Monthly Archives: September 2017

Money Saving Tips For The Self-Employed Insurance Seeker

Everyone knows that health insurance costs are at an all time high. With the cost of medical care also skyrocketing, people, especially those that are self-employed are desperate to find ways to save money on their health insurance. This can be a difficult task as most insurance companies are far from excited to offer coverage to the self-employed.

Your first step would be to shop around. Contact an agent that deals with many companies instead of contacting the companies directly. This will save you not only time but also some money in the process because an agent will not be paid unless he or she finds the insurance that is right for you and you agree to take it. Tell the agent exactly what you are looking for and how much you wish to spend on premiums, deductibles and so on. Remember, be specific! If you want to ensure that you are getting what you want then you need to give as many details as possible.

Once you have some offers in hand read the fine print. This is the number one mistake made by people when seeking health insurance. Sure, the policy looks grand on the surface but then once you are locked in you find that it is full of restrictions and extra fees. Insurance companies are in business to make money, not spend it. If it sounds too good to be true then it probably is.

Finally, do not agree to any policy until you have checked out all the offers that were made to you. More often than not, a higher premium policy is better in the end because it offers smaller deductibles, and fewer restrictions. You could find yourself paying less for a policy but then also getting a lot less in return. If the policy does not help you then it does not matter how small the premiums are.

More than just Life Insurances

Insurance, as we all know is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.

When we think of taking insurance what immediately strikes our mind are the life insurances. Families often consider life insurance as necessary as a sound roof when it comes to protecting them from the harsh winds of fate, especially when children are small. Primary bread earners want assurance that even if worst things happen, the house will be paid for and the youngsters can continue to go to college.

But there are many worst things which can happen within one’s life period like a disability that could knock the family provider out of the workplace. While industry studies show that workers are three to five times more likely to be disabled than die early, disability insurance is often neglected.What is the point of having a life insurance if you are disabled? While premature death tends to have a bigger emotional impact, disability can be equally, if not more, devastating to a family’s financial stability.

Disability can be long term or short term and can be broken down into a number of broad sub categories.
•Physical impairments affecting movement.
•Lack of amputation of limbs or other body parts.
•Sensory impairments, such as visual or hearing impairments
•Neurological impairments.
•Cognitive impairments.
•Psychiatric conditions

The often heard “It won’t happen to me” has become a joke as daily someone or the other living in this world is diagnosed with some kind of a disease or other. For example Diabetics is one such kind of a disease that is common among youngsters today. Shocking to hear!!! But true facts are sometimes difficult to accept. With such a situation in hand, there is a high demand not only for life insurances but also disability insurances.

Disability insurances are of two types;
•Long Term Disability (LTD)
•Short Term Disability(STD)

Based on the type of disability, there are various different policies to suit you need and requirement.

•Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
•Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

Disability policies have two different protection features that are important to understand.

1.Noncancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.

2.Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time.
Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
Waiver of premium provision
This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.

If you decide to buy a private disability insurance policy, remember that policies are legal contracts. Read and compare the policies and understand the provisions before you sign. In comparing policies, you might want to consider:

•Is disability defined as your inability to perform your own job or any job?
•Does the policy cover accidents and illness?
•Are benefits paid for partial or recurring disabilities?
•Are full benefits paid after loss of sight, speech, hearing or use of limbs?
•Is the policy no cancelable, guaranteed renewable or conditionally renewable?
•How long must the worker be disabled before premiums are waived?
•Is there an option to buy additional coverage, without evidence of medical insurability, at a later date?
•Does the policy offer an inflation adjustment

There are many disability insurance companies and agents all around the world to offer their services .Based on one’s necessities, he or she can choose the best disability insurance to suit their needs.

No Load Term Life Insurance

Have you ever heard the term load and no load in the financial service industry? The loading of an insurance product usually always involves the agent’s commission and the company’s expenses. Some policies have what they call front end loads and back end loads. These loads are normally associated with permanent insurance policies. The cost of doing business is all wrapped up in the loading of a policy. No load term life insurance is probably the least expensive form of life insurance in the market. You often wonder what makes one company so much cheaper than the other and it usually has to do with the type of goods and services provided. Those goods and services are what make up the loading aspect of the life insurance policy. The no load term life insurance policy usually indicates that you are primarily purchasing direct from the insurance company and with little or no professional advice or opinion.

The life insurance professional is still very important to a great number of people. Buying life insurance direct from a company without an agent may be less expensive but it also may leave you wanting when it comes to professional counseling and service. Term life insurance is very simple and so the purchase of term life insurance may be something that you can handle on your own without a professional. These are individual choices and preferences that each of us must decide upon before we buy life insurance.

Term life insurance is inexpensive to begin with and so researching the market place for a no load product may or may not have a major affect on the premium. Ask about loading when you shop for term life insurance. You may be surprised at what you learn about the insurance companies and how they come up with their rates. It will also help you when you inevitably begin to shop for permanent life insurance.

Mobility scooters insurance

Current legislations state that there is no requirement for a user of a mobility scooter to hold adequate insurance, unlike car users who are legally required to hold adequate insurance. However, users should give careful consideration to taking out at least third party insurance to cover any potential claims that could be made should the user cause injury of damage to persons or property. As these claims can often run to ten of thousands of pounds if not more, plus any legal costs which are incurred. Consideration should also be given to taking our adequate insurance to cover the scooter itself. A new scooter can cost hundreds of pounds and insuring it against damage, theft etc could be a financial sound decision.

The DVLA make the following comments with reference to mobility scooter insurance:

“Although it is not a legal requirement, it is strongly advised to have insurance. Suitable schemes are not too expensive and are available to cover your personal safety, other people’s safety and the value of the vehicle.”

As discussed previously the insurance can be divided into two areas; The Scooter itself and Third parties (people and property)

Insuring the Scooter

The cover for the scooter usually protects you against the cost of repairs to, or replacement of the mobility product in the event of an accident. Some policies also cover or will pay towards the recovery costs of getting you and your mobility product home following an accident or breakdown. Users should check to see the level of cover being offered on the policy.

Third Party Insurance

If you accidentally hit anyone or anyone’s property and you are sued for negligence the insurance should pay for your defence and the resultant damages if you are found to be negligent. Such claims can be very expensive and insurance to cover legal costs and law suites would be very worth while. Such situation could include hitting a pedestrian, crashing onto a car, or causing an accident through negligent driving.

New Car Insurance Doesn’t Have To Be Expensive

If you have bought a brand new car it will of course be your pride and joy, as such you will want to make sure that is covered in the event of it being stolen or being in an accident or suffering malicious damage. If this is what you want then you have no option but to take out fully comprehensive car insurance, if you paid more than £5,000 for your new car then you will have no option but to take fully comprehensive anyway. Fully comprehensive is the dearest type of car insurance but new car insurance doesn’t have to cost the earth if you choose to buy it online.

There are many companies that only trade online and there are many specialist car insurance providers online that can offer you the cheapest premiums on new car insurance. However don’t go for the first company that you come across on your search, you should go for several quotes before making a decision on who to go with, insurance does vary vastly from company to company. Not only do the premiums vary but also the little extras that are thrown in to entice you when it comes to taking out new car insurance, it’s not unusual for companies to offer so many months free tax or to give you huge savings as a way of getting you to go with their company.

There are many factors that are taken into account when it comes to how much the premium will be for your new car insurance. One of the biggest is your age; if you are a younger driver but have the luxury of owning a new car then unfortunately the cost of the insurance can be very high even with making the best savings online. The size of the cars engine will also be taken into account when it comes to the premium and of course how many years no claims bonus is also taken into account.