Health Insurance Overview

November 28, 2010 by  
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When it comes to health insurance, it is something that everyone needs in order to be able to live a healthy life, as we all know that without the help of health insurance, those medical bills would add up quickly and most people would be left in more debt than they already are. So what does a good health insurance policy offer the user?

First off, there should be a maximum out of pocket limit that doesn’t break the person. Many times this limit is a yearly limit. This means that you need to make sure that this is limit is something that you are comfortable with. If the limit is too high, then you may want to look into finding another health insurance policy that better fits your needs.

Check to see what the co-payment on the policy is. Most policies require that you pay an upfront fee at the appointment. Is there a cap on just how much you can pay as a co-payment? Is there a set amount for the co-payment no matter what the appointment is for? These are just a few questions to keep in mind.

Another important factor that health insurance plans that are considered to be high quality offer the ability to not have to have a referral in order to see a specialist. This aspect is hard to come by with most health insurance policies, so if you find one that offers this, then seriously consider it.

Health insurance can come with other benefits besides covering your medical expenses. For example, they may offer a yearly vision appointment to check your eyesight without charging you as well as dental benefits, not to mention maternity care or preventative care. It is important that you read through the entire policy to know exactly what you are getting, so that you can gear this towards whether the health insurance policy is truly worth what you are paying or not.

Most employers will offer some kind of health insurance. If so, take advantage of it because you will be hard pressed to find a cheaper rate. This is because the employers are getting offered a discount rate for the health insurance policy. In most cases, the employer will have a number of plans for you to choose from, including those for the single person and the family. However, if this is not an option for you, then there are several ways to find affordable health insurance on your own. The Internet is a great place to start and you can get many quotes on one site. However, be sure to do your research and get the most for your money.

The Costs of Term Life Insurance

June 13, 2010 by  
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Term life insurance could be an efficient insurance solution for you, but before deciding on a term life insurance policy, you should first know what the average costs for term life insurance are and what it could cost you to get that type of insurance.

Basically, if you want to get a clear idea on how much term life insurance would cost you, you should ask for several offers from different insurance companies, as offers differ extensively.

Term life insurance rates depend on many factors, such as gender, age, coverage etc. basically, younger people pay less for insurance, because it is generally believed that they are less of a hazard for the insurance company. Married people also pay less, because they are usually considered more cautious, and so on. There are many calculations of this kind that insurance companies make.

A study performed this year by the Insurance Information Institute stated that since the year 2000, term insurance rates dropped about 4 percent per year on average, following an average annual 15 percent plummet from 1994-1999.

The effect of these drops determined the lowest rates available in the last year to less than half of what they had been 10 years earlier. Recent statistics show that one in four adults has no life insurance, while the ones who do have considerably decreased their coverage amounts.

It is important to get lie insurance, in order for you and your family to feel protected, but before deciding on a certain policy, you should conduct a research, because offers on term lifer insurance vary extensively; rates may vary up to 50% for the same coverage, so it will payoff to enquire.

You should get several insurance quotes and ask for any facility or discount the insurance company may offer. Anyway, it is not safe to consider not purchasing life insurance, because life is full of uncertainties and unfortunate events. Insurance rates are not at their 10 year lows, so term life insurance is very convenient now, more convenient than before. It is also flexible, as you can choose from various year terms, coverage amounts etc.

Term life insurance is also considerably cheaper than a permanent life insurance policy, so it will payoff to purchase this type of insurance. Your policy premiums will also be guaranteed throughout the entire period of your policy coverage. There are just some of the advantages of term policy rates.

Considering all the factors involved in calculating the life insurance rates, you can get an idea on what you will have to pay even before you talk to an insurance company representative; you need to consider your age, gender, the amount and conditions of your coverage, the type of insurance plan you are considering, your occupation and hobbies, your health history and current health condition, as well as any medication you might currently be on or any unhealthy habits you might have such as smoking.

Term Life Insurance Info

June 13, 2010 by  
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You may not know this, but term life insurance could provide surprising benefits for you, if you are the owner of a small business. It is probable that, if you own a small business, you are already paying for property and liability insurance, so that you would be protected against fire, theft, flood and other natural calamities or accidents.

But not many business owners consider other possibilities, and maybe they should. In the event you or one of your partners would be unable to work, due to death or disability, your business would have to suffer greatly, because a small business depends extensively on its owners.

So life insurance could be a good idea, for protecting you, your business partners and your business. Even though you start small, as your business grows, there is always one (or two) key people, who keep it running and without whom your business would have a lot to suffer.

Besides the fact that you, as the owner, are one of the key-components of the business, you could also have one or two people who know everything about the business and have invested their time into getting the business running; the accountant who has been in the company from the beginning and knows everything that has ever happened inside the firm, the sales manager who gets the contracts signed and the deals done, or any other persons that you consider essential to your business.

If you take out a term life insurance for each of these people, you can be covered against any loss you would have to face should any of them be unable to work anymore, due to any unfortunate event such as death or disability. Protecting your company and preventing any loss is vital for a small business which depends fully on just a few people.

There are several kinds of insurance you could take out in order to feel protected against any losses, but an obligatory one for you should be term life insurance. This is because it is essential to prevent any losses you may be subjected to, and also because it is a very convenient one for you.

For a small, young company, the lower premiums and limited term coverage are a better deal than anything else. As the company grows, you can convert your tern life insurance policy into a whole life key person policy, which a life insurance policy that is specifically designed to cover the loss of a key person in an organization. It is more expensive, but better for bigger businesses because of its coverage and other facilities.

How to Get Cheap Life Insurance Rates

June 13, 2010 by  
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Life insurance has become a necessity for everyone; it is a way by which you and your family can feel protected, should any unfortunate event occur. It is a very useful instrument, and it could help your family cope with the expenses they would wake up having one day, should anything happen to you.

However, your insurance policy should be affordable, as it won’t help you to an outrageous amount of money each month; you can still be covered with a convenient monthly premium.

In calculating your life insurance rates, the insurance companies take several factors into consideration. Knowing what some of those factors are might help you decrease the costs and get great discounts, so you should probably conduct a thorough investigation before deciding on a certain policy.

First of all, your medical history is taken into account by the insurance companies. and one of the major factors considered, besides any illness or chronic condition, is whether you smoke or not. Smoking affects your health, as it could affect your body and it could cause many organs to be affected; besides all the health hazards you undertake when you smoke, you must also consider that your insurance rates rise considerably.

There is a considerable difference in the amount you need to pay each month if you’re a smoker, as compared to a non-smoker. So maybe you really should consider giving up this nasty habit.

Insurance companies consider that smokers have an elevated risk of suffering from several types of illnesses or diseases and have a shorter life expectancy, so they try to protect themselves as much as they can from any potential risk.

Another health hazard is excessive weight. Using the same logic like in the case of smoking, insurance companies believe that people who are overweight or obese are at much greater risk of suffering from several conditions, some of them serious.

For example, it is known that overweight people are at higher risk of developing diabetes and other serious conditions. Therefore, if you are overweight you will probably have to pay for it. However, if you try to lose some weight and show that you are committed to improve your life style and live a healthier life, you could save quite a bit.

Although life insurance is necessary, it is made up of several components, and these components are optional, so you should consider thoroughly which of them you need and which are not worth paying for. You should compare offers, get several life insurance quotes form different insurance companies and see which insurance policy would suit you best.

This is the only way you can save, and you should know that if you chose the right life insurance plan, you could save thousands of dollars in the long run. So the thorough research will most definitely payoff.

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Factors Determining Life Insurance Rates for Term Life Insurance

June 13, 2010 by  
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The premium also depends on the kind of illness or condition you are suffering from; for example, a person suffering from a heart condition will pay more for an insurance policy than someone with a thyroid problem, because the risk on the part of the person with the heart condition is higher. That is why it is important to compare offers and ask about insurance rates and coverage. Your occupation also has a relatively major influence on your insurance premiums.

If you work in a dangerous environment or your job involves more hazards than most other jobs, this will have an influence on your insurance rates. Once you have chosen the term insurance plan you find suitable for you, there are other ways in which you can decrease your payments even further.

For example, using electronic payment will help you save more than by mailing your payment; some insurance companies give you discounts if you use electronic payment, so you should also ask about that. you can also get considerable discounts if you choose to take out several insurance policies with the same insurance company, so that might also prove worth investigating. Multi policy can give you considerable discounts, if you know how to conduct negotiations with the insurer.
It is not very difficult to obtain a multi-policy bonus; first of all, because the life we are living usually imposes several types of insurance on us. If you want to buy a home, you will probably need to sign up for a mortgage plan; iy you own a car, you are obliged to take out a car insurance; if you add life insurance or a health insurance policy (which should also be mandatory considering the risks we are constantly submitted to these days), your discount should be really substantial.

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Dealing with the Problem of Lost Life Insurance Policy

June 13, 2010 by  
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Considering the importance of life insurance, misplacing or losing a life insurance policy could be a big problem. When a family member dies and the family cannot find the life insurance policy, this becomes a serious problem, which can affect the family even further.

In order to solve this problem, there are a few things you need to do. There are services willing to try and solve your problem for you, by offering solutions to help locate the lost insurance policy, but before you take any outside help, you need to think long and hard about whether or not the deceased had any insurance policy; it is possible that, in fact, they may have overlooked that very important aspect and had not taken up any life insurance policy, so you need to know what the case is.

If the deceased family member had life insurance, things would be a lot less complicated if you knew what company had issued the policy, if your family member had talked to an insurance broker (in which case, you should know who that person is); in some cases, employers offer their staff some facilities, including life insurance policies, but there are also other groups that could offer their members life insurance policy facilities. All this information is important, because it would make your life much easier if you had it.

If you do not have that information, you should start with the obvious: search through the bank deposits, files, and other confidential documents that might help you get information on how to recover the lost insurance policy.

You could also try to search through the person’s address book, as the name of the insurance company they signed the policy with might be there. If you have tried all these things and you couldn’t find any information, you could search through the bank statements, because this might help you understand if the life insurance policy was paid by means of check or any other way.

Bank statements are usually the best way to find any financial transactions, so searching through the bank records will give you a clear idea on any financial transactions the deceased might have made recently, in order to find name of the company you’re looking for.

You should ask the former employees or colleagues, because if they took up a life insurance plan offered by the employer, then it must be with the same company as all other colleagues. This could help you find out what you’re interested in.

Check the previous filing of income tax, because the life insurance premium provides rebates on income tax; this should help you locate the lost insurance policy.

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Are You an Unclaimed Life Insurance Beneficiary? Find Out Now!

June 13, 2010 by  
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If you have a life insurance policy, it is possible that you benefit from some benefits that you don’t yet know about. If you found out late that you could have filed an insurance claim, don’t worry.

Unclaimed life insurance policies do not disappear, but they remain valid, so you can collect them even later than average. So, if you think you have some policy benefits, filing a life insurance claim is not a very difficult process. but it is still important to understand the process, because it may sae you from undergoing a difficult route.

First of all, it is important to understand the difference between whole life insurance and term life insurance; if the deceased family member had a term life insurance policy, than any claim must be made before the en of the policy term – that is why it is called term life insurance, as it only lasts for a determined period. However, with whole life insurance, you should also get some important information before filing the claim.

If the policy holder has made their regular payments until the time of death, there’s nothing to worry about, as you will benefit from the insurance coverage and you’ll be able to collect the claim in full. If the insured person stopped making payments, then the policy lapsed, and there are two options available for the insurance company.

They could decide to assign the policy extended term status, which basically means that they use the cash value of the life insurance policy to buy a term-life policy. The policy will be for the same amount as the original whole-life-policy, and the term will be extended for the amount of time that the cash value will allow. The insurer company can also place the policy in what is known as reduced, paid up status.

That means that the policy remains in effect, but the amount of the death benefit is reduced. Both of these options make it possible for the family of the deceased to collect the unclaimed life insurance.

The policy will lapse in the eventuality that the insured stops making payments; if the insurance company stops receiving the regular payments, they will send notifications by post, enquiring on the reason that premiums are not being paid. If they receive no answer, then the policy will lapse.

However, if the company chooses any of the two options above, the family cans till collect the policy claim, even if a relatively high amount of time has passed since the death of the family member.

If you are not sure whether or not the deceased had any insurance, there are several ways you can find out, and it is not difficult but you will need to have a bit pof patience.

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Importance of Life Insurance

November 17, 2008 by  
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Life Insurance is a type of insurance in which the policy holder receives a specified sum of amount from the Insurance Company, in the event of his death. The assured amount is payable to the insured person’s family members or whoever he nominated in the policy application. Some Insurance policies (Term Life Insurance) also offer money-back guarantee through which the policy holder is paid a certain sum of money (plus bonus), if he is surviving after the policy expiry.

The policy holder has to pay a certain amount of money as a premium to the Insurance Company. The premium amount is calculated based upon the policy period, age of the policy holder, type of policy and the sum assured. The premium amounts can be paid monthly, quarterly, half-yearly or yearly depending on the policy holder’s choice.

If you are confused in choosing a policy plan you could consult an Insurance advisor who would be in a better position to assist you. Some type of Life Insurance policies may have “Double Accident Benefit” which means the dependants of the policy holder would be paid double the amount of the assured amount in case of death by accident. Before buying any life insurance plan you must read the terms and conditions of the policy.

Advantages of Life Insurance

There are lots of advantages in buying a Life Insurance policy rather than traditional investments. In case of other investments like savings in bank account or term deposits the dependants are paid out the amount that was actually saved by the investor (incase of his death). Whereas through a life insurance policy, the policy holder’s dependant would be paid the assured amount which is more than the actual amount paid (premiums) in most of the cases. Individuals who pay premiums for life insurance plan can claim for tax-deductions. A Life Insurance policy paves way for a potential monetary support to the family members/ dependants of the bread-earner of the family. You can avail loans against your Life Insurance policy at the time of need.

Disadvantages of Life Insurance

If you missed the opportunity to buy a Life Insurance policy at a younger age, your premium amount is too expensive as the risk of death is more as you get older. Life Insurance may not be suitable for everyone. For instance a person who lives alone or has no dependants does not require a life Insurance. Although the premium amount is lower for the age group of 25 to 30 the risk of death is lower and instead of paying the premium amount they could make investments in Term Deposits, Stocks, Mutual Funds etc. where they could earn more profit. Life Insurance is more beneficial only when the policy holder dies within the policy period in case of Term Life Insurance. If the policy holder survives after the policy expiry he would be paid a sum of amount that would be less than other Investment returns like Mutual Funds, Stocks, Property Investment etc. In case if you are in a severe financial crisis and want to discontinue from the plan the surrender value would be much lower than what you actually paid (premium).