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.
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