What Is Term Life Insurance
Term life insurance is basically a "no frills" type of life insurance. It is a life insurance for a specified duration limit, or time. You buy a specific amount of coverage for a specific time period by signing a contract. You pay for that coverage period and at the end of the term the policy expires. For example, the term might be until retirement, or until children are grown, or until college is paid for.
Term life insurance is the least expensive available insurance policy and allows you to spend a lot less and use the extra money in a better investment. It does not build up cash value and the premium normally increases as the policy owner gets older. Usually term life insurance covers
a specific term such as term of 1year, term of 20 years or term of 30 years.
If you die while the policy is active, term life insurance provides a stated benefit for it; and your survivors will be paid the agreed upon amount. However, the policy does not provide any returns beyond the stated benefit and once the policy expires, the insurance coverage ceases and the insurance company keeps the money. Some term insurance policies give you the right to renew at the same rate for multiple years, while others do not. The former are generally a bit more expensive.
Term life insurance is most suitable for you, if you are:
Car Insurance On Rentals
When it comes to car insurance, there are a couple of traps you can fall into. The contracts are complicated and extremely difficult to understand, and that's if you even have the time to read them. The fact is that most people don't read insurance contracts and there is a significant information shortage when it comes to consumers and the contents of their own insurance contracts.
One of the problems with this information gap is that it can lead to wasted money. Every time you rent a car you are asked what kind of insurance you would like. The options are generally to take none, which costs nothing, or you could cover liability insurance, which should cost about $10 per day. Then you have a variety of options to cover the rental cat itself, prices for which vary from company to company and state to state. The full coverage option, which includes liability, passengers, and the rental car usually, comes to about $25 to $30 a day. Most people genuinely don't know what option they should be taking.
Liability insurance is the only insurance you are required by law to take out. All the others are optional. That's the first and most important thing to remember when you're at the rental desk, and the total price for your two-week vacation car is quickly adding up and up. The other thing to know is that in many cases, you will be covered, to some extent by your existing car insurance. You will have to check your insurance policy to make certain, but for the vast majority of drivers, they will have liability insurance by virtue of their own car insurance, and this will carry over to the rental car.
It is however, unlikely that full or comprehensive coverage will carry over from your own car insurance. This is because comprehensive insurance is calculated based on the value of your car. Insurers don't want to be in a position where they set your policy based on your say, $15,000 vehicle, and then have to pay out when you crash a $40,000 rental. So your policy will state that only liability insurance is provided when you rent.
Credit Card Cover
You may still require no insurance from the rental company however. This is because many credit card companies, including both visa and MasterCard, offer this insurance if you pay for the rental with one of their cards. This is a major benefit of using a credit card and should not be wasted. Again you should check with your credit card provider what they cover, but the bottom line is, if your own insurance covers liability, and your credit card covers the rental car, why pay a couple of hundred dollars for extra insurance when you're already covered?
If you are in doubt as to your insurance, it is wise however to take the rental company's policy, especially liability.
Health Insurance Explained
In the competitive world today people spend more than half of their lives working day and night for some or the other reason. Though it gives them good financial rewards and gratification of their desires yet what suffers a big setback is their health. This is because individuals fail to pay significant heed to health, the most crucial aspect of their lives. But being occupied is not the only factor in deteriorating health. Reasons like environment, epidemics, natural calamities etc. also contribute largely to fading human health.
Keeping in mind the precariousness of human fitness and the immensely expensive medical treatments available nowadays, health insurance has become the need of the hour. Health insurance is an ideal way to care for your health. A health insurance policy enables you to have the best medical therapy for your illness at any point of time.
The American health care system provides four basic health plans. These are HMOs, PPOs, POSs, and Free-for-Service (Indemnity) Plans.
1.HMOs Plans- these plans are least expensive of all and are offered by Health Maintenance Organizations. In case you avail this plan, you are required to pay for every health related service in advance in the form of monthly premiums. HMOs cover a spectrum of health problems such as dental, vision etc. HMOs provide a list of service providers to all its subscribers. The latter is required to choose from these a so called "primary care giver" who will be supervising or coordinating his health care.
2.POS plans- these are HMO plans that give you the freedom to have a health care of your own choice. These plans are a little pricier than the HMO ones. Here it is not mandatory to go with the referrals from your primary care physician. But if you desire to abide by the HMO plan system per se, you can even do that. In case you opt for services outside the HMO or PPO networks, you will be served accordingly.
3.PPO Plans- Preferred Provider Organizations provides health care at discount rates. The PPO plans cost more than the two aforementioned. The PPOs cover a range of hospitals, doctors, clinics etc. The cost-sharing rate will be less within the network and more outside it. However unlike the HMO plans, PPO plans allow you to avail services from outside the network.
4.Fee for service plans or Indemnity plans are simple an easiest plans that compensate for each service you avail on case by case basis. For instance in case an emergency situation arises and you go for an ultrasound, the hospital needs to submit a claim to your insurance agency and you will be facilitated with the hospital expenses. But with a myriad of options and convenience the Fee-for Service plans come out to be most high-priced of all.
For further details you can surf the net and even get health insurance quotes online. This will save your time money and energy you would spend in consulting an agent.
Do You Need Health Or Travel Insurance
Obtaining medical treatment and hospital care can be costly for travelers who are injured or who become seriously ill overseas. The Social Security Medicare/Medicaid program does not provide coverage for hospital or medical services outside the United States.
Before you leave the United States, you should be informed about which medical services your health insurance will cover abroad.
Senior citizens may wish to contact the American Association of Retired Persons for information about foreign medical care coverage with Medicare supplement plans.
If your health insurance policy does not provide coverage for hospital or medical costs abroad, you are urged to purchase a temporary health policy that does provide this type of coverage. There are short-term health and emergency assistance policies designed for travelers.
You can find the names of companies that provide such policies from your travel agent, your health insurance company, or from advertisements in travel publications. In addition to health insurance, many policies include trip cancellation, baggage loss, and travel accident insurance in the same package. Some traveler's check companies have protection policies available with the purchase of traveler's checks.
Although some health insurance companies may pay "customary and reasonable" hospital costs abroad, very few will pay for medical evacuation back to the United States. Medical evacuation can easily cost $10,000 or more, depending on your location and medical condition.
One of the main advantages of health and emergency assistance policies is that they often include coverage for medical evacuation to the United States. Even if your regular health insurance covers you for emergencies abroad, you should consider purchasing supplemental insurance to cover medical evacuation.
Whichever health insurance coverage you choose for travel overseas, remember to carry with you both your health insurance policy identity card and claim forms.
Do You Need Travel Insurance?
You may not need travel insurance, if you are already adequately covered by other insurance policies.
Depending on the travel insurance plan, travel insurance usually promises to cover you for cancellation or interruption of your trip, some form of emergency medical care while you are traveling, lost or stolen luggage, and various other troublesome occurrences.
Before you decide on a travel insurance plan, it is wise to investigate the plan carefully and read the fine print. You should closely check any agreements with your travel agent, tour operator, airline, or other companies involved with your travel plans. The agreements may include written guarantees.
If you have a fully refundable airline ticket, you may decide that you would not need trip cancellation/interruption insurance.
On the other hand, it may be worthwhile noting that certain insurance plans can protect you by covering the financial costs in case of the following situations:
A sudden, serious injury or illness to you, a family member, or a traveling companion.
Financial default of the airline, cruise line or tour operator.
Natural disasters or strikes that impede travel services.
A terrorist incident in a foreign city within 10 days of your scheduled arrival in that particular city.
The fact that you, a traveling member of your family, or a traveling companion were quarantined served with a court order or required to serve on a jury.
A circumstance in which you were directly involved in an accident enroute to departure for your trip.
It is a good idea to check your other insurance policies. For instance, your homeowners or tenants insurance may cover the loss or theft of your luggage.
Certain credit cards may also provide additional travel insurance, if you have used them to purchase the ticket for your trip.
Your health insurance may provide certain coverage, regardless of where you travel. But it is very important to note that some policies only partially cover medical expenses abroad. Moreover, as previously explained in the section on Health Insurance, Medicare/Medicaid will not cover hospital and medical services outside the United States.
Your travel agent should be able to advise you about the right plan for you. Before purchasing travel insurance, review the plan carefully, and be wary of buying coverage that you may already have.
An Introduction To Auto Insurances
Auto insurance is mandatory in most states. The law mandates to have auto insurance on any vehicle you drive. And nowadays getting auto insurance is not a big deal at all. There are numerous insurance companies available today offering auto insurance policy and each insurance provider offers their own custom made schemes with a cover to match today's industry needs. Hence the real game is to find out the best suitable one which suits you the best.
One of the basic things to take into consideration before getting any auto insurance policy is the type of coverage you need. Which ever policy you choose you have to pay a certain amount of money depending on the type of coverage you choose for your vehicle. Let us look in details what are the main types of auto insurance policies available in the market.
One of the most common types of auto insurance is the liability insurance. Liability insurance is considered as the least coverage an individual can take. Liability insurance is regarded as an important one it will cover up to its stated amount if any accident has occurred causing harm to some other's body or property, and the person operating the insured vehicle was found to be liable for the accident. The auto insurance company will pay the stated amount to the injured according to your insurance policy. But remember if you are injured or hurt in the accident, you will not get any coverage and will have to spend all the money for medical expenses as well as any damage happened to your vehicle yourself. In most cases after any claim, auto insurance companies usually increase your monthly payments if you are found liable for the accident.
The second popular type of auto insurance is the Full Insurance. If you are selecting the full insurance scheme your monthly payments will be based on your vehicle make and model. If you are using a highly expensive car then you monthly payments will be high for a standard car the premium amount will be less. Full insurance will cover both the parties involved in an accident. Full insurance would covers up to either the actual cost of repairs or the stated amount, less the stated deductible, when the insured vehicle is damaged in any accident.
Before sticking into any auto insurance it is better from you part to talk with various auto insurance providers to know the difference scheme provided by them. Ask them if they are able to send you insurance quotes on the policies and the types of coverage they provide. Study the auto insurance policies and compare their rates and advantages carefully before selecting a particular offer. And try to select an ideal auto insurance policy which suits you the best.
Nowadays there are numerous websites which offer instant auto insurance quote comparison services. This helps the customers to compare the same service provided by different auto insurance providers before selecting any particular insurance provider.
Selling Your Life Insurance Viaticals And Life Settlements
Selling your life insurance is an option you might consider if you're in a difficult financial situation for which you don't see a close end. A terminal illness or old age could cause you to think twice about paying those hefty premiums at this stage of your life. Selling your life insurance carries with it complex implications and substantial risks, so it is important that you educate yourself regarding the big picture. If you're interested in selling your life insurance, this is a good starting point to obtain some basic information.
If you've already done any research on selling your life insurance, chances are good that you've come across two main terms: viaticals and life settlements. Both refer to the selling of your life insurance to a third party. So what's the difference? "Viatical" is typically used to refer to the transaction involving a chronically or terminally ill insured, while a "life settlement" is a transaction involving a senior (generally over the age of 65) who is not terminally ill.
Even though you now know the difference, it does not mean that your state does. These terms might be used interchangeably, or your state might use one of them to refer to both transactions. For example, your state could use "Viatical Settlement" to refer to any type of transaction regarding selling your insurance. Be aware that this kind of ambiguity may exist in relation to the vocabulary used in the sale of your life insurance.
How it Works
The owner of the life insurance policy will sell it for a percentage of the death benefit a lump sum to a third party and, in exchange, receives an often substantial lump sum payment. The third party then becomes the new owner and/or beneficiary of the policy and pays all of the future premiums and eventually collects the death benefit when the insured passes away.
Those considering selling their life insurance may either directly approach a viatical company or settlement firm, or they may choose to work with a broker. The broker will act as an intermediary and present the information to several different companies/firms in an effort to find the highest price for the sale.
The settlement firms buy the insurance on behalf of investors. In this situation, the investors become the owners and beneficiaries, and the settlement firm pays the premium until the insured dies. The firm then collects the death benefit and either pays its investors a percentage of the annual return or repackages the policy for sale to another party.
Take comfort in know that the process of selling one's life insurance is typically very confidential. Most viatical companies and settlement firms understand the discretion necessary to make the process run smoothly and easily. However, a company may act disrespectfully and become borderline intrusive by trying to keep track of the insured's condition. For this reason, it is important to work with a respectful, experienced organization.
Who Considers Selling
Those with serious, life-threatening illnesses are most likely to consider selling their life insurance to provide cash for various expenses, such as mounting medical bills. For those who are not terminally ill, selling the life insurance might be a good idea for a number of reasons. If the owner's beneficiary has died or if the owner can't afford to keep paying the premiums, it would appear that they no longer have sufficient use for the life insurance. Seniors around retirement age may also consider selling their life insurance, even if they are free of debt, in order to receive a lump sum of money with which they may do whatever they please.
Keep in mind that different companies may have different eligibility requirements to be able to sell your life insurance policy.
Advantages to Selling Your Life Insurance
It might be easy to see some of these benefits, but others are a little less obvious.
You'll receive a lump sum cash payment right now. As mentioned above, this is especially useful to the terminally ill who have mounting medical bills.
You will receive more by selling your life insurance than you would if you simply surrendered it to the insurance company. It is possible for an insured person who is 65 or older or who is terminally ill to sell a policy with little or no cash value for a $100,000.00 or much more.
You won't have to pay any more insurance premiums. If your financial situation is becoming strained with no end in sight, eliminating premiums is a way to alleviate the burden.
You don't have to repay the money, like you do when you borrow against your insurance policy.
Even though your life insurance benefits won't be available once you die, you can still leave money to a certain person or organization - it will just come from the money that is leftover after using the funds from selling your policy. So, selling your life insurance does not
mean that you're definitely robbing your beneficiaries of their gift.
In some cases, the money you receive is tax-free.
There are no regulations or restrictions on how you make use of the money you receive. You may spend as much of it or as little of it as you wish, however you please.
Risks of Selling Your Life Insurance
Understanding the risks associated with selling your life insurance will help you make an informed decision. Be sure to consult a financial advisor or tax attorney to make sure you understand the implications of the sale.
You might lose your eligibility for some public assistance benefits, especially those based on your income and assets (such as food stamps, welfare, Medicaid and some Social Security benefits).
There could be tax issues. Selling the policy will
result in a tax bill if the settlement amount exceeds your cost basis.
With improved medical care, the ill person may live longer than expected.
You might face unhappy heirs. This might not be a problem for you, but it could lead to a long road of (possibly legal) complications and battles. Some settlement actually companies require the beneficiaries to also sign off on any sale, which could be good or bad, depending on whether or not you're dealing with a cooperative beneficiary.
If you come to the conclusion that selling your life insurance policy is not for you, there are other options (though none that would provide you with such a large lump sum). An insurance agent should be able to help give you more information on some of these ideas.
Borrow against your insurance policy
Cash out the policy if it has surrender value
Look into accelerated benefits or living benefits
Borrow money (from family or friends perhaps) and use the life insurance policy as collateral
If you believe that selling your life insurance policy is the right decision for you, make sure you deal with a dependable, experienced broker or settlement company to ensure that you get the best service and results from your transaction.
Free Life Insurance Quotes
We often ask ourselves whether we really need life insurance. Well life insurance can be thought of as an investment for loved ones or can also be thought of in terms of protecting one's assets financially. Imagine, leaving your children in a lurch. No matter what, one would always try and protect the interests of family first. So to get the best insurance you first need to get best life insurance quotes. Getting them from various organizations give you the flexibility to pick and choose the offer that will suit you best. You can select the period and the premium which is financially viable without pressure or liability. Now with Life Insurance Quotes available online makes our life much easier.
Often we get information by surfing web pages endlessly and ultimately making it more confusing then when you started in the first place. All you need to do is input the information asked, and the Term life insurance quote engine will give simplified information instantly that will enable you to make the right decision for your insurance needs. Life insurance quotes can help you find the best life insurance policy for your particular situation.
Being online makes it all simpler. You can access life insurance quotes on a 24×7 basis through out the year. By just filling up the quote form you can start investing money today for a better tomorrow.
If you are worried about privacy of your information, just relax. Rest assured that the information supplied will only be used to provide you with life insurance quote, and will never be shared with third parties.
Life insurance quotes which are available online save you time by providing you with faster access to information about various insurance policies and coverage. Online insurance quotes and online insurance rates from different insurance companies can quickly show you differences in policies between the various insurance companies. These insurance quotes can help you to save money through comparison shopping. Life insurance quotes from multiple insurance companies will help you to find the insurance with lowest premium, along with tailored insurance coverage to meet your personal insurance needs. Online life insurance quotes can save you time and even money.
They will give you the right information and the most appropriate quotes instantly. The more accurate is the information provided by you, more accurate will be your life insurance quote. The quote you will receive will depend on your medical history and current health status.
Don't think life insurance as an addition to your expenditure. Life insurance coverage is the first help your family would get in the unfortunate event of your death. Especially in the event of untimely death. For those who are the breadwinners, an untimely death would cause dependents to be suddenly without financial security. This is where the right kind of insurance policy can help you financially. A life insurance benefit would steady the rocking boat. Insurance money cannot replace you but it can atleast support your family financially in the time of grief.
Be prepared, with the right insurance! The right insurance coverage will give you peace of mind, and can also help reduce any financial impact to you. Get a life insurance quote today!
Private Medical Insurance What S It All About
Private medical insurance is a very useful policy to take out, yet the range of policies available means that you should ensure the terms and conditions meet your specific requirements
The origin of private medical insurance goes back a long way - before the NHS was formed. In pre-NHS days, people contributed to "friendly societies", which provided financial assistance to people in times of need. Some private medical insurance providers, such as BUPA, remain non-profit-distributing bodies, though there are also many commercial insurance companies providing private medical insurance these days. One of the best-known names in private medical insurance cover is AXA PPP healthcare ( http://www.axappphealthcare.co.uk/ ) - which was actually conceived in 1938 to provide a health insurance scheme for middle income earners in London.
The principal aim of private medical insurance is designed to cover treatment of "acute illness" - defined by Which? As "conditions which can be cured or substantially alleviated by treatment." Treatment of chronic illnesses, such as multiple sclerosis or arthritis, may not be covered by private medical; so critical illness insurance might be more suitable. Critical insurance cover will be based on your individual requirements - so shop around for the right policy and always be completely open with your insurance provider, or you may invalidate a claim at a later date.
Other treatments generally excluded from private medical insurance include cosmetic surgery, treatment for alcohol or drug abuse and infertility treatment. The majority of standard policies exclude private consultations of a GP, routine check-ups and dental work - unless it is undertaken in a hospital. However, always check your private medical insurance policy - as some will be more comprehensive than others.
Private medical insurance can be an effective way of ensuring swift access to medical care for your family. Just remember that insurance policies reflect your exact circumstances - so don't assume that one size fits all.
For additional information on private medical insurance and critical illness insurance:
"Be your own financial advisor", Which? Consumer Guides, author Jonquil Lowe
http://www.axappphealthcare.co.uk/body/html/consumer/products/uk/pmi.jhtml (Private healthcare in the UK)
http://www.moneynet.co.uk/insurance/critical-illness/index.shtml (Critical illness insurance information)
Discount Life Insurance
Life insurance is a type of insurance policy that provides financial security and peace of mind for you, your family and dependants. It is based on the simple principle that should you die during the term of the life insurance policy, the person(s) named in the insurance policy will receive a lump sum or series of payments for the insured amount. If you have a mortgage and/or are the main income producer in the family, a life insurance policy will ensure your family's future is secure as the payment can be configured to pay off all outstanding debts and provide a substantial income for the ones that you leave behind.
Buying life insurance
When buying life insurance it is advisable to shop around for the best discount. Life insurance premiums can vary significantly between life insurance providers, while some providers will even offer discount life insurance, guaranteeing their premiums to be the lowest available on a like-for-like basis. If you want the best discount on your life insurance policy you'll need to look out for special discount offers run by the insurance providers. This may take some time however, and you're not guaranteed that the next discount offer that becomes available will be the right type of life insurance policy for your circumstances.
Alternatively, you should instead conduct your search for discount life insurance online.
Online = discount life insurance
Why is it important to look online for discount life insurance you may ask? Well, the reasons are numerous! It's quick, it's easy and there is a huge amount of choice available on life insurance policies at the click of your mouse. Best of all though, life insurance policies found online are generally cheaper than those found offline. This is because there are fewer overheads involved in processing an online application form for life insurance than there is when a life insurance company processes a paper-based application. The costs incurred by the life insurance company when they advertise on the Internet are also lower than say if they were to advertise on the TV, radio or via newspapers.
Additionally, portals and web sites that provide a comparison between different life insurance policies, some of which will be discount polices, are certainly worth a visit, especially if they provide access to online application forms. Why are they worth a visit? Well, not only will these portals offer you a selection of the lowest priced discount policies available, but you may also be able to pick up a further discount when buying the life insurance policy through the portal.
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