insurance.com
četvrtak, 26. srpnja 2007.
Insurance for Newbies
Insurance is the coverage offered by an insurance company to an individual or an organization against a specified loss in return for the earlier premiums received from the policy holder. A premium is a periodic amount of money charged by the insurance company to provide active coverage.
The premium is usually collected on a monthly or half-yearly basis. The insurance company will normally terminate the policy, if the policy holder fails to make the scheduled payment. To renew this lapsed policy, the policy holder will have either have to pay the balance of the insurance premium or get reinstated. The chief advantage of an insurance policy is the feeling of financial security that it offers to the policy holder.
The different types of insurance polices broadly defined include; Health Insurance, Life Insurance, Auto Insurance, Homeowners' Insurance and Appliance Protection.
The premium for the same service can vary depending upon the service provider and a host of other factors. The premium amount is primarily based on statistics. Individual habits and history can also play a role in influencing the insurance company’s decision on the cost of the premium. For instance, a younger driver with a sports car might have to pay a higher insurance premium than a middle-aged driver who drives a regular sedan, due to the higher probability of risks.
Because of the variability in rates and the variability in the formulas that individual companies use to determine rates, is very essential to get several insurance quotes before purchasing an insurance policy. Every insurance policy will have its own merits and demerits. However, the lowest premium quote price need not necessarily be the best insurance policy, since it may offer only a lower level of coverage. So, one will have to understand the different clauses and complexities in the policy. One will also have to do a check on the reputation of the insurance company, by considering factors such as percentage of rejected claims and timely reimbursement.
An insurance agent or broker would be aware of the different insurance schemes offered by various companies. The agent will also be of great assistance in calculating the insurance premium estimate based on the basic information obtained and help in determining the best insurance policy for you the first time insurance purchaser.
How to Get Affordable Supplemental Health Care Insurance for Seniors
Are you familiar with supplemental health care insurance? Many people are not; these days, most people sign up with their employer-sponsored health care insurance plans, or purchase individual health care insurance plans if their employers do not provide health benefits. While these methods work for many individuals, seniors should consider purchasing affordable supplemental health care insurance.
Below are some of the most frequently asked questions about supplemental health care insurance for seniors.
What is supplemental health care insurance?
Simply put, supplemental health care insurance kicks in and pays for what your regular health insurance policy does not.
Why should seniors consider purchasing supplemental health care insurance?
Seniors don’t always have the steady income that younger individuals have. If a senior’s regular health insurance plan doesn’t cover a significant portion of health care services, it may be difficult for the senior to pay for the gap between what is covered and what is not. Some seniors have a nest egg set aside to handle situations such as these; some even have separate insurance policies they can fall back on, such as life insurance policies. However, not all seniors have the extra money set aside to cover the gap in health care insurance; an affordable, supplemental health care insurance would work for them.
What does supplemental health care insurance provide?
The kind of coverage available with an insurance plan always depends on the insurance company from which you purchase the plan. Many supplemental health care insurance plans offer cash benefits and compensation for lost income. Some supplemental health care insurance plans even cover pre-existing conditions; pre-existing conditions are prevalent among seniors.
Do I need supplemental health care insurance if I already have Medicare?
Yes, having an affordable supplemental health care insurance plan is especially wise for seniors with Medicare, as Medicare doesn’t often cover long-term health care, care provided at home or in a nursing home, or the costs of prescription medication.
Advantages of Whole Life Insurance – Is It Better Than Term Life Insurance?
1. Whole life insurance policies accumulate cash value. Unlike term life insurance policies, whole life insurance policies will accumulate a tax-deferred cash value. This means you do not have to pay taxes on the cash value that your whole life insurance policy accumulates. You can actually make money from your whole life insurance policy.
2. Your whole life insurance premium is usually fixed. Unlike term life insurance policies, whole life insurance policies usually offer a fixed annual premium. This means that the amount you pay will stay the same, regardless of whether or not your health begins to worsen. Most term life insurance companies will raise your premium if your health begins to deteriorate, costing you more money at a time you especially can not afford it.
3. Whole life insurance policies cover you for life. Term life insurance policies only cover you for a certain number of years, which is what some people need; however, with a whole life insurance policy, you will be covered for life. This means that you will not need to worry about renewing your life insurance policy.
Yes, whole life insurance policies tend to be more expensive, but the annual premiums can be fixed. And yes, whole life insurance policies cover you for life when you may think you only need coverage for a certain number of years, but that lifelong coverage offers worry-free protection. So, if you can afford the higher premiums, can take advantage of the tax-deferred accumulated cash value, and are interested in being insured for life, you should consider the advantages of whole life insurance policies.
Best Life Insurance Company – Find the One for You
Many people postpone thinking seriously about purchasing life insurance, and even more people postpone actually taking the steps to purchase life insurance. Why? Life insurance is not a requirement, it can sometimes be expensive, and honestly many people just do not want to think about topics as unpleasant as their lives ending. However, once you realize that purchasing life insurance is a responsible decision that is just as important for you as it is for your family, you are going to want to purchase life insurance from the best life insurance company out there. But how do you find the best life insurance company?
The most reliable way to find out whether or not the life insurance company from which you have chosen to purchase your life insurance is reputable and dependable is to do some research. There are several ways to do research to find the best life insurance company. You may want to talk to any family members, friends, co-workers, etc. who use the same life insurance company. You may want to read information provided about the life insurance company, such as company Web sites, and speak with an agent. Or, you may want to check out how high the company is rated by various independent financial rating services.
It is probably safe to say that all of the best life insurance companies are rated the highest by independent financial rating services. These services offer you unbiased ratings of several life insurance companies. The ratings are based on the financial strength of the insurance company.
It is important to remember that these financial rating services are independent and not affiliate with the life insurance companies; therefore, any information provided by the financial rating services is not warranted by the life insurance company.
By doing some research, you will be able to find the best life insurance company for your needs as well as the needs of your family.
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