Category Archives: Insurance

Pre empt Financial Disasters

If you are young you may scoff at the very prospect that you will ever become disabled, at least in the near future. But, unfortunately, the reality is very sobering. The chances of unfortunate events are higher than you think. Just do not ignore the following facts.

* More than 25 percent of today’s 20-year olds will get disabled before they retire.

* It is not just the freak accidents that are the culprits. Health disorders like heart disease, cancers, backaches, and arthritis are the major reasons for long-term absences.

* As per an estimate, in Australia over 3,600,000 people reported one or more impairments that restricted their everyday activities. Of these over 2,000,000 were under 65 years of age.

Are you sure you are ready for such eventualities? Do you have enough savings that will last for two to three years if an unfortunate event does happen? The answer for both these questions, to most of us, is no, because not everybody is covered for disability income. This is the stark truth.

Some rely on their employers’ group disability coverage and others on government disability programs. But for many a disability is a financial disaster that will stop their paychecks and create untold miseries for their loved ones. Unfortunately, as per a survey, most Australians are significantly underinsured. Let this not happen to you. Do not allow your loved ones to face financial hardships like foreclosure and even bankruptcy. Prepare for disability the same way you do for all your future liabilities.

Do yourself a favor and buy income insurance or disability insurance that will bail you out whenever there is a financial crisis due to any long-term disability.

What Is Income Insurance And How Does It Help?

Income insurance provides you with income if you ever become disabled. The money helps prevent financial disaster by providing for not only everyday needs, but also for major liabilities. For example, you may need money for:

* Monthly mortgage payment

* Continuing educational expenses

* Building a home

* Maintaining your current lifestyle.

Disability Insurances may come in the following three main forms.

* Government sponsored programs

* Employer sponsored group disability programs

* Private individual disability income policies.

If you are covered by group disability benefits, are you aware of the following.

* The differences between long-term and short-term disability insurance: Many employers provide disability income benefits under a short-term disability plan, usually for a maximum period of six months. The government law may not stipulate employers to provide for long-term disability income insurance, though a good percentage of workers are probably covered under various employer-sponsored group disability programs that provide long-term benefits.

* The benefits your employer offers in the event of a disabling illness or injury: Find out what benefits are available, the period you need to wait after the disability for the benefits to start accruing to you, and the duration of payments.

It is possible that group disability benefits may not suffice. In such situations you should look to other sources of income. A well-laid-out income insurance plan could just be the thing for you.

Long Term Care Insurance Can Give You Peace Of Mind

None of us wants to think of becoming incapacitated and needing long term care. But it happens. If you are part of a married couple, you have a 70 percent chance of one of you needing long term care. If you are single, you stand a 40 percent chance. These percentages are bound to increase as baby boomers begin to age.

Long term care insurance can give you a peace of mind. Like health insurance, long term care insurance works to pay benefits to long term care facilities. They will cover what Medicare and other insurance will not and allow you to retain your savings.

Most of us do not plan for long term care and by the time we need it, it is too late. We cannot count on our children being able to care for us. With so many people living well into their 80s and 90s, it is very likely that the “children” who are to care for them are of retirement age themselves. This can be too much of a burden for an older person to take, no matter how much they want to help.

As you have worked and saved all of your life, you probably want to be able to leave something to your children when you pass on. You do not want to end the last of your days on public aid, in a long term care facility that is too far away for your children to visit. But that is what happens to people all of the time.

The way that long term care works is that you have to sign over all of your assets when you enter with an irreversible condition. When they are used up, you then go on public aid. There is no guarantee that the nursing facility will keep you once you are a ward of the state. They can then transfer you to another facility that may be much further away.

You cannot count on Medicare to pay for your care. They will pay a fraction of what it will cost to take care of you. And do you really want your children or loved ones emptying their bank accounts to pay for your care?

If you plan ahead and get a long term care health insurance policy, you can be covered. These policies will pay $150 a day for your care for a four year period. You can use the money when and if you need it. You can also get an inflation clause in your policy so that the $150 that is good for today will cover what it costs 20 years from now.

The amount you will have to pay for a long term care insurance policy will depend upon certain conditions such as your age and general state of health. But planning ahead for this kind of care is essential if you want peace of mind and do not want to have to worry about becoming a burden on your loved ones as you get older.

Process Of Filing A Death Claim And When It Is Not Payable

The process of filing life insurance death claim is quite simple and straight forward. The first thing to do is to intimate the insurer. The claimant should contact the insurance agent from whom the insurance policy was purchased. He/she will guide you through the process of submitting different documents and the procedure. If the claimant does not know the agent then the insurance company should be contacted directly.
1. Claim intimation: The claimant has to submit the Claim Form to the insurance company. The forms are available with the insurance company’s branch offices or can be downloaded from the insurer’s website. The Claim Form requires information like the insurance policy number, name of the insured, date, place and cause of death, name of the claimant etc.
2. Submission of required documents: The claimant needs to submit the original policy documents and the death certificate. The other documents required are �
a)For natural death/ death due to illness- medical reports, attending physician’s report.
b)For unnatural death/ in accident- autopsy report, police FIR, Panchnama report.
Depending on the sum insured or cause of death, the insurance company may require some additional documents/ certificates.
Once the necessary formalities have been completed, IRDA regulations stipulate that a claim be settled within 30 days from the day all documents are submitted. In case an insurance company needs to conduct further verification, all procedures should be completed within 6 months from the date of claim.
Speedy settlement of claims is a service that a life insurance company is expected to provide, but there are some circumstances when the insurance company can deny the sum insured and the claim is not payable. Some of those reasons are:-
1. If the policy holder, whether sane or insane, commits suicide within one year of the commencement of the policy then no claim is payable.
2. Death occurs under circumstances mentioned in the Exclusions of the policy for e.g. due to participation in a hazardous activity like sky diving.
3. Misrepresentation of facts relating to health- an insurance company can refuse a claim if false/incomplete information is found to be given at the time of purchase of policy. However this can be done only before the �incontestable period’ i.e. within 2 years of policy commencement. If the insurance company proves that certain information provided was done fraudulently, for e.g. someone other than the policy holder takes the medical examination, the death claim can be forfeited even during the incontestable period.
4. One very commonly told fib by prospective policy holders is that they are non smokers when in fact they are not. In a risk cover for critical illness especially, it is very important to disclose the insured’s smoking habits truthfully. Discovery of non-disclosure of the insured being a smoker could lead to the death claim being rejected causing tremendous difficulty for the nominee.
5. If it is found that a person had taken a life insurance policy for another individual with himself/ herself as the beneficiary with the intention of murdering the insured for gain.
A life insurance policy is a contract of �utmost good faith’, meaning that both the insured and insurer are mutually obliged to disclose all facts known to them that are relevant to the policy. It is imperative that the insured honestly discloses all information required while buying an insurance policy to ensure a problem free settlement.

Make Your Health Insurance

Health insurance is available in many forms from many companies. Doing research and keeping notes are wonderful ways to help you in your search. Check it out thoroughly prior to committing. The insights here can aid greatly in obtaining the coverage that you need.

During open enrollment, assess your insurance needs. Your insurance needs can rapidly change as your health changes and your family grows. If your employer also offers vision and dental insurance, you should review that also during open enrollment.

Many companies offer employee wellness programs that allow employers to save on health insurance. Employees who are willing to go in for a checkup may be eligible for discounts. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.

Look at your personal health insurance needs when it’s open enrollment time. Although your current policy may have been effective thus far, that may no longer be the case because health situations for you or your dependents may have changed. You might also need a different policy in order to add new people to it. This is also when you can decide what vision and dental options suit you the best.

Did you know that you can actually pay less money in taxes by using your health insurance as a deductible? Few people understand that health insurance premiums are tax-deductible. The cost of covering your deductible, co-pays and prescriptions are also tax deductions. Federal taxes are not the same as state taxes, so you should look into the difference.

Did you know that you can actually pay less money in taxes by using your health insurance as a deductible? Although many people aren’t aware of the fact, health insurance premiums are tax deductible. Health insurance premiums, prescription costs, deductibles and other expenses not covered by insurance may be deductible on your tax return. State taxes are different from federal taxes, so make sure you check guidelines.

Before you decide on an insurance policy, make sure the doctors and hospital you use is covered. Simply check the insurance company website for a list of hospitals and doctors that are in the network of the insurance provider.

You should realize that states regulate private insurance, so it is not possible to purchase it across state lines because of interstate commerce laws. One consequence of this is that coverage may be reduced or nonexistent if you receive care outside your home state. This is important information if you will be traveling.

You should consider that certain companies will have a surcharge for having a spouse on a health insurance policy if your spouse can access insurance from an employer. It might be cheaper to each have separate coverages with your employers. To find out the right way to go, calculate both scenarios.

What kind of health insurance do you have? Having health insurance means that you will receive proper medical care should you ever need it. Apply the information that you have read so that you and your family are covered under a health insurance plan.

Helpful Tips To Get Cheap Auto Insurance

Helpful Tips to Get Cheap Auto Insurance
Auto insurance has many benefits and can help you with your financial loss if you are involved in an accident. The insurance company will be paying for your loss and you will pay premium. Liability, Medical coverage, and property are provided with auto insurance and what property coverage does is pay for the damage of your car or if it is stolen. The medical coverage helps pay for your injuries or funeral expenses. When others are injured liability coverage can help pay for their injuries also. Most states make you buy some of the coverage, but you are not required to buy all of them. Auto policies should has from six months to a year, and the insurance company should tell you when its time to renew your policy.

One of the Auto insurance financial laws require that car owners must buy a minimum amount of property damage, bodily injury, and liability insurance. There are many sites that can be found that talks more about the financial law for Auto insurance. For example, California’s age limit on mail renewal is 70. If a death occurred during an accident it is considered alcohol-related. A person can not drive legally without insurance. The state requires you to have auto liability insurance.

Having Auto insurance can help you pay off after an accident has occurred. You have to prepare to pay claims if you cause an accident. If you have a teenage driver, it is wise that you insure them. Tell your insurance agent that there will be another driver in your household. Teenagers are inexperienced drivers and have a higher possibility in getting into a car crash and without insurance you will be loosing money out of your pockets. To keep a cost to a minimum it is a good idea to pick a safe car for your teenager to drive and talk to your teenagers about safe driving. Many auto insurance companies will offer discounts for students getting at least a B average in their school.

Your percentages will increase if you file a claim. Your company has the decision to renew your policy if you have had too many accidents and a bad record. When you have an accident and do not report it to your Auto insurance company you will be at risk. Being sued by the other driver will cause your insurer to refuse to honor the policy. It will be complicated for the insurer to collect evidence for you even if they do honor your policy.
For a website about Car Insurance visit Tuan’s Website Car Insurance Answers and find out about Cheap Auto Insurance Secrets & Tips, Understanding About Auto Insurance, Where to Compare Auto Insurance Quotes for the Best Rate, and Most Popular Auto Insurance Companies and more, including Car Insurance Rates.

Young People In Texas Struggle With Money Issues

In some respects, every generation has its own unique challenges. But young people reaching adulthood in Texas, especially in larger cities like Austin, Dallas and Houston, are waking up to the financial realities that come as part of life.

One part of that reality comes for those who have finished a college education and face thousands of dollars in student loan debt.

At the same time, today’s graduates and young professionals, who entered college just after the dot-com bust, did so with a new sense of reality, having seen in the news examples of how the financial markets weren’t everything the previous generation might have thought them to be.

Still, even after getting that dose of reality, young people in Texas and elsewhere are largely uniformed about personal finance. One study, by Hewitt Associates, a human resources consulting firm, found young people to have developed minimal saving habits while also making investment choices that may be far from advantageous.

A combination of the desire to live “the good life” and the accompanying high debt accumulated in gaining the education necessary to gain employment in their chosen field is creating significant problems for this generation.

While in college, this generation had a relatively simplified list of what constituted “necessities.” Now that they’ve graduated and are out on their own, the list has expanded, with some confusing “necessity” with “wish.”

Experts say the number one problem is a combination of educational and commercial debt, with some saying the average burden for a university graduate has risen by 50% over the past decade. Debt, the experts say, prevents young people from working toward goals like buying homes, saving for retirement or attaining a decent standard of living.

The situation gets worse in that young people, offered a seemingly easy option by credit card companies, go even further into debt, entering a spending spiral that will ultimately choke them off from making wise financial choices.

For some, that can get to the point where they find themselves struggling to make the most basic of wise choices, like making sure they will remain healthy through affordable health insurance.

Financial experts say there is hope in embracing a strategy that focuses on high-interest debt, which ultimately will free up money to invest in building appreciating assets, like a home.

While it may be easier said than done, the advice is sound. It also comes with some practical “how to” steps on how to make it happen.

One strategy is to reduce expenses through creative thinking. Some companies offer basic products and services geared toward those in just such a financial predicament, among them cell phone providers with pre-paid service and auto manufacturers that offer the most basic of transportation.

Reducing expenses in the early years of a career might also involve taking in a roommate instead of renting an apartment alone, even going to movies on discount nights. Some experts say that individuals could cut expenses by as much as 40% without denying themselves a decent quality of life.

Others say keeping records on how progress is being made is also important. The idea is to have mileposts that provide encouragement over what may be a long trip ahead.

Those with an eye to purchasing a home could apply the same thinking to what they can afford. Instead of focusing on the type of home their parents might have worked years to afford, a more modest property might be more realistic. With options that include buying a duplex and renting out half of the property to offset a mortgage, the possibilities begin to widen.

Avail Of No Fault Insurance Policy For Cars

There is a type of car insurance that has been mistaken by some policy holders, seeing it as immunity against faulty or irresponsible driving. The �no fault� insurance refers to the liabilities and policy that is managed by your state. Through this kind of car insurance, financial losses and liabilities are taken over by the residence state of the policy holder. If you have this insurance and you are held liable for an accident, your state will pay for it, whether you are to blame for the incidence or not. There are different insurance regulations for each state in the country. Some car insurance companies call this policy �tort coverage.� When you are endowed with a no fault insurance policy, this does not mean that you can drive irresponsibly.

Each state within the United States has different application methods for the no fault insurance policy. In some states, the car insurance company covers for minor injuries due to the accident that the policy holder is in, regardless of who is to blame. On the other hand, there are some policy regulations that allow the policy holder to file for a lawsuit if his conditions are not complied with. In Florida, the car insurance company can lessen liability coverage by acquiring smaller claims from the court. This is an advantage to the insurance company because of affordable legal expenses and the cutback of total insurance costs.

If your state offers this kind of insurance policy, you might want to avail of it. The �no fault� insurance policy covers for your minor injuries in case of accidents, even if it is not your fault. When you have this insurance and your car collides with another vehicle, your insurance company or your state laws will cover for your injuries. If you are riding with someone, you will be provided with a �first party� benefit. Your passenger gets treated for his or her incurred injuries. If your no fault insurance policy is comprehensive, the coverage is vast. Your insurer will cover all your medical expenses and other costs. Among the states that offer this type of policy are New Jersey, Florida, Michigan, Kentucky, Kansas, and New York.

There are some state laws that allow the policy holders to add service reimbursements. This means that they are not only covered for their losses, they can also sue the third party. When you are planning to avail of a �no fault� car insurance policy, it is up to you whether you want to add this privilege or not.

Hotel Insurance With Public Liability Cover

Insurance is very important, especially if you own a business. With a good insurance policy, you protect both your business and the welfare of your clients. The reason why is because your provider takes over in the event something bad happens. They would be the ones responsible for the $10K, $100K or even $1 million settlements… amounts that an ordinary business could not afford.

The situation becomes even more critical for companies involved with hospitality. Whether someone is running a nightclub or a hotel, there is an increased chance of a liability claim. But if you have hotel insurance, your financial interests are protected, regardless of what happens. Even if the judge finds your company at fault, your provider will still cover the settlement.

The same is also true for nightclub insurance. These policies are similar to hotel insurance, in that they cover a larger range of liabilities. However, they are different enough that they should still be purchased separately. The only exception is if the nightclub is actually part of the hotel. In that situation, the owner might be able to get an all-in-one discount if they purchase both policies from the same company.

Now, whether you get nightclub or hotel insurance, make sure each policy covers public liability. If they do, you will be protected against claims of negligence. For example, if someone falls on a freshly mopped floor, and a “Wet Floor” sign was not in place, you would not be responsible for the damages. The negligent employee responsible for the accident would also be protected.
Contents insurance should also be covered in your policy. With this protection, you will receive compensation if there is any theft, damage or vandalism on the fixtures inside your building. The same is also true with your company’s belongings, like beds or exercise equipment. Indeed, with contents protection, you could end up saving thousands, as you would not have to replace these items out of pocket.

Now for those that are on the bar side of hospitality, there are special pub insurances. They address more unique concerns in comparison to hotel or night club insurance. Since bar owners have more contents to worry about, they need a different level of protection. However, their coverage may not be as extensive as nightclub or hotel insurance, simply because their interaction with the public is different. If a bar does not have a dance floor, it is more like a restaurant (at least in the eyes of an insurance provider).

There you have it… the basics behind hospitality insurance. If you own a hotel, bar or nightclub, you need to get your hands on these policies. Otherwise, you could suffer dire consequences financially. That �’1 million settlement a customer got for falling down falls on your shoulders. Plus, you would suffer negative publicity. Granted, this does not mean you will be free from emotional fallout, as anyone going through trial is going to suffer a little spiritually. But with hospitality insurance, you do not have to worry about losing your business in the process. Your provider will take care of all the odds and ends, giving you time to repair your company’s damaged image

Support Your Family By Buying Health Insurance

Many people do not seriously consider investing in health insurance until it is too late. It could be that they did not understand it, it’s importance, or think they could afford it. This article is packed with tips and tricks that will help you to understand various aspects of health insurance coverage.

Figure out the costs before getting your own health insurance. The specifics on insurance and their co-pays, premiums, and deductibles can be very difficult to understand fully, make sure you do your homework!

Anticipate that your insurance policy’s language will have at least some loopholes in the coverage it provides. Make sure you read the policy thoroughly, so there are no surprises about what it doesn’t cover. Be aware of what items you are required to pay for out of pocket and be prepared to do so.

If your eyes already have issues, or vision problems exist in your home, then vision insurance proves a smart buy. The insurance will cover a percentage of your check-ups and your glasses or contact purchases. Of course, nobody is forced to have vision insurance, and you can save a few bucks a month by not having it.

Make sure the doctors and medical facilities you routinely use recognize the insurance you are considering before you sign up with the plan. To get a list of doctors that accept the health insurance you’re considering, simply visit the insurance provider’s website.

If you plan to have a baby soon, you should find a healthcare plan that will cover all expenses relating to your pregnancy, labor and delivery. This is extremely important because there are plans that will not cover certain pregnancy and labor needs.

If you are relatively healthy and do not visit the doctor often, start an HSA (Health Savings Account). The money you are not paying in premiums and insurance deductibles goes into this account to be used for future medical expenses.

Read your bills when they arrive. You may think that because you have health insurance that the additional costs you have to pay will be low. In some cases though, this can be wrong, especially when the cost of prescriptions are taken into consideration. Generic versions of medications are often ignored by doctors writing prescriptions. Don’t forget to shop around. Generic medications can vary in each pharmacy.

The options are multiple for obtaining good health insurance. Research as many options as possible before signing up for health insurance. Don’t make any decisions unless you are certain that you comprehend the pros and cons of all of your available choices.

Health insurance may be complicated, but knowing what you are doing makes it easier to understand. You just need to take a little time to educate yourself. This article is the perfect example; it states some great tips from people who have made these same decisions and the outcomes they have received.

Key Man Insurance & Its Importance For Your Business

In a business organization, key man refers to a person who is of great relevance or whose presence is crucial for the successful functioning of an organization. It is not necessary that key man should be the CEO or COO of the company; he could be any person who possesses the knowledge, experience, and expertise to play a decisive role in any of the important business areas. Such a man could be an accounts manager, HR manager, sales manager, marketing manager, project manager, and the like.

Key man, as you would have got an idea, is very important for a business to continue in a stable manner. Suppose an organization ceased to get its key man’s contribution due to death, chronic illness, or permanent disability of such a man, what would be the effect on that organization? The organization would suffer losses, its business activities would be adversely affected, and it would even come to a standstill. So, is there any way to prevent such a situation? The good news is that there is, and it is called key man insurance.

Key man insurance, as the name suggests, is the insurance of the key man of an organization. It is also called key person insurance or key employee insurance. Nowadays, many financial advisor services firms provide professional advice on Key Man Insurance policies. We have discussed above that the presence of a key man is of great importance in a business organization and his/her absence could prove detrimental for an organization. In such a scenario, key man insurance provides a cover for the monetary loss that an organization would suffer in the absence of its key man, or provides financial support for the expenses (for example, salaries of employees, returns to investors, operational costs, etc.) that an organization has to met in times of financial difficulties.

Key man insurance is important for your business due to the following reasons:

�It covers the monetary risk that arises when a key man leaves an organization.

�It provides money to an organization to meet its important expenses like wages of employees, payment to shareholders, mortgage amount, etc., even in times of financial difficulty that occurs due to its key man being not there.

�The organization has also to look for a replacement of the key person lost; this could prove very expensive depending upon the area of business the key person was handling. Key person insurance has the provision of providing fund for such an expense as well.

�Key person insurance is even more helpful to small organizations because loss of a key employee, in most cases, would mean death of the organization as well. Key person insurance provides a chance to such organizations to recover.