Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts

Thursday, October 23, 2014

Advantages of Health Insurance for Family

Healthcare and hospitalization costs have gone up more than 60% over the past decade. Unexpected sickness or an accident can make a big dent in one's pocket. Hence it is now considered prudent to go for a family health insurance policy, which is used to protect the insured and his family against loss due to illness or injury. There are different types of policies available in the U.K, and people can chose the policy best suited for their needs. Premium rates depend on the limits of coverage provided, the treatment options offered and what the policy covers. In some cases, a co-payment clause is included in the policy, where the insurer pays about 80% of the treatment cost and the rest is borne by the policy holder. Health insurance can be bought by an individual, but is mostly provided by employers as a benefit to their employees. The insurance company provides a health insurance card, which can be used to avail cashless hospitalities subject to the terms and conditions of the policy. 

Benefits of health insurance: Family health insurance usually covers doctors' visits, hospital stays, surgeries, medical tests and related expenses, to mention a few. The costs of medicine, ambulance charges and incidental expenses are also covered. By and large, most of the hospital charges are met by the insurance company, but in some cases, a policy may cover hospitalization and related expenses only. Visits to a doctor may not be covered under some types of health insurance policies. Most family health insurance policies cover maternity expenses, ophthalmology and dentistry as well, but with restrictive clauses depending on the type of policy. 

How it supports the family: A family health insurance policy, once purchased, is usually valid for a period of one year from the date of purchase. The family can be assured of class medical treatment at reputed hospitals. Usually, illness arrives without warning, as do accidents. The policy holder and his family can rest assured that they will not have to bear the high costs of treatment, once they are covered. It provides a sense of security and peace of mind. 

Health insurance costs: The National Health Service normally provides coverage to everyone resident in the UK. This free healthcare facility cannot be termed as insurance, but it does provide medical care and treatment including primary, long term and in patient health care. Private health insurance is used as an adjunct to the NHS facilities and about 8 to 10 percent of the population is covered by some kind of private healthcare insurance. The major operators in this segment are Aviva, ACE Limited, Bupa, AXA and Preheat, though there are other service providers as well. The premium depends on the type of coverage, diseases covered and related conditions. The average premium for a family of 2 adults and two children can vary from 700 to 1600 GBP per annum, depending on the type of policy. Generally the premium increases with the age of the insured. 

Conclusion: If a family has a health insurance policy, their hospitalization and related costs are covered. It protects against unexpected costs arising out of illness or accidents and provides relative peace of mind. The costs notwithstanding, it is a good idea to invest in a family health plan and to keep the health insurance card handy, you never know when you or a family member might just need it.

Tuesday, August 19, 2014

Insurance Claim Agents: What is Their Job?

If you start legal action under your own auto accident, with or without motorist insurance, you do not discuss the terms of compensation with your own insurance broker. The thing an agent can think is forward your case to the official claims department - and at that time it is entirely out of the agent’s influences. You will then achieve a goal of injury compensation with a claims agent who will be working on behalf of the company, not you. 

Insurance Claim

How Claims Agent Deal Claims

The job function of insurance claims agent is evaluated not just by how much money insurance firm use in claim settling but by how fast they clear up claims as well. A good number of clam agents deal about 50 to 100 fresh claims every month. They need to resolve that a lot claims - named as “reconciling” or “closing” a case - every month only to be smooth. Their job is also ranked on how a lot cases they can handlein person without being involving any supervisor or insurance firm lawyer. Just the once a claim agent gets to know that you realize the level of how big your claim has worth, the claim agent will not in general deliberately delay your claim.

All the way through negotiation process, you will realize that how much you know about your claim. With the exception of such insurance broker assigned to the big cases, insurance claims agents are not trained legally or medically. And nearly everyone has not the time and the funds as well to examine or research your claim paying more attention.

The outcome in that moment, an claim agent will have more information’s than you on the claims dealing job on the whole, he or she will has not so much information’s about your particular case almost as well as you have. You were present at place of the accident. You recognize your physical and emotional injuries, how serious they are and where they affect, and how much time they can take to recover. You have spent much time to Know and comprehend the nature how the accident took place and to express in images and health care records and further documents what your losses were. The insurance claim agent, as an alternative, has just a small number of minutes a week to observe your case. So long as you are prepared and realize the procedure, you are the person having more negotiating benefits.

The claim agent has the influence to arrive at a conclusion with you on the phone call for what the last compensation amount should be. As soon as you and the claim agent reach a decision on an amount, the claim agent simply hands over you the papers to wrap up the settlement. But claim agent’ influence to resolve claims on their own are limited to some dollar limits. The limitations rely on how much expertise the clam agent has. For less skillful claim agents, it is $5,000 to $10,000. For more skillful claim agents, it is $10,000 to $20,000.

Carol Smith is working with the team of personal injury solicitors Preston and has been a trade union member for many years. She has worked on farms, on building sites and in a huge range of different workplaces, but has managed to avoid suffering any serious injuries. She lives in Preston.

Thursday, June 26, 2014

What is Reinsurance?

Do you know that even insurance companies need insurance? Surprising, but imagine a situation where unexpected hits and insurance companies are flooded with claims, which they have no way of paying, and eventually leads to bankruptcy. This is where reinsurance steps into the picture.


Definition of Reinsurance

Reinsurance is a process where one entity (reinsurer) takes on all or a part of the risk covered under a plan issued by an insurance company in consideration of payment of premium. To put it simple, reinsurance is a process where more than one insurance company share risks by purchasing insurance from other insurers, thus, limiting the total loss experienced by the original insurer in case of unexpected or a disaster. In such a scenario, the insurance company spreads the risk and the premium paid by the insurer is generally shared by all the insurance companies involved. Since the risk is now shared by more than one insurance company, it can take clients who coverage benefit is too great for a single insurance carrier to handle alone.

Different Types of Reinsurance

There are different types of reinsurance as discussed herewith:
  1. Proportional reinsurance – Here, one or more reinsurers have a share on every insurance policy the insurer provides up to a certain percentage. This means that the reinsurer will get a certain percentage of premiums or have to pay that percentage for claims, if necessary.
  1. Non-proportional reinsurance – Also known as priority or retention, the reinsurer is only required to pay if the insurer suffers total claim more than the stated amount during a given period of time.
  1. Facultative reinsurance – In this type of coverage, the reinsurer evaluates specific risk on case-to-case basis and then decides whether to bear the risk. At the same time, the insurer is also not obliged to submit all risks to the reinsurer.
  1. Treaty reinsurance – It is a standing contract between the insurer and reinsurer, where the insurer is obligated contractually to cede and the reinsurer is obligated to consider a certain portion or form of risk insured by the ceding company.
  1. Retrocession – Here, reinsurance is purchased by reinsurers to protect financial stability, to increase their capacity, and cover their exposure to risk. The ceding reinsurer is referred as retrocedent and the reinsurer who shares the risk is referred to as retrocessionaire.

Advantages of Reinsurance

There are several advantages of reinsurance as discussed here:
  • Arbitrage – Having reinsurance coverage helps in garnering additional profits of the insurance company by purchasing policy elsewhere at lower cost than what the company collects as premium from the policyholders.
  • Risk transfer – One of the best things about reinsurance is that multiple insurance companies can share or transfer specific risks with each other. This way, a single insurer doesn’t have to be bankrupt or bear total loss in the event of a disaster or unexpected.
  • Expertise of the reinsurer – Expertise of the reinsurer helps the insurer to get proper premium and rating.
  • Solvency margins – Buying surplus relief insurance helps the insurer to accept new clients having huge coverage benefits, avoiding the need for raising additional capital.
  • Capital management – Insurance companies can avoid experiencing total loss by spreading the risk via reinsurance. This helps in freeing up additional capital.
Reinsurance services are a complex and there are several factors that need to be considered in making reinsurance services successful. It is a sort of insurance for insurance companies, protecting them from meeting total loss in case of a disaster. The risk is spread across multiple insurance companies, or reinsurers, thus, providing financing, stability, and capacity to protect them against catastrophe.

Author Bio: Ethen Hunt writes articles for MedNet Insurance a leading healthcare solution provider. Here he writes about reinsurance services and provide valuable information on reinsurance, risks and benefits.

Thursday, May 22, 2014

Three Reasons to Obtain Home Insurance in Phoenix

Some people believe that having home insurance in Phoenix is optional. This can be a huge mistake. A home that is damaged or destroyed can cause an array of problems. People may find that they are suddenly homeless and without any support system in place to arrange housing. Homes that lack insurance can also leave the homeowner on the hook for the home's value with the lender in addition to needing to replace or repair the structure.

Home Insurance

Don't be a retired homeless person

Retirees have often worked and saved all their lives to be able to enjoy a stress-free retirement – or so they hoped. One basic issue that many strive to accomplish is to have a paid for home. After paying mortgage payments and insurance premiums for decades, many think that they are off the hook once the home is paid for. This can backfire if the home is burned in a fire, damaged by wind or water or has flooding. These conditions may make the home unlivable for a set time period or forever. Many retirees will not have the cash on hand to make repairs or rebuild. The dream of a lifetime can be destroyed in minutes.

Keep your estate intact

Younger people don't always realize that their home will constitute the largest part of their estate when they die. For most people, this can be the biggest single purchase of their lives and something that they are likely to pass on to their children. Omitting insurance coverage for this asset can destroy any possibility of leaving something of value to one's children. For many families, the sale of the home will be the asset that pays for the owner's final expenses.

Have a way to make repairs

Fire and floods from plumbing are two of the most common reasons why a home becomes damaged. If the average kitchen costs between $20k and $30k to repair after a fire, how many people have that kind of money lying around? 

A burst pipe that happens while a family is at work or on vacation can do a lot of damage. It isn't just a matter of things getting wet and needing to dry out. The plumbing repair has to be made but there will also be an array of other issues that demand attention. Flooring, whether it is carpet, tile or laminate, will have to be removed and replaced. Depending on how high the water got, the drywall will also have to be replaced. If this is a textured wall, this has to be matched which requires someone with above average skills. Next comes paint for the walls. 

In either case, a family will not be able to live in the home while it is undergoing repairs. Having insurance will provide the money to rent another home or live in a hotel during this process.

This post was written with the help of Summit Insurance AZ.

Tuesday, April 1, 2014

Saving Money on Car Insurance Takes More than 15 Minutes

Everyone wants to save money on their car insurance, after all, if you have to have coverage, you might as well have the least expensive coverage possible. Few people want their savings to affect the quality of their insurance though. So, short of getting cut rate insurance that only helps you if the stars align correctly on the day you need to make a claim, how can you make sure you get the best deal on car insurance?

Car Insurance

Know How Insurable You Are

Insurance rates are determined by a complicated formula that takes multiple risk factors into consideration. Personal factors include your gender, age, marital status, location, credit score, and profession. Gender, age, and marital status are based on statistics. Young men have more accidents than young women, married people tend to have fewer accidents than singles; these are things that you can’t change, or at least won’t want to change just for a lower insurance rate. Where you live can affect the risk of an accident because most accidents occur near the home. High population equals higher level of unpredictably, meaning higher risk factor, therefore higher rates. History of theft in your neighborhood/city can also affect you.

The other big factor into how insurable you are is your driving habits. Accidents and tickets can prevent you from getting competitive rates, and even make it difficult to get coverage at all. Insurance companies don’t want to have to pay out for a high-risk driver.

When you fill out all the information to get a car insurance quote, you’ll be asked about how often you use your car, as well as what for (pleasure, work, etc). The less often you use your car, the more likely you’ll be able to get a lower rate. You may even be asked if you park on the street or in a garage, because indoor parking makes it less likely that your car will receive damage.

Pick an Insurable Car

Though some of your personal factors can’t be helped, you do get to decide what kind of car you drive. Here are some things to look for to find a car that won’t send your insurance rates through the roof:
  • High Safety Rating- Safety ratings are based both on your likelihood of getting into a wreck and your likelihood of being injured should an accident occur. The higher the rating, the less likely the insurance will have to pay on accident claims and large medical bills- therefore you will pay less too.
  • Car size- Larger cars usually have higher safety ratings because they protect you more than small cars. But bigger engines often come with higher insurance costs, so keep that in mind.
  • Car Age –Since older vehicles are more likely to be totaled rather than repaired, newer cars have higher collision coverage rates, which can translate to a higher premium. New cars also may be more likely to be targeted for theft, but they also can have alarms and other anti-theft measures that will balance out or lower the premium.

Getting Lower Car Insurance

These are the main factors that affect your insurability. Keep them in mind as you shop around, and remember to get quotes from multiple companies. Even if one company gives you competitor quotes, you’ll want to double check those, because their information is not guaranteed to be correct.

Tuesday, January 21, 2014

Life Insurance Policies - What You Need To Know

Anyone who does not understand the importance of a life insurance policy may need to take a closer look at their situation and reassess their priorities. We are not invincible by any means, and even though we may not want to think about it, at some point we will all have to address the possibility that we may one day leave our loved ones behind. If our family members are dependent on us for financial support, it is important that we consider their needs, which is why a life insurance policy can be crucially important.

Life Insurance Policies

The benefits of a good policy might escape us entirely, especially if we are trying to avoid addressing the topic of death in the first place, but that does not mean that we cannot benefit from purchasing a policy. However, many of us may need some help to determine just how much coverage we actually need. There is no point in purchasing a policy without understanding what you’ve bought or why you needed it in the first place. If you don't have the right policy, or if you did not purchase it from the right company, you could be wasting your time and money. If you don't understand the advantages of a policy, ask for help. There are many organizations that can help you pick out a life insurance policy that’s right for you.

Even after you arrange a policy; it’s important to remember to pay attention to it. There is nothing wrong with continuously evaluating your benefits while you still can, because there will come a time when you will no longer have that option. Don't ever make the mistake of cancelling your policy, because if you make that decision, there is a better than average chance that you will not be able to get insured again. Instead, it’s best to talk to your insurance agent or broker to find a solution that works better for you. A good insurance provider will be attentive, thoughtful and provide you with the resources you need to get the policy that works best for your individual needs, as well as those of your family. The First Financial Group is a good example of an organization that employs a number of knowledgeable experts who can help you figure out exactly what kind of life insurance policy is best for you. Take the first steps toward securing your family’s financial future by booking an appointment with an insurance broker today!

Author Bio: Steven Dallar is a financial planner and veteran blogger who loves to share his expertise online. While recently searching for the best group health insurance providers, he came across and was highly impressed with his experience. He highly recommends that anyone looking into group health insurance plans visit to find out what First Financial Group can do for them!

Thursday, December 19, 2013

Significance of Family Income Benefit Insurance in the Present Market

Family income benefit policy is a new type of insurance cover in the market. This is different from the conventional insurance policies as it pays out the benefits in the form of monthly income instead of a lump sum. The payout thus received by the family or dependents of the policyholder after his death, is tax-free. Now, you might think that the absence of a lump sum is a major disadvantage of this cover.

Family Income Benefit Insurance

But if contemplated deeply, you would be able to understand that its actually beneficial for the bereaved members of the family, who are not really in the ideal state of mind to exercise due discretion in controlling their expenses with a huge amount of money in hand. In fact, young families find it particularly difficult to control their expenses with their main breadwinner dead. Owing to their general inexperience, it becomes difficult for young family members to stick to a budget and cope with the loss at the same time. Therefore, there is every chance that they go overboard with their expenses. In these cases, if they are handed with a lump sum then there are chances that they will be left with almost nothing after a few years or so. A monthly earning, on the other hand, would make sure that the dependents are duly sticking to a budget. Here are a few features of the policy that you should know about if you are particularly looking at securing the cover:

The policy can be availed for a fixed period of time. However, the dependents of the insured will only receive the benefits if he dies within the term of the policy. For instance, if the policyholder selects a ten year term, then his beneficiaries will receive the payout only if he dies within those 10 years and not after that. If you die in the 8th year, your family will be paid for the next two years.
  • A critical illness cover can be added if the insured is diagnosed with a serious disease.
  • It can be applied for both by single and joint applicants.
It generally doesn’t have a surrender value. If you stop paying from the middle of the term then the policy will cease immediately and you won’t be paid anything. It would be advisable that you seek due information about this particular clause from your insurance carrier.

A Few Things to Remember

Choosing the right kind of family income benefit insurance plan remains crucial for ensuring that your family or dependents remain well provided for, after your death. Make sure that you are selecting a plan that is sufficient to provide for your dependents, keeping your present volumes of debt in view. If you don’t want your family to compromise on the kind of lifestyle you have promised for them, then you would be required to carry out due calculations before zeroing in on your plan as well.

It would be advisable that if you are securing the cover as a couple you settle for two single covers instead of a joint cover. Two single covers would cost a little more than a joint cover, but in that case your children would also stand to gain more.

Monday, November 4, 2013

Why is it Necessary to Have an Accident Insurance?

Car drivers are most of the time excluded in the auto insurance cover policies since it is always deemed to be the driver's responsibility to exercise utmost care while driving on the roads. The passengers and the vehicle are the elements which are covered thus there is a need to get accident insurance cover as a driver so as to be insured against any unforeseeable eventuality which may befall one in the course of driving.

Accident Insurance

The benefits arising from taking an accident cover may be explained as follows:

Medical bills payment: This kind of a cover ensures that in case of an accident where the driver has to undergo a medical treatment, all the hospital bills are paid out thus relieving one of the financial burden. The bills covered are such as;
  • Doctor's fees which may be charged for examination, surgery or therapy.
  • Special diagnosis tests such as X-rays, laboratory tests and scanning.
  • Purchase of the prescribed drugs.
  • Charges for therapy exercise which may be aimed at correcting a condition resulting from the accident.
Quality medical care: This insurance cover also ensures that quality medical attention is received since one will not be forced to settle for lowly priced medical facilities due to lack of money. One may also access other medical benefits like;
  • Ambulance services so as to get the medical care as fast as possible.
  • Getting admitted since this service is not available in hospitals which are not fully fledged.
  • Highly qualified medical professionals who would give a thorough check-up and diagnosis.
Immobility or disablement benefits: In a case where the driver becomes disabled or suffers from paralysis due to an accident, Life changes because one may not be as productive as before and thus may struggle in making the ends meet. Accident insurance may take up to be paying periodical allowances which may assist the victim to;
  • Meet the daily upkeep needs.
  • Take care of the dependents together with their life interests.
  • Complete other financial obligations such as repayment of the existing loans.
Death benefits: These are the payments which are made to the driver's next of kin or dependents and are meant to compensate them for the loss. They can be paid in two ways;
  • Periodical instalments where the payment is spread to a number of the periods agreed on.
  • A lump-sum which is a one-time payment of the total amounts receivable. Where the driver used to be the sole breadwinner for the family or the dependents, these amounts can go a long way in helping them to start income generating projects which may substitute the gone source.
The driver's medical inquiries in UK can be done through contacting a Dvla Contact which is available on the government's website so as to get information such as the status of the accident insurance cover. More information about the following can is also available;
  • Vehicle registration and inquiries about tax.
  • Vehicle hire service providers may contact this number in order to ascertain the validity of the driving license of the one who is hiring.
  • One may also get information regarding own driving license.
Post by Webb Ward.

Thursday, October 24, 2013

Two Reasons to Find Good Home Insurance in Texas

Any type of assurance that your home, car or life is being cared for on a financial level can prove to be quite benefic, so getting a home insurance in Texas seems to be the smart thing to do. But there are other aspects as well; ones which may not cross your mind if you don’t give this the thought and attention needed to make an informed decision. It’s always better to rest easy knowing that your finances won’t suffer that much if something would happen to any of the important and expensive material things in your life.

Home Insurance

Why Home Insurance in Texas

Your home is probably your biggest investment, regardless of how you look at it. You may spend years coming up with the money to be able to buy one and a simple, uncontrollable thing like a storm or flood can take it all away within minutes. No insurance means that you’ll have to start over from scratch, or with too little compensation to account for your loss.

Texas, like almost all locations on Earth is exposed to the elements. Huge storms can occur, floods can happen and you’ll be in danger within minutes. While you and your family can take refuge almost immediately, especially if the authorities inform you of a possible disaster heading your way, the house will remain exposed and will have to face the conditions. In most cases, if it’s a really huge storm or flood, there are almost no chances that it’ll remain unharmed in the process. Getting insurance for situations like these can help in case something like this will happen, as you’ll have access to funds which can allow you to rebuilt, repair or even relocate if the situation is dire enough and you don’t want to risk a second disaster.

Other Insurance Plans

Often enough, people who get home insurance should always look for bundled insurance plans. This could lead to significant discounts and savings overall. You can have your car insured; certain objects in your home or even get comprehensive life insurance plans. Together, these will allow you to rest easy knowing that your personal belongings and your family will be taken care of if something would happen to you or your important possessions.

When looking for any type of insurance plan, make sure that you’ll be given a free estimate of how much it would cost you. If you’re not happy with an insurance plan you already have, feel free to ask around for better options. To find out more of Texas home insurance, visit Get a Policy.

Thursday, August 15, 2013

How to Make the Most of Your Travel Insurance

If you have taken out a form of insurance, then it’s important that you make the most of your investment. To help you along the way, here is a brief guide on how to make the most of your insurance cover.

Read closely what your cover includes

If you have taken out a travel and medical insurance policy for your travels, it could be that anything you purchase in order to treat your health is covered by your insurance. Check the small print to make sure, as it is normal for people with travel and medical insurance, who contract some kind of illness, to tough it out for the rest of the holiday, when they could in fact visit a local doctor and receive better care allowing you to enjoy the rest of your holiday. The same applies to most travel-induced conditions such as food poisoning, sunburn, alcohol induced conditions, broken bones and even sexually transmitted diseases. Most people decide to just put up with such things on holiday, but you really are not making the most of your travel medical cover unless you use it!

Note any delays and cancellation in flights

If your travel cover includes delays and cancellations, it is normal for people who have insurance to simply sit and wait it out and then explain to their boss later why they weren’t at work; people never really claim anything from their insurance even though they have paid for it and are covered. Most insurances which provide cover for delays and cancellations mean that you don’t have to sleep on an airport floor waiting for your flight to arrive: you can check into a hotel, have dinner and a shower and generally have a very comfortable wait, all of which are costs that you can claim back later provided you keep the receipts to support your claim.

Lost luggage

If you are covered for loss or damage to your luggage then its important that you keep an itinerary or receipts of any items that you have in your luggage so that you can claim for anything that might go missing in action. Although this sounds like a lot of work, the truth is that most people will do some form of holiday-specific shopping before going on holiday which is an excellent opportunity to keep receipts and prescriptions to claim back, should anything go missing. Insurance policies will normally cover the cost of anything you have lost so this is bit of administrative work that is could end up being very much worth the hassle.

Good administration

Whatever type of insurance policy you have taken out, its important that you keep your policy documents in good order so that if and when the time comes to make a claim it is as easy as possible for you to claims expenses or get back anything that has been lost or damaged. Keep your documents, receipts, complaints and tickets in a specific folder to make sure you make the most of your policy, and if possible scan them onto your computer to make a duplicate copy.

Author Bio: Jamie has years of experience dealing in the personal finance sector and as such wishes to share his knowledge with the reader in order to help out the little guy in these hard times.

Wednesday, June 5, 2013

The Importance of Funeral Insurance Plans

Death is not a subject we like to discuss, or even think about in the first place. Nevertheless, we all know deep down inside that passing away from this world is inevitable in the end. Though in the past one's passing only touched people on an emotional level (at least for the most part), in today's bureaucratized world, the person's relatives are also forced to bear certain burdens on a financial level. More precisely, they need to not only plan the funeral, but also pay for it… and these days, funerals can cost a pretty penny.

Funeral Insurance

Thankfully, in the past few years certain companies have appeared with the purposes of easing this burden from those affected by it, and they accomplish that with funeral insurance plans. Explained as briefly as possible, these types of plans require one to pay a certain amount on a regular basis (weekly, or in most cases, monthly), and in the event of their demise a certain amount of money will be released in order to cover the funeral costs. Needless to say, the specific amounts and conditions tend to vary from company to company.

Such an insurance plan can even benefit those who aren't planning to have an expensive funeral. An unexpected death can really bring a family into a state of shock and confusion, during which they will also be asked to straighten out the deceased one's financial affairs. The insurance will be able to help with that and prevent the family from taking on a big debt during such a devastating time.

Of course, there are plenty of companies offering funeral insurance plans, and choosing the right one can be a bit difficult. While there is certainly no denying that there are numerous companies with attractive options, Funeral Insurance may very well be one of the best ones. For starters, they accept all applicants without discrimination, as long as they are between the ages of 17 and 80, as dictated by the law in Australia. They ask absolutely no health or medical questions during your assessment, meaning any illnesses you may be suffering from won't stand as obstacles in front of you.

Funeral Insurance provides a customized coverage on a case-by-case basis, though they do have plans that start at only $2 per week, and they can cover anywhere from $1,000 to $30,000 in funeral costs. If the death accidentally occurs within twelve months of signing the contract, then the benefit is paid in triple fold. In addition to that the first three months are free, payments can be made on a weekly or monthly basis, not to mention that after reaching the age of 90 you will be exempted from having to pay any premiums.

As hard as it may be to do now, once all is said and done, having a funeral plan will give you and your family peace of mind, knowing that you can enjoy the rest of your life without having to worry about what will happen once you or your loved one is gone. Considering it costs peanuts and acceptance is guaranteed, Funeral Insurance is at least worth a look (they also offer a free quote), if only to find out more about how such a plan could bear benefits.

Sunday, May 19, 2013

Should I Purchase Moving Insurance?

If you are on the move, you might need moving insurance. No matter how good your international moving company is, accidents can still happen. Boxes can get bumped, dropped, or shift. Fragile items can get rattled and break. No amount of precaution can guarantee the safe arrival of your stuff.

Moving Insurance

Moving insurance covers damages to your belongings while you move and relocate. It covers the actual replacement costs of your stuff, and it comes into play when your homeowners' insurance, house insurance, or the moving company's own insurance fails to cover a problem.

If you ever find yourself unfortunately in a moving accident, you will have to make an insurance claim. However, before you do, you need to record everything you can about your stuff on the original inventory sheet. While you have up to nine months after the delivery to make a claim, you want to report the damages as early as possible. Your mover then must acknowledge the claim within thirty days and present a response in 120 days. Please note, you can only claim damages up to the maximum damage liability of your moving company. Any claims above this amount will automatically be denied. So, you need to make sure that you are adequately covered by your moving agreement.

You should note that moving companies do not provide insurance. They only provide valuation. Valuation determines the liability limits stated on your contract or bill of lading. You get it for free with no extra cost but it has no actual relationship with your stuff's true value. However, the valuation is a good approximate when choosing insurance. There are five different types of moving insurance available. Each type offers unique solutions and you need to choose the one that best matches your situation.
  • Declared Value Protection
With this insurance, your stuff is worth its total weight multiplied by a specified amount. Your claim is then based on how much your stuff depreciates.
  • Basic Carrier Liability
This is the liability protection offered by your mover and nothing more.
  • Full Value Protection
This insurance pays for everything the entire loss, repair, and replacement of your stuff. It is for assets that are expensive and difficult to replace.
  • Lump Sum or Assessed Value
For the light stuff, you may go with this one. This insurance only pays a lump sum based on the assessed value of your stuff.
  • Packing Insurance
This insurance cover packaging damages. You get compensated at market value for anything your mover damages while packaging your stuff.

Before choosing insurance, you can lower your stress by choosing a reputable and efficient mover. The choice of mover will fix your liability coverage so choose wisely. You should check your contract for the estimate value of your stuff and to check what procedures you must follow to make a claim. You should then compare the value with your assessed value. If you haven't done so, you can calculate this value from estimating the weights and replacement costs of your stuff. You can then choose the insurance that covers the gap in liability cover.