TERM LIFE INSURANCE

Term is simple. You pay a premium for a period of time (the term) from one to thirty years and if you die during that time the insurance is paid to the person or persons you designate to receive it - called the beneficiary(ies).

Term life insurance usually has the lowest premium in the early years, making it the most affordable life insurance - initially. Term does not build cash value.

It covers you for a specified period of time (usually from 5 to 30 years, you choose). If you purchase a $1,000,000 term life insurance policy for 20-year period and you die in any of those 20 years, your beneficiary receives the million dollars.

If you are still living at the end of the term, your insurance policy is over unless you can renew the policy. When you renew (assuming your policy has that feature) it will renew at a higher price reflecting your now older age. Term insurance has no buildup of cash as with whole life insurance. Some term life insurance policies do offer a return of premium.

Return of Premium (ROP) Life Insurance

Return of premium life insurance is a newly introduced term life insurance policy that provides both death benefit protection and a return of premium insurance feature. Return of premium life Insurance is aimed right at one of the greatest objections to term life: “I am probably not going to die, and my money will have been wasted."

Here’s how it works: If you keep your policy for the term period, at the end of that time whether 15, 20 or 30 years, the life insurance company that issued the insurance with the return of premium policy, returns the entire premium that you paid for the insurance.

There also is some partial return of premium for policies canceled before the end of the term (depending on the year it’s canceled – the longer it’s kept, the higher the amount of the return.)
When you buy insurance with a return of premium option, you do not have to waste your money.

Unlike regular term policies, Return of Premium term life insurance rewards you for keeping the policy by giving a guaranteed return of your total cumulative premium paid on the policy during the level term period, not including substandard (extra charges for health) and rider charges (extra benefits such as disability coverage), if any, which will be paid to the policy owner at the end of the level term period if the policy is then in force.

Here’s an example: Male, age 35 with the best rate of preferred plus, $500,000 of 30-year return of premium term life insurance:
Annual premium = $810; Return of Premium after 30 years = $24,300
($810 x 30yr = $24,300)

The life insurance return of premium is considered income tax free, because you aren’t receiving back more than you put into the return of premium life policy. The return of premium term life insurance policies feature fully guaranteed level premiums for the first 15, 20 or 30 year

MICRO-INSURANCE

Micro-insurance is defined by CGAP as “the protection of low-income people against specific perils in exchange for regular monetary payments (premiums) proportionate to the likelihood and cost of the risk involved.” As with all insurance, risk pooling allows many individuals or groups to share the costs of a risky event. To serve poor people, micro-insurance must respond to their priority needs for risk protection (depending on the market, they may seek health, car, or life insurance), be easy to understand, and affordable.

Micro-insurance has grown out of the micro-finance movement, where savings, credit and other services have proven successful in helping low-income communities better manage their resources and create their own opportunities. While standard micro-finance products can provide some risk management, the subject of micro-insurance is attracting wide interest as a growing body of evidence demonstrates the potential benefits of micro-insurance for low-income houses and businesses that are traditionally excluded from conventional insurance services.

The intent of micro-insurance is to provide easily accessible insurance cover for small-scale assets at affordable premiums by keeping transaction costs low. The first micro-insurance programmes generally focused on health care and funeral cost products, with new developments and innovations not only improving existing products but also expanding to cover new risks like natural disasters.

Some of the general micro-insurance lessons learned from Columna’s experience include:

• The most cost-effective way to reach the low-income market is through organisations that already reach large numbers of the target market.
• The distribution of micro-insurance should therefore be implemented through microfinance institutions (MFIs), cooperatives, trade unions and the like.
• Insurance company shareholders should implement a policy on surplus that allows the company to grow and maintain good solvency levels.
• Benefits can be reaped from collaborations with international organisations that provide support, training and market information.
• A micro-insurance product must be simple and the premiums should be affordable.
• There should be a range of premium and benefit levels to make the product relevant to a higher percentage of the targeted market.
• Sales personnel must receive adequate training to promote micro-insurance products; printed promotional material should be simple to understand.
• An insurance company must establish a mutually beneficial relationship with its marketing and distribution channels.

Source: Columna Guatemala (CGAP Working Group on Microinsurance Good and Bad Practices Case Study No.5)

HEALT INSURANCE UNDERWRITING

This is a feature bringing up numerous angles of the issue of health insurance underwriting . It is going to begin with the basic facts and after that go on to more knotty specific details.

The point of this article dealing with the subject of health insurance underwriting is to describe and then to analytically talk about the various perspectives of this attractive, but baffling meaning of health insurance underwriting . What to Seek in Good healthcare policy

medicare coverage is a kind of protection that offers payment of benefits for eligible medical problems or trauma. Included in online medical insurance are several types of insurance such as trauma coverage, disability income insurance, checkup cost coverage, and unintentional fatality insurance. Before signing the health coverage policy make sure you completely read the reimbursement section. Take note of any physical condition care treatment that isn`t insured by your wellness insurance document. In addition, especially pay attention to how the medical insurance document is phrased. Sometimes, medical coverage providers conceal the coverage exclusions within the language. For example, a health care insurance corporation might describe the term `emergency` as something that is a deadly situation that can`t be reasonably attended to by a primary care doctor, whereas your meaning of `emergency` might be any situation that demands quick clinical attention. Obviously, there`s a significant difference between the two definitions. If you find yourself in an emergency circumstance where you sustain a fractured arm, for instance, your medi care coverage online provider might deny coverage for emergency room care of a broken arm because the broken limb does not fall under the fatal category. Therefore, you should read carefully the health care coverage online document descriptions, paying meticulous notice to the seven important phrases:

1. Health emergency
2. Medically essential
3. Accidental trauma
4. Experimental or investigational
5. Pre-certification
6. Previously diagnosed conditions
7. Practical and customary

These words and all phrases that are open to analysis ought to be regarded with wariness. Find out how your online health insure company describes every one of these.

Lastly, go to the paragraphs telling the rules you must abide by for your online health insure company to reimburse you. These document limitations or prerequisites are typically worded in a up-beat tone. Read through every stipulation thoroughly, take comments, then phone your health care insure establishment with any questions. You also should compare medical insure documents prior to signing one of them. To compare exclusions, examine two policy contracts and find the exclusions paragraphs. If you choose to assess quite a few health care ins contracts, you might use an on-line site. After you get your free estimate for the medical benefits you desire, apply for it on-line, and you`ll obtain all the answers that you require in order to judge exclusions of every medicare insurance on line document (though sometimes this can require additional investigation.)

Nearly all the readers of the composition which concludes here have found its reasoning and then exemplars to have made the issue apprehensible, we are hopeful that you feel the same way too.

HOW TO LIVE WITHOUT HEALTH INSURANCE

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BUYING TIPS

5 Buying Don'ts

When buying car insurance, it is important not to get overwhelmed. It is necessary to understand the basic concepts that apply to auto insurance before you go out and shop. You should also realize that insurance companies have different price structures that relate to the kinds of people they would prefer to insure. Most insurance companies prefer to insure people that are married, educated, and who have not made a claim, or had any speeding tickets in the last three years. The best rates are given to such individuals. If someone came to me for a quote, and they had a horrible driving record, I would probably insure them, but at an inflated rate. Some companies have their niche in the market of high-risk drivers. They charge higher rates, but will insure anyone; the good, the bad, and the ugly. The following are five things NOT to do when buying auto insurance.

Don’t Purchase the First Quote

Always shop around! It may be unpleasant to give out all of your information over the phone to a variety of people, but as long as you stick with reputable companies, your information should be safe. Also, if you have a clean driving record, and decent credit, you should not have to provide your social security number to get a rate quote. However, if you have bad credit and a sketchy driving record, the rate will be greatly affected.

Don’t Over-Insure Your “Beater”

If you have a car that is old and rusty, and not worth much money , do not carry full coverage insurance. You can go with liability only insurance, which will protect you for bodily injury liability to others. So, if you hit someone, you will still be protected against lawsuits, but you will not have a collision deductible. However, if you drive a newer car, carry a high collision deductible and a lower comprehensive deductible.

Don’t Get Scammed by Your Current Carrier

If you are a loyal customer, and have been with the same company for many years, demand an annual policy review. If you do not know who your current agent is, call your local office and ask to speak to one of the senior representatives. That way they can take ownership of your insurance account, provide you with a free review, and advise you on any discounts that might be available to you now that were not available back when you purchased the plan.

Don’t File Small Claims

If you have a minor accident that does not do too much damage to your vehicle, shop around at some body shops to see what it would cost to repair the damage. If the repair estimate is lower than your current collision deductible, then pay for the damage out of your own pocket and do not file a claim. This way your premiums will not go up, and you will have unaffected rates if you switch carriers.

Don’t Carry Auto Insurance and Home Insurance with Different Companies

Many people do not know this, but many insurance companies offer multiple-line discounts for home and auto insurance. If you have homeowner’s and auto insurance, make sure that they are with the same company and that the multiple-line discount is being applied. Also, when you shop around, make sure you get quotes for auto and home insurance at the same time.

SEVEN SAVVY: Saving Tips

7 Savvy Savings Tips

1. Raise your deductible. Your deductible is the amount you pay when you make a claim before your insurance company pays. The disadvantage of raising your deductible is that when you do make a claim, you’ll pay more. The advantage is that your annual insurance costs go down. You can raise your deductible on the comprehensive and collision sections of your insurance policy.
2. Drop your collision and/or comprehensive insurance on older autos. If your car is not worth much to begin with, then it may not be worth paying for collision and comprehensive insurance. That is because the amount you pay for the deductible plus the amount you pay for the insurance may be more than the value of the car itself. An auto dealer or Kelley Blue Book can help you determine the value of your auto.
3. Buy a "lower profile" vehicle. Part of what determines the cost of insurance is the kind of vehicle you drive. Some models are common targets for auto theft, while some models are just more expensive to repair. Generally these vehicles will cost more to insure. It pays to do your research before you buy.
4. Take full advantage of low mileage or distance discount rating. Some insurance companies give discounts to people who drive less than a pre-determined number of miles each year or drive certain distances to and from their place to work.
5. When you move, consider the cost of insurance. Yes, the cost of insurance varies from place to place. Some areas can be considerably higher. Make sure to keep your insurance broker informed, as this could save you money.
6. Make sure the information about your vehicle is correctly listed on your policy. You would be surprised how many inaccuracies show up on a policy, especially with so many model names sounding very similar. Insurance rates vary depending on model, and you could be paying more for a car you’re not even driving! Other common errors include the wrong mileage and mistaking a four-door vehicle for a two-door (both of which can also affect insurance rates).
7. Research the bevy of discounts available. Insurance companies reward good drivers. Insurance companies also reward people who insure both their homes and cars with them. This is called a multi-policy discount. Other discounts available may (depending on your insurer) include multiple vehicles, anti-theft devices, retirees, driver education, abstainers from alcohol, age, and distance to university/colleges for students.

POLICY USAGE: A Tips

Collecting Your Claim Money

Insurance is different from any other product you are buying. When you buy a car, for example, you get to drive it home. When you buy a house, you live in it. However, when you buy insurance, you only get a piece of paper that symbolizes a promise that your claim will be paid. But, how can you make sure you get paid? Here are some tips to follow.

1. Make sure you know your claim number. Write it down and have it with you. Remembering to do this will enable the adjuster to handle your claim faster. The faster the adjuster can handle the claim, the easier he or she will be to work with.

2. Do not nickel and dime the adjuster. If their offer is close and reasonable, do not push for that last $5. You will never get it out of them and you can make negotiations harder on other aspects of your claim.

3. Do not tell the adjuster that you are going to hire an attorney. They hear that all day, every day. It doesn’t scare them. In fact, it usually just makes them take a hard line with your claim. Unless you have hired an attorney, don’t say it.

4. Treat the adjuster like a real person. Adjusters are people too. And just think, at least they are not debt collectors! An adjuster who is treated respectfully will treat you the same way. This makes the claim process much easier.

5. Provide reasonable documentation. If you claim you had a $500 car seat in your car, you can expect the adjuster to want to see proof of it. While you may not have the original receipt, you should be able to provide some documentation that the car seat costs what you claim. (And yes, I have seen people claim $500 car seats. I have never seen one that costs that much, but people will make a claim for it.)

6. Do not expect the adjuster to be your friend. The adjuster has a job to do: Pay your claim and move on to the next claim. If they save the insurance company money, from their perspective, that is even better. But do not expect them to give you advice, explain things to you, or offer you what your case is worth!

7. Prepare, prepare, prepare. You are not going to sit down and do your taxes without reviewing documents, understanding the process, and spending time learning how to do it. The same goes for your auto insurance claim. For example, if you car is a total loss, learn how your state determines the value. Is it a fair market value state or is it a Blue Book state? Once you know, figure out what you think your car is worth. If you are trying to settle an injury claim, learn what you can get compensation for. Then, prepare that list and figure out for which items you have a claim.

Insurance is unlike anything else. If you want to get fairly compensated for your claim, you must do your homework. This list is not an exhaustive list of what you need to do. But, this gives you some basic tips on how to make sure you get your claim paid fairly and timely.