Four Life Insurance Tips

Use our fantastic life insurance tips to help you make informed decisions about your life cover options. The UK life cover market is very competitive and it can be difficult to make a valid judgement. Nobody understands the market like we do, and our money-saving life insurance tips could see you saving hundreds of pounds over the full term of your policy.

Tip 1: Buying Young

Although it is entirely possible to purchase life cover at any age, we believe that the best time to take out a first policy should always coincide with young adulthood. As the excitement of our teenage years slowly but surely fall behind us, the prospect of settling down and starting a family of our own becomes more prevalent and we should already be looking forward to preserving their financial futures.

We regularly suggest buying young as one of our most important life insurance tips as you will be able to secure the best rates now by locking in at the lowest possible age.

Tip 2: Choose the Correct Term

Always try to choose the appropriate term to maximise your life insurance coverage. Policies can run from around five years to thirty years so try to think ahead. If you are only just starting out as a family, think of where your children might be in twenty years time and determine how they will be supported if you can’t be around to take care of them yourself. If you are in the later years of life, think about any inheritances that you might like to leave behind for your loved ones.

Tip 3: Choose the Right Coverage

One of our most frequently advised life insurance tips surrounds purchasing the right levels of coverage. Remember that you are planning for the time when you might not be here to care for your loved ones yourself. You will therefore need sufficient protection to ensure that the loss of your wages won’t cause immediate financial hardship. A plan value that exceeds annual income by six to ten times is usually advisable.

Tip 4: Compare Quotes

Always compare your life insurance quotes carefully and try to choose a plan that combines effective cover with an affordable price. Be wary of budget level policies provided by inferior insurers. Make the most of our money-saving life insurance tips by making Premium Life Cover your first port of call for the best coverage deals.

Some Home Insurance Tips

There are probably as many different home insurance tips as there are varieties of home insurance. Top of the list of any helpful tips, therefore, is likely to be the importance of searching as exhaustively as possible for the particular insurance package that best suits your own needs and circumstances.

Fortunately, that is something made so much simpler these days by going online and using one of the several search engines that compares not only prices but also the features of the cover offered by a whole selection of different insurers.

Home insurance typically includes both buildings and contents insurance, so here are some home insurance tips based on the possible variations between the different packages that might best suit your own needs:

Buildings insurance

  • What’s covered exactly? – as you’d probably expect, most policies cover the permanent fabric of your home, especially to the extent that this ensures its structural integrity. But some policies also extend cover to such essential fixtures as bathroom and kitchens fittings, whilst others might cover boundary walls and fences or garages and sheds, too;
  • Risks – once again, most policies will typically cover a core set of risks – such as fire, flooding, subsidence, earthquakes, storms, impact by vehicles or falling branches and tress, and vandalism or malicious damage – whilst additional elements are reserved as optional extras (for which you pay an additional premium);
  • Options – examples of some these optional extras might include accidental damage to fixtures and fittings within the home; compensation for the cost of alternative accommodation in the event of the home becoming uninhabitable following one of the insured events; and public liability cover, giving you indemnity in the event of third party claims from those injured whilst on your property or those whose property is damaged whilst visiting you or who are in the vicinity of your home;
  • Excesses and discounts – rather like your motor insurance policy, home insurance policies also include compulsory excesses (the first amount of any claim for which you remain responsible). The difference here, however, is that the excess is likely to vary according to the type of building insurance claim you are making. Some home insurance policies also give you a “no claims” discount if you have not made a claim on the insurance in the previous year.

Contents insurance

  • What’s covered? – if it’s not an integral part of the fabric of your home, it’s likely to be covered by most contents insurance policies. The home insurance tips for contents insurance, however, probably feature even more variations in what is and what is not covered by any particular policy compared to another. Food in the house might be covered, for example, or tools in the garden shed, or even the family pet!
  • Risks – the contents of your home are exposed to the same set of risks as the building itself, with the addition of burglaries and theft (and the damage left in their wake). You might choose to extend that cover, however, to any accidental damage to your contents. If the policy does not already do so, you might also consider extending cover to those items which you frequently use outside of the home (a bicycle, for example, or a laptop or other portable equipment used at work, school or college);
  • Valuation and indemnity – the final home insurance tips for protecting the contents of your home relate to the importance of keeping your valuation of all insured contents fully up to date. If you are under-insured and the home suffers a major disaster, there might not be sufficient insurance compensation, of course, to replace all of your belongings. Keeping the overall valuation up to date like this is important whether you have chosen “new for old” cover (that replaces lost or damaged items at today’s replacement values) or “wear and tear” cover that deducts an element of the settlement amount to reflect the age and depreciation of the item or items.

Have Not Health Insurance

Something has happened that I could never have imagined. Everyone in the U.S. that purchases health insurance have been divided into the “Haves” and “Have Not” categories.

I worked in corporate America for many years and I was always able to access a good doctor, pay my “co-pay”, get whatever care that was needed and move on to the next item on my “to do” list.

Now that I started my own business, I no longer have an “employer sponsored group plan” for my health insurance. I now have insurance that costs $600+ per month that I will apparently have great difficulty getting to use.

If you are fortunate enough to “have” an employer sponsored group plan, you will have better access to using your insurance. If you “have not” this type of plan and have an individual plan either because you own a small business or your employer no longer sponsors a group plan; my sympathies are with you.

I rarely get sick. (Knock on wood.) Last year, I went to my doctor who I have had for 12+ years with my “new” health insurance and was told by the receptionist that they accepted my insurance so I gave them a $25 check for my co-pay. I just needed to renew prescriptions. Upon leaving, I was notified that they did not accept my insurance and I would need to pay an additional $175.00 in addition to the $25 check I had already given them. They gave me the paperwork to get “reimbursed.” I sent it in to the insurer the same day. I was never reimbursed.

This year, I got a different company who had my doctor listed as a preferred provider on the insurer website. I have a PPO plan. I called my doctor to make an appointment and was told that she was no longer accepting insurance and would be moving to a “cash only” service in about a month. The receptionist said she would make an appointment for me if I had an employer sponsored group plan otherwise they were already only offering their service as cash only. I would have to submit paperwork for reimbursement. I asked how much it would cost for this “cash” appointment. She said she had no idea but finally said “perhaps” $80 after I pressed her for an answer. The same appointment cost $200 last year so I’m guessing the prices have not been reduced this year.

This is not an isolated occurrence. I have friends telling me the same story. I get it! The doctors are fed up with dealing with insurance carriers that pay pennies on the dollar for services rendered. They also might have to wait months to even get that money if the paperwork submitted was completed correctly.

The idea that I have health insurance and can see the doctor of my choice and pay a certain co-pay is a joke. The healthcare system is completely broken. I just hope I don’t get sick!

Important Points Regarding Pet Insurance Policy

important-points-regarding-pet-insurance-policy

Before deciding the pet insurance policy we need to take into account few of the important points which help us in deciding the suitable policy.

  • Age of pet matters most

The insurance policies mainly depend upon age of your pet. Most of the policies are for the young pets and it is difficult to find suitable policies for older pets and it is because older pets are prone to diseases and require treatments. Most insurers prefer younger pets below the age of 8 years.

  • Get Life time policy

The best way to get pet insurance for your pets is life time insurance policy when the pets are young. Of course the life time policy is not cheapest one but it covers the pet for life time and also covers any long term illness too.

  • Cover for pre-existing conditions

The pet insurance policy is taken along with the pre-existing conditions. Without any pre-existing condition, the policy will be considered as void. Some of the insurance companies do not offer cover to the pre-existing conditions.

  • Swapping policies

Switching or swapping policies is possible only according to pre-existing conditions. For the annual policies or for life time policies, the reason to swap the policies is the increased premium. But the premium gets increased due to the claim made and once you make the claim, either you have to get a new policy from other insurer or you try getting cover for the treatment given for the existing condition.

  • Excess fee

The excess fee is the amount you pay at the beginning while deciding the policy and claim later. For some insurance policies the amount to be paid as excess is based on percentage and for other policies it is part of flat rate. It is also called co-insurance excess and can be expensive, while paying for big vet bills. While selecting a policy for your pet, choose the one with minimum excess to be paid at one time. Also make sure that excess rate doesn’t go higher as your pet grows older. There are low cost insurance policies with low premium but higher excess fee.  Always choose the right policy so you will have limited excess.

Have a good deal

  • Always buy the insurance when your pet is young and healthy. Finding insurers for older and unhealthy pets is very difficult.
  • Never choose a policy which covers vet bills only for one year. Then you may not find insurers who will be ready to cover the vet bills for life time.

 

 

Health Insurance

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The new Covered California health insurance marketplace offers a wide range of affordable health plans for you to choose from. Whether you are self-employed, or looking for coverage over and above what your employer currently offers, there is a plan that will likely meet your needs. Federal regulations require that health plans operating under the Affordable Care Act (ACA) meet certain access requirements. In California, those requirements include timely access to healthcare providers, as well as geographic access standards.

Here is a general guide to individual health insurance that you can refer to when choosing a plan. And do not forget these important dates regarding open enrollment for 2016.

Provider Networks

When selecting a health insurance plan, it is important to verify the plan’s provider network of doctors, hospitals, nurse practitioners, therapists, and other health care providers. It is equally important to understand what is not covered as well. Understanding your plan’s provider network helps you save money, receive better care, avoid unexpected fees and costs, and be happier with the care you receive.

Out-of-Network Care

You are not restricted to health care providers in your network, but should you decide to use one outside of your network, health insurance will cover less resulting in a higher out-of-pocket cost for you, except in the case of emergencies.

Provider No Longer in Network

If your health care provider leaves your network, you will generally need to find a new doctor inside the network, and most plans will assist you in doing so. As a rule, a health plan’s continuity of care policy allows a patient to continue care with a doctor no longer in the network for a certain period of time at the lower cost-sharing rate.

Cost-Sharing Requirements

Each plan has different cost-sharing requirements. Typically, your overall share of costs is a combination of the premiums you pay plus any other co-payments, co-insurance or deductibles for which you are financially responsible.

How to Find a Doctor

In most cases, the plan you choose will have a list of doctors who accept your insurance. The Medical Board of California offers some great tips on choosing a doctor:

  • Ask friends, family or co-workers about physicians they like.
  • Ask your county medical society or association for names of physicians in your area.
  • Once you have some names, call and ask if the doctor is accepting new patients and whether they accept your insurance plan.
  • Check with the Medical Board to verify the physician has a current California license.
  • Meet with the physician and consider having a physical done to determine if this is the doctor for you and your family.

Top 10 Life Insurance Tips

Although most adults have heard of it, few seem to understand exactly how life insurance works or is supposed to work. To an extent, this is because the industry is shrouded in mystery. Those tax collectors extraordinaire called “Congress” are always targeting this highly tax-sheltered industry, for one thing. For another thing, life insurance is rather like oxygen: you never think about it until you don’t have any access to it, and you may find it hard to understand why anyone should make you pay for it. Life insurance agents often say that selling life insurance is like selling air, too: they have nothing tangible to offer the person who buys it. Cash value life insurance was created in large part to address this hazard, but it’s still basically the same. It’s called life insurance, but it only pays when somebody is dead.

So, in light of that, it can be hard to pick a decent policy. Here are 10 tips for knowing how to be assured that you got something good for your premium dollars.

1) Do you know if you really need coverage? Now, granted, there are more people without life insurance who need it, than there are those with it who don’t. But, still–how do you know? The life insurance industry has a conflict of interest: it often tries to sell (more) insurance to those who don’t need it. There are simply too many agents who work on commission. So–how do you know if you need coverage? Essentially, you need coverage if you are still building your fortune. Life insurance is foremost a bridge between the risks of starting out financially and becoming what they call “self-insured”. If you have a net worth that is at least eight to ten times your annual income, and you have a typical sized family (a spouse and one to three children), you likely don’t need life insurance. So, if you make $60,000 a year and you are worth at least $480,000 to $600,000, you want to have a serious talk with a financial advisor to see if you truly should have coverage. (You still might, but it gets complicated.)

2) You need to select the right type of life insurance. There are so many products out there now that you can easily tailor a financial plan, which typically includes life insurance, to suit your specific situation. Don’t get sold by an agent looking to make a hefty commission. Just pick what you need. Again, talking to a broker can work wonders here.

3) How much life insurance is enough? As alluded to above, probably eight to 10 times your annual income. That may sound extreme, but you’re going to want above all other things income replacement for your left behind loved ones. That amount can be mostly invested while also paying off expenses.

4) You need to select the right features for your policy. This might vary from person to person, but the cardinal rule is: be highly skeptical of riders. You probably don’t need one.

5) Avoid getting scammed. The greatest life insurance scam is churning: an agent from your company sells you a new “free” policy that is financed by cash value from your already in-force policy. Yeah, right. Other scams might include selling you on an increasing premium term policy that starts off cheap, but churning is the biggie.

6) When picking an agent, always start with the big-name companies. But also consider brokers. And meet with a handful before you go with one. Non-brokers want to sell you on the very first meeting. Remember that.

7) When preparing for your medical exam, you probably don’t want to drink alcohol or eat a heavy meal within 24 hours of the exam. Drink plenty of water and eat filling but balanced foods. Avoid lots of sugar and high fat contents, too. If you are sensitive to caffeine, avoid that for a day or two before, too.

8) If you want to challenge your medical exam’s results, try to find some discrepancy between the parameds and what your doctor says. “If we’re given both a paramedical lab result and that same test done in a customer’s physician’s office, we’d give more credence to the physician every time,” are the words of Dr. Robert Watson, secretary and treasurer of the American Academy of Insurance Medicine, a man who works with life-policy underwriters.

9) If you closely examine your policy and do some research once you have one, you may find it’s not suited to you. If it’s in the first 30 days of the policy you have a right of recision for a full refund. To get rid of a policy you can simply stop paying the premiums. Contrary to belief and some shady practice, collection agencies cannot try to make you pay for a policy you stop paying on–you simply lose coverage. If you try to surrender or stop paying on a policy, if you got it through a single company (not a broker) an agent will come to try to save the policy. Keep that in mind. You’re also allowed to get replacement coverage, which requires a great amount of paperwork on an agent’s part.

10) So–what’s the best life insurance for you? In normal circumstances, either term life or variable universal life. If you have special circumstances, consult a broker or your trusted agent, but otherwise don’t let anybody sell you different.

Getting Health Insurance

The Obamacare Open Enrollment Period ended about a month and a half ago, and many people still find themselves without health insurance. Some may not be able to comfortably afford a plan, couldn’t make a decision on what to buy, and maybe some just plain forgot. Now many people find themselves wondering how to go about getting health insurance outside of Open Enrollment.

Qualifying Life Event

In order to enroll in a major medical plan outside of Open Enrollment, individuals must have a qualifying life event, such as getting married, having a baby, moving to a new state, and other scenarios. When such an event occurs, this triggers a Special Enrollment Period, allowing someone to enroll in a plan.

If a qualifying life event does not occur, but someone is still interested in getting health insurance, there is an alternative. Short-term health insurance has some key differences from major medical health insurance, but still offers some great benefits to tide a person over until they can get other coverage.

Short-term Health Insurance

A short-term plan will function similarly to a major medical plan. When reviewing available plans, there is a breakdown of deductible and copayment amounts, maximum coverage limits, etc. available for each plan. They will vary by plan, which provides the health insurance shopper with many options. If someone is just looking for basic coverage that protects against big, unexpected emergencies, there will be a plan that works well for that scenario. Others who know that they will want copayments for office visits and prescriptions can find a plan to fit those needs as well.

Regardless of why someone cannot enroll in a major medical plan, one of the biggest benefits of a short-term plan is that it typically costs much less than a major medical plan. As with any plan, prices will increase with a short-term plan as the coverage amount increases. For instance, a low deductible will likely result in a higher premium. This is the case with virtually any type of plan. The more protection you have, the more it costs. Again, though, generally speaking you will pay less for a short-term plan than for a major medical plan.

These plans are no doubt helpful when traditional major medical insurance is not an option, and some people may even prefer a short-term plan over major medical. However, as its name implies, short-term insurance is not intended to be a permanent insurance solution. For this reason, many plans are only available up to a year. However long the term, once the plan ends, it must be reapplied for. There is no guarantee it will be approved.

Another key factor to note when considering this insurance is the fact that pre-existing conditions are not covered. If someone applying for a plan has diabetes, anything related to that condition will not be covered. However, even without pre-existing conditions being covered, new conditions will be. Having protection for new ailments is definitely more than anyone would have without any sort of health insurance, and that’s important to remember.

Finally, remember that you are required to have an Affordable Care Act-compliant health plan. Short-term health insurance plans do not fall into this category, so depending on your specific situation, you may face a penalty at tax time for not having ACA-compliant health insurance.

Whatever the reason you can’t get major medical insurance, keep short-term plans in mind. They definitely offer enough coverage to tide you over until you can get a major medical plan, and you can select the amount of coverage that works best for you. The benefits of short-term plans definitely outweigh the cons of not having any health insurance.

How To Sell Insurance

Most agents have not adjusted their marketing strategies to learn the new ways on how to sell insurance.

So many agents focus every day of the month on how they are going to get their 10-25 leads for that day. They will do their telemarketing, cold calling, door to door, 1000′s of mailings, buy leads, etc. They are spending so much time in their day, going after individual leads, that they don’t realize that they are actually digging a long term hole. If you have to start every month doing the same routine and trying to get you 10-25 leads/day, and manually doing everything, the cycle will never end, and soon you will burn out. That happened to me. But then I met an agent a few blocks down. I saw that he had a nice small office and it seemed like a new car every month. I had to figure out what this little agency was doing. At this time, I had no idea, what I was getting into.

That’s When I learned How to Sell Insurance

I learned that he was a graphic designer, in his past career. Hew was willing to tell me what he was doing, because he was getting all the business he ever needed. Now, all the stuff he started talking to me about was way over my head, but it made sense from the beginning.

The point is, is that people like technology to research and buy things online. People are discovering that they can buy anything they need online and get it done quickly. With peoples busy schedules, online research and buying is the way to go.

The Number #1 Tip Is to Get Your Agency Online

Your agency needs to have a website (email collecting, quote request website), and a Facebook business page. The goal for this is to collect emails and contacts month after month, so you can send them free information on your agency. While all this is building, you can keep doing the Cold calling and telemarketing, but after a few months, the internet leads will be flowing in. You will not have to worry. Imagine when people go online and search for auto insurance or life insurance and see your agency with your picture on the first page all over the place. Most likely they will click on your post.

There are hundreds of millions of people on Facebook every day. Imagine if you could develop a “friend” list, make it viral and send out a weekly advice tip, on how you could make their life better. You would make the one post and get it out to several thousand people. Over time, leads will be contacting you month after month.

Knowing how to sell insurance is not a skill, it’s a system. Closing the sell, is the skill. Insurance agents need to understand that the insurance business is all about marketing now days. This is my daily tip on how to sell insurance.

The Three Most Common Types of Insurance

There are many insurance plans available to offer coverage for various sorts of damage or accidents. All families should have at least one of these three.

Types of Homeowners Policies

Homeowner’s insurance falls under one of six categories. HO-1 and HO-2, as they are more commonly known, cover only the property against specifically listed damage. These policies vary as to what damage is covered, and neither protects belongings located on the property. HO-2 forms offer more coverage than an HO-1.

HO-3 protects against all types of damage, not just specifically listed damage. It also protects a select list of belongings located within the structure from specific damage.

HO-4 and HO-6 cover only belongings. Renters use these policies as the landlord or management company holds coverage on the dwelling. As with HO-1 and HO-2, HO-6 offers greater protection than HO-4 and is more expensive.

HO-5 is similar to HO-3 in that it covers the property as well as personal belongings. The difference is that HO-5 covers all belongings, not just a set few. It is also more costly than some of the others, but it is worth it.

Types of Medical Options

Medical is another common form of insurance, and as with homeowners, there are different kinds for you or your employer to choose.

Health Maintenance Organization, or HMO, is one of the most used types. This plan allows you to choose from a network of providers, and it also includes preventative care. However, you must be referred by your primary care physician in order to see a specialist. There is also a small copay you must pay at each appointment.

The Preferred Provider Organization, or PPO, also has a network of doctors available. Unlike an HMO, you do not have to choose a primary care provider. You can see any physician, or even a specialist, as long as he is in network. Also, you do not have to have a referral to change doctors. As with other plans, each visit requires a copay.

Exclusive Provider Organization, or EPO, works very similar to HMOs and PPOs. These cost less and have a network of providers available. However, unlike a PPO, where an out of network doctor visit is covered up to a point, there is no out of network coverage for these plans.

The Point of Service Plan, or POS, is a hybrid between an HMO and PPO. POS requires a primary care provider assignment, but you can see out-of-network doctors if you are willing to pay a higher copay.

Different Auto Coverage

Auto insurance is also widely used. Depending on your loan terms and state requirements, some options may be unavailable to you.

Liability plans cover damage and medical bills in the event the accident was deemed your fault. It only covers the damage done to the other person’s property as well as any of their medical bills. Most states require this as minimal coverage. It is also the most inexpensive option available.

Collision coverage will pay for repairs to your vehicle in the event of an accident. This type of insurance is worth having, in addition to liability coverage, even if you have an older vehicle that has no lien. In the event that your vehicle is totaled, your plan covers the value of your car. This policy is required for those with lienholders.

Comprehensive coverage covers anything unrelated to an accident like if your vehicle is stolen or you hit a deer. For most lienholders, this is a requirement.

Uninsured motorist is something that everyone should consider. While most states require at least liability coverage, some drivers don’t keep the plans much past getting their license or tags. This policy protects you in case someone else causes damage and doesn’t have a plan in place to pay for repairs.

Home Insurance Tips That May Help You Save Money

Buying insurance for your property and its contents may be a necessity for you but this doesn’t mean that you don’t have ways of making this process more cost effective. There are a variety of home insurance tips that may cut the costs of the prices you’ll be quoted whilst making sure that you have the right kind of cover.

Let’s take a look at some of the more popular home insurance tips.

  • Think about your needs — some people (usually homeowners) may need both buildings and contents insurance. Others may just need contents insurance. If you rent your home, for example, then your landlord is typically the one that has to deal with repairs to his/her building. So, buying this cover is not always a necessity in this case. If you own your home, then it typically will be.
  • Insure for the right amount — some people make mistakes when taking out home insurance and under insure or over insure. If you don’t take out enough cover then you may not be able to claim enough to cover your costs. If you take out too much cover then your policy payments may be higher than they strictly need to be. Building insurance is meant to be based on the rebuild value of your home and contents cover is meant to be enough to cover all of your possessions.
  • Home security — insurance is a question of risk and spending some time on improving your home security may make you look to be a lower risk to an insurance company. This may cut the costs of your premiums. Having things like alarm systems, decent door locks, window locks and smoke detectors may all count in your favour. Being a member of a Neighbourhood Watch scheme may also be a benefit to some insurers.
  • Look at the excess — this option may not suit everyone but it may keep premium costs low. Whenever you make a claim on a home insurance policy you have to deal with the excess agreed in it. This excess is the sum of money you have agreed to pay before the insurance company starts to cover costs. So, for example, if your excess is £100 then you pay the first £100 of any claim at which point your insurer takes over. If you voluntarily ask for a higher excess sum then you may find that your policy costs decrease a little. So, this may be worth checking out before you choose a policy.

These home insurance tips may help you save money on the costs of a policy. It is still important not to have cost savings as your primary focus to start with however. Putting the right kind of policy in place is just as, if not more, important.

Once you have done that by using these home insurance tips then you are ready to look at getting a really cost effective policy. Bear in mind that a home insurance specialist provider may be a good place to make a start. This may save you a lot of time and money as they may be able to compare quotes for you to show you your cheapest options.