, it is important to start the plan as soon as the kitten arrives. While that cute little face will bring you love and affection, it can also bring you a very big vet's bill and it is best to be prepared for it.
Why insure a cat?
As a rule, cats are less prone to health problems than dogs and those that spend their lives indoors are less so again. But there is always the unexpected factor and illness or injury can attack any animal, regardless how safe its environment.
The quality of the vet service in the US is among the best in the world but this doesn't come cheap. This means that a visit to the vets can be costly and unless you have a reservoir of money saved for this, can cause real problems. Vets have known cat owners having to miss out on treatment or go into debt to pay a bill.
What does it cover?
Pet insurance is like many other types of insurance - there are a variety of products with different levels of cover and different benefits. From one state to another, there can be changes in what is covered and of course the price. In fact, apart from California, there isn't even statewide regulations about this type of policy so checking the fine print is important.
The basics of the cover include elements such as illness and accident but don't cover annual reviews or check-ups as well as the cost of vaccinations. Some policies may cover if the cat goes missing or causes damage to a third party as well as even money to help advertise for them if they run away. But with most policies, you can pay for as much or as little as you require.
You can also get different levels of how much the policy pays out - this can be 80%, 90% or 100% of the bill. So the bill could be $1000 and if you choose the first level, the insurance company will pay you back $800 or $900 on the second level. The more money you are refunded, the higher the premium the insurance company will take for it.
Other options
If you don't like the idea of pet insurance, you can always take the self-insure idea. This involves setting up a bank account for the purpose, putting a set amount into the account every month and not touching it for anything apart from emergencies or illnesses. Don't use it for normal check-ups or to buy stuff the kitten needs - save it and hope you don't need it until there is plenty of money in the account!
Whatever option you choose for your kitten, it is important to start the plan as soon as the kitten arrives. While that cute little face will bring you love and affection, it can also bring you a very big vet's bill and it is best to be prepared for it.
How a Nursing Home Liability Brought Sunshine to Retirement
That's the word you could use to describe the eighty plus woman
living in the aging facility. There would have to be a few more
adjectives added to really do her justice. How about youthful? Fun
loving? Adorable? Life of the party? Saintly? Yes, those and more could
have accurately described Fay Sunnenshine.
But let's start from the beginning.
When Fay's children accompanied her for a preliminary visit to the aging services facility, the admission staff was doubtful. Here was a smiling woman that clearly presented a fall risk. The claim control department had a hard time allowing her residency.
It was equally as hard not allowing her resident status in the nursing home, however.
"You've got to get to know me," said Fay, as the top brass voiced their opposition. "See my smile? I'll get the entire population of Green Meadows Aging Center to smile the same way!"
You needed an uncommonly hard heart to debate that argument. So the professionals at Green Meadows conferred with their insurance agency who did their homework exceedingly well.
"Although Mrs. Sunnenshine does indeed pose more of a tendency as a fall claim risk, you've got good coverage," the agent said most assuredly. "You're connected with one of the top insurance providers nationwide. Use their guidance for fall prevention and claim management and you should be fine with this new resident."
Fay was admitted and sure enough, the atmosphere at Green Meadows began to shift from the doldrums to a highly uplifted atmosphere! Fay's jolly laughter filled the halls and dining room as she mesmerized her growing audience of wheelchair occupants and walker-walkers.
One notable story put even the staff members in stitches, and it illustrated the real stuff Fay was made of. Hailing from inner-city New York, Fay moved to a small NJ town in her middle years. Accustomed to standing up for her rights, as well as those of any innocent bystander who happened to be within her range and under attack by the local hoodlums, it seemed that nobody ever was able to fully take advantage of her. As an unsavory type of hooligan thought he could have an easy time with little Miss Fay, she proved him decisively wrong.
The would-be robber approached Faye and menacingly demanded the full contents of her purse. Faye reached inside, took out only one single five dollar bill out and threw it in disgust by the curb of the sidewalk. "Here you, wretched person!" she proclaimed. And with pocketbook in one hand, and head held high, she marched indignantly down the street!
But let's start from the beginning.
When Fay's children accompanied her for a preliminary visit to the aging services facility, the admission staff was doubtful. Here was a smiling woman that clearly presented a fall risk. The claim control department had a hard time allowing her residency.
It was equally as hard not allowing her resident status in the nursing home, however.
"You've got to get to know me," said Fay, as the top brass voiced their opposition. "See my smile? I'll get the entire population of Green Meadows Aging Center to smile the same way!"
You needed an uncommonly hard heart to debate that argument. So the professionals at Green Meadows conferred with their insurance agency who did their homework exceedingly well.
"Although Mrs. Sunnenshine does indeed pose more of a tendency as a fall claim risk, you've got good coverage," the agent said most assuredly. "You're connected with one of the top insurance providers nationwide. Use their guidance for fall prevention and claim management and you should be fine with this new resident."
Fay was admitted and sure enough, the atmosphere at Green Meadows began to shift from the doldrums to a highly uplifted atmosphere! Fay's jolly laughter filled the halls and dining room as she mesmerized her growing audience of wheelchair occupants and walker-walkers.
One notable story put even the staff members in stitches, and it illustrated the real stuff Fay was made of. Hailing from inner-city New York, Fay moved to a small NJ town in her middle years. Accustomed to standing up for her rights, as well as those of any innocent bystander who happened to be within her range and under attack by the local hoodlums, it seemed that nobody ever was able to fully take advantage of her. As an unsavory type of hooligan thought he could have an easy time with little Miss Fay, she proved him decisively wrong.
The would-be robber approached Faye and menacingly demanded the full contents of her purse. Faye reached inside, took out only one single five dollar bill out and threw it in disgust by the curb of the sidewalk. "Here you, wretched person!" she proclaimed. And with pocketbook in one hand, and head held high, she marched indignantly down the street!
jeudi 3 mars 2016
Buying Life Insurance: 3 Quick Pitfalls to Avoid
It's no secret that the majority of Canadians today don't really
understand the life insurance policies they own or the subject matter
altogether. Life insurance is such a vital financial tool and important
part to your financial planning that it is incumbent upon you to have a
basic level of understanding.
Here are 3 quick pitfalls that are important to be aware of.
Incomplete Details In The Application
All life insurance contracts have a two-year contestability clause which means the insurer can contest a submitted claim within two years of the application date if material information was not disclosed during the application process. If you have forgotten to note a relevant fact in your application pertinent to the claim it is possible that your claim could be denied. Fraudulent acts such as lying in the application would not only have a claim denied but possibly also have your policy rescinded entirely. It goes without saying that one should always be truthful when completing a life insurance contract or any insurance contract for that matter. A copy of the original application often makes a part of the policy and generally supersedes the policy itself. Having-said-that, each insured has a 10-day right to review their policy once they receive it. In that time period if you feel the policy is not up to the standard you thought it to be, you can return it to the company and all premiums paid would be refunded
Buying The Right Term Coverage For Your Situation
This process should first start with a question: "What do I need the insurance for?" If your need is to cover a debt or liability then perhaps term is best however, if your need is more long-term such as for final expenses, then permanent or whole life would be a better fit. Once you have established your need you'll then have to decide what type of coverage you want; term or permanent.
Term contracts are the simplest to understand and the cheapest because there is an "end" to the policy; generally 5, 10, 15, 20 sometimes even up to 35 years. If the policy is renewable an increased premium will be required come the end of the term and this is often a big shock to the client's bottom line. As an example: a 35 year old male, non-smoker with a 20-year term and 300k benefit may pay anywhere from $300 to $400 per year in premiums. When this policy renews at age 55 his new annual premium could go as high as $3,000 per year! Most people don't understand this and come term end are devastated, generally unable to continue the policy. It is recommended that your term program have a convertibility clause so that you have the option of converting your term life into a permanent policy. You can exercise this right at any time within the term of the policy without evidence of insurability. Taking a term policy without a convertibility clause should only be done when making your purchase for something of a specified duration. Also, the short side to term life is that it does not accumulate any value within the policy whereas permanent/whole life does.
Here are 3 quick pitfalls that are important to be aware of.
Incomplete Details In The Application
All life insurance contracts have a two-year contestability clause which means the insurer can contest a submitted claim within two years of the application date if material information was not disclosed during the application process. If you have forgotten to note a relevant fact in your application pertinent to the claim it is possible that your claim could be denied. Fraudulent acts such as lying in the application would not only have a claim denied but possibly also have your policy rescinded entirely. It goes without saying that one should always be truthful when completing a life insurance contract or any insurance contract for that matter. A copy of the original application often makes a part of the policy and generally supersedes the policy itself. Having-said-that, each insured has a 10-day right to review their policy once they receive it. In that time period if you feel the policy is not up to the standard you thought it to be, you can return it to the company and all premiums paid would be refunded
Buying The Right Term Coverage For Your Situation
This process should first start with a question: "What do I need the insurance for?" If your need is to cover a debt or liability then perhaps term is best however, if your need is more long-term such as for final expenses, then permanent or whole life would be a better fit. Once you have established your need you'll then have to decide what type of coverage you want; term or permanent.
Term contracts are the simplest to understand and the cheapest because there is an "end" to the policy; generally 5, 10, 15, 20 sometimes even up to 35 years. If the policy is renewable an increased premium will be required come the end of the term and this is often a big shock to the client's bottom line. As an example: a 35 year old male, non-smoker with a 20-year term and 300k benefit may pay anywhere from $300 to $400 per year in premiums. When this policy renews at age 55 his new annual premium could go as high as $3,000 per year! Most people don't understand this and come term end are devastated, generally unable to continue the policy. It is recommended that your term program have a convertibility clause so that you have the option of converting your term life into a permanent policy. You can exercise this right at any time within the term of the policy without evidence of insurability. Taking a term policy without a convertibility clause should only be done when making your purchase for something of a specified duration. Also, the short side to term life is that it does not accumulate any value within the policy whereas permanent/whole life does.
mercredi 2 mars 2016
Obamacare Benefits Everyone, Especially Women!
Healthcare.gov provides a list of about 26 services that are free
to women under the Affordable Care Act. Yes, you read it right - under
Obamacare, there are 26 preventive services that women can have done for
free as long as they are delivered by an in-network provider. I can't
possibly discuss every single one here, but I feel that there are a few
that are definitely worth mentioning.
These services are broken into two broad categories on hc.gov - services for women who are or who may become pregnant and other preventive services. First, we'll touch on some of the more general benefits available for all women.
General Preventive Services for All Women
Some general preventive services that are covered for women include multiple cancer screenings, including mammograms for breast cancer for women over 40 and cervical cancer screenings for sexually active women. These screenings are always highly unpleasant, so removing the financial burden makes them a little easier to deal with, in my opinion.
Other services include tobacco use screening and interventions, osteoporosis screening depending on age and risk factors, and domestic and interpersonal violence screening and counseling for all women. The list goes on, so I highly recommend visiting healthcare.gov for full explanations of services offered.
ACA Benefits for Women Who Are or May Become Pregnant
First, the ACA requires that FDA approved contraception must be covered by health insurance plans without requiring a copayment. This is personally one of my favorite benefits, because my birth control prescription that my doctor considers to be medically necessary, once cost me $30 a month. I know several ladies who have saved a substantial amount of money thanks to this free preventive services.
I also know several ladies who thrilled that breastfeeding support and counseling from trained providers and access to breastfeeding supplies are free preventive services for women. Also for those who are or who will become pregnant, new health plans must also include maternity coverage. Although not all maternity services will be free, health plans will at least help cover costs associated with pregnancy. A big Obamacare WIN!
Multiple other services are available at no charge, including folic acid supplements for women who may become pregnant, expanded tobacco counseling and intervention for pregnant women who are tobacco users. Again, the complete list, along with more detailed information, is available at healthcare.gov.
If you are a woman reading this article and have an ACA-compliant health plan, I suggest having a discussion with your doctor to take advantage of the appropriate services that are available to you. If you are a man reading this, please pass this information along to all the women in your life. These are benefits that all women should be taking advantage of!
These services are broken into two broad categories on hc.gov - services for women who are or who may become pregnant and other preventive services. First, we'll touch on some of the more general benefits available for all women.
General Preventive Services for All Women
Some general preventive services that are covered for women include multiple cancer screenings, including mammograms for breast cancer for women over 40 and cervical cancer screenings for sexually active women. These screenings are always highly unpleasant, so removing the financial burden makes them a little easier to deal with, in my opinion.
Other services include tobacco use screening and interventions, osteoporosis screening depending on age and risk factors, and domestic and interpersonal violence screening and counseling for all women. The list goes on, so I highly recommend visiting healthcare.gov for full explanations of services offered.
ACA Benefits for Women Who Are or May Become Pregnant
First, the ACA requires that FDA approved contraception must be covered by health insurance plans without requiring a copayment. This is personally one of my favorite benefits, because my birth control prescription that my doctor considers to be medically necessary, once cost me $30 a month. I know several ladies who have saved a substantial amount of money thanks to this free preventive services.
I also know several ladies who thrilled that breastfeeding support and counseling from trained providers and access to breastfeeding supplies are free preventive services for women. Also for those who are or who will become pregnant, new health plans must also include maternity coverage. Although not all maternity services will be free, health plans will at least help cover costs associated with pregnancy. A big Obamacare WIN!
Multiple other services are available at no charge, including folic acid supplements for women who may become pregnant, expanded tobacco counseling and intervention for pregnant women who are tobacco users. Again, the complete list, along with more detailed information, is available at healthcare.gov.
If you are a woman reading this article and have an ACA-compliant health plan, I suggest having a discussion with your doctor to take advantage of the appropriate services that are available to you. If you are a man reading this, please pass this information along to all the women in your life. These are benefits that all women should be taking advantage of!
mardi 1 mars 2016
Medicare Eligibility - Helpful Tips
At age 65, most people qualify for their Initial Enrollment period
with Medicare. It's during this time that you can buy a Medicare
Supplement without having to answer health questions. Typically, you
only get one Initial Enrollment period. It begins three months before
the month of your Medicare eligibility and ends three months after the
month of eligibility. The month of eligibility is the month of your 65th
birthday, if you become eligible for Medicare because you are turning
65 years old.
The Initial Enrollment period is a great opportunity for people to get Medicare health insurance. That's because, typically, insurance companies must use medical underwriting to determine whether to accept your application. However, if you enroll during your Initial Enrollment period, you can buy any Medicare Supplement policy (that's available in your area) without having to answer health questions and insurers can't deny issuance of your policy.
It's important to note that people with Medicare, due to disability, will be eligible for a second Initial Enrollment period at age 65. The same way anyone else becoming eligible for Medicare, for the first time, qualifies at age 65.
In most cases, Medicare Supplements pay what Medicare doesn't cover at the hospital and doctor's office. However, Medicare Supplements do not cover the majority of prescription drugs.
For drug coverage, you should consider enrolling in a Medicare Prescription Drug plan. Also known as Part D, this is separate and voluntary insurance that may help lower your prescription drug out-of-pocket costs. As with Medicare Supplements, private insurance companies offer Part D drug plans.
Although Part D is deemed "voluntary", there are consequences for not enrolling in a qualified drug plan when you first become eligible for Medicare. That penalty is about 32 cents per month for every month that you could have enrolled but didn't. The penalty is a lifetime carry which often times surprises people.
It's important to compare Medicare Supplement benefits and prices before you decide which plan is right for you. That's because all Medicare Supplements are standardized which means the plans offered and the benefits in those plans are the same for all companies.
There can be big differences in the premiums that different insurance companies charge for exactly the same coverage. By shopping and comparing, you could save hundreds of dollars per year.
The Initial Enrollment period is a great opportunity for people to get Medicare health insurance. That's because, typically, insurance companies must use medical underwriting to determine whether to accept your application. However, if you enroll during your Initial Enrollment period, you can buy any Medicare Supplement policy (that's available in your area) without having to answer health questions and insurers can't deny issuance of your policy.
It's important to note that people with Medicare, due to disability, will be eligible for a second Initial Enrollment period at age 65. The same way anyone else becoming eligible for Medicare, for the first time, qualifies at age 65.
In most cases, Medicare Supplements pay what Medicare doesn't cover at the hospital and doctor's office. However, Medicare Supplements do not cover the majority of prescription drugs.
For drug coverage, you should consider enrolling in a Medicare Prescription Drug plan. Also known as Part D, this is separate and voluntary insurance that may help lower your prescription drug out-of-pocket costs. As with Medicare Supplements, private insurance companies offer Part D drug plans.
Although Part D is deemed "voluntary", there are consequences for not enrolling in a qualified drug plan when you first become eligible for Medicare. That penalty is about 32 cents per month for every month that you could have enrolled but didn't. The penalty is a lifetime carry which often times surprises people.
It's important to compare Medicare Supplement benefits and prices before you decide which plan is right for you. That's because all Medicare Supplements are standardized which means the plans offered and the benefits in those plans are the same for all companies.
There can be big differences in the premiums that different insurance companies charge for exactly the same coverage. By shopping and comparing, you could save hundreds of dollars per year.
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