Accident payment protection is often offered in addition to other forms of life and health insurance or to mortgages. You will be required to pay an additional fee that if you are involved in an accident or suffer some illness and are unable to work will ensure that your mortgages and other necessary bills get paid each month.
The premiums that will be charged on such policies are determined by the amount of cover a person wishes to take out along with the person's age. So the older you are and the more coverage you request then the more you will be expected to pay.
Also another thing which will affect the amount you pay on your premiums relates to the kind of coverage that you take out. Some policies are designed to cover a person's overall lifestyle, whilst other are simply those to protect their mortgage payments or other kinds of loan payments.
One should be aware that if a person suffers from a pre-existing medical condition then they may not be able to take out this kind of insurance. So it is important that when you are applying for any kind of payment protection insurance you fully disclose all health problems. Sometimes however this exclusion may be waived on a possibly if it is found that the person has not suffered from the condition for a period of two years or more prior to the date of the policy being taken out. So you need to read through all the terms and conditions prior to you applying for any such policies.
Wednesday, May 28, 2008
Shop Around For Income Protection
Shopping around online for your income protection policy is needed if you are to get a quality policy that also comes with the cheapest premiums. Standalone specialists who offer cover for your income will base the premium they charge on your age when taking cover out and also on the amount that you wish to insure each month. The amount you can cover will be up to a certain amount of your monthly income and this is the figure that you will be paid out if you need to make a claim.
A loss of income would affect you greatly and you could be forced to make many lifestyle changes. Income protection would kick in and start to provide you with a replacement income after being unable to work or of becoming unemployed. All policies will have a waiting period which you have to stand to before putting in your claim. However some providers will backdate the benefit to the first date of you coming out of work or of being made redundant. The policy might stipulate that you are unable to work for a minimum of 30 days and others could ask 90 days of waiting. After your cover had begun paying it would continue to provide for a period of between 12 and 24 months, this is dependent on the provider you choose to take your cover from.
You can find out exactly when your cover would start and end in the terms and conditions of the policy. This is also where the provider will put in any exclusions that could apply, and these can vary again on the provider. While you are fit and well and working full time you might not even give a thought to what could happen in the future. While no one likes to look on the bad side of life, things can and do happen and unless you are protected against them then your whole life could change.
One of the biggest outgoings you have to meet each month is your mortgage. If you get into arrears with your mortgage due to a loss of income then your lender could take steps to repossess your home. If you have borrowings by way of loan or credit cards then you also need to protect them. If you cannot repay, you will earn yourself the title of being a bad payer and see a decline in your credit score. If you wanted to borrow in the future then it could be very hard as your credit rating is the first thing lenders take into account. Depending on how much you owe the lender they could take you to court and you might get a County Court Judgement against you.
Do not confuse income cover with income protection insurance as income protection insurance will not payout against redundancy. It would provide an income up to retirement age if you were to become sick or suffer an accident that meant you would not be able work.
At anytime you might find yourself suffering an illness which meant you had to take a considerable amount of time away from work. You could also be involved in an accident that also kept you from earning an income. Unemployment also has to be considered as redundancies do happen. An income protection policy would safeguard all of these and would allow you to continue meeting all of your outgoings.
A loss of income would affect you greatly and you could be forced to make many lifestyle changes. Income protection would kick in and start to provide you with a replacement income after being unable to work or of becoming unemployed. All policies will have a waiting period which you have to stand to before putting in your claim. However some providers will backdate the benefit to the first date of you coming out of work or of being made redundant. The policy might stipulate that you are unable to work for a minimum of 30 days and others could ask 90 days of waiting. After your cover had begun paying it would continue to provide for a period of between 12 and 24 months, this is dependent on the provider you choose to take your cover from.
You can find out exactly when your cover would start and end in the terms and conditions of the policy. This is also where the provider will put in any exclusions that could apply, and these can vary again on the provider. While you are fit and well and working full time you might not even give a thought to what could happen in the future. While no one likes to look on the bad side of life, things can and do happen and unless you are protected against them then your whole life could change.
One of the biggest outgoings you have to meet each month is your mortgage. If you get into arrears with your mortgage due to a loss of income then your lender could take steps to repossess your home. If you have borrowings by way of loan or credit cards then you also need to protect them. If you cannot repay, you will earn yourself the title of being a bad payer and see a decline in your credit score. If you wanted to borrow in the future then it could be very hard as your credit rating is the first thing lenders take into account. Depending on how much you owe the lender they could take you to court and you might get a County Court Judgement against you.
Do not confuse income cover with income protection insurance as income protection insurance will not payout against redundancy. It would provide an income up to retirement age if you were to become sick or suffer an accident that meant you would not be able work.
At anytime you might find yourself suffering an illness which meant you had to take a considerable amount of time away from work. You could also be involved in an accident that also kept you from earning an income. Unemployment also has to be considered as redundancies do happen. An income protection policy would safeguard all of these and would allow you to continue meeting all of your outgoings.
Thursday, May 22, 2008
How To Save Money On Health Insurance
Health Insurance is imperative for your daily savings and expenses. One can fall ill at any unexpected time, causing misery and most importantly, if you are not covered with any health insurance plan, it can prove to be quite expensive on the pocket. Economy is bad these days. Every penny saved goes towards your savings, and can help you better prepare for your future. If ever a situation arises where you are compelled to spend this money, especially for health reasons, it can surely upset your balance. Lowering your expenses is highly important. One of the easiest ways to save money is through getting an insurance package to protect yourself and your family at times of need.
Most people often find it expensive to opt for a health insurance. They are of the notion that they would rather spend this money if ever any health issue arises. If you are an average ordinary person, consider a time in a month where you have just paid your monthly bills, had your mortgage settled out, and are just satisfied with the way things have turned out. But things may go wrong if you fall ill all of a sudden. Remember, we set apart an amount of money for all of our expenses except for health related issues. It is not uncommon. People tend to save money on literally everything, but just couldn't afford to save a few hundred dollars for their own health.
Health Insurance may not be as expensive as one would think.
Over the years, various health insurance companies have evolved with interesting health and medical insurance packages that are easier on the pocket, all the while providing top quality service. Unlike the previous days, we are provided with an opportunity to compare and select different health insurance and life insurance packages that appeal to us the most. Now for a few hundred dollars a month, you can insure your whole family against unpredictable circumstances and provide them with quality treatment facilities. Compare this to the actual costs that may be incurred during some serious illness. We are talking about thousands of dollars saved. You can compare and get free quotes on several health, life, medical and other insurance plans from Health Insure Direct.
HSA or Health Savings Account is another option of saving money on health insurance. HSA lets you gain the full advantage of health insurance plans, and also provides you with competitive tax benefits. HSA is more like a savings account, where you are required to invest a few hundred dollars monthly. You will get a fixed interest on this money, and the money being invested in HSA is absolutely tax free. Also, there is nothing known as maturity of the insurance plan, and you can withdraw any amount of money for your medical expenses from your HSA anytime you want. All you will need is to pay off the deficient amount in the subsequent monthly payments. Health Savings Account is just another reason to save money for your extra needs.
Compare HSA plans that are suitable for you and that is quite affordable to accommodate your daily expenditure and savings. Research is the major part of saving money on insurance. It is always important to look up the various rates and packages of health insurance providers, and Health Insure Direct provides you with an easy to use interface to research and select free quotes from some of the top notch health insurance companies.
It would also be worthwhile to keep a regular check and update on the health insurance rates of the present day market. You wouldn't want to end up paying extra, especially at times when the economy requires you to save as much money as possible. For this, you could re-evaluate your insurance rates and packages every six to twelve months, or you can also go in for short duration insurance packages. Either way, never ever forget that you have a health insurance package, and take care to avoid any defaults. Insurance companies usually associate a "*" along with their terms and conditions which states that you are supposed to be making payments at prescribed intervals, or you lose all the benefits. Pay your premiums on time and stay protected anytime and anywhere.
Health Insurance Following Termination Of Employment In Missouri
If you involuntarily lose your job or suffer a reduction in work hours that results in a loss of group health insurance coverage for any reason other than for gross misconduct (the "qualifying event'), and your former employer has more than 20 employees and you were covered by a group insurance plan, under federal law you may be entitled to continue your prior coverage.
The federal law that applies is called COBRA.
To potentially qualify for COBRA coverage, you must be:
• An employee who had a voluntary or involuntary (other than for gross misconduct) termination of employment (a "covered employee")
• The spouse or dependent child of the covered employee
• The widow(er) or orphan of the covered employee
• The former spouse of the employee
• The child of the former spouse of the employee and the employee
The cost of insurance coverage under COBRA is a maximum of the premium paid by the employer for the insurance plus a 2% administrative fee. If the employer previously subsidized the cost of the insurance, it may - but is not required to --continue to provide this subsidy.
The time for which continuation coverage is available depends on the type of event that triggered the availability for COBRA coverage:
• Employees, dependent children and dependent spouses can continue coverage for 18 months when the qualifying event is job loss or reduction of work hours
• Dependent spouses and children can continue coverage for 36 months if the covered employee becomes eligible for Medicare, there is a divorce or legal separation or if the child loses dependent status
In some cases where an individual is not eligible for coverage under COBRA, Missouri law gives the right to continue coverage for up to 9 months in certain limited circumstances.
To qualify for coverage under Missouri law:
• The group policy must have been delivered or issued for delivery in Missouri
• The employee or member of the group with the health insurance must have been continuously covered under the group policy for the 3 months immediately prior to the termination of coverage
• The employee or member must request continuation of coverage in writing within 31 days of the date that coverage would otherwise terminate
• The spouse of an employee or member whose coverage would otherwise terminate due to divorce or the death of the member or employee has the same rights to continuation of coverage as the employee or member.
Coverage is NOT available to individuals who are or could be covered by Medicare or individuals who are or could be covered by any other insured or uninsured arrangement that provides hospital, surgical or major medical coverage for a group of which the individual was not a covered immediately prior to the termination of coverage.
The continuation coverage must include maternity coverage, if maternity coverage was provided under the group plan before, but it need not include dental, vision care or prescription drug or any benefit other than hospital, surgical or major medical benefits.
The person electing to continue the coverage must pay to the policy holder, monthly, the amount of the premium required to maintain coverage. That amount cannot exceed the group rate for coverage, but if any benefits are being excluded, the premium will be reduced accordingly. The first premium payment must be given to the group policyholder within 31 days of when the coverage would otherwise terminate.
The laws regarding the continuation of health insurance following the termination of employment or the reduction of work hours resulting in the loss of health insurance coverage are complex and every situation is different. Do not rely on this summary to make decisions: speak to your group health insurance administrator of the Missouri Division of Insurance for advice on your particular situation.
The federal law that applies is called COBRA.
To potentially qualify for COBRA coverage, you must be:
• An employee who had a voluntary or involuntary (other than for gross misconduct) termination of employment (a "covered employee")
• The spouse or dependent child of the covered employee
• The widow(er) or orphan of the covered employee
• The former spouse of the employee
• The child of the former spouse of the employee and the employee
The cost of insurance coverage under COBRA is a maximum of the premium paid by the employer for the insurance plus a 2% administrative fee. If the employer previously subsidized the cost of the insurance, it may - but is not required to --continue to provide this subsidy.
The time for which continuation coverage is available depends on the type of event that triggered the availability for COBRA coverage:
• Employees, dependent children and dependent spouses can continue coverage for 18 months when the qualifying event is job loss or reduction of work hours
• Dependent spouses and children can continue coverage for 36 months if the covered employee becomes eligible for Medicare, there is a divorce or legal separation or if the child loses dependent status
In some cases where an individual is not eligible for coverage under COBRA, Missouri law gives the right to continue coverage for up to 9 months in certain limited circumstances.
To qualify for coverage under Missouri law:
• The group policy must have been delivered or issued for delivery in Missouri
• The employee or member of the group with the health insurance must have been continuously covered under the group policy for the 3 months immediately prior to the termination of coverage
• The employee or member must request continuation of coverage in writing within 31 days of the date that coverage would otherwise terminate
• The spouse of an employee or member whose coverage would otherwise terminate due to divorce or the death of the member or employee has the same rights to continuation of coverage as the employee or member.
Coverage is NOT available to individuals who are or could be covered by Medicare or individuals who are or could be covered by any other insured or uninsured arrangement that provides hospital, surgical or major medical coverage for a group of which the individual was not a covered immediately prior to the termination of coverage.
The continuation coverage must include maternity coverage, if maternity coverage was provided under the group plan before, but it need not include dental, vision care or prescription drug or any benefit other than hospital, surgical or major medical benefits.
The person electing to continue the coverage must pay to the policy holder, monthly, the amount of the premium required to maintain coverage. That amount cannot exceed the group rate for coverage, but if any benefits are being excluded, the premium will be reduced accordingly. The first premium payment must be given to the group policyholder within 31 days of when the coverage would otherwise terminate.
The laws regarding the continuation of health insurance following the termination of employment or the reduction of work hours resulting in the loss of health insurance coverage are complex and every situation is different. Do not rely on this summary to make decisions: speak to your group health insurance administrator of the Missouri Division of Insurance for advice on your particular situation.
What Health Insurance Companies Know About You
In this day and age of advanced technologies science has solved mysteries of all kinds, including those dealing with the human genome, it should come as no surprise that someone had the bright idea of using human genetic information as a condition for obtaining insurance. This idea, of course, would raise more than a few eyebrows. Imagine the ramifications.
Just recently this idea was squashed by a bill passed in the U.S. House of Representatives; the bill, reminiscent of a Robin Cook novel, prohibits a group health plan from making adjustments to premiums or contribution amounts for groups of people based on their genetic information. Although it sounds like something from the pages of George Orwell, this is reality of a sort not too many people have contemplated. Freedom, liberty and justice are all things thought about on a daily basis - but insurance based on your genetic code?
The Genetic Information Nondiscrimination Act of 2007 specifically tells a group health plan they cannot request or require a person or family member to undergo a genetic test. However, the bill does not limit the authority of a health care professional (doctor etc.) to ask a person to have a genetic test. The key to understanding the distinctions made in this act involves grasping that the ban on asking for genetic information doesn't preclude a group health plan from acquiring the results of a genetic test, or using that information to make a decision on payments. This doesn't mean the health plan has access to all of the medical information gathered. It means they can only ask for the minimum information required to make a decision on payment.
Further provisions of this rather controversial act include the fact that a group health plan can ask, but not require, a person or beneficiary to have a genetic test for research purposes , as long as certain requirements are met. Those requirements are that the health plan makes it perfectly clear that any compliance with their request is strictly voluntary, and that those who don't choose to comply won't be penalized in any way relating to their enrollment status or contribution amounts.
The second requirement is that the health plan is not allowed to use any genetic information collected for underwriting purposes; that kind of request must be made to the Secretary of Health and Human Services with complete details included.
In summary, although this act is certainly controversial, it does seem there are safe guards in place to prevent any abuse of the system.
Just recently this idea was squashed by a bill passed in the U.S. House of Representatives; the bill, reminiscent of a Robin Cook novel, prohibits a group health plan from making adjustments to premiums or contribution amounts for groups of people based on their genetic information. Although it sounds like something from the pages of George Orwell, this is reality of a sort not too many people have contemplated. Freedom, liberty and justice are all things thought about on a daily basis - but insurance based on your genetic code?
The Genetic Information Nondiscrimination Act of 2007 specifically tells a group health plan they cannot request or require a person or family member to undergo a genetic test. However, the bill does not limit the authority of a health care professional (doctor etc.) to ask a person to have a genetic test. The key to understanding the distinctions made in this act involves grasping that the ban on asking for genetic information doesn't preclude a group health plan from acquiring the results of a genetic test, or using that information to make a decision on payments. This doesn't mean the health plan has access to all of the medical information gathered. It means they can only ask for the minimum information required to make a decision on payment.
Further provisions of this rather controversial act include the fact that a group health plan can ask, but not require, a person or beneficiary to have a genetic test for research purposes , as long as certain requirements are met. Those requirements are that the health plan makes it perfectly clear that any compliance with their request is strictly voluntary, and that those who don't choose to comply won't be penalized in any way relating to their enrollment status or contribution amounts.
The second requirement is that the health plan is not allowed to use any genetic information collected for underwriting purposes; that kind of request must be made to the Secretary of Health and Human Services with complete details included.
In summary, although this act is certainly controversial, it does seem there are safe guards in place to prevent any abuse of the system.
Sunday, May 11, 2008
Key to Choosing Life Insurance
Term Life Insurance
There are various forms of term life insurance available. The main feature of term life insurance is that it offers death protection, protection for a stated time period, referred to as a term.
Term life insurance is the easiest to understand. It's very simple, and it was intended to provide temporary life insurance for people who have a limited budget available. Term life insurance can be purchased in relatively small amounts.
A good use of term life insurance is to buy a large amount that would cover a loan. For example a loan on the home, a mortgage as that is a temporary and defined time period. For paying off the mortgage, the loan is a short range loan to fulfill a short range goal. This is a good idea to use during the child rearing years.
A term life insurance policy can be renewed once the term is ending. To continue it will continue add higher premiums as the insured is older at the time of renewal. In most states the insurance can be renewed as late as age 85 or 95.
The Advantages of Term Life Insurance.
Term life insurance is affordable. The premiums can be adjustable, which means the company may raise or lower them at some point that's been specified in the policy based on changes in the policy owners life.
Even though term life insurance can be renewed, at the time of renewal the policy owners life is probably at a different age and his health may be different so the terms of payment may be higher.
While term life insurance does not have the greatest long lasting benefit it serves a valuable purpose in the short term. It's easy to understand and easier to afford than other life insurance products.
A term life insurance policy can be converted to a permanent life insurance policy within the same insurance company to age 75.
Janie Jenkins is the "Easy To Do" instruction expert. Discover how easy it is to do what seemed like your most complicated ambition.
Need Low-cost Temporary Family Health Insurance
Many families will find themselves without medical coverage at some point in their lives. So, what do you do if you find yourself in this situation? Here are some thing that you should consider when purchasing quality, low-cost temporary family health insurance.
Low-cost temporary family health insurance is available for those under 65 and who are in generally good health. It also usually covers dependants under 19, as well. Although these policies are only good for six months or so, you can reapply for coverage, as needed. Bear in mind, however, that any illness or condition that occurred during this temporary coverage will be treated as a pre-existing condition under the new policy.
Before you apply, however, there are some questions you should ask the salesman or representative. You need to be certain of the maximum policy benefit, for example, and you should make sure of the co-payment schedule. Many low-cost temporary family health insurance plans are PPO networks, so you need to find out if you are required to have a primary care physician. You should also ask the representative how pre-existing conditions will be treated under the plan. Some companies will not cover pre-existing diseases or conditions; some will do so, after a pre-determined period, like twenty-four months.
There are many good low-cost temporary family health insurance plans available and with a little patience and research, you will find the policy that is just right for your family.
Gerardas Norkus is the owner of http://www.ez-insure.com/, an insurance website with articles and consumer information on various insurance topics.
Tuesday, May 6, 2008
Life Insurance - Term Life Versus Whole Life
Life insurance is a tool that may help provide financial security for your loved ones in the event something should happen to you. You are probably familiar with the terms "term life" and "whole life," but may not necessarily understand the differences between these two types of insurance.
Also called temporary insurance, term life insurance covers a person against death for a limited time. As an example, the term may cover the person until children reach the age of 18, until college tuition is paid for, or until retirement. This is the ideal coverage for those whose insurance needs may decrease over time.
With a renewal provision, term life policies can be renewed at the end of the term without providing additional proof of good health. Although initially affordable, the premiums may increase with each renewal.
At the end of the term, you pay for the policy period or the policy expires. This is similar to auto insurance in that you don't receive any benefits unless a claim is made against the policy during the term.
Also called permanent insurance, whole life insurance is permanent and does not expire as long as you continue to pay the premiums. The premiums do not increase - they are locked in for life the day you sign the contract. The coverage is similar to term life, but whole life acts as an investment vehicle as well with a portion of the premium going towards it and the rest going into an investment account. The investment account can be an interest bearing account or a variable investment account (like stocks or bonds).
Term life insurance is generally better for young families with large financial obligations since this policy offers substantially lower premiums and provides sufficient coverage to protect against loss of income. Whole life insurance is generally purchased by people for tax and estate planning purposes. Consider consulting a financial advisor for advice in selecting the best policy for your family.
Ultimately, the type of life insurance you choose depends on the amount of insurance you need, your budget and your estimated length of commitment.
Best Term Life Insurance
Term life insurance, as a concept is fairly easy to understand as opposed to understanding what term life insurance is the best for you. It is very important that you give long and good thought to what term life insurance would be suited to your best interest. Term life insurance remains in effect for only a limited time that has a predetermined span of time. An individual who holds a term life insurance pays a standard premium only during the specified term of his life insurance policy. In the event of the death of the insurance holder during the term, the death benefits directly end up going to the beneficiary.
Most of the various life insurance policies today offer a variety of options but term life insurance is one of your best options as it offers you maximum flexibility. It is however true that all sorts of options are more readily available with other kinds of insurance solutions. Still, despite the simplicity and limitations, term life insurance is yet a more sensible and of best utility among a large spread of customers.
For those individuals who require a temporary life insurance protection, a term life insurance policy is best. Term life insurance is best to fill a gap like when the case is such that an individual is not protected under any life insurance policy due to whatever reasons. Under such circumstances the term life insurance is best as it can still protect the necessary financial interests of the concerned family. If you are looking for a life insurance coverage for just a short period, then too term life insurance is best opted for.
By and large term life insurance is best suited for young working people who have families. You can easily find the best term life insurance quote for you by making use of the Internet. However when you do get around to searching for term life insurance quotes online you must keep certain points in mind like for example the premium that is to be paid, the term of insurance, the rate, authenticity of the company and so on. You will find affordable term life insurance schemes by searching for life insurance companies that have websites with complete details. By comparing the policies offered by different companies you can settle upon the best term life insurance policy for you.
Georgia Health Insurance
Georgia health insurance offers medical benefits that cover the cost of treatment incurred in a hospital. The coverage provided is comprehensive which includes doctor visits, hospital stays, emergency, prescription, dental care, and mental health care. It serves families, students, kids, employees, workers, self employed, small and large businesses, and retirees.
For the citizens of Georgia, a wide variety of health insurance plans are available to choose from. Each one varies significantly based on the size of deductible and the benefits covered. Individual health insurance, family health insurance, group health insurance, student health insurance, affordable health insurance, health insurance for children only, and temporary health insurance are some of the insurance plans available in Georgia.
In Georgia, health insurance laws and regulations regarding individual health insurance is different from other US states. The law allows insurers to deny the request for individual health insurance based on pre-existing medical condition and current health conditions.
The state of Georgia has moderate insurance regulation which protects both insurance consumers as well as the insurance company. According to "guaranteed renewability provision", a health insurance policy regulation, an insurance owner is allowed to renew a policy without considering his/her health status.
In Georgia there is no limit on the premiums that the companies can charge for a health plan. Also, the law restricts that an insurer cannot cancel one?s insurance policy based on their health condition or age. In certain states, children of unemployed parents are denied from getting health insurance policy. Through a plan called Peach Care, Georgia State provides opportunity for such children to be insured.
Before purchasing health insurance, it is necessary to compare the different health insurance quotes. An insurance agent or an insurance broker is the right person to help you in finding a health insurance policy that best suits your requirement. Blue Cross Blue Shield of Georgia, Kaiser Permanente, Assurant Health, Celtic Insurance Company, Time Insurance Company, and United Healthcare of Georgia are some of the leading companies that provide excellent health insurance coverage for the citizens of Georgia.
Wednesday, April 30, 2008
Life Insurance Brokers
The Internet provides some of the best deals on a wide array of products and services including life insurance. There are a large number of insurance companies that sell life insurance policies online. In addition, the fierce competition among these companies has led to some of the lowest prices for life insurance policies in years.
However, given that there are quite a lot of insurance companies to choose from, canvassing for a good life insurance policy can be a bit of a challenge. It would take a lot of time to go to each insurance site and compare products. Therefore, it makes sense to contact a life insurance broker.
A life insurance broker deals with numerous insurance companies and will search for the best company and policy for you. You supply your broker with the provisions you are looking for, and the broker will search for the best policy to suit your requirements. When you hire a life insurance broker, you can expect to be provided with as many as twenty life insurance quotes. A broker will submit your information to different insurance companies and when the quotes come in, will discuss the pros and cons with you to help you make a decision about what policy is best for you.
Looking for a good life insurance policy online can be a bit of a challenge because of the large number of insurance companies who advertise online. However, the search for a good insurance policy can be easy with the help of a life insurance broker. A broker will do the legwork in finding the best possible insurance for a client and will offer sound advice on how to decide and pick an insurance policy.
Whole Life Insurance
Mankind lives by hope—hope for a better tomorrow, for a better standard of life and for a better future for his or her legacy and dependents. Individuals strive and toil to realize a future where the children and dependents are happy even after he or she is gone. But the only permanent thing in nature is change. Nature, in its change, brings tragedies like death to an individual level through diseases or strikes at society through calamities such as hurricane and earthquake. Insurance as a social weapon helps to combat these problems.
Insurance is the collective pooling of individuals to mitigate the risks against calamities such as diseases and nature’s wrath. It is an innovative form of risk mitigation strategy that provides financial independence to the dependents during times of disaster.There are several types of insurance that provide coverage against any type of risks to both life and inanimate objects such as buildings and inventories. Life insurance provides coverage against death. Initially, life insurance companies provide coverage for a limited period of time, during which if the insured dies, the death benefit is usually given to the dependents, called beneficiaries. But if the insured doesn’t die during the period, he incurs a financial loss, as there is no possibility of getting the death benefit or recovering the premiums.
Whole life insurance circumvents this problem by providing a death benefit, no matter when the insured dies. The concept of whole life insurance becomes significant when one ages, bringing more responsibilities such as raising children, providing for their education and providing for retirement. Whole life insurance has a cash component, “cash value,” which is treated as a savings account within the policy. This can be used for temporary expenditures such as buying a home. This cash value provides income by investment in government-designated bonds.
There are advantages and disadvantages to whole life insurance. But it certainly provides relief and independence by way of assured benefits.
Life Insurance
Life insurance is the policy you take out to protect your family and loved ones when you are gone.
How would you feel if the provision you made for your family is not able to keep them after your demise? You have to know what to expect when you are gone. To get the rest of mind that a good life insurance gives, you need to get information on all the fine details of life insurance. Here are a few tips to help you out.
· There are two types of life insurance. Term insurance and Cash value. Term insurance is the policy that gives you coverage for a specified period of time while the cash value is the policy that gives you a combination of death benefit and cash value. There is also a policy known as the convertible term insurance. This is a policy that can be converted from term to whole life policy. The term policy is best for people who want something that is temporary for example those who want a policy till when their children leave home. For someone on a tight budget and not very many dependents, you may want to take out a term policy. The cash value policy gives you lifetime protection.
· To determine how much life insurance coverage you need, you have to estimate how much income your family would when you are gone. If you are married and have children, your life insurance needs would definitely be different from that of a single person or one who does not have dependents. Your assets and liabilities (what you have and what you owe) is also a strong indicator of how much coverage you need.
· You need to know that the income your life insurance would bring would help replace the income your family would lose after your death. Unless you are single and have no plans of getting married, or you do not have any dependents, you really need life insurance. Your life insurance can also help to pay off your debts and final expenses.
· Before you buy life insurance, verify that you are dealing with a company that is licensed to sell insurance in your state. You can use resources like your State's department of insurance website, and institutes that rate insurance companies. (Standard and Poor's, AM Best and others). You do not want to deal with a company that would come through for you.
Sunday, April 27, 2008
Temporary Health Insurance - Saving Money On Quotes
Temporary health insurance is a great option for many people who find themselves without health insurance. There are some limitations, but it can be an affordable alternative. Here are some things to consider.
Many people choose temporary or short-term health insurance as a way to protect themselves from a financially catastrophic illness or injury while they are temporarily uninsured. For example, you may be in-between jobs or waiting for your employer health insurance benefits to start. Or maybe you're a recent college graduate, just getting ready to start your career -- including a salary and benefit plan.
There are some restrictions with short-term health plans: Pre-existing conditions are usually not covered, and neither are routine doctor visits, preventative care, physicals, dental and vision. Policies are typically available for anywhere from 30 days to 12 months. Coverage usually can start within 24 hours after receiving the application and initial payment. Also, enrolling in temporary insurance can make you ineligible for the more expensive guaranteed-issue HIPAA plans which usually cover pre-existing conditions.
If you think you need longer coverage, have a pre-existing condition or need additional benefits, you may want to look into a regular individual or family health plan. If you are self-employed, a long-term plan may be a better option.
When your coverage term ends with temporary health insurance, you are often able to re-apply for another term.
Health insurance rates are determined by the insurance company and filed with the state that you live in. Rates can vary quite a bit, and so can plan features. The best way to save money and get the right insurance for your situation is to do some comparison shopping. You should try to get at least three plans to look at for comparison.
Also, you may be able to save some money by choosing to pay the entire premium upfront instead of in monthly payments.
Short Term Health Insurance Plans
Short term health insurance plans are temporary health insurance plans, which provide flexible, inexpensive coverage for most injuries and illnesses. Its medical coverage usually ranges from 30 days to 6 or 12 months.
Short term health insurance plans are designed for healthy individuals and families, who do not require coverage for pre-existing conditions. Most short term health insurance plans are open only to those who are under the age of 65 years. Many short term health insurance policyholders are fresh graduates, people in non-traditional jobs, temporary employees looking for health insurance, people in career transition, self-employed, between long term health insurance plans, recently laid off or unemployed, and those who looking for an affordable option to COBRA coverage. This plan is also ideal for foreign students studying in the country.
Short term health insurance plans belong to a category known as "indemnity care." Short term health plans include emergency care, hospitalization, prescription drugs as well as some preventive health programs. Depending upon the plan, profits can be generous and extensive. These plans often can be a one time cost. Holders have the option to pay on a monthly base or have a single payment choice. Cost of all such plans is often half the price of an individual health insurance policy. You can also drop the short term health insurance plan easily.
Generally, short term health insurance plans finish after the specific policy period. The plans normally cannot be renewed. After a plan is finished, you will need to find health insurance coverage through a long term plan. The majority of the short term health insurance providers also have long term plans. It is wise that you consider an individual health insurance plan rather than a temporary plan in case you need insurance for more than six months. Before deciding on a short term health insurance plan thoroughly understand its features and usefulness for your health care.
Need Low-cost Temporary Family Health Insurance
Many families will find themselves without medical coverage at some point in their lives. So, what do you do if you find yourself in this situation? Here are some thing that you should consider when purchasing quality, low-cost temporary family health insurance.
Low-cost temporary family health insurance is available for those under 65 and who are in generally good health. It also usually covers dependants under 19, as well. Although these policies are only good for six months or so, you can reapply for coverage, as needed. Bear in mind, however, that any illness or condition that occurred during this temporary coverage will be treated as a pre-existing condition under the new policy.
Before you apply, however, there are some questions you should ask the salesman or representative. You need to be certain of the maximum policy benefit, for example, and you should make sure of the co-payment schedule. Many low-cost temporary family health insurance plans are PPO networks, so you need to find out if you are required to have a primary care physician. You should also ask the representative how pre-existing conditions will be treated under the plan. Some companies will not cover pre-existing diseases or conditions; some will do so, after a pre-determined period, like twenty-four months.
There are many good low-cost temporary family health insurance plans available and with a little patience and research, you will find the policy that is just right for your family.
Tuesday, April 22, 2008
Short Term Disability Insurance
Short-term disability insurance (also known as STD) is a branch of general disability insurance policies. This type of insurance covers potential disabilities only for a short period of time. That is, if you happen to be unable to work for a limited period, the insurance will cover a percentage of your salary; this continues until you are again able to work or until the deadline of the coverage expires.
Specifically, short-term disability policies are designed for people who do not have the financial background that would enable them to make it through a temporary disability situation. This means that those policies are only designed to cover a period of time that lasts no longer than one year. A typical example is a woman who is about to give birth. She is going to be unable to attend her job for at least three months. If she were not financially strong enough to handle a loss of salary, then short-term disability insurance would definitely help her.
Disability policies will cover injuries caused by accidents as well as illnesses that prevent you from being able to work. Again, the coverage will only be valid for a pre-specified, short period of time; as soon as that period of time is over, your short-term disability policy is no longer obliged to support you.
As a side note, this type of policies never supports you with your full salary; they will only provide you with a percentage of your original salary. Percentages usually range from 45% to 60%, and they never go above 70%. This is a factor that someone who seeks such a policy should consider very well before he chooses.
One important thing to know is that when you claim temporary disability, depending on the reason that you present, the payment may come earlier or later. Although first payments usually come after two weeks, injury disabilities are paid almost immediately. On the other hand, it takes a few days in order to prove that an illness is really preventing you from being able to work.
Thank: http://ezinearticles.com/
Thursday, April 17, 2008
Personal Health Insurance Plan - How to Get the Best Rate
One size doesn’t necessarily fit all when it comes to health insurance. But if you have a group insurance plan, such as through your employer, you have to accept the coverages and deductibles they offer. A personal health insurance plan, on the other hand, lets you pick the coverages that are right for your health needs and that fit your budget.
What Is Personal Health Insurance?
A personal health insurance plan can be anything you need it to be:
* A comprehensive insurance policy to cover you and your entire family long-term.
* A short-term insurance policy to cover you when you are between jobs.
* A supplement to cover gaps in your existing health insurance policy.
Saving on Personal Health Insurance
Personal health insurance plans may be more costly than group plans because you are not sharing the cost with your employee. To help you get the best rate on your personal health insurance plan, follow these tips:
* See if your auto and home insurance company also offers health insurance and if so, whether you can get a discount.
* If you have any bad health habits, such as smoking or obesity, work to break these habits and improve your health.
* Set your deductible as high as you can afford.
Buying Personal Health Insurance
Ready to investigate how personal health insurance can help you? Begin by visiting an insurance comparison website, where you can
* Get quotes for your personal health insurance plan.
* Chat with insurance professionals and get answers to all your questions about personal health insurance. (See link below).
To get your quotes, you complete a form with information about yourself and your insurance needs. You then receive quotes from multiple A-rated health insurance companies and can choose the plan that's best for you.
With a little time spent comparison shopping, you can find the best rate possible for your personal health insurance plan.
thank http://EzineArticles.com/
Temporary Health Insurance Coverage
If you are in between jobs and think you need health insurance coverage while you look for another one, getting temporary health insurance coverage may be the solution for you. The following is a summary of how it works, some of its benefits, and some considerations to be made when thinking of getting a temporary health insurance policy for your family.
How it works
Temporary health insurance is exactly that: temporary. Most policies offer coverage no less than one month and no longer than six months (though there are states that offer coverage for an entire year), after which your policy is terminated. The process of application is much the same as with an individual insurance policy. The applicant must go through the screening process and must be cleared in order to be given coverage. It is at the point that the applicant is cleared that details on premiums, deductibles and duration of coverage are discussed. Also, most temporary health insurance policy providers will not allow you to change how long your coverage will last.
Temporary health insurance is exactly that: temporary. Most policies offer coverage no less than one month and no longer than six months (though there are states that offer coverage for an entire year), after which your policy is terminated. The process of application is much the same as with an individual insurance policy. The applicant must go through the screening process and must be cleared in order to be given coverage. It is at the point that the applicant is cleared that details on premiums, deductibles and duration of coverage are discussed. Also, most temporary health insurance policy providers will not allow you to change how long your coverage will last.
Advantages of having temporary health insurance
The application for this kind of health insurance is usually the fastest way to get coverage because the time frame of your coverage is short. Some policy providers even offer next-day approval. This kind of coverage is also good for people who either expect to be employed soon and simply require coverage for the meantime, or for self-employed people looking to enter a company. In both cases, the policy does not require that you make a commitment to it for too long a period.
The application for this kind of health insurance is usually the fastest way to get coverage because the time frame of your coverage is short. Some policy providers even offer next-day approval. This kind of coverage is also good for people who either expect to be employed soon and simply require coverage for the meantime, or for self-employed people looking to enter a company. In both cases, the policy does not require that you make a commitment to it for too long a period.
Some considerations
If you expect to be employed within the next few weeks, this kind of coverage may not be a good choice for you. Most companies offer group insurance coverage and the minimum coverage of temporary health insurance is at least one month. However, if you are still in the process of looking for work and expect to have a job in three months, this can be good to tide you over during that time. Alternatively, if you are self-employed and do not wish to enter into a company, perhaps a better choice would be an individual health insurance policy instead of a temporary one. At the very least, it will reduce the hassle of having to renegotiate with your policy provider every time your policy terminates.
Thank. http://EzineArticles.com/
Apply Online for Temporary Health Insurance
There are times when you'll find yourself temporarily without health insurance. You may be between jobs, just starting a new job or a student who is no longer covered on your parent’s health insurance. Temporary health insurance purchased online can help provide gap coverage for those times when regular health insurance isn't a possibility.
Short term health insurance is one of the easiest types of insurance to purchase online. It is meant to cover major emergency medical expenses for people who are temporarily without other health insurance. Sometimes referred to as catastrophic health insurance, it is not designed to be your primary health insurance. It won't pay for preventive health care, routine office visits, and prescriptions for pre-existing health conditions like asthma and diabetes, or treatment for pre-existing conditions. Many temporary health insurance policies also have a list of illnesses and injuries for which they limit coverage. Be sure to check the plan you're considering carefully to be sure that it will cover what you might need it for.
Depending on the deductible you choose, your age and your health condition, temporary health insurance can be very affordable. For instance, $30 to $50 a month will purchase a policy with a $250 deductible for a healthy male in his early twenties.
What will that buy you?
Under the terms of most temporary health insurance policies, if you're involved in an accident that lands you in the hospital with a $50,000 bill, you'll pay as little as $1,250 for treatment. Before you pshaw at that, consider this: treatment for a broken leg can easily top $10,000 once X-rays, casts and follow-up visits are factored in.
Under the terms of most temporary health insurance policies, if you're involved in an accident that lands you in the hospital with a $50,000 bill, you'll pay as little as $1,250 for treatment. Before you pshaw at that, consider this: treatment for a broken leg can easily top $10,000 once X-rays, casts and follow-up visits are factored in.
Short term health insurance is meant to be temporary, so there are limits to the length of time that you can be covered by a temporary health insurance plan. Some companies will allow you to renew your plan once at the end of the term of coverage. Others will make you apply again, but only once.
When you apply for temporary health insurance online, most companies will cover you within 24 hours of your application. Many policies will issue you a policy immediately. You can find many web sites that offer comparison tools and online applications for temporary health insurance. Once you decide on a plan that meets your needs, you can have up to ten quotes for health insurance premiums in minutes, and have health insurance coverage within 24 hours.
Thank. http://EzineArticles.com/
Wednesday, April 16, 2008
Temporary Student Health Insurance
Temporary student health insurance policy is designed specially to cover illnesses for students studying away from home. Temporary student health insurance gives a student short-term medical insurance coverage, should it be needed to pay for unforeseen illnesses and injuries.
The need of a student health plan is very important because while many health insurance plans cover full-time college students who are on their parent’s plans, many more limit that coverage to local doctors only. And some parent's health plans include children only up to a certain age, which can exclude college-age students.
Temporary student health insurance is simple, affordable and easy to acquire. College students under the age of 30 can use this plan and the coverage is available from 30 days to 6 or 12 months. The students have the opportunity to find their own doctor or hospital.
Today, there are two basic types of temporary health insurance plans - the Indemnity Plan and the Managed Care Plan with their variants. The Indemnity Plan gives a person the freedom of selecting any doctor or hospital; however, this freedom usually has high out-of-pocket costs. The Managed Care Plans, which are more restrictive, need a person to choose medical professionals and institutions that are part of the plan's ""network."" The cost for this insurance type is normally lower than the Indemnity Plans.
Now, a growing trend is seen in colleges and universities to require health insurance for all enrolled students. With extremely affordable rates, the institutions offer their own temporary student health insurance plans, or one through a local insurance source. Most college plans cover any health or accident related expenses as long as the students maintain a certain period as a registered scholar.
A temporary student health insurance plan, however, usually does not cover pre-existing conditions incurred for the first 12 months, maternity, outpatient prescription drugs, mental illness or substance abuse, routine physical exams, and intercollegiate sports injuries.
Temporary Health Insurance
Temporary health insurance, also known as short-term health insurance plans or short-term medical insurance, is an insurance policy valid only for a limited period of time. Health insurance is defined as a type of insurance plan whereby the insurer covers the medical expenses of the insured when he/she becomes sick due to covered causes, or due to accidents.
Temporary health insurance provides ideal protection for persons who are in-between jobs, employed part-time, waiting for permanent health insurance to commence, attending school or recently graduated, and temporarily without health insurance for any reason.
Temporary plans provide a person the freedom of selecting any doctor or hospital. They also have a deductible scheme for the individual as well as the family. A person under 65 years of age and children under 19 or 25 (if a full-time student) are eligible to apply for temporary health insurance. The insurer may be a government organization or a private agency. Normally, the temporary health insurance can be purchased for periods as short as 30 days or up to 360 days.
The important point to remember when considering this type of insurance plan is that the insurance should not be seen as an alternative for standard, long-term health insurance. The plan is only intended to provide treatment for unforeseen illness or injury. Temporary health insurance is also exempt from Health Insurance Portability and Accountability Act (HIPAA), which means that the plan does not have any guarantees. Once the limited time frame of the insurance ends, the insured may or may not be able to purchase extra health insurance, depending on his health at that occasion.
Temporary health insurance plan is a good option for those to whom a full insurance plan is not available. There are also low-cost health insurance plans, which are affordable plans designed for healthy people who are temporarily without health insurance.
Temporary health insurance provides ideal protection for persons who are in-between jobs, employed part-time, waiting for permanent health insurance to commence, attending school or recently graduated, and temporarily without health insurance for any reason.
Temporary plans provide a person the freedom of selecting any doctor or hospital. They also have a deductible scheme for the individual as well as the family. A person under 65 years of age and children under 19 or 25 (if a full-time student) are eligible to apply for temporary health insurance. The insurer may be a government organization or a private agency. Normally, the temporary health insurance can be purchased for periods as short as 30 days or up to 360 days.
The important point to remember when considering this type of insurance plan is that the insurance should not be seen as an alternative for standard, long-term health insurance. The plan is only intended to provide treatment for unforeseen illness or injury. Temporary health insurance is also exempt from Health Insurance Portability and Accountability Act (HIPAA), which means that the plan does not have any guarantees. Once the limited time frame of the insurance ends, the insured may or may not be able to purchase extra health insurance, depending on his health at that occasion.
Temporary health insurance plan is a good option for those to whom a full insurance plan is not available. There are also low-cost health insurance plans, which are affordable plans designed for healthy people who are temporarily without health insurance.
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