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Wednesday, September 17, 2008

Different types of auto insurance

Nowadays auto insurance is the ideal way to ensure a good life for yourself and your expensive vehicle. Auto insurance keeps safe your huge amount of money spent on your automobile. But on the same hand, auto insurance is also quite expensive. However there are different types of auto insurance policies available today. It is at an individual’s discretion which policy he can afford to adopt.

1. Fully Comprehensive Auto Insurance Policy Types- though this policy is the most expensive one yet it is the most widely adopted type of auto insurance. This is so because the insurance provides compensation or covers all sorts of cases such as theft, accident, wear and tear etc. If unfortunately an accident occurs where you were not at fault while the other driver who did the accident does not disclose his and his insurance details; you ought not to worry. For being a policyholder of the fully comprehensive program, you can register an insurance claim against your insurance company. But while taking this policy one essential thing should be borne in mind. There are a few auto insurance companies that do not insure your vehicle 100% of its value but of 80% or so. Even though many companies defend their policy as a measure to prevent themselves from fraud cases etc. yet try your bets to find the agency that insures your vehicle 100%.

2. Third Party, Fire and Theft- this type of insurance is basically meant for those car owners who have had finished their car loans but still admire, cherish their car and have great sentiments attached to it. This policy is somewhat akin to the fully comprehensive one but not identical to it. For like the latter the former covers cases of theft, accident, fire etc. but in case of an accident you can receive compensation only when you were at fault and had hit another car. So if any other car hits yours or you by mistake bang t in the garage, the insurance company will not come to your financial aid.

3. Third Party Insurance- it is the insurance that is the cheapest of all and covers only cases of accident where you were at fault and hit a third party. The insurance company is not to be contacted in case of any other mishappening with your vehicle. This insurance policy is generally preferred by those who own an old and less pricey car or any other vehicle.

4. Specialized Car Insurance- is basically for cars categorized as classic, those that are 25 years old. These cars are insured as classic and so accordingly they have their requirements and services. The classic car insurane policy can be said to be as good as the comprehensive one but the only drawback associated with it is that it limits the policy taker to a limited number of road miles he can drive in any given year.

Ultimately it is at the discretion of every individual which policy he desires to take. It is advisable to sort out one’s requirements and budget and also make a survey of the auto insurance policies in the market before actually grabbing a policy.

Homeowners — just what are you buying?

The idea is so simple. You pay a premium and the insurance company protects you. Yeh, right! When you go out shopping, you read the labels before you buy, don’t you. Well, the same should be your habit when you’re buying a homeowners insurance policy. Never just use a site like this to get online quotes and then buy a policy because it’s low cost or affordable. You should read it before you buy.

So what are you looking for? Well, let’s get technical. The insurance company protects you against “perils” except where there are “exclusions” telling you that there may be limitations on that cover. Often, those exclusions are the smaller print coming near the end of the policy when the insurer hopes you’re attention is wandering. Check out exactly what is covered. If it’s not clear, ask someone before you buy. The first part of the home insurance policy usually deals with “property protection”. So that covers the structure of the place you call home together with everything permanently attached like the plumbing, the electrical wiring and all the other “stuff” (sorry another technical term including your air-conditioning, heating system, and so on). All the other buildings and structures on the land will be included so long as they’re all used for domestic purposes. That covers the garage, shed, patio and fences/walls. Pay special attention to any “loss of use” provisions — that should cover your out-of-pocket expenses if you cannot live in your home while it’s being repaired.

Then we get into the everyday personal property (usually called the “contents”) owned by you and the family who live with you on a permanent basis. Depending on the wording, you may be covered for the cash value or replacement cost. But watch out. If you have anything unusual that’s more expensive or difficult to replace, that’s got to be specially endorsed on the policy. Some things may be excluded like a firearm, the car covered under your auto insurance policy, and so on. Other things may be included like the charges the local fire department may claim if it is called out, the cost of removing fallen trees or other debris after a storm, and so on. Everything else will have to be separately negotiated and added on to the policy as an endorsement

Housing Bubble! Don't panic!

Wherever you look, the story is the same. House prices are in free fall. What are the facts? According to the S&P/Case-Shiller national index, house prices fell by 14% in the year to April 2008! Those of you who like history will know that's a faster fall than the Great Depression of the 1930s. I always like to be encouraging.

So what's going on? Well, a lot of people convinced themselves that buying property was a sure-thing investment. Buy today, sell tomorrow with a big gain. That made it a no-brainer to buy your own home. Unfortunately, two things happened. The was a boom in the construction industry which produced more houses for sale than there are buyers. Secondly, the credit crunch has made banks more cautious in lending money (actually, some banks have gone bust).

The result? Negative equity! Lots of people who owe more on their homes than the homes are worth. How does this affect the home insurance policy? Not at all! Well, that's perhaps a little optimistic so let's explore.

Home insurance is designed to replace your home if it's destroyed. The value of the cover is therefore not the sale price but the cost of rebuilding. So, no matter how much your home falls in value, it makes no difference to the premium. Except that there are more national statistics to worry about. According to the latest figures published up to July 2008, US inflation is at a twenty-seven year high. The Labour Department monitors the producer price index (PPI), that's prices at the wholesale level. That rose by 9.8% in July.

So you should care because? Because the prices of bricks and all the other stuff needed to repair or rebuild your damaged home just got that much more expensive. Worse? There's no sign price inflation is going to slow. So, when it comes to renewing your home insurance policy, it would be wise to get two or three online quotes from "reputable" builders to revalue the policy. Without this precaution, you might find yourself underinsured, even on a small claim. But if you get hit by a hurricane or some other natural catastrophe, you may not be able to afford rebuilding if you don't have the savings to bridge the gap between the insured amount and the actual cost of rebuilding

Tuesday, September 16, 2008

Pay more, get less! What’s going on?

Just when it looks as though you can make ends meet, health insurance costs go up again. A growing percentage of every paycheck is going on health and, for the most part, you’re getting less for your dollars. The result? Every month, more people give up on rising premiums and drop into the ranks of the uninsured. Worse, if big bills hit, people face personal bankruptcy. This was mostly affecting low-income working families and those with chronic conditions requiring more continuous treatment like diabetes or depression. Now, it’s starting to bite the middle class. Employers are also feeling the pinch and more companies are dropping medical cover or reducing the benefits packages, and introducing wellness programs with teeth. This combination is placing a growing burden on taxpayers who fund Medicaid and the Children's Health Insurance Program.

Why is this happening? Well, let’s come down to a short list. The economy is not in great shape. The population is ageing and, as people get older, more goes wrong with their bodies. New technology is producing new treatments but that is often more expensive. The pharmaceutical industry keeps raising prices to maintain its profitability. Put all the causes together and you have a broken system. The real problems start with the “entitlement” trap. Because people pay their health insurance premiums out of their own pockets, they feel they’re entitled to get all the medical care they like. This leads to a significant amount of waste as health providers supply expensive services on demand regardless whether those services are needed. Mostly, the providers are driven by the need to make profits to keep their investors happy, and not by the patients’ needs. This makes general medical care unaffordable and shifts ever more of the costs on to the insurance companies and the tax payers. Health insurance premiums therefore go up. The Republican approach is to reduce taxes which makes funding public health provision more difficult.

If people are uninsured, they wait longer to see a physician or go to an emergency room when their conditions have worsened. What could have been treated early on for less money suddenly becomes a bigger bill as costs are higher in emergency rooms. Why are costs higher? Because a significant proportion of patients cannot pay. The hospitals costs therefore have to be recovered from those who have the money or still carry health insurance. The moral of this story is for political parties to have the will to fix the problems.

Sunday, August 17, 2008

The history of car insurance in the United States.

Auto insurance policies assume the risk of financial loss in the event of a car accident, which caused bodily harm, and damage of property of those involved. In the United States, almost all states require car insurance for all drivers. But how did this come to be?

The first auto insurance in the US was released in 1897 in response to the increasing production of vehicles. By the 1920s almost all car owners already had their cars insured and problems regarding the cost of insurance were already starting to show.
In 1968, a great debate regarding the high cost of insurance took place. During this time, there were many automobile lawsuits and reports say that there were certain racial and ages were denied of coverage at the standard rates. The US Congress released $1.6 million to the US Department of Transportation so that these claims could be investigated. In October of this year, the American Insurance Association called for the creation of a no-fault insurance policy wherein the insurance company would pay all the expenses regardless of who was at fault.

By 1968, the problem in the insurance industry is again in the field of auto insurance. Car insurance companies were outraged after the rejection of the 21% increase in insurance rates in New Jersey. As some insurance companies were accused of denying coverage to several motorists, several states were already considering the adoption of the no-fault system in replacement of the current tort system. The tort system, unlike the no-fault system, required that someone needs to be found at fault before a claim was paid.
It was in 1976 when a record of 24 states adopted the no-fault auto insurance. Unfortunately, the US Congress has not created a bill that would make this kind of insurance mandatory to all states. The Government Employees Insurance Company, the sixth largest car insurer in the US during this year showed financial issues as a result of capital losses incurred in 1975 and the earlier half of 1976. Fortunately, the downward trend in the US insurance industry finally caught up in 1977 and the world̢۪s largest car insurer, State Farm Insurance, announced that its earnings had now reached $129 million. According to researchers, this can be attributed to the decrease in the number of insurance claims filed. This trend was also observed with other smaller companies.

In 1980, there was a reported increase in traffic deaths as a result of the increasing popularity of small cars. During this time, 87% of claims were from small cars and there were claims that roads were made for trucks and larger vehicles. It was also recorded that over a million cars were stolen annually and automobile thieves now work for a chop shop where the cars are dismantled and the parts are sold.
At present, insurance rates are still rising and this is attributed to increased inflation. Thankfully, the no-fault insurance system is already in place and there are several states which provide government sponsored insurance.

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This Is What Lemon Law In Wisconsin Is All About

If you are not familiar with the lemon law in Wisconsin, you need to pay attention. The first thing is to know what exactly a lemon is. A lemon is a new vehicle which has the following characteristics and the warranty period of one year has not yet expired. Firstly, it is new whether bought or leased, secondly it is a truck, car or motor cycle, thirdly it must have developed serious defects or a defect before the warranty period of one year was over. Fourthly, the defects have brought about serious safety issues and decreased its overall value. Finally, a lemon is also known when it has been repaired four times without working and it has failed to serve you for 30 consecutive days.

Therefore, the lemon law in Wisconsin was formulated to help consumers who purchase defective new cars to be compensated in a legal and proper way. There are several things that a lemon owner should do to make sure that the lemon law in Wisconsin works for them fairly. They should get a repair order every time they visit the repair store whether the problem is solved or not. The repair order should show clearly what problem you reported to have with the vehicle and it should also show the dates when you took your vehicle to be repaired. Other vital documents that will help are purchase contracts and warranties. Many people are fond of carelessly placing their documents and if you want the law to work in your favor, you need concrete evidence.

You can use the Wisconsin Department of Transportation to ask for a replacement of the the lemon vehicle. You will then send the lemon law notice to the manufacturer and they have only 30 days to respond to it. The manufacturer will be required to bear all the costs that have occurred due to the lemon car. Before you take things further, use all the avenues available for you to settle the matter. You can use your manufacturer's arbitration program. Talk to a lawyer if everything fails and if your case is in order, the court must decide whether your vehicle is a lemon. You will then produce all the documents to support your case and everything must be duly presented.

If your case is genuine, you can win the case and when you win, you can get even double compensation to cover all your troubles. The lemon law in Wisconsin will have worked for you. The Dealer and Agent Section will help you resolves all the disputes you might have pertaining to vehicles and lemon vehicles. Indeed, this is a great law that safeguards the rights of customers and makes sure they are protected from unscrupulous dealers. You can find the Wisconsin lemon Law Statues in chapter 218.0171 under replacements, refunds repairs and warranties of new motor vehicles. You can read this law on the internet and get to be empowered. If you live in Wisconsin, you do not have to worry because you are well covered by the law.

Friday, August 15, 2008

State Auto Insurance - What Are The Requirements?

Virtually all states within the U.S. have laws governing the minimum amount of auto insurance coverage you must have. In the states that don't, have financial responsibility laws that state you have to be able to furnish proof of the ability to pay for both bodily and property damage resulting from an auto accident up to a certain minimum amount.

The chart below indicates the mandatory minimum requirements state by state. The second first figure is the minimum amount of coverage required for all people injured in an accident. The first figure is the limit for one individual and the third is for property damage. All figures are 1000's $.

So, taking Alaska as an example, the minimum coverage is $100,000 for all persons injured in an accident up to a limit of $50,000 for one individual and $25,000 for property damage.

Alabama 25/50/25

Alaska 50/100/25

Arizona 15/30/10

Arkansas 25/50/25

California 15/30/5

Colorado 25/50/15

Connecticut 20/40/10

Delaware 15/30/10

D.C. 25/50/10

Florida 10/20/10

Georgia 25/50/25

Hawaii 20/40/10

Idaho 25/50/15

Illinois 20/40/15

Indiana 25/50/10

Iowa 20/40/15

Kansas 25/50/10

Kentucky 25/50/10

Louisiana 10/20/10

Maine 50/100/25

Maryland 20/40/15

Massachusetts 20/40/5

Michigan 20/40/10

Minnesota 30/60/10

Mississippi 25/50/25

Missouri 25/50/10

Montana 25/50/10

Nebraska 25/50/25

Nevada 15/30/10

New Hampshire 25/50/25 Financial Responsibility only

New Jersey 15/30/10

New Mexico 25/50/10

New York 25/50/10

North Carolina 30/60/25

North Dakota 25/50/25

Ohio 12.5/25/7.5

Oklahoma 25/50/25

Oregon 25/50/10

Pennsylvania 15/30/5

Rhode Island 25/50/25

South Carolina 25/50/25

South Dakota 25/50/25

Tennessee 25/50/10

Texas 25/50/25

Utah 25/50/15

Vermont 25/50/10

Virginia 25/50/20

Washington 25/50/10

West Virginia 20/40/10

Wisconsin 25/50/10 Financial Responsibility only

Wyoming 25/50/20

It must be stressed that these figures are the minimum required by law. It is generally recognized that more realistic figures would be $300,000 bodily injury protection per accident and $100,000 per person.

Other options are available to increase your coverage. These include -

Uninsured Motorist Coverage
This coverage will pay you for bodily injury and property damage that you suffer as a result of an accident caused by an uninsured driver.

Underinsured Motorist Coverage
This coverage pays you for bodily injury and property damage that you suffer as a result of an accident caused by a driver who has insurance but whose coverage is less than your uninsured motorist coverage.

Personal Injury Protection (PIP)
This coverage (sometimes known as "no-fault" coverage) is for injuries that you and others may sustain in an auto accident irrespective of who caused the accident. It covers the cost of hospital and medical expenses incurred in treating injuries and other incidental expenses such as lost wages.

Collision Coverage
Coverage to pay for damages caused to your vehicle when involved in a collision with another vehicle or object.

Comprehensive Coverage
This pays for damage to your vehicle that is not the result of a collision, such as fire, theft, vandalism and flooding.

Wednesday, July 30, 2008

How to Collect on Lost Life Insurance Policies

A relative has just died. He had a life insurance policy with you listed as the beneficiary. There's just one problem: the life insurance policy is missing. You have no idea which insurance company wrote it.

If you find the missing life insurance policy in the future, are you still eligible to receive the death benefit?

Hope they paid their insurance bills

If you're a beneficiary and you find the lost life insurance policy shortly after the insured dies (within six months to a year, for example), claiming the death benefit should be trouble-free.

First, determine if the insured had term or permanent life insurance. If the insured held a term policy, you'll receive the death benefit if he died before the end of the policy term. If he died after the policy expiration date, you would get nothing.

If the insured had a permanent life policy, you'll receive the money if the death occurred while the policy was "in force," meaning all premium payments were made up until the time of death. If the death was a while ago, you'll receive the benefit with interest from the date of death.

If the life insurance policy lapsed — meaning the insured stopped making premium payments before he died — there's a chance you might get nothing. When a permanent life insurance policy lapses, most insurance companies switch its status from permanent insurance to one of two options:

"Extended term" — The insurance company uses the cash value of the policy to buy a term life insurance policy for the same death benefit using the cash value of the policy. The death benefit will continue for the longest period the cash value will purchase.

"Reduced paid up" — The insurance company will keep the policy in force permanently, but will reduce the death benefit.

Gerry Brogla, an actuary for State Farm, says in the majority of the cases at his company, the permanent policy continues as extended term if it lapses. At State Farm, extended term is the default option for most permanent policies.

If the policy lapses, and the extended-term period expires before the insured dies, the policy is worthless and the life insurance beneficiary will get nothing. If the insured dies before the extended-term period is up, the beneficiary will receive the death benefit. If the policy lapsed because the insured died (thus ending premium payments and causing the insurance to be placed in extended-term status), the beneficiary will still collect the full death benefit, regardless of when the extended term was up. The beneficiary always needs to supply the insurance company with a death certificate to verify the date of death.

There is no time limit during which a life insurance beneficiary must step forward to collect the money, according to Jack Dolan, spokesman for the American Council of Life Insurers. "If a person shows up 30 years after [the insured's] death, the company still makes good on it," Dolan assures.

What happens if no one ever reports the death?

If the insured dies and the insurance company does not learn of the death, the policy lapses. Insurance companies will take steps to find out why a policyholder stopped making payments.

When an insurance company stops getting payments, it sends letters to the insured informing him the policy may lapse as a result of unpaid premiums. If the letters go unanswered, the company might initiate a search to find the insured. If that comes up empty, the company will then lapse the policy.

If a beneficiary to a policy never steps forward, it unfortunately means the insured paid money to a policy throughout his life and his beneficiaries never see a penny. This is why its a good idea to make sure beneficiaries are aware of any life insurance policies you have.

If you're lucky, the state may have your money

In some cases when a beneficiary fails to claim a death benefit for several years, the money is transferred to the state where the insurance policy was purchased under the escheat laws.

If a company knows an insured died and it cannot find the beneficiary, it must turn the full death benefit over to the state comptroller's department within three to five years of the insured's death. The money is transferred to the state where the insured bought the policy. The money is considered "unclaimed property" and gets lumped in with dormant bank accounts and uncollected rent deposits. The comptroller's department maintains a database that lists the names and addresses of lost life insurance beneficiaries.

Many states will try to contact life insurance beneficiaries in an effort to pay the death benefits. In Texas, for example, the names and addresses of the beneficiaries are published annually in each county in the state. In New York, the Web site of the New York State Comptroller's Office of Unclaimed Funds has an online search to find any unclaimed death benefits owed to you. You can find out the procedures in your state by contacting the office of your state comptroller or treasurer.

Keep in mind your chances of finding the policy with the state are slim. The insurance company has no obligation to hand the money over to the state if it's unaware the insured died. In most cases, it's the beneficiary who contacts the insurance company.

Also, the insurer only transfers the money to the state three to five years after it cannot find the beneficiary but knows the insured died. If the state doesn't have the death benefit, it's likely the insurer is still looking for the beneficiary or doesn't know the policyholder has died.

Unclaimed death benefits are rarely transferred to the state. Dave Potter, a spokesman for Hartford Life, says less than 1 percent of his company's death benefits go unclaimed.

Del Chance, a life insurance claims manager at State Farm, says, "Turning over life policy benefits to an individual state after the death of an insured is extremely rare. State Farm utilizes their own search techniques as well as outside vendors to locate lost beneficiaries in the event of the death of one of our insureds. By and large these procedures have always located the beneficiary.

Tips for making sure your life insurance beneficiaries get your death benefit:

1. Give your beneficiaries your policy information. It can be a difficult and awkward conversation, but an important one.

2. Keep all your financial records (especially your life insurance policies) in one place. Don't force your beneficiaries to search your house from top to bottom after you die.

Tips for looking for lost life insurance policies:

1. Go through canceled checks or contact your relative's bank for copies of old checks. Look for checks made out to insurance companies.

2. Ask those who may have known about your relative's finances. Speak with the relative's lawyer, banker or accountant. Also contact the relative's insurance agent.

3. Contact your relative's past employers. They might know of possible group life insurance. The insured might have also purchased supplemental life insurance through work.

4. Check the mail for a year. Premium bills and policy-status notices are usually sent annually.

5. Look at income tax returns for the past two years. Check for interest income from policies or expenses paid to life insurance companies.

6. Contact the Medical Information Bureau. If your relative bought life insurance fairly recently, there might be a trail of the companies to which he applied. The Medical Information Bureau (MIB) maintains a database that might show if insurers requested your relative's medical information within the past seven years. Record searches can be requested through the MIB's Policy Locator Service and cost $75. The MIB says that nearly 30 percent of searches turn up leads.

Friday, July 18, 2008

How Good Is Your Health Insurance Policy Really?

How much do you know about your health insurance policy? If your company provides your health insurance then you probably know just about as much as most people. You know the doctors to use and how much you have to pay before the insurance begins. For those that purchase their own health insurance policy, then you have very different situation.
The cost is the first difference that most people notice if they switch from a group plan. When your employer offers health insurance, the cost is usually a lot lower if the group is large. One for the reasons is that they spread the risk the risk among a large group of people. The second includes the fact the cost of billing is lower because the company does the collection of premiums. The biggest reason for the price difference is that the employer pays part of the premium or all of it in very rare instances.

Frequently the coverage is broader in a group plan. The individual health plan seldom contains dental, prescription and eye care. The deductibles are often higher in an individual health insurance plan and coverage more limited. Often well baby care, wellness care, including physicals and smoking cessation and maternity are not part of the policy. Many employers discovered long ago how to keep costs down and increase coverage and you can do the same thing when you buy your health insurance policy. Health insurance policies vary widely so you have to make some decisions about the type of coverage that you want. Do you want one that just covers major medical, the services of a hospital and outpatient surgery, or do you wand coverage that picks up the expense of doctors and routine physicals covered? When you include additional options and get a more comprehensive health insurance policy, the price goes up. Insurance company calculates the premium by presumed expense. They expect to pay more, because more people use the doctor and wellness care, so they increase the price accordingly.

Another way that companies keep the cost of the health insurance policy low is to use Health Maintenance Organizations, HMO's. The doctors and hospitals in the group agree to a discounted charge, so the insurance company reduces the amount they charge the company. These types of plans are also available to the individual and create a cost savings without cutting corners. Often there is a co-pay for doctor's visits and hospitalization and a few extra perks are in the package.

A final way to reduce the cost of a health insurance policy is to increase the deductible. The higher the deductible, the lower the cost. Many companies use a partial self-insure to reduce the cost. The insurance plan covers everything but has a huge deductible, about $5000 per individual. The company then starts a side fund that covers those smaller claims so the employee only pays a small deductible. This type of plan is also available for the individual. It is a combination plan where some of the monthly payment goes into a savings account used for upfront expenses. This account belongs to the individual and receives tax-free growth as long as you use it for medical expenses. The payment for up-front bills comes from the savings. Once you reach the chosen limit, a much lower cost health insurance policy takes over. These plans are great for healthy individuals.

When you compare health coverage, look for a plan that suits your needs and budget. Check the reduction of premium as you increase the deductible and, even if you don't have a MSA, set the savings aside to cover the additional out of pocket. Study your health insurance policy as the corporations do and you save on one of your biggest monthly Jon Arnold

Last Minute Travel Insurance

Many travellers wait until the last minute before buying their travel insurance, because they know that if they purchase the insurance online, they can have a policy in their hands straight away. This is how most online insurance websites normally do business. However, buying their travel insurance very close to the date they are going to leave town on holiday or on a business trip runs a greater risk of them being uninsured in case they have to cancel their trip.

How can this be? What does waiting to purchase travel insurance have to do with cancelling your holiday or business trip? It all has to do with one of the benefits of travel insurance. Lets say you have plans to go on holiday. You have your plane tickets and have booked a hotel room at your destination. Youve purchased new luggage and some new clothing and you just cant wait to go on holiday - its been so long since you were able to get away!

But... what if something happened to you before you went on holiday? You may become ill or injured, or possibly someone in your immediate family could pass away. Any of these reasons could cause you to cancel your long-planned holiday. Heres where travel insurance would come in very handy. Most travel insurance policies, such as those from insure4less have a type of travel cancellation insurance insurance that would take care of the expenses incurred as a result of having to cancel your holiday. Buying travel insurance before the last minute would avoid the risk of this happening and leaving you out of pocket.

Life is not a given. We never know what is going to happen to us or to members of our family from one day to the next. Anything could come up suddenly that could cause a holidays unexpected, yet forced cancellation. By putting off buying your travel insurance until the last minute, you are making yourself vulnerable to losing not only your holiday but also the money you have already spent. Thats why you should take the time to check out for the best rates and travel insurance for Australians.

People are often busy before going on holiday and can panic when they realise how little time they have left to tie up loose ends before their trip. This can result in them rushing around and buying the first travel insurance policy that they come across. They may be happy that they have managed to grab a travel insurance policy at the last minute but what if something does go wrong and the insurance they have bought does not give them the cover that they were expecting?

Imagine a parent discovering that the policy they bought at the last minute and entrusted to take care of their familys needs while on holiday, ends up turning them down for medical coverage because their childs asthma was considered to be a pre-existing condition by their insurance company. Taking time to shop around and compare policies like the ones provided by companies like insure4less could have saved them a great deal of worry and money. Insure4less provides a list of pre-existing medical conditions which clearly shows what they do cover and asthma is one of them!

It is surprising how many people buy an insurance policy that is not right for them or their situation. Research shows that around 63% of people who are planning a holiday do not bother to take out a travel insurance policy until the last minute. They are not then covered for any of the bad luck that could occur in the run up to their trip which could end up with them having to cancel. Leaving it until the last minute and buying insurance in a rush can often mean they dont allow themselves time to make sure they read the fine print and are therefore getting the right coverage! Many people who dont read the fine print before buying their policy can end up very sorry afterwards however, insure4less have their Product Disclosure right on their website, so that anyone can examine it closely before deciding whether or not to buy the travel insurance policy.

Some people think it is perfectly fine to travel with no insurance at all and do not realise what a huge risk they are taking! If, for example, they were involved in a car accident, what would they do? Without travel insurance coverage, they could very well end up having to pay out an enormous sum of money for medical and other expenses.

If you want to make sure you are covered for your holiday before and during your trip, you should purchase your travel insurance as soon as you have put a deposit down on your flight or accommodation. And, if you are looking for a travel insurance company that has cut out the commission that the travel agent usually gets, and the travellers pay for, check out insure4less! They have a selection of policies to suit almost all needs and budgets.

Tuesday, July 15, 2008

Top 10 Ways to Save on Auto Insurance

These are the top ten ways to save on your auto insurance, starting from ten and working its way down to number one. Follow these tips to help you save year after year;

10. Be Knowledgeable Being aware of the different types of coverage available will help you weed out the unnecessary coverage and avoid paying for protection you may not need or already have elsewhere like through your employer benefits, GAP coverage, or road side assistance.

9. Have an insure-friendly vehicle. When it comes to your vehicle, insurance carriers will look at the title of the vehicle, a salvage title vehicle is subject to higher insurance rates. The reason being is that a vehicle that has already been in an accident is already made weak is more vulnerable to risk. When. A clean auto title can save you a lot of money each year.

8. Take advantage of auto/homeowner packages - Many carriers will offer discounts for purchasing your homeowners policy along with your auto policy. This can reduce your premiums by a certain percentage such as 5-20%. Ask your agent about home/auto packages to see if you are eligible.

7. Renewal Discounts - Renewing your policy term may come with a variety of advantages. When you renew, violations that are no longer on your record will be dropped from your policy. Most carriers will offer some kind of discount for staying with them for another term, usually six to twelve months. This discount can range in percentage depending on the carrier; however it may be in the range of 5%.

6. Higher Deductibles - When you purchase your coverage, consider the deductible you have selected. If you are paying a considerable amount of money for a low deductible, try raising your comprehensive and collision deductible to see what impact it will have on your premium. The higher the deductible the lower your premium; however, be careful not to raise your deductible too high. Remember, the deductible is what you will pay out in order to fix your vehicle's damages.

5. Avoid Duplicate Coverage - If you have a health insurance policy through your employer or independently, tell your agent so that you will not purchase coverage that your health policy already covers. Reconsider getting medical payments coverage with your personal automobile policy since it may not be necessary. Also discuss with your agent the option of excluding Uninsured Motorist Bodily Injury or Personal Injury Protection.

4. Keep a Clean Record - Having a clean driving record is very important. Simple violations can increase your rate by hundreds of dollars a year. Your driving record will be checked anytime you purchase a policy and is a big factor for determining rates. Violations will eventually come off your record, but it may take anywhere from 3 - 10 years depending on the type of violation and state guidelines. The least amount of tickets and accidents you may have, the cheaper and more affordable your premiums will be.

3. Stay Insured - Most companies will offer a discount for being continually insured without any lapse. This is known as a persistency discount which shows that you aren't one who will be cancelled every other month for non-payment of premium. Discounts usually apply after one year buy may be greater if continually insured for 3 or even 5+ years.

2. Take Advantage of Discounts - Discounts can save you money and almost everyone qualifies for them. There are many discounts available such as good student, low mileage, college degree, vehicle safety, senior safety and more. Many discounts may not be offered unless you initiate the request. Ask your agent or broker if you qualify for any discounts.

1. To save on auto insurance compare - Completing an online premium comparison is one of the most effective ways of finding competitive rates. The benefit of getting auto insurance quotes online is that you not only get rates from one, but from many major insurance carries throughout the United States, all at once and from one single source. No obligation or personal information is needed. Rate quotes are instant and in most states, policies may be purchased online.

Consumers may also research companies and look up valuable information. Log on to to learn more on how to save big on your premiums year after year.

Do You Have Enough Jewelry Insurance?

Jewelry insurance comes in many forms and varieties and only an insurance agent can provide accurate and specific advice. However, it helps to know enough about jewelry insurance to ask your agent the right questions and to be aware of how the process works. The time to ask your insurance agent the questions is before you insure an item, not when you need to file a claim. Read the fine print in your insurance contract to be sure it provides the coverage you expect.

Understanding jewelry insurance begins with recognizing the difference between scheduled and unscheduled property.

Unscheduled property (jewelry not specifically listed) is typically included in basic homeowner or renter’s policies under blanket coverage. There is a usually a deductible (typically $500) and a maximum amount of coverage (typically $1500) although these amounts can vary with the specific policy. This type of coverage does not require an appraisal but sales receipts, written descriptions or photos are beneficial in proving the items existed and estimating their replacement value.

Scheduled property (jewelry specifically listed) is included in a floater, rider or endorsement to homeowner or renter’s policies. Jewelry insurance is also available with a separate policy, from a company specializing in jewelry insurance. For scheduled property, the insurance appraisal is vital because it describes the jewelry item and provides the “insured value” that is used in determining the premium you will pay to insure the item each year. Most scheduled property policies do not have an automatic appreciation adjustment as is common for the house and other unscheduled property. Therefore, even if it might cost 50% more to replace an item in five years, the “insured value” is still only that stated in the appraisal.

If you file an insurance claim, the settlement process and amount paid will depend on the policy and in particular, if the policy allows replacement or agreed value settlement. For agreed value policies, the settlement amount is stated in the policy whereas replacement value allows the insurance company to replace your jewelry or make a cash settlement based on the insurance company’s cost to replace your item. The insurance company’s liability ceiling is set at the “insured value” on the appraisal.

Do you have enough jewelry insurance? The answer depends on what kind of policy you have, the “insured value” is on the appraisal, the settlement procedure is for your particular policy, and the accuracy of the information on your appraisal. If you have a jewelry item valued at more than the $1500, you should definitely consider scheduled as opposed to unscheduled coverage.

The critical issue for scheduled property coverage is the how accurate is the information on the appraisal.

1) If the information on the appraisal is vague and general, the insurance company can replace the item with an item that satisfies the description but perhaps is not the quality and true value of the lost item. Be sure your jewelry appraisal has a detailed and accurate description of the jewelry item.

2) If the appraisal value is artificially high, the insurance company can replace the item at their cost even though the client paid premiums for years on a value twice as much. This is often the case for purchases from a jewelry store with prices double other retailers and the store provides an insurance appraisal even higher than the purchase price. You do not need an appraised value more than 150% of the price you would pay at low priced online retailer.

3) If the appraisal value is too low, the insurance company can make cash settlement that might not cover the current replacement cost of the item. This could be the case for items purchased three or four years ago from a low price online retailer and the appraised value was at or below the purchase price. With diamond prices increasing about 10% a year recently, it does not take long for appraisal values to be out of date if too close to online retail purchase prices. Be sure to have your jewelry insurance appraisal updated every four or five years so you do not end up underinsured.

Methods Of Saving Money

Saving is basically putting aside money or a way to utilize your present income for future use. One saves for several reasons such as for a college education, buying a new car, for a new TV set you wish to acquire in three to four months time, for down payment on a home, or to provide for yourself when retirement comes.

As much as there are several reasons for saving, there are likewise many methods in which one can save. In most instances, the best method can be determined by whatever plans you have for the future.

1. Savings accounts. When saving for just a short period or for emergency purposes, consider opening a savings account passbook, as it is in this method that you can easily gain access to your funds.

Great for both long and short term savings, you can deposit and withdraw money to your account and earn interest, based on your average daily balance. A minimum balance is required to be maintained though, and you are charged with a penalty should you fail to maintain it.

2. Checking account with interest. Here one can benefit from checking account conveniences, while your deposits gain interests. Generally these types of accounts grants privileges such as limitless withdrawal and check writing, access to ATM and bill payments that can be done online.

This method typically requires a daily maintaining balance of at least $2,000.

3. Money market insured accounts. For long-termed goals, this method is ideal, as it generally offers a much higher rate of interest compared to a regular or standard savings account.

The interest rate usually is dependent on the amount of money in your bank account; larger balance means higher interest.

4. “CD” or Certificates of Deposit. This is a savings method requiring you to “loan” your money to your financial agency for a certain time frame, usually ranging from thirty days up to five years. Here, the longer the time span again, means higher interest.

Keep in mind that usually insurance companies offer better deals on interests compared to banks, so before you invest, compare rates first!

At certain times, when your goal is many years away, it can be a wiser decision to save money in a certain way that you are not drawn on using it other than the main reason for saving it. Deciding on the right financial agency such as a bank, credit union or insurance firm can bring about a lot of benefit in your finances.

Diabetics Without Long-term Insurance

In today's world when we are living longer than ever before, there will come a time as we get older when we will not be able to pay for health insurance premiums. However, we are still going to need a way to pay for our care. This is especially true for diabetics. Diabetics can live a long healthy lifestyle, but when you're 85 years old, you and your spouse may not be in a good position to afford your insurance needs.

Many elderly people use Medicare these days. Unfortunately, Medicare does not offer coverage for long-term expenses. On the other hand, there is Medicaid which does offer coverage on long-term health care but it does not have everything that you will need. This is why it is important to consider purchasing extra long-term insurance. You may not be able to afford it but if you can it will help immensely, and at the time you need it.

This article is not meant to be the bearer of bad news for those of you who are diabetics and do not make enough money to pay for future health costs, but the truth is that most people who cannot afford the extra health care, will have their entire savings eaten up by years and years of paying for the premiums of health insurance. Far too many times the elderly come to the point in their lives when they must drop the premium just before they really needed to use it.

Diabetics face another serious problem when it comes to obtaining health care insurance. That problem is being turned down by most companies that sell long-term insurance. Unfortunately, they will not provide coverage for you if you have an existing disease such as diabetes. There are many cases, however, where working men and women who have diabetes are able to get into a large group coverage plan where there particular sickness is not a factor.

For those of you who are shopping around for long-term insurance companies, below are several questions that you will want to ask before making a decision:

1. First and foremost, ask the company how much of the care expenses will the insurance pay for?

2. Ask them what their “benefit triggers” are. Benefit triggers are physical limitations that initiate your coverage.

3. Find out what levels of care are provided by the policy.

4. Ask the company if the policy is guaranteed to be renewed so that you're able to renew it regardless of whether you use it or not.

5. Find out if a waiver of premiums comes with the policy to ensure that you do not have to pay these premiums in case you become disabled.

Sometimes the best offense against diabetes is a good defense

Tuesday, July 8, 2008

What Is The Lemon Law About?

If you are probably asking what is the lemon law, you will be happy to hear that it can be your best friend. We all love our cars and when we get new cars, we cannot wait to show it off to our friends because we are happy. If you have a lemon, your joy will be short lived because, the new vehicle is not what you think it is. A lemon will begin to show signs of being defective and your journeys will be soon cut short. It can be a very frustrating experience and you need something to assure you that all will be alright. Therefore you go to the repair shop and you have a bit of hope when your vehicle is up and running again.

But, it does not take even a week before you experience another problem and now the symptoms of a lemon begin to be seen clearly. A lemon is therefore a defective vehicle that has not served the owner during and after the warranty period. The thing that will surely make you relax is the lemon law. By now, you should have known that a lemon law is a legal bind or entity, to help out those people who have bought defective cars or lemons. The laws enable the lemon owner to have compensation or refund, depending on each particular case. These lemon laws are particularly found in The United States of America and they can be found in virtually every state states.

However, they are not similar and therefore they differ from state to state. Some states cover used cars while others do not. Most cover new cars or leased cars. If you go on the internet and type in 'what is the lemon law', you will certainly get so much information on the topic. Some of the things that you will learn are on how you qualify to make a lemon law claim. You will also see the steps that should be followed so as to achieve your compensation. When you see an attorney, you will get to learn what is the lemon law and this is because there are lawyers dedicated to helping people make their claims.

So many law firms have sites where they advertise their services and if you have reached a stage where you need a personal lawyer, then make sure you hire one that is reputable. There are very many aspects to the lemon law and there are so many laws that are used with the lemon law to make sure that justice has been delivered. It will be good to acquire the knowledge of the lemon laws even if you have never dealt with a lemon. Most people get confused and stressed when a lemon happens to them. You can overcome this by being prepared for anything. Therefore, get searching and know what is the lemon law. Wh0en you have the information, the next time somebody asks what is the lemon law, you can confidently give them an answer
(article by peter gutundu

Wednesday, July 2, 2008

Free Auto Insurance Quotes

Free Auto Insurance Quotes - Compare and save on auto insurance!

Most people never expect to be in an automobile accident. However, if it does occur, you want to know that your auto insurance policy covers the following basics:
Liability Coverage
Medical Payment Coverage
Uninsured Motorist Coverage
Coverage for Damage to Your Auto
Auto insurance is an important investment. Not only is it required by law, unless you apply with the state as self-insured (usually need to be bonded), but auto insurance can help protect your household and those that might be injured by your car in an accident.
Auto Insurance (Car Insurance) Liability Coverage indemnifies you up to the policy limits. It is protection against damage or bodily damage as a result of a car accident that you are legally responsible for.
Auto Liability Coverage is usually written in this manner:
$50,000 per person for bodily injury
$100,000 per accident for bodily injury
$50,000 per accident for property damage
Medical Payment Coverage covers medical injuries and possible funeral expenses (for you, family members and other passengers in your covered vehicle) that occur as a result of car accident.

Uninsured Motorist Coverage :
Promises to pay for bodily injury (to the insured, you) caused by a person considered an uninsured motorist (but must meet the state’s definition)
Some states allow you to be indemnified for property damage
This auto insurance coverage may differ from state to state

Coverage for Damage to Your Auto :
Covers physical damage to your car, not owned vehicle or short term rentals
Other than Collision
Visit for free insurance quotes from top providers in your area.

Sunday, June 29, 2008

How To Buy Health Insurance

It is essential that, you as a consumer understand as much as you can about health insurance, particularly the policies you are considering purchasing. Research first and research well. Learn what types of policies are available in your area and age group. Look into the A.M Best rating for the carriers you're considering. Ask your agent.Check out your agent as well. Is he an independent or captive agent? An independent agent represents many insurance carriers and is not limited and will therefore most likely push only the policies of a particular insurance company. What hours is the agent available to you should you have problems or questions?Make certain you completely understand the limits of the policies you are considering. Know beyond a doubt what the insurance plan covers and how they pay, or you will be reimbursed for office visits, prescriptions and other covered medical services.Insurance language is usually confusing, and often proprietary. Make sure everything you expect is in writing and that you understand what the policy actually says. Your agent should be able to help you in this regard. Enlist his assistance in interpreting what is in your contract, but make sure all the coverage you expect is actually written in the contract. The last thing you'll want to discover is that you've been faithfully paying for a policy that does not cover what you had thought it did.To save a few dollars (can be very significant savings) consider purchasing a plan with a higher deductible. You might even consider an HSA, or Health savings Account which covers you for the major medical bills, while allowing you to deposit money into a special interest bearing, tax deferred account which you will use for the minor, less expensive medical charges. Discuss this option with your agent.Also consider joining an organization, or association which offers a group health insurance plan. In many cases (but certainly not all) a group plan can be less costly and cover more than an individual plan. Read your renewed policy every year. Read all the fine print. Make certain that your new policy covers everything the old one covered, everything you need covered. The health insurance industry is constantly changing, as are you. Make certain your policy keeps up with your needs. (article by : Rick Bronstein)

Friday, June 27, 2008

Travelers Auto Insurance - Get an Auto Insurance to travel safe

One thing is for sure; living is not possible without risk. There is no need for you to stop traveling since it is a passion of yours, but to be responsible, you do need to take some precautions and obtain the medical and automobile requirements that you need if there is ever a serious emergency. To do so, you could consider travelers auto insurance, as it can relieve you from any worries you may have. As is the case in any personal injury or accident, if you have an accident while you are traveling outside the country, you may have to be hospitalized in a foreign country or possibly even evacuated by air. Travelers health plans (and auto coverage) for health care at any location worldwide, including immediate air evacuation, emergency repatriation, etc., are now offered by some insurance providers. You may be exposed to significant financial liability if you do not have the right travel insurance that best suits your needs. You'll likely have greater feelings of exhilaration and excitement when you step on that plane, if you know your life and property are secure as you head overseas on your trip.
Here are some tips for you if you are traveling soon and are in need of travelers insurance.
First of all, you will need Health Insurance. Usually your health insurance does not cover you outside of the country, so that should be an item you discuss with your insurance company to verify what you are covered for.
Secondly, look into your automobile/car insurance. It's wise to apply for an international driver's license if you're going to rent and drive anywhere when you travel overseas. You need to understand the traffic laws in the country you are planning to drive in as they may differ from the local traffic laws where you live. Make certain you have good auto insurance coverage before you depart. Your personal car insurance policy will not cover you if you are traveling abroad unless you have a true umbrella policy that covers you worldwide. Before you leave you can do this by contacting your agent or auto insurance company.
Whatever you do, don’t go on your trip until you check out the traveler insurance provider options. Providers and travelers auto insurance is available online so look into it now.

Tuesday, June 24, 2008

5 Reasons For Getting Commercial Auto Insurance

The commercial auto insurance provides security of auto own by you for the business purpose. The commercial auto insurance gives bodily injury as well as liability coverage. The vehicles are used for the commercial purposes are trucks, car, buses, van and trailers.Different types of commercial auto insurance coverages are available for vehicles such as:Business coverage:The business insurance is provided for the personal travelers and commercial vehicles who are involved in any businesses. It is clear that the cargo companies, auto dealers and auto service companies are not allowed.Primary/ personal coverage:The commercial auto insurance provides primary coverage, which gives legal responsibility, cost of protection etc. The commercial auto insurance covers bodily injury. It gives protection from injury, however it is different from the personal auto policy. Comprehensive/Collision coverage:Comprehensive and collision coverage are available which covers defined threats due to there be some reason responsible for losses. The collision coverage it covers repairs, restore or compensate the totaled auto.Garage Coverage:The auto dealers are not covered under the business coverage but they are covered under the Garage Coverage. The garage coverage includes liability coverage, insurance for garage keepers and bodily injury.Trucker's Coverage:The Motor Carrier Act need truck owners to confirm to convene financial requirement because truck owner’s will responsible for any losses during the move. Looking to this the insurance company provides trucker's coverage to the truck business owners. Under the trucker’s coverage the basic liability coverage, bodily injury and trailer replacement insurance are covered.The auto insurance either it is personal or business purposes are essential now a day due to security reasons. Looking to this fact the most state transport agencies and federal agency are also made come insurance coverage compulsory. It will reduce the liability and give proper security to the auto owners.

Sunday, June 22, 2008

Life Insurance Cover- Some Specific Terms Defined

Life insurance cover is sought and possessed by many people as it is a rather straightforward type of insurance. The life insurance cover mechanism is simple. The beneficiaries of the life insurance cover policyholder may obtain benefits upon the death of the insured. However, the death of the insured must occur during the term of the life insurance cover or as defined by the policy itself.Before buying life insurance cover, there are certain terms which can be vital to know and to remember. Not knowing these terms can restrict you from having the most suitable life insurance cover. Let’s have a look.Cash or Surrender Value is used in life insurance cover to enable the insured to obtain a loan or even retrieve money from his account during an urgent situation. When this option is invoked, the life insurance cover will reduce its benefits and the policy will be more likely to be dropped. So, in case you are in a bad financial situation, think well before you choose this option. But it can be good to include this option with your life insurance cover just in case you have no other alternatives and really need money.The policyholder is the person who owns the life insurance cover and whose name is written on the policy. Also, it is the same person who accounts for paying the life insurance cover premiums every month or year as arranged with the insurance company. It can be vital to think carefully before agreeing to pay your life insurance cover premiums on a yearly basis. In case you encounter a financial imbalance, you may find it hard to account for the total payment and may eventually lose your life insurance cover.A unit link life insurance cover is a type of policy that offers life insurance protection as well as returns on the premiums already paid. The premiums may be invested in debt or equity and the insured has the right to decide the investment of his choice. This type of life insurance cover can be considered as one of the most expensive ones in the market. So, unless you have the money, choosing the whole life insurance cover for example, can be a good choice.A policy loan is a loan that can be awarded by the insurer to the insured from its own funds. However, this loan is obtained as the insurer uses the policyholder’s life insurance cover value as a security for the loan. This means that in case the insured is unable to repay the loan, the insurer will account for it by canceling out the life insurance cover. Therefore, do not invoke this option unless you are finding it hard to get a loan from the bank.Finally, a ‘with profits’ life insurance cover is a type of cover where the insurance company awards the insured a percentage of its profits as bonus. The bonuses can be obtained on a yearly basis or when the life insurance cover expires.

Saturday, June 21, 2008

Homeowner?s insurance tips guide

As the demand for homeowner insurance is increasing day by day, numerous companies are offering the home insurance policy. Since a myriad of options are available now, an individual needs to be quite careful while purchasing a policy. There are several key points that should be borne in mind and that can actually help you purchase a good policy. Before you start looking around for a policy, decide amongst yourself what all coverage and the coverage amount you want. Then look for various companies and their offers. In this you can take help of agents, friends and family members. Internet too is a good source for information. You can obtain various price quotes from there. While comparing rates make sure that they are for same coverage’s. Deductibles play a crucial role in choice of a policy. Deductible is the amount a person needs to pay before the insurance company to pay for him. Higher deductibles are instrumental in lowering the premium rates. So it is better to look for high deductibles though you will have to pay if you have a claim. Never think and try of giving fake information to acquire the insurance policy. You can land yourself in grave trouble. So be true while obtaining a price quote and applying for insurance. For wrong information can lead to denial of coverage and incorrect price quotes. But don’t just get carried away with the price (premium rates etc.) as most people do. Other factors such as company’s financial ratings and stability, its reputation in the market, customer service record, complaint index and the like also do matter a lot. Thus make sure you check these things out. Also see if the agent offering the policy is licensed or not. It is in your interest to purchase a policy from certified i.e. licensed companies and agents. Usually it is very difficult for people who reside in high-risk zone and defaulters to acquire a homeowner’s insurance. High-risk zone stands for areas prone to floods, hurricanes and other natural calamities and also areas where the crime rate is quite high. In such a case you need to make an extra effort to get a homeowner’s policy. You need to speak to other people living in the zone and any previous insurers. If you propose to shift to one such place then ask you current insurance agent to help you get one such insurance. You should also know that usually the homeowners insurance covers personal items such as jewelry, fur, watches, silverware, valuable papers and securities etc. If you seek to have coverage apart from this then you have to fill up the Personal Articles Form. Speak with your agent about the coverage that is already there and about what additions you require. When it is time to renew your homeowner’s insurance policy, ponder again over the coverage issue. Check your personal details in the policy and see if it is up to the mark. In case you require more coverage for any expensive items you purchased such as electrical appliances etc., ask your agent to get your policy changed accordingly.

Friday, June 20, 2008

The Different Types of Life Insurance Explained

There are numerous companies existing today that offer life insurance policies. Though the crux of the policy (to ensure a safe and sound life of an individual’s survivors as well as to the individual) does not alter yet companies try to differ with each other by making different classifications or bifurcations. Broadly the life insurance is divided into two parts.
1. Term Life Insurance Policy- Anyone can opt for a term life insurance. This type of policy is basically meant to cover a person’s short term requirements. For instance if the policyholder unfortunately meets with a grave accident, he can claim for the insurance amount. But it also compensates the bereaved in the case of death of a family member. All in all it is a policy that helps in covering potential need for life insurance in the short run. Term life insurance is usually a renewable and convertible program. It ranges from one to hundred years. If it is a one year program then the cost of its coverage increases after every one year till the time it expires. Generally the expiry is at the age of 75. While if the policy is term to the age of 100 along with cash value it subsequently becomes a part of the insurance for ‘whole life’. Quite often it is noticed that it is cheaper to buy a whole life insurance policy than a non-cash one in value Term 100 policy.
2. Permanent Life Insurance- this is life insurance for the entire life of the individual. The value of this policy increases throughout the time one participates in the program. Terms such as Par and Non-Par are widely used in this context. Par whole life coverage generates dividends that are a partial return of the premium paid for coverage and investment growth. The amount of dividends keeps on changing from annually. On the other hand the non-par whole life insurance policies offer no dividends. The future cash values in these cases are not projected but assured or guaranteed.
• Besides this whole life-quick pay premium policies are also available. In these there is a fixed premium that one has to pay for quit a short interval of time till the time it is entirely paid up. The death benefit in this policy is leveled and paid up at the time the premium ceases. • Whole life insurance policy can also be fractured in terms of premium payable for 15 years, 20 years and 65 years of age. The terms and conditions in these cases remain more or less the same. • Universal life insurance policy is meant for people who require a life insurance, have a big marginal tax bracket, have big RRSP and pension contributions, paying a good tax on investment income, want to have an additional future income and have an investment prospect for at least 10 years. These policies are considered to be most difficult of all the insurance contracts

Thursday, June 19, 2008

Buying Life Insurance online ??? is it a really good idea

The advent of the internet has opened up the possibility of cheaper life insurance for all. In years gone by, if you were considering life insurance you would probably have invited an insurance salesman from your favourite insurance company to meet you or alternatively gone to your local insurance broker. But rarely would you have been courageous enough to get competitive quotations. It just wasn’t done. You trusted the salesman to do the best for you and surely you thought, life insurance is somewhat technical and requires specialised knowledge. All very cosy. All very expensive. How life has changed!People now realise that life insurance is not that complicated. If on a scale of 1 to 10, buying car insurance online rates 9, life insurance must be a 7 or 8. This has opened up the Internet as a prime arena for cut-price life insurance. That’s not to imply that life policies bought on the Internet are in any way substandard. No, you’re most likely to end up with a policy from one of the UK’s big insurers like Norwich Union or Legal & General and they’ll be exactly the same policies as you could buy anywhere else. It’s just that the intense competition on the internet and efficiency and simplicity of the system, means that most online brokers decide to cut the commission and roll back the savings into lower prices.Ah yes I hear you saying, 7 or 8 implies that life insurance is more complicated than car insurance. Yes it is - but that doesn’t mean that it represents a problem. The companies selling life insurance online recognise that many clients feel that some level of personal advice is useful and indeed, necessary. They accommodate this with a mix of useful information on the web site and more often than not, with a short telephone conversation with a life insurance adviser prior to you buying. This provides reassurance and helps to ensure you really do get the policy options you need all at rock bottom prices. Buying online certainly is a good idea.

Wednesday, June 18, 2008

Different types of auto insurance

Nowadays auto insurance is the ideal way to ensure a good life for yourself and your expensive vehicle. Auto insurance keeps safe your huge amount of money spent on your automobile. But on the same hand, auto insurance is also quite expensive. However there are different types of auto insurance policies available today. It is at an individual’s discretion which policy he can afford to adopt.
1. Fully Comprehensive Auto Insurance Policy Types- though this policy is the most expensive one yet it is the most widely adopted type of auto insurance. This is so because the insurance provides compensation or covers all sorts of cases such as theft, accident, wear and tear etc. If unfortunately an accident occurs where you were not at fault while the other driver who did the accident does not disclose his and his insurance details; you ought not to worry. For being a policyholder of the fully comprehensive program, you can register an insurance claim against your insurance company. But while taking this policy one essential thing should be borne in mind. There are a few auto insurance companies that do not insure your vehicle 100% of its value but of 80% or so. Even though many companies defend their policy as a measure to prevent themselves from fraud cases etc. yet try your bets to find the agency that insures your vehicle 100%.
2. Third Party, Fire and Theft- this type of insurance is basically meant for those car owners who have had finished their car loans but still admire, cherish their car and have great sentiments attached to it. This policy is somewhat akin to the fully comprehensive one but not identical to it. For like the latter the former covers cases of theft, accident, fire etc. but in case of an accident you can receive compensation only when you were at fault and had hit another car. So if any other car hits yours or you by mistake bang t in the garage, the insurance company will not come to your financial aid.
3. Third Party Insurance- it is the insurance that is the cheapest of all and covers only cases of accident where you were at fault and hit a third party. The insurance company is not to be contacted in case of any other mishappening with your vehicle. This insurance policy is generally preferred by those who own an old and less pricey car or any other vehicle.
4. Specialized Car Insurance- is basically for cars categorized as classic, those that are 25 years old. These cars are insured as classic and so accordingly they have their requirements and services. The classic car insurane policy can be said to be as good as the comprehensive one but the only drawback associated with it is that it limits the policy taker to a limited number of road miles he can drive in any given year.
Ultimately it is at the discretion of every individual which policy he desires to take. It is advisable to sort out one’s requirements and budget and also make a survey of the auto insurance policies in the market before actually grabbing a policy.

Life Insurance - Money Saving Top Tips

More and more people are buying life insurance online and the numbers seem to be doubling every two years. The reasons are clear. Prices are lower on the Internet and life insurance is fundamentally a simple insurance product. Despite the underlying simplicity of life insurance, most web sites channel their online clients through a telephone based help and advice service manned by experienced personnel. They represent your safety net so if a little technical knowledge is called for, help is at hand. But it’s always a good idea to have a few Top Tips in your back pocket when you’re shopping online for life insurance. They’ll help you ask the right questions and find the best policy.
1. Always have your Life Insurance policy “Written in Trust”.
This means that in the event of a claim, the money goes directly and immediately to the person(s) you nominate when you first take the policy out. It also avoids all possibility of your estate having to pay Inheritance Tax on the proceeds of your policy and that could represent a 40% tax saving ! All you have to do is tell the online brokerage organising your policy that you want your policy “Written in Trust” and the names of the people who the life insurance company pay in the event of a claim. They will then sort it all out for you. The extra good news is that this service is invariably free of charge. So it’s a win win situation and there aren’t many of those around these days !
2. In the early years a Reviewable Life Insurance Policy will be cheaper but a Guaranteed Policy will work out a better buy in the longer term.
With a “Guaranteed Policy” the insurance company guarantees never to increase your policy’s premium. With a “Reviewable Policy” you agree that your insurance company can review the cost of your policy at regular intervals. But don’t be kidded – in our experience a “review” is just another word for a price increase. After all, who’s ever heard of an insurance company passing up a chance to charge you more! The review intervals are usually between 2 to 5 years but this does vary between insurance companies. You will find the details of the review intervals on the documents sent to you before you accept the insurance – these are called The Key Features Documents. So, comparing otherwise like for like policies, in the early years the premiums for a “Reviewable Policy” will undoubtedly be lower than the premiums for a “Guaranteed Policy”. Thereafter, the premiums for a Reviewable Policy increase eventually catching up with and overtaking, the premium for a “Guaranteed Policy”. In our experience, you can expect the monthly premiums for a Reviewable Policy to exceed those of a Guaranteed policy in about 7 to 10 years and then within the following 10 years, more than double again. If your budget is currently tight then by all means choose a Reviewable Policy - after all your salary may increase in coming years and ease the strain. On the other hand, if the premiums for a Guaranteed Policy are affordable, we think they represent your best buy. A footnote. Many insurance companies have stopped offering “Guaranteed” rates for standalone critical illness insurance policies. This because they have experienced much higher claim rates than they initially expected. However, you may still find a Guaranteed life insurance policy that also provides critical illness cover. As we have explained, “Guaranteed” rates are especially good value and if you can get a quote for a Guaranteed life policy that includes critical illness cover, you may have a real bargain.
3. Thinking about a Joint Life Insurance Policy?
A Joint Life Insurance policy is usually written on a first death basis. This means that the policy will pay out on the death of the first policyholder, subject to the policy being in force at the time. This leaves the second person uninsured and older. Older people can struggle to get life insurance at an affordable premium, so rather than a Joint Policy consider taking out separate policies now. Overall it will work out a little dearer - but you get twice the cover and double the peace of mind.
4. Taking out a Life Insurance Policy?
Now would be an ideal time to include Critical Illness cover. Are you likely to need Critical Illness Insurance in the future? Yes? Then consider adding it now to the life insurance policy you’re arranging. Why? There are three reasons. Firstly, a Life Insurance policy combined with Critical Illness cover will work out significantly cheaper than buying two separate policies. Secondly, as we have already explained in the footnote to Tip 2, you may be able to buy a combined Life and Critical Illness policy with a guaranteed premium. That could be a real bargain. Finally, premiums for critical illness cover increase rapidly as you get older – so the sooner you take it out, the cheaper it will be.
5. Don’t confuse Terminal Illness cover with Critical Illness cover.
There’s world of difference between Terminal Illness and Critical Illness cover so it’s important to understand the difference. Terminal Illness cover pays out the insured lump sum if a Medical Doctor diagnoses you with an illness from which the Doctor expects you to die within 12 months. Most good life policies automatically include Terminal Illness cover at no extra cost. It’s basically an early, and welcome policy payout. A Critical Illness policy pays out the insured lump sum if you are diagnosed with one of a wide range chronic illness and there is no life expectancy criteria. Indeed, with many of the insured illnesses you could expect to survive for many years. For example: certain cancers, heart disease, stroke, multiple sclerosis, loss of speech, sight or hearing, onset of Parkinsons or Alzheimers disease, third degree burns etc. Say you were an engineer aged 40 and you lost your sight. A Critical Illness policy would pay out immediately and that money could well be vital in helping you and your family through many difficult financial years ahead. If you just had Terminal Illness cover there’d be no chance of a payout. So as you can see, Critical Illness cover is far more comprehensive than simple Terminal Illness cover and for that reason critical illness cover always costs you extra

Car Insurance Schemes: A Way To Be On The Safe Side

The car insurance scheme have various options for car owners. There are several car insurance policies that enable people to remain on the safe side. In case vehicles run through an accident the owners are safeguarded by these policies.

The car is undoubtedly a valuable possession. It is necessary to protect one's car from any mishap. The car insurance schemes make it possible for people to protect their much treasured car that people sometimes bring after a lifetime's investment. The insurance related to cars is of several types. They vary in forms such as bodily injury liability , personal injury protection, property damage liability, collision and comprehensive coverage.

The insurance schemes give a sense of reliability to car owners who can approach insurance companies incase they meet with an accident. The car companies offer insurance schemes while selling a car. These schemes are cheap and so customer get the confidence to buy costly cars. It leaves no option for bearing any losses if in case the car runs to meet with an accident. The whole system is very innovative and it takes into consideration the long term benefits of car insurance.

The car insurance schemes have bodily injury reliability and are applicable to the policyholder. They cover the damages that are caused to other cars. The second category of insurance is the Personal Injury Protection. This scheme makes it possible for policy holders to claim for the medical expenses of a driver or the passenger who face an accident. It covers expenditures such as hospital bills, X-rays and cost of surgery. The third type is the Property damage liability. It helps to protect the policy holder if one damages some one else's car. However, the mode of accident also determines the policy that it attracts. If one undergoes collision then the user can claim for collision coverage. Then there is also the comprehensive coverage policy. Such coverage allows the policy holder to ask for comprehensive coverage from insurance companies in the form of natural calamity, hail, fire, tornado, floods and so on.

With many options in hand, it becomes safe to drive cars on road. The user can make use of insurance policies and be confident about driving without the fear of an accident. These unavoidable policies make one feel more secured about cars.

Life Insurance Policy To Protect You All Life Long!

A long time ago, life insurance was used as a way to help save money for future usage in funeral expenses, and to help the family of the deceased. This was however only limited to “burial club” members in the Roman Empire. But now in the 21st century, life insurance policy covers not only after-death support, but for almost all other expenses as well.This type of insurance coverage was contemporarily introduced into the public access in the late seventeenth century. Since then, this trend has become very popular, and in fact is one of the most common ways to protect oneself financially. Common Benefits Some famous usages of this life insurance policy is to cover death benefits such as funeral costs, mortgages payments, replace the lost income that the deceased’s family misses, to pay estate taxes, retirement benefits, and many more. How does it Work?Basically there are three parties in the life insurance policy agreement; the insurer or the insurance company, the insured individual, and the beneficiary. Normally the insured individual and the policyholder are the same person, but the important party to the contract is the beneficiary, who would receive the insurance proceeds after the death of the insured party. Under a life insurance policy, the insured party pays a regular premium to the insurer or the company, in exchange for a guarantee of specified insurance proceeds payable to their family or the nearest kin upon his or her death. VarietiesLife insurance policy is generally divided into two different classes; term life insurance and permanent life insurance. Term life insurance is the basic form of life insurance policy. The word ‘term’ would clearly explain this policy’s function; to provide coverage for a certain period of time, such as 5, 10, 20 or even 30 years as specified by the insured. This policy protects the family as well as the insured party by providing money that they can invest to replace their salary after their death. In short, this policy is a pure life insurance policy with no cash value account.Permanent insurance, on the other hand, would remain active till the policy matures. This policy, unlike term life insurance policy, has a cash value account, and generally has a premium payment more than term insurances. There are four types of permanent life insurance policy, which are whole life assurance, universal life assurance, limited pay-off assurance, and the endowment insurance.

Tuesday, June 17, 2008

Is It Better To Invest On Critical Illness Cover Or Not?

First of all if you are worried about the safety of the family or want to set everything right for the future, you are probably wondering about taking a critical illness insurance. Fine idea as it is, to get the best critical illness insurance you must have to somehow get busy. In an initial step you have to make a list of what life insurance companies you have to visit or phone. Now, not all life insurance companies offer the critical illness cover. To sort out this fact, you will probably have to make some phone calls. Once done, you now have a list of all life insurance companies which offer the critical illness insurance.Critical illness insurance is a type of insurance which can award you a tax free lump sum upon diagnosis of a critical illness such as stroke, cancer, heart attack, etc. With critical illness insurance you can have the peace of mind should you happen to fall prey to a life threatening illness. You will be awarded benefits in this case. Otherwise if you maintain good health throughout the whole policy, all the money paid as premiums can be returned to you. If by then you have reached the age of retirement, you may have gained enough cash to pass the rest of your life in beauty. You could even take your whole family for a trip. On the other hand, should you die during the policy, critical illness insurance may award a tax free death benefit to your inheritor.Today we are so busy with the daily chores of life that we tend to forget the importance of our health. What will be the effect on your family if you fall critically ill in the future? If you are the breadwinner, then financial crisis as well as moral breakdowns can occur. Your family can even start to have the feeling of insecurity. To handle a tense situation as it is not easy. At that moment you need care and money is needed for your treatment. Your wife, if not strong enough can have the feeling of loneliness in a difficult situation. If it had been for critical illness insurance, your family would have been looked after. Critcal illness insurance would have awarded the payout hence alleviating to some extent possible financial dilemmas.Probably the best way to search for a critical illness cover or any other life insurance is to surf the internet. You could just sit down on your comfortable chair at home and feel free of the task of visiting all the insurance companies one by one. You open Google for example and write critical illness insurance. The results would show you a list of all insurance companies that offer critical illness insurance. You have immediately hundreds of insurance companies to visit and request a quote online.With critical illness cover payout, all your monthly expenses could have been taken care of. For example, your monthly mortgage installments or even a loan to buy a vehicle could be settled. There could have been enough money to pay for your medical care as well. In other words, critical illness insurance could have become an element of support for you and your family. If you are fortunate enough, you could survive the critical illness. Subsequently, you could even end up getting permanently disabled. Then you may want to make changes to your environment to match your current situation. Critical illness insurance may be the answer. You could buy yourself a new car or change your house structure to accommodate for a wheelchair. You could even decide to go and live elsewhere, where facilities such as hospitals or supermarkets are nearby.On a whole, critical illness cover may be considered as a ‘must buy’ product nowadays.

10 Important Questions Which You Ought To Ask When You Are Purchasing Health Insurance

If you are purchasing health insurance the details of the plan are critical and there various questions which you have to ask. Just considering the premium you are being asked to pay is insufficient and you must look at various different things including any limitations, additional payments and fee requirements, exclusions, restrictions on where treatment can be carried out and a number of other things.Here are a number of very important questions that you must always ask when you are purchasing health insurance:
1. What out-of-pocket expenses and deductibles will I need to pay? Your premiums are just the start and the vast majority of plans require you to meet your bills up to a certain figure before your insurance kicks in. Thereafter, you will usually also need to make a payment towards the cost of each medical bill.
2. Are health screenings and medical exams included in the plan? Look carefully to find out whether or not the plan covers you for routine medical exams including things like mammograms, breast exams and pap smears for women.
3. How are referrals and specialist care treatments handled? Look at the procedures you have to follow if you require referral for specialist treatment and whether or not there are special provisions for meeting the cost of such treatment.
4. What cover is provided for hospital treatment or emergency care? {Take a look to see whether you will need pre-approval for hospital or emergency treatment. It may seem ridiculous but some policies will not permit you to seek emergency treatment without the pre-approval of a designated physician.
5. What cover is provided for prescription medication? Many plans limit the medications which can be prescribed often stating that listed generic drugs rather than brand name drugs must be prescribed. You also need to look very carefully at the percentage of any cost that you will need to meet for medication.
6. Is cover for vision and dental care provided? Many plans do not cover dental and vision care at all while some limit treatment to merely routine annual eye and dental checkups.
7. Is psychiatry, psychotherapy and other mental health care cover provided? Not all insurance plans will provide cover for these areas and when cover is provided you must look very carefully at the extent of the cover being offered.
8. Is hospital, nursing home and home care covered? It is very important to examine the extent to which cover is provided for care in a nursing home, hospital or at home and whether or not there is a limit on any cover.
9. Is physiotherapy and rehabilitation covered? Illness or accident frequently results in a need for physiotherapy or rehabilitation and so it is important to look at the extent to which such treatment is covered.
10. Is alternative care covered? As a growing number of people are choosing alternative care such as the use of holistic treatments or acupuncture you should check to see if these are covered if this is something which you want to make use of.The premium that you will be paying for any health insurance plan is certainly very important but it is merely one element of the total package that you are purchasing

Affordable Health Insurance For People Without Employment

None of us enjoy being unemployed and it can place a considerable burden on both you and your family. You may even find that you have to depend to some extent on other people to help you cover day to day living expenses and perhaps temporarily put a roof over your head and feed you. This is also a time however when, despite the financial burdens, you really cannot afford to be without at least some basic health insurance cover as illness or accident, even as trivial as a simple broken leg, could suddenly find you with medical bills which you cannot meet. But where do you find affordable health insurance when you are unemployed?If you have recently been working then COBRA might provide one answer. COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1986) allows most people who are members of an employer's health scheme to continue to be covered by that scheme for a period after they have left employment. In general this period is up to 18 months, although there are circumstances in which it can be extended to 36 months. The scheme is mainly designed for people who are between jobs and do not need long term cover but do need cover until they find a new job and become eligible for their new employer's health scheme. COBRA can also cover your spouse and children and you should begin by asking your employer whether or not you are eligible for cover.If you are not eligible for cover under the provisions of COBRA then you will need to look for some form of private individual or family cover and here again you should start by looking for group schemes similar to those provided by employers but this time designed for members of organizations or clubs. For example, if you are a member of a motoring organization then you may well find that they have a scheme specially designed for their members. Similarly, if you belong to a local club, they too may have organized health insurance for their members.If this again does not apply in your case then you will need to widen your search and here the Internet can be an excellent place to turn. There are many excellent insurance websites which will be able to provide you with details of plans to meet your requirements and where you will be able to obtain free no-obligation quotes.One important thing to remember is that you need to tailor your plan to both your health needs and your budget and it is a good idea to look for a scaleable plan which will allow you take just basic cover at the outset and then expand your cover at a later date when your financial position improves.Life is unpredictable and, just as most of us do not expect to lose our jobs, so too we do not expect to fall ill or be injured in a car accident. Reduced financial circumstances are something which none of us wish to experience but sometimes we have no choice and simply have to make the best of things. However, do not run the risk of making an already bad situation worse for both yourself and your family but believing that you can get through the next few months without adequate health insurance cover. You might be lucky but, if you are not, you could find yourself in financial distress for the rest of your life.

Insurance 4 all is my motto...

Hi friends..

My name is Gade and i would like to bring here some good articles on insurance.
Insurance is necessity for one and all and it requires lot of education especially
in developing countries and third world countries. Countries like India and china
are now leading as examples in the insurance world. Lets try to make the entire
world a safe and insured people.


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