Archive for November, 2009

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How to Choose the Best Life Insurance Policy

Monday, November 30th, 2009

Choosing life insurance should be a multi-step process. Your ability to obtain the best insurance, at the most competitive rates, involves hard work on your part.

Although most people don’t give life insurance too much of their time - after all, it is often an unpleasant topic to think about - it is important to research your options and consider both your and your family’s needs when choosing a life insurance product.

To do this, there are a few steps you should take:

  • Consider your options regarding insurance providers. Do your homework and research a variety of insurers. Check out whether the company is fee-based or commission-based, and don’t forget to research the company’s history, performance ratings and customer-service reputation.

  • Consider your coverage needs. In order to determine the value of your life insurance policy you should consider your needs, for both yourself and your family. Many insurers, for example, recommend that your life insurance policy value equal at least two to three years of your annual income. You may choose your life insurance amount based on your children, your spouse or the amount of money it would take to pay off your mortgage, for example. Many life insurance companies offer easy, convenient online calculators that help you decide how much life insurance you may need to protect your family and care for them in the event of your death.

  • Decide which policy is right for you and your budget. There are many different life insurance products, including term life insurance and permanent life insurance. What works for one individual may not work for another; in other words, your decision will be a personal one, based largely in part on your budget. Your decision to purchase a particular life insurance product may be based on your ability to cover short-term expenses, or it may be based on your age.

  • Re-evaluate your circumstances and your needs on an annual basis, and make changes to your policies, if necessary. Your circumstances can change at any given time, so it is important to make sure your life insurance policies reflect both your and your family’s needs.

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How to Choose an Auto Insurance Policy

Friday, November 27th, 2009

We all need to save money, but we don’t want to give up quality and service to do it. So, is it possible to get both a low price and great service and coverage under one auto insurance policy? Absolutely!

We are all bombarded by countless auto insurance ads during any given day. From billboards and radio to those incessant television commercials, auto insurance ads are everywhere we look. It certainly makes it difficult to sort through all of the hype and instead find an auto insurance company that can provide you with the coverage and price we need.

Thankfully, there are ways to get around the auto insurance lure tactics so that you can make the best decision for you. Here are some of the things you should be looking for when comparing auto insurance companies:

  • Price - There are many, many things that influence the price of auto insurance. From your age and accident history to your marriage status and vehicle type, the cost for auto insurance can vary widely. You can simply call auto insurance companies and ask for their rates, or you can contact the Department of Insurance in your state for a list of average rates. Finally, you can check online for prices; most insurance companies have online calculators.

  • Service - Don’t forgo service for low prices, or you could be in for a potential nightmare when the time comes to submit a claim. You can certainly ask friends and family for recommendations. You can also contact the Better Business Bureau and ask about the number of complaints the company has filed against them.

  • Financial Stability - With so many companies in the country failing, it becomes hard to distinguish a strong company from a weak one. You may want to consider looking into the company’s financial position; this information is readily available online.

  • Customer service - One of the biggest factors when deciding on your auto insurance company will likely be customer service. If the representatives were not helpful and courteous when you called for an auto insurance quote or asked questions then you can be pretty sure that they won’ be courteous when it comes time to file a claim. Bottom line: consider all aspects of an auto insurance company before diving into a policy.

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Increase your Home’s Security and Save

Thursday, November 26th, 2009

How secure is your home? If you don’t have an answer to this question, then it probably isn’t secure enough!

Many times, your homeowner’s insurance premiums can be lowered if you increase your home’s security. Therefore, it only makes sense to increase your home’s security so that you can protect your family and your belongings and, at the same time, lower your homeowner’s insurance premiums.

From deadbolts to security systems, increasing your home’s security is the smart thing to do. Although the exact amount will differ, the fact of the matter is that most - if not all - homeowner’s insurance companies will offer discounts if you increase your home’s security.

Ideas for Increasing your Home’s Security and Safety:

  • Deadbolts - Easy to install and generally inexpensive to purchase, deadbolts are your home’s first line of defense against intruders. It is best to install deadbolts on all of your home’s exterior doors.

  • Motion-Sensing Outdoor Lighting - Motion-sensing outdoor lighting is incredibly practical and can add another layer of security and safety to your home. Consider installing motion-sensing lighting near dark spots around your home and at each point of entry.

  • Carbon monoxide and smoke detectors - Both carbon monoxide and smoke detectors are inexpensive and easy to mount throughout your home, but both could easily save your life. Consider installing a carbon monoxide detector and smoke detector on each floor of your home.

  • Home Security Systems - Having a home security system installed is one great way to add safety and security to your home. It is also a great way to cut your homeowner’s insurance premiums by as much as 20 percent. An installed security system with monitoring service can save you even more.

As you can see, it is not hard to increase your home’s security and safety. Plus, the savings on your homeowner’s insurance premiums often offset the cost of installing security and safety items! Home security should be one of the first things you think about when moving into a new home, and should be revisited at least every year to determine if you, your family and your home is adequately protected.

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What to do When you Lose your Health Insurance

Wednesday, November 25th, 2009

Unfortunately, the reality of losing health insurance is an all too common situation in today’s economy. If your position has been eliminated or if the company is going under, your job isn’t the only thing you may face losing.

Employer-based health insurance benefits are a very important aspect of many individuals’ employments, and living without them, even for a short period of time, can be devastating for most families. From expensive prescription medications to emergency care and doctors’ visits, employer-based health insurance is not a luxury, it is a necessity.

However, if you find yourself on the verge of losing your employer-based health insurance, there are a number of options you may have:

  • COBRA - Larger companies of more than 20 employees, under a federal law, are required to offer you an extension on your health insurance of 18 months while you look for other employment. Called COBRA (Consolidated Omnibus Budget Recognition Act), this health insurance extension must be enrolled in no longer than 60 days after you lose your health insurance. Although you will enjoy the same benefits that you did under your employer health insurance plan, the costs will be significantly higher.

  • You spouse’s health insurance - For many individuals, it just makes sense to sign up for their spouse’s health insurance when they lose their coverage. Luckily, most large companies will bypass the annual enrollment time period to allow you to sign up for your spouse’s health insurance if you lose your coverage.

  • Private health insurance - For many individuals, purchasing private health insurance is often less expensive than purchasing COBRA, so you may want to consider contacting a reputable insurer and ask them for their private health insurance costs.

  • Free or lost-cost programs - If money is an issue, you may want to consider some of the free or lost-cost health insurance options. You can check with your state’s Department of Health regarding free health insurance for your children; you can also check with your state’s insurance department or consumer services department to see if your state offers lost-cost health insurance.

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How to Find the Best Travel Insurance Policy for your Next Trip

Tuesday, November 24th, 2009

Vacationing is an activity enjoyed by millions of people across the country. Traveling is exciting, adventurous - and expensive! It is because of this that many people choose to purchase travel insurance before planning and paying for an expensive trip.

Although all you may be thinking about your next trip is the fun you are going to have, you must remain realistic and protect yourself in case any misfortunes arise.  To do this, you need to purchase comprehensive travel insurance so that your investment will be protected and your next vacation will be worry-free:

  • Choose a company that is trusted and has established a positive reputation. Check with the Better Business Bureau and ask friends and family members for referrals.

  • Choose a policy based on the length of your trip and the items that will be covered. If your trip is extensive, check out long-term travel insurance policies to protect you throughout the entire duration of your trip. Individuals that travel frequently throughout the year may choose to purchase a long-term policy and renew it on an annual basis.

  • Ask for quotes from a number of travel insurance companies before deciding which one best fits your budget and your needs. Many factors may influence the cost of travel insurance, so be sure to provide the travel insurance company with plenty of information so that you can get the most accurate quotes possible. Some of the factors that influence the price of travel insurance include: the length of the trip; the cost of the trip; your age; your health, including pre-existing medical conditions; and the time you may spend overseas.

  • Consider the deductibles for your travel insurance policy and choose one that best meets your financial needs. You can choose a policy that has a deductible anywhere from $0 to $2,500, depending on the risk you want to take.

  • Consider the policy’s maximum coverage. Depending on your comfort level, you may choose a policy with a maximum coverage of anywhere between $20,000 to more than $100,000.

  • You may need to take out additional travel insurance if you plan on partaking in special activities, such as adventure sports.

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Love, Marriage, and Auto Insurance Costs

Monday, November 23rd, 2009

A new marriage means a new life with your partner, new experiences, as well as a few new financial challenges.  With the exchange of vows, you and your new spouse share more than just your love, hopes, and dreams-you share your credit scores and insurance costs too!  Before or soon after tying the knot, try these tested and true tips to save on your auto insurance premiums.

Joint Policy Custody

Once you are married, shop around for new insurance policies that offer package discounts.  Oftentimes, if you’re willing to purchase two policies-one for you, one for your spouse-then you can take advantage of added discounts.  If you do happen to find an attractive policy during your search, be sure to contact your current provider to inform them that you’re considering leaving in order to save on your costs.  With this announcement, your provider may be willing to negotiate a lower rate for you and your spouse in order to keep your business.

Choosing the Primary Policy Holder

While the stereotypes assert otherwise, studies show that women are far less likely to be involved in an auto accident.  Since women are statistically less prone to collisions and car wrecks, women can often take advantage of lower premium rates.  If this happens to be true in your relationship, then ask your provider about the savings benefits that can be gained from making the “Mrs.” the main policy holder.  With a woman as the primary driver, making the man the secondary driver, statistical odds are working in towards one’s favor, as insurance companies are forced to charge higher premium rates for drivers who pose greater risks.

Investing in Your Future

Once you and your spouse have been married for some time, you may be in the fortunate circumstance of having never been in an accident.  If this is the case, then you most likely have never had any need to make a claim to your insurance company.  Oftentimes, as insurance companies find claim-free couples to be very appealing and desirable clients, a provider may offer you a negotiation in order to maintain your “zero claims” status.  For example, if you and your spouse have been able to maintain your policy for four or more years without having to make a claim, then your provider may allow you to pay a small fee in exchange for a “zero claims” continued status.  If you opt for this plan, then you’ll be able to maintain your very low “zero claims” insurance coverage rates, even if you do end up needing to make a claim in the near future!

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Why Women May Require a Unique Health Insurance Policy

Friday, November 20th, 2009

As men and women undoubtedly have differing health concerns, risks, and needs, many experts suggest that women particularly take advantage of key strategies to find optimal coverage to maintain their health.  With issues ranging from gynecological care to potential maternity coverage, women must actively seek out policy features that align with their personal reproductive plans and goals.  As some policies offer greater contraceptive coverage benefits, while others provide individuals with more substantial labor and delivery compensation, women from all different backgrounds, ages, and agendas should personalize their plan to ensure their policy offers the most ideal benefits and protection.

Evaluating Fertility and Family Planning

Before investigating various insurance policies and options, women can begin to proactively assess their needs by evaluating their personal family and reproductive goals.

Women who plan to have children will need to take advantage of key insurance features such as:

  • Lower office visit deductibles - Since a woman’s pregnancy demands frequent checkups and routine visits, opting for a lower co-pay can help women avoid excessive appointment costs.
  • Post-delivery coverage and protection - After delivery, infants are often at risk for minor illnesses and infections. As such, a woman’s health plan should offer adequate coverage for prescriptions, examinations, and other common health concerns.

Women who have decided not to have children (either in the short term or long term), may need to find health insurance packages with more diverse features, such as:

  • Contraceptive coverage benefits - If a woman is sexually active but does not wish to conceive, then she will need to speak with her doctor about reliable methods of birth control. With a variety of choices, women can opt to undergo permanent procedures, take hormonal oral contraceptives, or utilize other methods of protection. Ideally, a policy should allow women to take advantage of her own preference or doctor recommended method; similarly, prescription co-pays should be kept to a lower rate, as contraceptives often require monthly refills / payments.
  • Health and disease screening - While all women are at risk for various types of cancer or viruses, women who are not pregnant and / or do not have kids undergo far fewer checkups than women opting to bear children. As a result, a health insurance package should allow women to meet with their OBGYN for routine breast, cervical, and general health exams. Additionally, women who are sexually active may also want to take advantage of sexually transmitted disease coverage options.

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Is Your Place of Residence Forcing Your Auto Insurance Premiums to Rise?

Thursday, November 19th, 2009

Believe it or not, your area of residence plays an incredible role in your insurance costs.  If you are in a high crime area, where your car may be at risk of theft or damage, then you’re forced to pay more for coverage.  Fortunately, if you are in an area that’s provoking higher coverage costs, then you can still reduce your auto insurance premiums by simply pursuing realistic alterations and changes.

Security and Savings

If you currently live in a high crime area, where your vehicle is in danger of a potential break-in, then contact your provider to find out if you can install any added security devices to more effectively protect your vehicle.  Oftentimes, if security features, such as  alarms or immobilizers, are up to date and reliable, an auto provider can effectively reduce your costs, as your vehicle is more optimally protected from thieves in the surrounding area.

Additional Security Measures

Adding to this, if you’re renting your current residence, or if you have flexibility to change your location in the near future, then choose your next rental property from a landlord with a security gate.  With a security gate, a residential complex is surrounded and closed off to random entrants; only current residents, as well as residents’ approved visitors, are able to access entry through the security gate.  Oftentimes, simply seeking these additional features can significantly help you save.

Parking

Regardless of the theft or potential hazards in your area, many insurance providers allow policy holders to take advantage of additional savings if their overnight parking is exceptionally secured.  For example, if a vehicle is stored in a parked garage each night, then a provider may be willing to cut back on your costs, as garage storage is far more protected than open parking or open street areas.  In fact, even if you don’t own a home with a garage, detached sheds and vehicle storage sheds can be easily purchased from a larger home improvements store.

On the other hand, if renting your current residence, find out if you can pay your landlord an added fee each month in order to store your vehicle in an available detached garage within your apartment / housing complex.

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Water Damage: How to Increase Your Coverage Benefits to Avoid Drowning in Repair Costs

Wednesday, November 18th, 2009

If your home has fallen victim to the incredibly damaging effects of water or interior flooding, utilize the expert recommended tips and steps to avoid drowning in the costs for home repair.

Step 1 - Assess the Damage

The first step in responding to water damage involves taking a specific account of what damages have occurred.  To do this, start by turning off the main water supply to your home.  Additionally, turn off any natural gas outlets or supplies, as you should also be sure there are no exposed electrical outlets or wires.  Your key focus here involves making sure you home is safe from any ongoing damage.  As you begin taking an inventory of the damage, be sure to cautiously inspect areas that seem safe; do not enter areas that can be hazardous.  Specifically, don’t enter a room that has standing water in it, as standing water may pose the threat of electrical shock / electrocution.

Step 2 - Communication with Your Provider

Once you have an idea of what damage has occurred, contact your insurance provider to see what other measures you may be able to take.  As each policy has exclusions for coverage and reimbursements, an awareness of your specific damage and the terms of your policy will help home owners to remain well informed and proactive.  As all damage claims made to your provider require thorough evaluation and potential mitigation, your insurance company will need to be certain that you took responsible measures and efforts once the water damage occurred.

Step 3 - Stop the Spread of Destruction

Once you have assessed basic damages and contacted your provider, quickly respond to the damage by using dehumidifiers and / or fans to aid in the fast drying of water-logged areas.  If it is safe to do so, dry your furniture or move furniture to a safe and dry area.  This can help prevent wood from warping, erosion of paint, and other effects.  Adding to this effort, try to mop up or use a wet-vacuum to pull water from soaked carpets.  Oftentimes, a home insurance policy requires home owners to attempt salvaging carpet and carpet padding before agreeing to pay for any replacement flooring.

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Helping Your College Graduate Find Optimal Health Insurance Protection

Tuesday, November 17th, 2009

As most common health insurance policies offer extended coverage for policy holders with children enrolled full time in school, earning a diploma may mean that your son or daughter can be exempt from your policy’s coverage.  If your son or daughter is a soon-to-be college graduate, then they made need guidance and suggestions for finding health care insurance until they are provided with coverage by a potential future employer.

Evaluate Deductible Costs and Savings

As is true with almost any insurance policy package, individuals who opt to pay for higher deductibles generally are rewarded with lower monthly payments.  In other words, if your son or daughter agrees to pay a co-pay of $50 for each doctor visit, then he or she may be able to pay lower monthly coverage costs.

To determine how much your son or daughter should agree to pay as a deductible, help them to evaluate how frequently they need to seek medical attention.  If your child has a rare history of visiting doctors’ offices and emergency rooms, then it may be ideal to opt for higher deductible amounts.  On the other hand, if your son or daughter seems to be prone to common illnesses that require professional medical support, then bargaining on a higher deductible may mean that you’re overpaying for your coverage each month.

If you’re unsure of which option is best for your son or daughter, an insurance agent can help to navigate the various choices.  Oftentimes, insurance providers allow patients to choose from a large range of deductible payments, ranging from low fees to hundreds (even thousands) of dollars for specific types of emergency-only medical care.

Evaluating the Health of the Job Market

If your son or daughter has earned their college degree in a highly marketable career-path, then you may be able to cut back on insurance costs by opting to purchase a short term coverage package.  With short term health insurance, a policy holder is able to take advantage of coverage for a set and limited period of time.  Commonly, short term packages range from anywhere between a month to a year or so.  Therefore, if your son or daughter has an array of job interviews lined up, and is prepared to dazzle potential employers with a flawless resume, then odds may be in their favor that long-term coverage is on the way!  As long as the job market is open and strong, and of course if the future employer provides health coverage for newly signed employees, then a college grad can save money by simply purchasing short term health insurance protection.

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