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Wednesday, 12 September 2018

WHAT IS A BENEFICIARY?

WHAT IS A BENEFICIARY?
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A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. One person Two or more people The trustee of a trust you’ve set up A charity Your estate If you don’t 
name a beneficiary, the death benefit will be paid to your estate. Two “levels” of beneficiaries Your life insurance policy should have both “primary” and “contingent” beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary can’t be found. If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate.

 As part of naming beneficiaries, you should identify them as clearly as possible and include their social security numbers. This will make it easier for the life insurance company to find them, and it will make it less likely that disputes will arise regarding the death benefits. For example, if you write "wife [or husband] of the insured" without using a specific name, an ex-spouse could claim the death benefit. On the other hand, if you have named specific children, any later-born or adopted children will not receive the death benefit—unless you change the beneficiary designation to include them. Besides naming beneficiaries, you should specify how the benefits are to be handled if one or more beneficiaries can’t be found. For example, suppose you have two children and you name each one to receive half of the death benefit.

 If one of the children dies before you do, do you want the other child to get the entire death benefit, or the deceased child’s heirs to get his or her share? If the death benefit goes to your estate, probate proceedings could delay distributing the money, and the cost of probate could diminish the amount available to your heirs. Choosing beneficiaries, and keeping those choices up-to-date, is an important part of owning life insurance. The birth or adoption of a child, marriage or divorce can affect your initial choice. Review your beneficiary designation as new situations arise in order to make sure your choice is still appropriate.
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IS THERE A DIFFERENCE BETWEEN INSURANCE CANCELLATION AND NONRENEWAL?

IS THERE A DIFFERENCE BETWEEN INSURANCE CANCELLATION AND NONRENEWAL?
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There is a big difference between an insurance company canceling a policy and choosing not to renew it. Insurance companies cannot cancel a policy that has been in force for more than 60 days except when:
  • You fail to pay the premium
  • You have committed fraud or made serious misrepresentations on your application
  • Your drivers license has been revoked or suspended.
Nonrenewal is a different matter. Either you or your insurance company can decide not to renew the policy when it expires. Depending on the state you live in, your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy. If you think the reason is unfair or want a further explanation, call the insurance company’s consumer affairs division. If you don't get a satisfactory explanation, call your state insurance department.
The company may have decided to drop that particular line of insurance or to write fewer policies where you live, so the nonrenewal decision may not be because of something you did. On the other hand, if you did do something that raised the insurance company’s risk considerably, like driving drunk, the premium may rise or you may not have your policy renewed.
If your insurance company did not renew your policy, you will not necessarily be charged a higher premium at another insurance company.
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WHEN TO GET CAR INSURANCE WITH MEDICAL BENEFITS

WHEN TO GET CAR INSURANCE WITH MEDICAL BENEFITS




When to Get Car Insurance With Medical Benefits

At first glance, car insurance and health insurance are two different products entirely. Your car insurance pays for damage to your vehicle (or other people’s vehicles), and your health insurance pays for doctor visits and hospitalization. But what if you’re injured in a car accident? When you get car insurance quotes, you can choose types of coverage that can help with medical bills from a car accident.

If you get car insurance with medical benefits, you can supplement the health insurance you already have, but you could also duplicate it. Before you buy an auto insurance policy, it’s important to know what coverage you already have and what you need.

Auto insurance for medical bills
Liability, comprehensive and collision insurance won’t cover your medical expenses from a car accident, but the following coverages will:

Medical payments. This coverage — also called MedPay — is available in most states and is required for drivers in Maine and for those in New Hampshire who purchase insurance. Policies cover injuries to you and your passengers in an accident, regardless of who is at fault in the accident. They also cover injuries you suffer while riding in someone else’s car, or if you’re hit by a car as a pedestrian or cyclist. In some states, MedPay can cover your health insurance deductible and help with co-pays, as well as dental and chiropractic services. But keep in mind that MedPay coverage tends to have low limits — often $10,000 or less.

Personal injury protection. Also known as PIP, this coverage is required in about a dozen states and is offered in about ten others. Like MedPay, PIP covers you and your passengers in an accident, even if you caused it, and it follows you when you’re in another person’s car, bicycling or on foot. Although it tends to cost more than MedPay, it typically has higher coverage limits and often includes things your health insurance might not, like lost wages, services you may need, such as child care, and funeral costs.


Uninsured/underinsured motorists bodily injury. Generally, if you’re hit or injured by another driver, your car-repair and medical bills are that person’s responsibility. But if the other driver doesn’t have car insurance, or has only the minimum required liability coverage, you end up paying your own bills — unless you get car insurance with uninsured/underinsured motorists coverage (UM/UIM). You may be able to elect whether to have UM/UIM, but the uninsured motorists portion — and sometimes the underinsured portion, too — is required in 20 states. It pays medical expenses for you and your passengers. In some states, you can also sign up for UM/UIM property damage coverage, which fixes your car if you’re hit by a driver with no insurance — or with too little.

Weighing whether it’s right for you
Getting car insurance with medical coverage can be a good buy, depending on your health plan.

If your state requires MedPay, PIP or UM/UIM — or some combination of the three — don’t assume the minimum required level is sufficient. In states like New York, legal minimums of uninsured motorists coverage match liability minimums, which many experts agree isn’t enough to cover you in a serious accident.

Keep in mind that states have specific rules about how health insurance and car insurance medical benefits interact. For example, because drivers in Michigan must buy PIP with unlimited benefits, some health plans there don’t cover auto accident injuries.

It could also be smart to buy PIP or MedPay if you have a high-deductible health plan, or one with many out-of-pocket costs. Depending on your state, PIP or MedPay can step in before your health coverage begins, or after you reach its limits. They can also offer services your health insurance wouldn’t, and may pay faster than your health insurance company.
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CHEAP CAR AND AUTO INSURANCE; IS THIS AN IDEAL CONSIDERATION?

CHEAP CAR AND AUTO INSURANCE; IS THIS AN IDEAL CONSIDERATION?
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Very cheap car and auto insurance; is this an ideal consideration?

Car insurance (also known as vehicle insurance, motor insurance or auto insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions, such as keying and damage sustained by colliding with stationary objects.
(Very cheap car and auto insurance)

In 1930, the UK government introduced a law that required every person who used a vehicle on the road to have at least third-party personal injury insurance. Today, this UK law is defined by the Road Traffic Act 1988,[14] (generally referred to as the RTA 1988 as amended) which was last modified in 1991. The Act requires that motorists either be insured, or have made a specified deposit (£500,000 in 1991) and keeps the sum deposited with the Accountant General of the Supreme Court, against liability for injuries to others (including passengers) and for damage to other persons' property, resulting from use of a vehicle on a public road or in other public places.

It is an offence to use a motor vehicle, or allow others to use it without insurance that satisfies the requirements of the Act. This requirement applies while any part of a vehicle (even if a greater part of it is on private land) is on the public highway. No such legislation applies on private land. However, private land to which the public have a reasonable right of access (for example, a supermarket car park during opening hours) is considered to be included within the requirements of the Act.
(Very cheap car and auto insurance UK)

The question is, if you buy very cheap car insurance, would you still enjoy the full benefit that is meant to come with the insurance?
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Tuesday, 15 November 2016

AVOIDING SCAMS AFTER A DISASTER

AVOIDING SCAMS AFTER A DISASTER
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If your home was destroyed by a hurricane, wildfire or other disaster, be cautious.
Unfortunately, there are dishonest service providers that prey on disaster victims. They know that people who have lost their homes and valuables may not be thinking clearly. If you have suffered this type of loss, don’t make any rash decisions. Talk to your insurance agent, who may recommend service providers in your area.
Here are some basic guidelines for hiring service providers:

Roofers and Builders

  1. Don't be rushed into signing a contract with any company. Instead, collect business cards and get written estimates for the proposed job.
  2. Beware of building contractors that encourage you to spend a lot of money on temporary repairs. Payments for temporary repairs are covered as part of the total settlement. If you pay a contractor a large sum for a temporary repair job, you may not have enough money for permanent repairs. In most cases, you should be able to make the temporary repairs yourself. Ask your insurance agent. And remember to keep receipts.
  3. Investigate the track record of any roofer, builder or contractor that you consider hiring. Look for professionals that have a solid reputation in your community. You can call your Better Business Bureau for help. Also, get references and never give anyone a deposit until after you have thoroughly researched their background.
A common fraud scheme is for a so-called "contractor" to convince a homeowner that a large deposit must be provided before repair work can begin. Frequently, the job will be started, but not completed. Unfortunately, these con artists are never seen or heard from again.

Public Adjusters and Attorneys

  1. Don't make any rash decisions about hiring someone to handle your claim. Be especially wary of individuals who go door-to-door soliciting business in the aftermath of a catastrophe. Most importantly, don't let anyone scare you into signing a contract. You don't want to be victimized by someone who comes into town, hoping to make a fast buck. You could end up forfeiting a significant portion of your insurance dollars.
  2. Before hiring a public adjuster or an attorney, try to settle your claim directly with your insurance company. Your insurer provides an adjuster at no charge to you. Ask your insurance agent or company representative to help you with your claim and don't be afraid to ask questions. If you decide to work directly with your insurer, you still have the right to hire a third-party professional to help you.
  3. If your claim is complicated and you want to hire a public adjuster or attorney, make sure that person is qualified to handle your case. Ask your friends, relatives or business associates for the names of well-regarded professionals in your community. Also, call your state insurance department regarding a public adjuster, and your state or county bar association about a prospective attorney.
  4. Understand that you will have to pay a public adjuster 15 percent and an attorney as much as 30 percent of your total claim settlement.
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WHAT IS A BENEFICIARY?

WHAT IS A BENEFICIARY?
Image result for insurance pics



A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. One person Two or more people The trustee of a trust you’ve set up A charity Your estate If you don’t 
name a beneficiary, the death benefit will be paid to your estate. Two “levels” of beneficiaries Your life insurance policy should have both “primary” and “contingent” beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary can’t be found. If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate.

 As part of naming beneficiaries, you should identify them as clearly as possible and include their social security numbers. This will make it easier for the life insurance company to find them, and it will make it less likely that disputes will arise regarding the death benefits. For example, if you write "wife [or husband] of the insured" without using a specific name, an ex-spouse could claim the death benefit. On the other hand, if you have named specific children, any later-born or adopted children will not receive the death benefit—unless you change the beneficiary designation to include them. Besides naming beneficiaries, you should specify how the benefits are to be handled if one or more beneficiaries can’t be found. For example, suppose you have two children and you name each one to receive half of the death benefit.

 If one of the children dies before you do, do you want the other child to get the entire death benefit, or the deceased child’s heirs to get his or her share? If the death benefit goes to your estate, probate proceedings could delay distributing the money, and the cost of probate could diminish the amount available to your heirs. Choosing beneficiaries, and keeping those choices up-to-date, is an important part of owning life insurance. The birth or adoption of a child, marriage or divorce can affect your initial choice. Review your beneficiary designation as new situations arise in order to make sure your choice is still appropriate.
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WHAT ARE THE DIFFERENT TYPES OF TERM LIFE INSURANCE POLICIES?

WHAT ARE THE DIFFERENT TYPES OF TERM LIFE INSURANCE POLICIES?
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Term insurance comes in two basic varieties—level term and decreasing term. These days, almost everyone buys level term insurance. The terms “level” and “decreasing” refer to the death benefit amount during the term of the policy. A level term policy pays the same benefit amount if death
occurs at any point during the term.
Common types of level term are:
  • yearly- (or annually-) renewable term
  • 5-year renewable term
  • 10-year term
  • 15-year term
  • 20-year term
  • 25-year term
  • 30-year term
  • term to a specified age (usually 65)
Yearly renewable term, once popular, is no longer a top seller. The most popular type is now 20-year term. Most companies will not sell term insurance to an applicant for a term that ends past his or her 80th birthday.
If a policy is “renewable,” that means it continues in force for an additional term or terms, up to a specified age, even if the health of the insured (or other factors) would cause him or her to be rejected if he or she applied for a new life insurance policy.
Generally, the premium for the policy is based on the insured person’s age and health at the policy’s start, and the premium remains the same (level) for the length of the term. So, premiums for 5-year renewable term can be level for 5 years, then to a new rate reflecting the new age of the insured, and so on every five years. Some longer term policies will guarantee that the premium will not increase during the term; others don’t make that guarantee, enabling the insurance company to raise the rate during the policy’s term.
Some term policies are convertible. This means that the policy’s owner has the right to change it into a permanent type of life insurance without additional evidence of insurability.

“Return of Premium”

In most types of term insurance, including homeowners and auto insurance, if you haven’t had a claim under the policy by the time it expires, you get no refund of the premium. Your premium bought the protection that you had but didn’t need, and you’ve received fair value. Some term life insurance consumers have been unhappy at this outcome, so some insurers have created term life with a “return of premium” feature. The premiums for the insurance with this feature are often significantly higher than for policies without it, and they generally require that you keep the policy in force to its term or else you forfeit the return of premium benefit. Some policies will return the base premium but not the extra premium (for the return benefit), and others will return both.

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Choosing the right type of life insurance can be confusing, but it’s also an important decision. Here are some guidelines that can help you narrow down your best life insurance options.


You should consider term life insurance if:
  • You need life insurance for a specific period of time. Term life insurance enables you to match the length of the term policy to the length of the need. For example, if you have young children and want to ensure that there will be funds to pay for their college education, you might buy 20-year term life insurance. Or if you want the insurance to repay a debt that will be paid off in a specified time period, buy a term policy for that period.
  • You need a large amount of life insurance, but have a limited budget. In general, this type of insurance pays only if you die during the term of the policy, so the rate per thousand of death benefit is lower than for permanent forms of life insurance. If you are still alive at the end of the term, coverage stops unless the policy is renewed or a new one bought. Unlike permanent insurance, you will not typically build equity in the form of cash savings.
If you think your financial needs may change, you may also want to look into “convertible” term policies. These allow you to convert to permanent insurance without a medical examination in exchange for higher premiums.
Keep in mind that premiums are lowest when you are young and increase upon renewal as you age. Some term insurance policies can be renewed when the policy ends, but the premium will generally increase. Some policies require a medical examination at renewal to qualify for the lowest rates.
You should consider permanent life insurance if:
  • You need life insurance for as long as you live. A permanent policy pays a death benefit whether you die tomorrow or live to be over 100.
  • You want to accumulate a savings element that will grow on a tax-deferred basis and could be a source of borrowed funds for a variety of purposes. The savings element can be used to pay premiums to keep the life insurance in force if you can’t pay them otherwise, or it can be used for any other purpose you choose. You can borrow these funds even if your credit is shaky. The death benefit is collateral for the loan, and if you die before it’s repaid, the insurance company collects what is due the company before determining what’s goes to your beneficiary.
Keep in mind that premiums for permanent policies are generally higher than for term insurance. However, the premium in a permanent policy remains the same no matter how old you are, while term can go up substantially every time you renew it.
There are a number of different types of permanent insurance policies, such as whole (ordinary) life, universal life, variable life, and variable/universal life. For more details, see our articles on the specific types of policies.
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