Insurance Experts

We are designed to heal from sickness naturally; however, at times we need medical treatment to recover from ill. There are scores of healthcare providers today that are taking advantage of patients, therefore, health insurance coverage is essential to understand to avoid become the next victim. The healthcare fees are increasing also, therefore, having no coverage can cost you a fortune. Nowadays, healthcare, creators of prescription drugs, pharmaceutical companies, physicians, and the government are gaining profit from healthcare. The sources will not tell you that there are natural herbs available to increase your health and provide relief from most every illness available. Therefore, the natural cures are not often available, thus when a person needs treatment, they often resort to medicines and doctors.

There are various health insurance policies available today, however many have eliminated the extreme coverage of modern medicines. In other words, the policies will not cover many prescriptions due to the higher costs. Some polices, such as Medicaid, will cover generic prescriptions, however, the policyholder is restricted to particular doctors under the coverage. Thus, having life insurance coupled with health insurance may be the option for you, since many life insurance agencies will also offer for a low cost Terminal Ill or Critical Illness coverage. These plans will cover nearly every disease, injuries and so forth on the market, and will often provide a source of coverage for prescriptions. Be sure to ask the agency where you seek your insurance what the plans will cover. In addition, you may need to seek out prescription plan coverage to pay for you medicines if you need ongoing treatment. The plans often cost a small fortune, but will cover the expenses of nearly all medications.

If you work then you probably already have a measure of health insurance coverage provided to you by your company. Make sure you ask if uncertain to avoid paying extra cost for something you already have. If you have lost your job (no fault of you own), you may qualify for Cobra insurance coverage, which will provide you a measure of coverage if you should become ill, or else need medications. The policy was designed by the federal laws to offer coverage to those out of work. The policy will often cover many healthcare costs, including some medicines. The policy however is a temporary relief to those without work.

Health insurance varies, but overall, the policies are a ‘pre-negotiated’ plan that will cover a measure of treatment and medical procedures. The policies often stipulate that the policyholder is responsible for co-payments, which upfront fees are paid to the medical provider. There are several types of coverage, which include “self-insured” policies, which means the person does not have coverage at all and will pay the entire of amount of expenses incurred from treatment. The “Managed Care Plans” are contracted plans that are setup on a network. Thus, the doctors in this plan agree to provide treatment to patients at lower costs. The “health maintenance Org” (HMO) plans are also pre-paid options in that the policyholder is also required to stay within a network of medical.

The PPO or “Preferred Provider Orgs” are a collection of hospitals and physicians that negotiate medical treatment and the insured agrees to pay the amount set, before reimbursement takes place. The POS plans, or “Point of Service” does not require a co-payment, but the patient must remain within the requested network to receive treatment. “Indemnity” coverage are less restricted, in that the patient can go anywhere he chooses for treatment. However, this plan is often more expensive than other plans.

There are various other plans on the marketplace available to provide coverage when medical care is needed. Again, you may want to look into life insurance coupled with health insurance so that you can have the most coverage available to you when it is needed. None of us can predict when treatment is needed, therefore, do not expect to live a healthy life permanently without health insurance coverage, believing it can never happen to you.

Whole life insurance is also known as life-long insurance, permanent or straight life insurance. In this, a buyer gives annual premiums for a very long period (in exchange for permanent protection for the dependants in case of the death of the policyholder. Whole life insurance has a very high initial premium cost, sometimes well above the actual price of the policy or insurance. However, as the mortality risk of the buyer increases with each passing year, the premium cost comes down.

The initial high price is necessary to level out the premium throughout life, so that the insurance company can provide coverage for entire life. The expenses of the insured grow each passing year due to inflation and the rising health needs which accompany aging, and so the insurance company can provide protection for entire life as well as level out the premium cost if initial premiums are high. The logic behind lowering the premium later on is that the older a person gets, the more the mortality risk increases. The surplus premium cash becomes functional in the insured’s account as an investment builder and accumulator.

This is an ideal non-taxable income and money accumulator. The cash values or dividends accumulated are given back when the policy matures or on the death of the insured. Partial withdrawal and borrowing on the cash value can be done tax-free if the policy is a qualified one.

Whole life insurance is both a cash value builder as well as a dividend builder. It works as effective liquid cash in times of need. Term life insurance is purely protection-oriented, and the money can be got back only if the insured dies within the specified period in the policy. Since life and death can never be predicted or forecast, whole life insurance is the best bet for most individuals who seek an assured future for their dependants.

It is necessary to get lifetime insurance to cope with connectivity, market, health and inflation risks. However, one needs to be judicious while making a policy purchase, since it is a lifetime decision. The various factors that have to be taken into consideration are the amount of coverage needed, ability to afford the premiums, the reputation of the company, whether the specific policies address the requirements, hidden costs, the cancellation penalties and fees, etc. It is advisable to consult an expert and compare costs and policies of the various companies before making a decision.

There are various variations of whole life insurance, like universal life insurance, variable life insurance, single purchase life insurance, survivorship life insurance and various other specialized life insurance types.

Perhaps you’re now at the point in your life where it’s time to buy life insurance to protect your family. There are several options you can take in getting started.

The internet has made buying life insurance a pretty easy choice. You can quickly get a premium term life insurance quote online in minutes.

Another option is what has been done for many years, that are buying life insurance from a broker or an agent. For most people this is the path they take.

When trying to buy low cost life insurance for you and your family, you’ll want to have a choice from several different companies. This is where a life insurance broker comes into play.

Whereas an agent is captive to only one company, a broker can literally represent a hundred different life insurance companies.

While it may be convenient to have all of your insurance with one agent and one company, many times you’ll pay higher premiums on your life insurance than you need to.

A broker will take your specific situation and needs and search out the best life insurance quote possible. They will be there to answer your questions and discuss all of your options. This allows you to make the best decision for your needs, not the agents.

Finding a premium term life insurance quote online, or a whole life policy, etc, may be a good choice for some, but it can become confusing if you’re not careful. With so many companies offering coverage’s and so many different types of policies available, you have to know what you’re doing.

Do you know how to get the best term life insurance rate? Do you need whole life insurance or universal life insurance? What about variable life insurance? These are all questions that a broker can sit down with you and explain, then go out and find the perfect solution to fit your needs.

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Your driving record is one factor that your insurance company uses to determine your insurance rates. Of course, we all want a “clean” driving record so are rates will be very inexpensive. But how can you improve your driving record or what factors contribute to a poor driving record and ultimately cost you money?

Accidents. If you have accidents within a 3-year period or even a 5-year period, then you are going to have to pay more. Why? Obviously because you are costing the insurance company more in repairs. Have you heard of the new accident forgiveness program? You pay 5% or more extra and your insurance company forgives you of the accident and keeps your rates the same. But guess what? Most insurance companies do this anyway. Have 1 accident and if you are lucky and have a good history with them, then its all the same. Have 2 accidents in a 3 year period and you are in big trouble.

Speeding tickets or other traffic tickets. Statistically, if you get a ticket, then you are going to be involved in an accident sooner or later. In some states, you get points added to your driving record for these violations. Some are pretty hefty and some don’t have any points. If you accumulate too many points, then you will get your driver’s license revoked. So, you don’t want any points. If you get caught speeding, ask the officer if he could give you a hazardous driving or something that doesn’t have points tied to it. Insurance companies look at your points.

Credit Report. What? Your credit report? Yes, if you are a viable citizen and pay your bills, then your insurance rates will be lower in most cases. If you don’t pay all your bills on time and your credit rating is low, then you are statistically at a higher risk to the insurance company. I know it doesn’t sound fair, but it’s the truth.

I know the statistics and numbers game isn’t fun and you may think I’m making this all up, but insurance companies hire people with math degrees and have them predict outcomes to figure rates. They are called actuaries. They use statistics to protect the insurance company’s profits.

So what can you do? Don’t speed or get any tickets. Wear your seatbelt to avoid another ticket. Pay your bills on time. And as mom would say, “Be careful” and don’t have any accidents.

The increasing costs of health care have made health insurance an absolute necessity. Health insurance is more useful for people who have bad health records, addictions like alcohol or smoking ,or who are likely to have future health problems. But everyone should have a health insurance policy to meet any kind of a health care need in the future.

There are many different kinds of Illinois health insurance plans available today, to suit all kinds of people and their requirements. There are plans from private insurance companies. Some are long-term plans, while others are short-term plans. Some plans are suitable only for children or the elderly. There are also group plans and schemes such as Mediclaim provided by employers, and group health plans for very small businesses. Then there are plans which allow tax deductions and savings. The top Illinois health insurance companies are: UniCare, Blue Cross/ Blue Shield of Illinois, Humana One, Fortis Short-Term Medical, Celtic, American Medical Security, MedPlan Access, Genesis Health System, GE Long Term Care Insurance, and Fortis Student Select Health Insurance.

The Illinois Department of Insurance provides several public plans for people who cannot be covered under private polices. The Illinois Comprehensive Health Insurance Plan (CHIP) is a state program that provides insurance to thousands of individuals who cannot be otherwise insured. The various deductible options under CHIP are: $500, $1,000, $1,500, $2,500, and $5,000. The different plans under this are Plan 2, Plan 3 and Plan 5. CHIP covers hospital services, professional medical services, second surgical opinions, outpatient prescription drugs and medicines, Orthoses or prostheses other than dental, diagnostic services, emergency services, skilled nursing facility care, home health care, hospice care and many others, depending upon the plan.

Illinois has special programs like KidCare and FamilyCare. Illinois is the first state to offer health insurance coverage for all the children in the state. The FamilyCare health insurance program covers all medical care, including doctor visits, dental care, hospital care, emergency care, specialty medical services, prescription drugs and others. The family has to meet certain limits to be eligible for this scheme. The qualifying annual income is up to 185% of the federal poverty level, or about $36,000 for a family of four. FamilyCare Assist, FamilyCare Share, FamilyCare Premium and FamilyCare rebate are the plans under this, depending upon the family income. The family can pay small monthly premiums ranging between $15 and $40, depending upon the number of family members. The state of Illinois offers a “safety net” program for individuals who have been denied health insurance. Those who are currently insured but are paying a higher premium, or those whose present insurance has a rider attached or is rated, are also eligible to apply.

There are many private Illinois insurance companies that offer attractive deals on all kinds of health insurance. You can contact an insurance agent to get the right health insurance policy. The internet is also a very good source for obtaining quotes, comparing various policies and deciding on the best one. There are many ways to apply for health insurance: online forms, downloadable forms, submission of forms through e-mail and even phone-in applications. The typical process is submission of the application along with a premium deposit or at least a non-refundable application fee; review of the application by the insurance company; and underwriting. The process takes a minimum of 2 weeks and an average of one month.

To most people, the idea of a nonprofit organization is pretty straightforward: The organization is founded, assembles an operating board and staff, makes plans to secure funding and goes about its mission – be it providing programs for children or rescuing endangered animals. Sounds simple, right?

Not so in the eyes of insurance providers. According to California-based Nonprofits Insurance Alliance Group Founder, President and CEO Pamela Davis, when she started in the insurance business in the mid-1980s the industry stood with its back turned toward nonprofit organizations. Providers didn’t want to take on what they perceived to be the high risk of these organizations, with their work firmly in the public sector and the chance for, among other incidences, sexual abuse allegations to arise.

Nonprofits’ Insurance Alliance of California, which Davis founded in 1989, set out to change this perception. “We came in and said we would provide coverage specifically for 501(c)(3) nonprofits, with a separate policy for sexual abuse,” says Davis, who was named a Winning Workplaces/FORTUNE Small Business Best Boss in 2005. Originally doing business in California under state legislation that limited the company’s reach to nonprofits within the state, the company formed other entities in 2000 under federal legislation that allowed it to provide insurance to nonprofits in other states.

Today the Group includes the original company serving California; the National Alliance of Nonprofits for Insurance, a captive reinsurer; the Alliance of Nonprofits for Insurance, Risk Retention Group; and Alliance Member Services, a supporting organization serving the other companies in the Group. Sixty employees across all four companies help insure more than 7,500 nonprofits in 20 states.

While in the 1980s the insurance industry shunned this audience, today Davis reports that her company’s membership is a prime market for some other commercial insurance companies. Although insurance is a cyclical industry with shifting capacities and appetites, many insurance companies are now pandering eagerly to this market. Yet, the Group has maintained its competitive edge by focusing on providing superior service at all stages, from policy application to handling claims and litigation.

The Group reaches its service goals by knowing its customers better than anyone else. This year employees in all departments learned the ins and outs of nonprofits at several half-day training sessions. So far three sessions have been offered, with another scheduled for later this month. Keri Petersen, a claims examiner who has been with the Group for a year and a half, enjoys the wealth of knowledge about nonprofits that she receives at each session. “We learned about their finances – where the money comes from,” she says. “We also learned about how nonprofits reach the population they’re trying to serve. The training gives me a better sense of what our members are looking for and where they are coming from when they contact us.”

Another feature of the organization that separates it from its peers in the industry is the measures it takes to solicit employee feedback. Employees operate and turn to a “Bright Ideas” committee, or BIC for short. “BIC focuses on process improvement,” says Ann Shanklin, director of loss control for the Group. “When someone’s ideas are accepted and put into use, they receive BIC Bucks, which can be redeemed for prizes like Starbucks cards.” Shanklin came up with the idea of revising the staff directory to annotate the company’s bilingual employees so that phone calls from members who speak languages other than English can be handled more quickly. Shanklin thinks that staff is motivated to participate in this process in part because they receive one BIC Buck just for submitting an idea, whether or not it is adopted.

Above-average training and a focus on continual improvement have enabled staff to make complex decisions – which, for the Group’s employees, often revolve around claim disputes. Petersen tells the story of how she interviewed every witness at the scene of an accident in which a motorcyclist hit the car of one of the Group’s insured members. In addition to proving that the motorcyclist lied about not being at fault, she advanced the insured party the entire deductible when it was discovered that the motorcyclist’s liability insurance wouldn’t cover all of the car repairs.

Davis says that claims can get even stickier when it comes to allegations of sexual abuse, or, in the case of nonprofit directors and officers, wrongful termination. “Many times our members face attorneys who think we’ll just pay to make the issue go away,” she says, “but, if we are convinced there is no liability on the part of our member-insured, we fight it.” On the other hand, she says, if it turns out one of its members is at fault, the Group doesn’t hesitate to pay out.

And what about those allegations of sexual abuse that constituted the chief barrier to nonprofit insurance coverage in the 1980s, and contributed to the Group’s founding? “Overall, we’ve seen the frequency of those allegations decline,” Davis says.

It’s trends like this that elevate Nonprofits Insurance Alliance Group from a simple paper-pushing firm to a force for change in its industry. For her part, Davis hopes that nonprofits will continue to seek out suitable coverage for their boards and staff, no matter the source. “Insurance is like electricity,” she says. “Nonprofits need consistency in their coverage and it needs to be affordable.”

Homes, and their contents, are expensive investments, so you can imagine repairing or replacing them is expensive, as well. All homes, and the contents within all homes, are at risk for experiencing situations which cause them to need to be repaired or replaced, regardless of where the home is located. You see, weather elements such as hurricanes, floods, and earthquakes aren’t the only factors that can damage or demolish a home and everything within the home. Homes, and especially the contents within the homes, are at risk for vandalism and theft, too.

If you live in an area that is considered high risk for crimes such as vandalism and theft, you are probably going to be labeled as high risk when you set out to purchase homeowner’s insurance. However, if this is the case for you, there are ways to avoid being labeled as high risk – or, at least, lower your risk. You can avoid being labeled as high risk by making changes to your home that make your home and its contents safer and less susceptible to vandalism and theft.

Below are just a few ideas to help you avoid being labeled as high risk by homeowner’s insurance companies, regardless of how safe or unsafe your neighborhood is.

• Purchase a high quality safety alarm system.

• Install sturdier, more durable windows. This includes windows in the basement and the attic.

• Invest in new, safer locks. This includes locks for doors in the basement. Purchasing deadbolt locks are a great idea, as they are much more difficult to break through than the normal door knob and chain locks.

• Set up motion lights around your home.

• Keep your most valuable possessions somewhere other than your home. Very expensive items should be kept in a safety deposit box.

By making these safety improvements to your home, you can avoid being labeled as high risk by homeowner’s insurance companies.

Here comes the insurance adjuster. Is he overly friendly? If so, watch out! It’s OK to be hospitable. Be good-tempered and cordial - - but beware! Never forget he’s paid to save his company as much money as he can. That’s the name of his game.

DON’T SIGN ANYTHING: Don’t overestimate the good will of the adjuster. They’re trained to investigate accident cases in such a way, if at all possible, to make their insured look good. Many unsuspecting individuals fall prey to the adjuster who seeks to protect his company’s pocketbook at the expense of a legitimate claimant.

If a company calls you and suggests they take your statement over the telephone, tell them you would prefer to meet with an adjuster. Don’t agree to dictate a verbal statement into a tape recorder over the phone, and certainly not when you’re in the presence of an adjuster. Don’t sign a statement when you meet with him. Whatever the circumstance may be, advise whomever you’re dealing with that you’ll be more than willing to provide a signed statement, after your claim has been settled.

HOW TO PROCEED WITH THE ADJUSTER: Be pleasant, but firm. No matter how much in the wrong the person is that hit you, no matter how they acted at the scene of the accident, and no matter what they may have verbalized to or at you, don’t take it out on the adjuster. It’s not the adjuster’s fault if his insured is an idiot.

You must never underestimate the importance of the adjuster’s impressions and conclusions, all of which go into your file. What he feels and reports about you have a great influence on the final disposition of your claim. If he likes you that’s money in the bank. On the other hand, if he gets upset with you he has the ability to twist the facts to make you look bad. Once that’s been done, it will be set in cement, go into your file and, without you’re ever being aware of it and haunt you to the last dollar of your settlement.

THE ADJUSTERS CLAIM LOAD: The job performance of insurance adjusters is judged not only on how little of the company’s money they spend in settlements, but also on how quickly they settle the claims assigned to them. They’re constantly under pressure to settle your claim; to get rid of it and move on. The adjuster will never tell you, but the weight of their caseload comes down on your side of the scale. It’s an advantage people are never aware of.

THE ADJUSTERS SETTLEMENT AUTHORITY: The Adjuster’s authority to settle claims on their own is restricted on how much experience they have. For a less experienced adjuster, perhaps $5,000 to $10,000, but for a more experienced adjuster, their settlement authority may go as high as $20,000. When bigger bucks are involved they usually have to be given permission to settle the case from their immediate supervisor.

THE BOTTOM LINE: Don’t let a sweet talking insurance adjuster manipulate you into feeling good about your relationship with him and the eventual outcome of your claim. In the vast majority of instances that’s not the way you should play the game because if provided with the opportunity, they’ll almost always take advantage of you. That’s a fact of life. Know and understand that they’re only doing their job. Their assignment is to save money for the company who signs their paychecks - - no matter what it takes.

If you have a legitimate claim stay cool and understand what you’re up against. Don’t be impossible to deal with, but remain steady. Remember that the adjuster wants to look good to his company. He doesn’t want your claim to end up in court, plus he wants to reduce his caseload. Be patient. At the end of the day, after the dust has settled, he’ll be forced to do the right thing.

DISCLAIMER: The only purpose of this claim tip is to help people understand the motor vehicle accident claim process. Neither Dan Baldyga nor (name of magazine/newsletter and/or web site) make any guarantee of any kind whatsoever; NOR to substitute for a lawyer, an insurance adjuster, or claims consultant, or the like. Where such professional help is desired it is the INDIVIDUAL’S RESPONSIBILITY to obtain said services.

Dan Baldyga’s latest book AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM (How To Evaluate And Settle Your Loss) can be found on the internet at his web site http://www.autoaccidentclaims.com or visit your favoite bookstore.

Copyright (c) 2002 Daniel G. Baldyga. All rights reserved.

Dan Baldyga

Do you need money? Do you need to pay for your medical bills? Do you need money for tuition? Maybe you are getting married soon. Do you want to bring your family in a long-delayed vacation? Or maybe it is about time you replaced that old, run-down car you have? Regardless of where you intend to spend your money, the fact is you need it. You can wait to win the lottery, but there is no certainty to that. You have a monthly income coming in consistently, but you just cannot wait that long to have enough for that large amount you need. You need the money, and you need it at this very moment.

What you can do is sell your periodic payments and convert them into a one-time lump sum. There are financial companies who offer this option. They would offer to purchase the rights to receive the structured payment every month. In return, you receive a one-time payment for a percentage of the amount you would actually receive. You can choose to sell the periodic payment as a whole or only for a limited amount of time.

As mentioned before, the reason why you would want to get a lump sum amount is because you need the money immediately. By getting the lump sum, even at a lower value than its total amount, you can use the money to invest it this year and yield larger amounts with interest next year. You can also consider inflation rates. In the next few years, the amount that you are receiving will not actually be as valuable as it is now. Getting the money now can actually give you more purchasing power even with the same amount a few years from now. Be sure to consult with experts first before you do anything.

You might not have realised it, but boat insurance is the oldest kind of insurance there is. People have been insuring their boats since the 17th century, and over time a number of standards have arisen. The chances are, though, that you’re probably much more familiar with car insurance – so the good news is that car insurance and boat insurance are actually very similar.

Basically, there are three situations you can be insured against: your boat (or its cargo) being damaged, your boat sinking, and your boat hitting another. Although few countries make it a requirement that your boat must be insured (considering how many boats sail in international waters), you would be very wise to at least buy the third party insurance, in case you hit a boat that is very much more valuable than your own. You will probably find it quite unnecessary to insure your boat against total loss unless it is very valuable – it is mainly practical for large ships, and especially for ones carrying valuable cargo.

As with car insurance, policies come with an excess to discourage small claims – for boat insurance, this is usually quite a large sum of money, as the intention of the insurance is to cover you against substantial losses instead of just scratches and dents.

There are also a few kinds of insurance you can buy that are unique to boating, although it is unlikely that you will ever find yourself in need of them. If you get Increased Value insurance, your policy will pay out at your boat’s market value if it is more than the amount you insured it for – only useful if you expect your boat to go up in value. Finally, if you’re thinking of sailing into a warzone, you might want to get war risk insurance. Of course, you might also want to get your head checked out, if you know what I mean.