Life insurance basics

One of the most important things you can do as parents is to ensure the sound financial health of your children in the event of your death. Life insurance is the best way to be rest assured that your children will be taken care of if you die. Although we have never wanted to think of this kind of thing happening, but it is not.

What is life insurance

Life insurance is a policy which you can enter with your insurance company, which promised a specific amount of your beneficiary (ies) in the event of your death. Usually the husband will name a spouse and their children as recipients of policy. As part of the agreement with life insurance, insurance policy will be a monetary value that you will in return pay a monthly premium. Bonuses usually depend on your age, gender, occupation, medical history and other factors.

There are other types of life insurance that can provide benefits for you and your family while you still live. These rules may accumulate cash value of the deferred tax basis and can be used for future needs such as retirement or your child's education.

I need life insurance

Generate income allows you and your family to do many things. It pays for your mortgage, buy cars, food, clothing, holiday and luxury goods and many other services that benefit you and your family. However, some situations may lead to a loss of income, and those who depend on you also depend on your income. If any of the following statements for you and your family are true, then it's probably a good idea to consider life insurance.

1) You are married and have a husband.

2) you have children who are dependent on you.

3) you have a parent or relative that is overdue, or disable, and depends on you.

4) Have their man in your life that you want to be made.

5) Your 401K retirement plan, pension and savings are not sufficient to insure the future of his person.

What are my options for life insurance

There are four basic types of life insurance, which can satisfy you and your family needs:

Term life insurance

This is the least expensive type of life insurance coverage and at least in the beginning, the simplest. Term life insurance policies does not accumulate cash value and are laid down for an extended period of time – usually one to 0 years, and they may be renewed. This life insurance policy pays the status of your rules for a fixed amount in even that die during the period of time, which includes your rules. Premiums of insurance on the life of the term are lowest when you're young and increase you get older

Insurance for the entire life

This type of life insurance is similar to term life insurance and provide value for money. By the time the whole life insurance is usually builds cash value of the deferred tax base, and some even pay a dividend to the holders on it. This type of life insurance is popular, Doe monetary value which is available for you or your beneficiaries before you die. Used to supplement retirement funds or to pay for the education of your child, lifelong learning must be used for protection, rather than overlapping.

Universal life insurance

This type of life insurance is a flexible type of plan. These rules shall charge interest and allows the owner to set up death and bonuses of their current state of life. You decide the amount of the premium universal life insurance and you miss a payment, this will be deducted from your death benefit. Universal life insurance remains in force until the monetary value to cover the cost of the policy. These rates are subject to change, but they may not fall below the minimum rate, which is guaranteed when you sign up for universal life insurance.

Variable life insurance

This type of life insurance is designed for people who want to tie the performance of their life insurance policy to that of the financial market. The policyholder gets to decide how the money should be invested and the cash value can grow faster. However, if the market is bad, the life insurance policy death benefit will be bad. As for the insurance of the whole life and universal life insurance may be withdrawn against value for money. To remind, that withdrawals from this life insurance policy will be deducted from the amount of cash.

How to save money with life insurance

Below you will find some suggestions for ways to save money, while buying a life insurance policy that is right for you.

1) if there is no need for life insurance, don't buy it. Don't buy more insurance actually in order to ensure financial security for your family.

2) Shop for competitive prices of life assurance policies while you are healthy. Do not smoke or do anything that may increase your rates. Take care of yourself by exercising regularly and maintaining a moderate and healthy weight.

3) If you buy term life insurance policy, look for guaranteed and renewable policies. In this way, you will not continue to shop from these life insurance policies.

4) You must purchase the optional forms of coverage, as appendices only if necessary.

5) Shop and compare life insurance policy rates and coverage. There are thousands of life insurance companies to choose from. It is recommended that you get at least three different quotes on life insurance and then decide which is best for you.

Brian m. Gardner is the founder of financial-Articles.com-online money as a resource. Learn how to make money and acquire wealth through investments in stocks and mutual funds, as well as how to be successful in sales, marketing and advertising.

Visit Brian at http://www.financial-articles.com. [http://www.financial-articles.com]

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Underwriting of life insurance for diabetics and diabetic life insurance information

Life insurance companies differ in their "insurance philosophy when it comes to diabetes. Life insurance offer for diabetics can be dangerous if the insurers were not fully trained. Insurers in insurance companies, who live in their diabetes have the ability to look at all these factors and to determine if the company will accept them as a risk. Moderately controlled diabetes cases will normally bear the "assessment" or an increase in the premium, but not necesarily declination for cover. If the customer is not controlled with diabetes seeking life insurance, there are options-it will just cost more for coverage!

You can obtain the diabetic life insurance, no matter how serious is the condition of diabetes. If the proposed insured is well controlled diabetes and a history of compliance with what Dr. reccomends, then rate for insurance will naturally reflect this. Better control, better rate. Customers with well controlled diabetes have a higher chance of getting a lower rate of regular insurance carrier and would respond to the requirements of the policy, which is fully insurance. If, on the other, the customer has very poor control of diabetes, the rate will be higher and the customer will have to go with a plan for life insurance, which guarantees the adoption. This type of life insurance is called "the guaranteed issue life insurance".

Life insurance of guaranteed issue for diabetics is more expensive than regular (full insurance) and is sold only as a "lifetime". This type of insurance can be an advantage, however, because it builds a cash value and is intended to cover the customer for their "whole life" versus "the term" period of time. Another provision of the guaranteed issue is that the premiums paid into the policy will be paid to the beneficiary by the rate of 10% if he died within the first three years, from the outset of the policy, the insured. After this period of time 3 year guaranteed issue policies would pay adding to the death of the beneficiary.

Fully Underwritten policies account complete medical records of the customer. The entries are ordered, blood, urine sample is taken and a full study on the evaluation of the customer. If the insurance company decided to insure that the applicant, it is after the company's insurers look at the case. If the customer is fully guaranteed, and passes through the commitment, they will have more options than just life insurance (in the case of those who need guaranteed coverage of the entire life of the issue). Term insurance, universal life insurance, universal life insurance survivorship and regular life insurance would those candidates who are fully underwritten.

In assessing the customer with diabetes, insurers, the insurance undertaking to take into account whether the client is type one diabetic (type I diabetic type 1 diabetic, diabetes type 1, diabetes type I) or type 2 diabetic (type II diabetic, diabetic type 2, type 2 diabetes, type II diabetes). Another thing that look at insurers is whether the client is diabetic juvenile onset or adult onset diabetic. And yet another factor determining Hemoglobin A1C level is (this is a more complete test showing the levels of blood sugar over a period of 3 months from the time as opposed to quick snapshot blood level test).

If the client is below the A1C 8 fully insurance life insurance may be the subject of a full medical file on the client. If the level of the client exceeds A1C (8), the life of the guaranteed issue is a more realistic goal.

One of the things that the applicants fear that in the case of insulin-dependent type 1 diabetes is whether their insulin pump will prevent their life insurance policy. Insulin pump is in fact a positive factor, where life insurance is concerned, because the insulin level client is maintained constant.

How often the client monitor levels of cane sugar or in the blood is another factor. If the client normally monitor their glucose level, then this shall be regarded as evidence of compliance by the customer. If, on the other hand, the customer does not monitor these levels of sugar, then this can be seen as negative in the eyes of insurers, and insurers.

There are all the episodes of low sugar? There are all the episodes of high sugar? Customer taking glucophage, glucovance, insulin injection or other type of medical treatment? The client is controlling diabetes with diet and exercise "? These are all issues which will be required at the time of assumption of risk (unless you opt for guaranteed issue).

Among other things ...Anyone can obtain guarantee issue; must not be "uninsurable". Guaranteed issue is available for customers between the ages of 46 and 80, and up to $ 35,000 in range. Again this is a more expensive type of life insurance and it is advisable that if you can do so through insurance assessment, you will need to try unless you just want to pay more and be done with it!

So what kind of companies will accept customers with diabetes? I personally, broker only with "a" rated companies that have the correct combination of price, customer service, product variety and recognition on the market. I deal with companies which are clients of a case-by-case basis to categorize "from the book". Are fully researched the market, I'm with insurers personally, and I assure you that these companies have the proper credentials to back up its policies. My clients are provided with full company profiles and financial backgrounds. I deal with several companies, which are marketed to insure diabetics. Why I store exactly what companies I deal with the reason is because I want to earn your business and represent you as your agent for life insurance. Contact me for a free consultation!

From: Ashley Brooks, CLTC

Ashley is a marketing Vice President for family life and has a background in real estate in the health and financial insurance plan for Shell, design, and "best deal" shopping. Brokerage services is only a nominal (or better) companies in the portfolio and serve the needs of the independent insurance agents from 1977.

More information on life insurance for diabetics and diabetic life insurance.

Get life insurance quote on my site, intended exclusively for those seeking a quote free of charge, online life insurance.

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Terrorism: terrorist acts: when will insurance respond?

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Insurance policies provide financial protection in a broad range of circumstances but each type of product specifies certain situations where the policy will not respond. These vary from one type of product to another, and can vary in detail between one insurer and another. It is important to check the details of your individual policy. However the questions and answers below seek to set out the usual approach for each of the main types of insurance.

If you have specific queries on your policy you should approach your insurer or broker.

Property cover

Will my home be covered if it is damaged or destroyed in a terrorist attack?

Yes. Household, buildings and contents policies include damage by fire, explosion or impact whether caused accidentally, through the malicious act of an individual criminal or in an act of terrorism. This cover will normally include the cost of alternative accommodation whilst your home is being repaired, typically up to a total of 20% of the sum insured. However contamination cover, whether caused accidentally or through malicious or terrorist activity, is excluded under household policies. In these circumstances the consequential costs such as alternative accommodation would not apply either.

Some blocks of flats are insured under commercial, rather than household, policies. Under these policies terrorism damage is covered if the specific top-up cover readily available in the market has been taken up. This can be arranged either at the date of renewal, or added to the policy mid-term. This cover will normally include chemical, biological, radiological or nuclear contamination caused by terrorist activity. You should speak to your broker or insurer to obtain a quote and information on how to buy this additional cover.

Why isn't contamination cover included on Household policies?

Contamination has been a standard exclusion on household policies since the 1960΄s as the likely aggregation of claims (many homes will be affected by a single incident) and cost of clean-up could not be met by insurers without putting their financial viability at risk. This would not protect the interests of other policyholders. The additional cover available to commercial properties is only possible through the Pool Re Scheme, backed by government.

However if the contamination is caused by a terrorist attack on premises containing nuclear material insured by the Pool Re Nuclear Scheme, the third party liabilities towards other people's property would be picked up by this specialist insurer.

Is cover available for businesses? What about consequential losses?

Yes. You can obtain terrorism cover as an add-on to your property cover and should ask your insurer for a quote, either at renewal or mid-term if you wish to review your situation. This is available on a competitively priced basis, but is associated with your property policy if obtained through the Pool Re scheme, available via most commercial property insurers. Alternatively some terrorism cover is available on a stand-alone basis through the Lloyds of London market.

Commercial property terrorism cover is normally provided on an All Risk basis and includes biological, chemical, radiological and nuclear contamination, and the consequential business interruption losses. However it does not include e-risks, nor losses due to hoaxes.

Why isn't terrorism cover a standard part of commercial property cover?

There is no statutory requirement to have this cover in place. However you should check your contractual requirements, as you may need to put in place such cover to meet your obligations under certain types of contract (for example in leases or loan agreements). You can opt into this cover if you require it by asking your property insurer for a quote and paying the additional premium.

Terrorism: Acts of Terrorism: When will Insurance Respond?

Insurance policies provide financial protection in a broad range of circumstances but each type of product specifies certain situations where the policy will not respond. These vary from one type of product to another, and can vary in detail between one insurer and another. It is important to check the details of your individual policy. However the questions and answers below seek to set out the usual approach for each of the main types of insurance.

If you have specific queries on your policy you should approach your insurer or broker.

Property cover

Will my home be covered if it is damaged or destroyed in a terrorist attack?

Yes. Household policies include damage by fire, explosion or impact whether caused accidentally, through the malicious act of an individual criminal or in an act of terrorism. This cover will normally include the cost of alternative accommodation whilst your home is being repaired, typically up to a total of 20% of the sum insured. However contamination cover, whether caused accidentally or through malicious or terrorist activity, is excluded under household policies. In these circumstances the consequential costs such as alternative accommodation would not apply either.

Some blocks of flats are insured under commercial, rather than household, policies. Under these policies terrorism damage is covered if the specific top-up cover readily available in the market has been taken up. This can be arranged either at the date of renewal, or added to the policy mid-term. This cover will normally include chemical, biological, radiological or nuclear contamination caused by terrorist activity. You should speak to your broker or insurer to obtain a quote and information on how to buy this additional cover.

Why isn't contamination cover included on Household policies?

Contamination has been a standard exclusion on household policies since the 1960΄s as the likely aggregation of claims (many homes will be affected by a single incident) and cost of clean-up could not be met by insurers without putting their financial viability at risk. This would not protect the interests of other policyholders. The additional cover available to commercial properties is only possible through the Pool Re Scheme, backed by government.

However if the contamination is caused by a terrorist attack on premises containing nuclear material insured by the Pool Re Nuclear Scheme, the third party liabilities towards other people's property would be picked up by this specialist insurers.

Is cover available for businesses? What about consequential losses?

Yes. You can obtain terrorism cover as an add-on to your property cover and should ask your insurer for a quote, either at renewal or mid-term if you wish to review your situation. This is available on a competitively priced basis, but is associated with your property policy if obtained through the Pool Re scheme, available via most commercial property insurers. Alternatively some terrorism cover is available on a stand-alone basis through the Lloyds market.

Commercial property terrorism cover is normally provided on an All Risk basis and includes biological, chemical, radiological and nuclear contamination, and the consequential business interruption losses. However it does not include e-risks, nor losses due to hoaxes.

Why isn't terrorism cover a standard part of commercial property cover?

There is no statutory requirement to have this cover in place. However you should check your contractual requirements, as you may need to put in place such cover to meet your obligations under certain types of contract (for example in leases or loan agreements). You can opt into this cover if you require it by asking your property insurer for a quote and paying the additional premium.

by George McGonigal

George is the proprietor of UK based insurance websites that allow visitors to obtain fast online quotations without obligation, for all types of insurance product. Why not check us out at the following sites. Car Insurance UK: Simple but substantial online directory of top UK Insurers. Car Insurance Scotland: Compare online quotes for residents of Scotland. Car Insurance Northern Ireland: Cheaper online quotes for car insurance.

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Vacation insurance ... Save your money, time and frustrations!

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Don't forget your vacation insurance before you take off for any travel.

I am very serious when it comes to insurance, I do not want to take any chances, I grew up in a family with my mother as a sole bread winner, my Dad passed away when I was 10 years old without any insurance. Life was very very difficult then.

So the same goes with vacation insurance too!

It can cost you an extra few thousands of dollars if the cruise or tour operator goes bankrupt, or if you need to shorten your vacation due to sickness or injury.

Quick Tip

The biggest myth would be that your normal health insurance covers you when you are away, or that since many travelers visit an area or region, access to medical care is easy or affordable.

Here's a quick guide to understanding what a good vacation insurance should cover for any travel.

1. Travel Curtailment

If you or an immediate family member becomes seriously ill or is injured during the vacation most vacation insurance companies would reimburse you for the unused portion of the vacation.

2. Travel Cancellation

You would be reimbursed if the cruise line or tour operator goes out of business. It would also reimburse you if you have to cancel the vacation due to sickness, a death in the family or other calamity listed in the insurance policy.

Travel cancellation is very different from a Cancellation Waiver that many cruise and tour operators offer. Waivers are relatively inexpensive. They provide coverage if you have to cancel the trip, but they have many restrictions.

They must be purchased when you book the trip and will usually not cover you immediately before departure. Most importantly, waiver is not insurance.

2. Personal liability

Personal Liability is important in case of legal liability, arising out of one's negligence in causing a third party injury (or death) and/or third party property damage.

Some traveler insurance companies even insure against the loss or theft of golfing equipment and laptops.

3. Luggage/Baggage/Flight Delay

This feature comes along with a "Time" excess, meaning that the traveler insurance companies only compensate when the delay exceeds a certain time frame. The limit for loss of luggage/baggage/flight varies, usually with a cap for individual items.

4. Emergency & Medical Assistance and Information Service

Look for those 24-hour services that offer information on visa requirements, foreign exchange, weather forecasts and medical advice et cetera.

Emergency evacuation is very helpful indeed for inexperienced travelers or travelers with medical conditions or for those who are traveling to more remote and less traveled places.

These service centers may also offer emergency assistance in the form of embassy, legal, interpreter and medical referrals.

Most vacation insurance policies would compensate a couple of hundred dollars for each day of hospitalization up to the maximum limit indicated in their respective packages.

This is solely to compensate the traveler for the number of days spent in a hospital overseas and should not be mistaken as hospital or medical reimbursement, which takes care of the hospital and ward charges.

4. Accidental Death insurance

Personal accident coverage, which is to compensate the insured for permanent or temporary disablement or death as a result of an accident.

2 Main Types of Vacation Insurance

Annual Policy

Most traveler insurance companies offer vacation insurance on annual basis as well as per trip basis. Annual policies cover unlimited trips made by the insured during the entire year provided that each trip does not exceed a certain number of days, usually 90 days.

No declaration is required.

For frequent flyers, this type of cover would be most ideal in terms of cost and convenience.

Family Vacation Insurance

Family packages are also designed to cater for immediate families traveling together. Definition of immediate families would mean you, your spouse and your children.

Family vacation insurance are usually priced lower premium than if individual insurance policies were to be taken up for the whole family.

Special Features ALERT!

Go for vacation insurance policies come with higher deductible and this translates into lower premium.

The worst case scenario is you may end up having to bear the first $40 or $50 of every claim that you make.

Deductible: (Also known as Excess in UK, NZ, AU) This is the amount that the insured must pay before the vacation insurance starts paying for your claim.

This may be an annual amount, an amount for the duration of the policy, or an amount for each incident. Choose the latter.

For those of you who intend to engage in water or winter sports during your vacation, it would be wise to take up your insurers who offer free coverage for such activities.

Some traveler insurance companies may charge an additional premium for this extension, so it is better to check this point before you effect your cover.

Unfortunately, the definition of water sports in the typical travel policy does not include scuba diving.

Not surprisingly, bungee jumping is excluded from most policies. Watch out for age limits imposed by some traveler insurance companies, meaning that persons exceeding a certain age are excluded from their coverage. But if you belong to this elderly group, fret not.

There are traveler insurance companies that do not impose any age limit and offer the same coverage at no additional premium loading.

A unique coverage that is being offered in the traveler insurance market is the "Car Rental Excess". This feature takes care of the excess amount that the insured normally has to bear (under the motor policy taken up at car rental companies) in the event of damage to the rented vehicle while driving overseas.

Price of Vacation Insurance also known as Premium - Premium Computation

For "per-trip" policies, the premium payable hinges considerably on the number of days of travel, the country of destination and choice of plan.

For example, if you are from Europe, a vacation in USA warrants a much higher premium than a trip within Europe for the same number of days.

Some traveler insurance companies provide the option of higher limits of coverage at of course, a higher premium.

If price is of concern, it is advisable to keep on hand the premium schedule from a few traveler insurance companies for comparison before you activate your insurance before each trip.

Claim Procedure

I consider this the most important aspect of buying a vacation insurance.

All traveler insurance companies will require you to lodge your claims within a certain time frame. You would be required to complete and submit a claim form, which can be obtained from the traveler insurance company.

In almost all instances, your claims must be accompanied by relevant documents, such as medical receipts for medical reimbursement or hospital cash; a police report for loss of money or personal documents; an official letter from the airline in cases of flight or lugguage delay and loss of lugguage if within custody of the airline.

In all cases, call up and inform your traveler insurance company immediately for necessary advice.

There you are... now with a basic knowledge of vacation insurance, you are equipped to choose the best suited to your travel needs and you are all set to fly!

About The Author

As a business traveler, Jonathan has traveled extensively within America, across Asia and Europe. Last minute travel is the norm for him, you can check out his Last Minute Vacations Guide at http://www.last-minute-vacation-guide.com

jonathan@last-minute-vacation-guide.com

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Selecting the best option for life insurance for you

Life insurance in the UK is increasingly popular with many people now aware of the importance and benefits of a good life insurance policy. There are two basic types of popular life, both of which offer a number of invaluable benefits for consumers in Great Britain.

Level term life insurance

Life insurance at the level of the period is the most popular type of life insurance policy to the users of the United Kingdom, and this may be because it is the cheapest form of insurance. Level term insurance, you and your family can enjoy the backup at an affordable price. If you die during the term of this insurance policy, your family will receive a lump-sum payment, which can help you cover a number of costs, as well as to grant some degree of financial security will inevitably be hard time. Money can help with expenses such as:

Repayments on a mortgage

Funeral expenses

Expenditure on education for the children

Day-to-day life

One of the reasons this level term life insurance is a fair bit cheaper than other life insurance is because the insurer shall only be paid if the insured passes away, and even then the insured party to die during the term of the policy for the nearest (or named beneficiary) to be eligible for payments. One of the things to term insurance is that you can enjoy coverage for only a few pounds each week, and because the payments remain the same during the term of the policy will never need to worry about increasing payments.

The reason for this is called a level term insurance policy is because recovery remain level during the period of the policy so that you never need to worry about the cost of your rules. The rules also apply to fixed term, which is where he comes ", the term" part of the policy. This means that you can enjoy easy budgeting and repayment of low price, and you will know exactly how much time you will be making payment. Reduced after the expiry of the policy, you cannot claim the money and politics will be cancelled, so then you will need to look at alternative life insurance coverage is.

The average duration of the life insurance policy level term, unless specified otherwise-is 15 years. There are a number of factors that contribute to the cost of a policy as to whether you have the most basic package or whether you have included bolt-on as critical illness cover, whether you are a smoker, general health, and the period during which you accept the rules.

Insurance for the entire life

Unlike the level term life insurance coverage for the entire life offers a guaranteed payout, which many people to make better value for money in the long term. Although the repayments of this type of coverage are more expensive than level term insurance, the insurer will pay when the insured party passes, so that higher monthly payments, will ensure payment within a given time.

There are a few in the whole of life insurance policies of different kinds, as well as consumers to choose the one that best meets their needs and their budget. As with other insurance policies, you can tailor-make the insurance coverage of the whole life to include additional cover as critical illness insurance. Variants of the entire life insurance include:

Non-profit UK whole life insurance policies: this is the most simple form of coverage for the entire life and gives you the opportunity to enjoy the convenience of level payments during the term of the policy until you die. On death the family receiving the payment and the policy becomes null and void. If you want to pay a little extra, you can take to carry out a policy which is fixed for a certain period of time, which means that you will only be liable for a certain period of time, but your family, you still will receive payment when you die.

Insurance of the United Kingdom gains life: this is the cover and the investment type scheme where your monthly payments are divided between your cover premiums and the investment of your rules. You will enjoy the guaranteed amount for a secure, and you may find that your insurer adds discretionary bonuses.

Cheap UK life insurance: one of the cheapest forms of lifelong cover, this type of policy of functions decreasing term plan and the policy is combined with profits Fund. Since bonuses are added to the profit of the policy, the policy term. This provides an effective solution for those who want to benefit from the advantages of whole life insurance without having to make high monthly payments.

Unitised UK life insurance policy: when you purchase this type of whole life coverage, you will also be investing in profitable units. This means that when the insurer shall make the payment, the amount awarded will be dependant on the value of units compared to the value of the death benefit (payment on the basis of which is the highest value). Each month, the units are cancelled in order to increase the levels of coverage of the death benefit, with the reviews carried out from time to time to ensure adequate levels of coverage for death benefit.

Summary

Level term insurance policies and policies for lifelong learning offers valuable peace of mind of the policyholders. The cost for this type of life cover is a price to pay for peace of mind that comes with secure, and you can maximize this peace of mind by adding extras, such as critical illness to your rules for only a small additional fee.

As a nation, we would like to insure only for everything we can ... our cars, our homes, our property, our pets and even our loan repayments. Therefore it makes sense that we need to insure the most important of all-our lives.

About the author

Claire Bowes was successful freelance writer and owner of [http://www.a1-life-insurance-quotes.co.uk], where you will find further information on [http://www.a1-life-insurance-quotes.co.uk/term-life-insurance.html] [http://www.a1-life-insurance-quotes.co.uk/whole-life-insurance.html] and [http://www.a1-life-insurance-quotes.co.uk/mortgage-life-insurance.html].

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Car and home insurance

Do not skimp on insurance. This probably sounds like a way to save money. But remember, the purpose of insurance is the transfer of insurance company financial risk you cannot afford to bear themselves. Without formal insurance you are de facto self-insuring-meaning you'll pay from their own pocket in case of financial distress as the loss of your home or serious illness.

For example, many tenants your tenant insurance which covers loss of personal property (not the landlord insurance does not cover it). It is very accessible to the tenant insurance, but how many times have you read and for people who lost everything in the apartment fire and have insurance?

Buy insurance. Carefully review your insurance needs with a financial adviser. Car, medical and home insurance are probably obvious. But do you have disability insurance in the event of loss of income due to sickness or injury? Many persons responsible for financial planning recommended that clients purchase long-term care insurance, no later than the end of their principle or the early 1960s to cover the high cost of potential long-term care. Do you have any action beyond standard auto and home insurance in the event be recorded?

Watch out for. People with several properties in several States, for example, often use multiple insurance agents for their property and casualty coverage and can easily end up with costly duplicated coverage-or worse, there is no coverage for some property because it is a Variant or expired policies. It may be necessary "additions" or "floaters" to provide additional cover for things like jewelry and antiques, whose value is limited by the standard rules.

And don't buy, what you don't need. You probably need life insurance, but not necessarily. Life insurance is usually for people whose death will have significant financial implications for the other spouse, dependent children, parents, children, who may face a hefty estate tax bill. Can you do if you're young and single. And as you age, you may need coverage for only a limited period of time or for a smaller amount.

You also probably don't need to spend a pound for flights, pets, specific diseases, loans and car rental. Buy the proper amount of insurance. While people sometimes buy too many specific insurance more than covered by insurance.

A good example, where often is life insurance. People often on the basis of its decision for the cost of the premium, not what death they need. A better approach is to first calculate how much money you will need to be replaced by future loss of earnings, which are necessary for your children. Then look at the options for insurance. Some people may be able to afford to buy adequate death lifelong learning policy element in the investment. But many others will be better spending their limited life insurance pounds for a period which is not part of the investment and that allows you to buy more coverage for death compensation for pound each premium.

Shopping. Costs vary considerably between carriers, so carefully compared to the coverage and features. But do not purchase price only. You'll want to have a carrier that is financially sound, so that it is there if you need the benefits.

Consider several policies with a single carrier. Often you can get a better deal, buying several policies through a single carrier, such as car, home and responsibility. But not all carriers are strong in all rows. They may be good for property and casualty, but not the life and health, so make sure that all economies are worth it.

Aid for yourself. Health care, smoke alarms and security systems in your home, as well as good management record to keep premiums.

Increase of the deductibles and avoidance of claims. Selection of larger deductibles will reduce the cost of your premium (self-insure by emergency fund). They also reduce the claims that have become sore spot in insurance because companies are increasingly raising premiums or even placing customers that multiple small (and large) claims.

George McGonigal
Centre for the insurance of Northern Ireland

George is the webmaster of the online insurance resource for Northern Ireland motorists and accommodation. We provide under one roof insurers, which cover Northern Ireland, which may also offer online quotes in order to allow our visitors to compare the pace in the comfort of their own homes. Car and home insurance in Northern Ireland: ensuring competitive online quotes.

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Cheap car insurance-7 tips to reduce your car insurance costs

With the cost of car insurance is becoming more and more of a problem for the average American family has an increasingly large number of people search for cheap car insurance. But although it is possible to find a cheap motor insurance, the question remains, is worth buying?

Everyone knows that car insurance companies are not all identical. Cheap car insurance is great, when payment of the account, but made a mistake in the company you choose and you may find that the cheap car insurance policy, which you can become a nightmare. Cheap car insurance may not be included in order to be able to be so attractive when making the claim.

So if you have discount car insurance broker does not simply cheapest offer you receive. You need to learn a little about the insurance company that offers cheap car insurance rates.

And there are ways to reduce the costs for your car insurance even with the best companies. Here are some tips for those looking for cheap car insurance to reduce the costs of car insurance, without prejudice to other things.

7 Tips for cheap car insurance

1. look at the amount of your deduction. This is the amount that you pay the first of any claim. The cost of your rules are directly related to that amount. Many people, particularly those that have had their insurance policy for a long time have never considered whether they should deductible differ. If you have a report on good governance and are prepared to increase the risk of payment of a larger sum in the event of a claim for the (hopefully unlikely), you can save money by increasing your deductible.

2. look at the type of car you drive. Certain types of cars attract higher rates on car insurance. Cars and sports cars, and also some brands and models that are candidates for the Prime theft costs more to insure. If the purchase of a car then find out what makes and models before you buy.

3. Drive carefully. Although it sounds a little trite to say, your car insurance cost is a factor of the risk profile. You won't get cheap car insurance, if you had 3 penalties for speeding and 2 accidents in the last year. These things are taken into account, and you must take care with how you drive. Everything you added to your account. There are big safe driver discounts.

4. having regard to the installation of safety devices and against theft in the car. Again, they affect the risk profile. If you have a car that is safer and less exposed to the risk of theft must be cheaper to insure. And if you have a car with certain safety devices now check your insurance company is familiar with them, if they do not tell them.

5. look at your rules when it comes to renewal time, not just charge. There are some things that you can change your rules that will affect the cost. Often there are some things there which duplicate other insurance you may have and can be removed. Critical, carefully and ask questions to all of them prior to the renewal of your rules.

6. look at your insurers. Many insurers offer discounts for multiple policies. If you insure your home with the company's ring and find out if they are not car insurance. Get them from them. Find out what concessions.

7. Find a good online discount car insurance broker before renewal. The Internet is a wonderful resource. You use it. There are all sorts of discount insurance brokers online where you can get fast quotes from a wide range of companies. Just do not allow for the same company, always use. Car insurance varies all the time. Always get comparable quotes before renewing any policy.

So if you're in the market for cheap car insurance, there are some ideas for you. Not just to accept that it is always prohibitively expensive car insurance get there and do something about it.

For a Web site entirely devoted to car insurance visit Peter's website car insurance answers and learn about car insurance and cheap car insurance and more, including online car insurance quotes, car insurance in the United Kingdom, car insurance rates and quotes for car insurance.

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ACORD certificate of insurance-what holders and service providers need to know

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The Certificate and Evidence of Insurance forms which ACORD made effective in late 2009/early 2010 have raised alarm among insurance certificate holders and the insureds that must provide them. Unless insurers issue manuscript endorsements to their policies (which is unlikely), insurers no longer make any pledge that they will even attempt to notify most certificate holders if the policies are cancelled. The new certificate forms have eliminated the assurance that the insurer would "endeavor to mail __ days written notice to the certificate holder." They simply state that "...should any of the above described policies be cancelled before the expiration date thereof, notice will be delivered in accordance with the policy provisions."

What does that mean to certificate holders under standard insurance policies?

Liability and auto - Even if a certificate holder is an additional insured, it will not be notified if the policy is cancelled. Only the First Named Insured will be notified.

Workers compensation - Certificate holders will not be notified of cancellation, since the policy requires the insurance company to notify only the covered employer.

Property - Mortgagees and loss payees on standard property policies will be notified - 10 days before the insurer cancels for nonpayment, 30 days before it cancels for any other reason and 10 days before it nonrenews the policy (unless modified by state requirements). Other certificate holders, even additional insureds, will not be notified.

All policies - Certificate holders, even additional insureds, will not be notified if the insured itself cancels the policy.

How should insurance requirements in contracts be changed in order to respond?

Contract language requiring insurance certificates to state that "__ days notice of cancellation be given" and requiring that the "endeavor to" language in the certificate be deleted, is no longer applicable. Even if changes are made to the certificate, ACORD has made it exceedingly clear that changes to the certificate do not change the policy.

The contract should require that the insured party provide immediate notice to the owner, lessor, etc. if the insured entity receives notice of cancellation or nonrenewal from its insurer. This provision is especially important since many insurers will not be willing to comply with the recommendations below, especially for smaller insureds. Unfortunately, this has the obvious drawback of depending on the very party who is non-performing to report the non-performance.

Contracts should require that the insured's policies be endorsed to meet the certificate holder's reasonable requirements. (However, as stated above, not all insurers will be willing to cooperate.) If the insurer is somewhat cooperative, it may be willing to extending the same notification rights to the certificate holder that it gives to the first Named Insured. Below is sample manuscript endorsement wording that would accomplish that end. Very large insureds may be able to obtain even broader notification rights.

"If we cancel or elect not to renew this policy, we will give written notice to ____________ at the following address __________________. We will provide the same notice of cancellation and nonrenewal that is required by this policy to the first Named Insured."

So if the certificate holder is given the same notice of cancellation and nonrenewal as the first Named Insured, what does that actually mean with standard policies?

Standard commercial insurance policies provide the first Named Insured with 10 days notice of cancellation for nonpayment of premium. If the insurer cancels mid-term for any reason besides non-payment of premium, commercial general liability, automobile and property policies provide 30 days notice of cancellation. Workers compensation policies, however, provide only 10 days notice of mid-term cancellation. If an insurer nonrenews a policy versus cancelling it mid-term, it may nonrenew a commercial automobile or workers compensation policy without any advance notice at all. Property policies may also be nonrenewed without any advance notice to the insured, but if there is a mortgagee or loss payee on the policy, they must be given at least 10 days advance notice. General liability policies may be nonrenewed with just 30 days notice.

State laws in most states change the above requirements, requiring more notice in many situations. For instance, Florida requires that carriers provide the first Named Insured with 45 days notice of cancellation in some circumstances. The provisions of the different state laws are often complicated, differing not only by line of coverage but also by length of time the policy has been in force, the specific reasons for the cancellation or nonrenewal, etc. The specific state requirements can be accessed through the IRMI Insurance Cancellation Guide published by the International Risk Management Institute.

The larger the insured client, the more likely that it will be able to obtain additional concessions from its insurer. If possible, those additional provisions should require:

Advance notice to the certificate holder even if the insured initiates the cancellation or nonrenewal and
Minimum cancellation and nonrenewal provisions, regardless of what is provided by the standard policies or various state laws.

Why not just require the old form?

You may ask, "Why doesn't the certificate holder simply require the insured and its insurance agent to provide the old certificate of insurance form?" What certificate holders and insureds should know is that if an agent does modify a standard certificate or signs a custom one that provides notice of cancellation, it is almost certainly doing so against the explicit direction of the insurance company. So while the certificate holder may have a paper in its hand which states that the insurance company will provide notice of cancellation, the insurer will not stand behind it. If coverage is cancelled, all that the certificate holder has probably gained is the right to sue the agent and its errors and omissions carrier. Since the agent is probably executing the modified certificate with the full knowledge that it is not authorized to do so, coverage under its errors and omissions policy is suspect. For a fuller understanding of why an agent executing modified certificates is engaging in a practice which may be unauthorized, deceptive and potentially illegal, please see the article written by Bill Wilson of the Independent Insurance Agents and Brokers of America at http://www.iiaba.net/eprise/main/VU/NonMember/WilsonCancellationNotice.htm.

Vendor solutions

I am aware of about 20 different vendors who provide some form of insurance certificate and verification service. I have found only one vendor that provides a certificate service that completely bypasses ACORD certificates and their problems. I pass on their information as a service to readers. Their name is Ins-Cert Corporation, and information on their services can be found by doing an Internet search under that name. Their system is Web-based and requires the agent/broker to agree to make a "good faith effort" to enter notices of cancellation into their system. The system then automatically sends cancellation notices to all certificate holders by email. Their system appears to offer a solution to both the problem of cancellation notices and also the problem of fraudulent ACORD certificates. From my investigation I believe they offer a legitimate service and are worthy of consideration. Readers of this paper who have found other workable solutions to this problem are asked to contact me.

Why the "Good Ol' Days" Weren't Really So Good -

Certificate holders certainly wish that the insurance industry would find a way to notify them when an insurance policy is cancelled. But in reality, they may not have lost much in this change besides the illusion that the insurer would notify them.

Many insureds have a "blanket additional insured" endorsement on their liability policies. That means that anyone that the insured agrees to name as an additional insured in a contract is automatically given that status in its insurance policy. But that also means that the insurance company does not obtain the names and addresses of those additional insureds, so the insurer does not know who they are or how to notify them.

Certificate holders would reasonably assume that as a matter of good faith, insurers would require that the agents/brokers send them a list of all of the certificates that they issued so that the insurer could "endeavor" to give notice of cancellation. Incredibly, that is not the case. Many carriers have explicitly told the agents/brokers not to send them copies of the certificates.

Since many insurance carriers have not made the good faith effort to comply with the notice requirements of the old certificate forms, not much is lost by eliminating the notice requirements altogether. At least false promises are no longer being made.

Closing thought

In writing about these changes on its own Website ACORD explained that it had to change its certificates because they sometimes contradicted or expanded the duties contained in the underlying insurance policies. Unfortunately, they were not able to cooperate with the other players in the insurance industry (the insurance companies, ISO and NCCI) to craft a solution which solved that problem while also meeting the legitimate business need of certificate holders to receive a cancellation notice. The outcry from the business community may need to get much louder before a better solution to this problem is reached.

The information presented here is necessarily general and is not intended as legal advice.

Brent Winans, CPCU, ARM is VP of Risk Management Services for the Plastridge Agency in Delray Beach, FL. He is available to give a humorous (Yes, humorous!) and informative presentation on this subject to interested audiences. He also provides assistance in drafting contemporary and achievable insurance and risk management language for contracts as well as providing other fee based (no insurance sales) risk management services.

See http://www.plastridgeinsurance.com/rics.htm

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Discover the Fortune hide in your insurance premiums!

Ever thought how to save money? Make sure that you have, what are you doing? You downsized several things may have to cut back to a monthly budget to boot or garage sale to free up some money, but there is a place, which most people do not seem to be. Insurance premiums!

There are usually 3 classes:

Required legal car insurance

Contractual is required-such as life insurance, if you have a mortgage

Commits/perceived need-home contents insurance

Clearly you cannot remove all of them as you can see you are legally required to have some insurance. But there are ways to make sure that your insurance premiums are as efficient as possible. Here are our 9 tips for finding the hidden fortune.

1 Try to buy their insurance together. Some insurers will give you a discount if you buy your car and home insurance together. If it is speaking. Ask!

2 Cups or quote online. To purchase online will give you access to certain concessions are not available elsewhere, reducing their administrative costs. This can be up to 15%

3 never just accept your renewal quotes from your existing provider. They do not have to offer you the best deal each year, as now you have a customer the most hungry!
Use the quote for renewal as a basis for comparison, in order to obtain additional quotes. If necessary, once done, go back to your existing insurer with other offers and ask them to improve them. You may be pleasantly surprised

Bad value of 4 substitution or expensive coverage. Has taken the loan protection insurance loan? It is typically 5-10 times more expensive than if you purchased separately.

5 look at minimum levels of cover, where appropriate. For example, if you have old cars may be much for civil liability only

6 Pay your insurance premiums annually. Monthly direct debit may be easier on the wallet, but you may be missing to 10%, saving by paying up front. Only be sure that you pay for it or place your credit card!

7 don't buy additional coverage, you can live without. Courtesy car ion car insurance plan is not free. Will the wages normally £ 10-£ 50

8 Put a higher surplus your insurance. If not claimed, the first 300 pounds on your home insurance will reduce your premiums, but still has covered important events, such as flood, fire, theft of

9 get rid of duplicate coverage having read the small print of your documents for policy. Travel insurance can cover values when abroad, but so can your home contents insurance so that it is not worth the additional costs.

In General, you can see, there are several ways to reduce your premiums do not include the relocation of companies. Read your insurance documents and take action when your renewal is due.

Costs for several hours, the online receipt of tenders and study your requirements can save you hundreds of pounds for the same amount of coverage at the time you have. Do not be afraid to ask the tender or offer coverage.

Jason Hulott is Director of business development of protection insurance. Insurance protection is an Internet-based insurance business, dedicated to the consumer the best insurance rates and best products. Our product portfolio includes many specialized products, and life and critical illness insurance; UK car insurance [http://www.protection-insurance.com/car-insurance.shtml], the United Kingdom Home insurance [http://www.protection-insurance.com/home-insurance.shtml] and Self build insurance [http://www.protection-insurance.com/self-build-insurance.shtml]; Mortgage payment protection insurance and insurance protection of revenue.

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Get RV insurance and enjoy life on the road!

RV is your home on wheels. RV has all the features you need to live in comfort or even luxury and it may seem almost as a house in some cases the most. Much like your home recreational vehicle is an investment and insurance in your new "home on wheels" with an insurance policy that is specifically geared to the RV is one of the best ways to protect this investment. RV insurance covers all the things that regular car insurance may not even begin to cover, such as:

• Your clothing

• Your camera

• Your laptop

• All other elements that will bring the vehicle to make his recreational vehicle feel more like home.

Your RV itself cannot protect your personal property from fire, flood, or other destructive forces; However, your RV insurance can offer you at least archive that will enable to replace these items with a minimum of fuss. RV insurance not only covers your personal items, but also cover the cost of replacing your RV is totaled or if stolen and not recovered. Before you buy your RV insurance policy, it is good to know a little about this type of insurance and, as always, make sure that you are looking for most recreational vehicle insurance agency in Los Angeles, Stockton, Oakland, San Francisco or Sacramento.

What is the RV insurance?

RV insurance is coverage that protects itself, but also as the insurance of houses, most of the content in the context of not only the vehicle. While the regular vehicle insurance can be purchased for the recreational vehicle, many people fail to consider the full coverage, RV insurance offers. Coverage not only for your vehicle, but also for your belongings is not only smart, but is necessary if you're traveling. For example: Let's assume that you and your family travel in the country of the Sacramento River and on the road, stay for a nice meal and RV are broken into and stolen valuables or, let's assume that leaks, RV Park, are camped in a sudden floods due to bad weather and water in damaging your clothes and electronics. What will you do if it is just a standard vehicle insurance policy? You'll be headed back to the nearest store to complete your wardrobe and the nearest best buy to replace this flat screen. A good insurance policy for recreation vehicle will offer full replacement, which means that one bad accident or bad luck will not forego your RV TRIPS for good, because I had to spend all this money to replace your belongings of his force.

How RV insurance protect my vehicle other than the insurance automatically?

Some insurance companies to underwrite auto insurance, RV insurance policy as a policy, but it is important to be sure to check the fine print, because many of them have restrictions on what elements you can request. In respect of the vehicle a true RV insurance policy will cover those parts of the RV that regular auto insurance policy will not protect the as ladders, slide, and shelters. Not only that, this type of insurance covers also towed the RV or trailer/truck campers. Your typical auto insurance policy will not prevent these types of accessories.

When you receive the RV insurance and for which type of RV?

Although there are many insurance companies that offer RV insurance, and certainly to shop online, your best bet is to contact the agent specialized in recreational vehicle insurance. Of course you can surf around and the receipt of tenders online, but in fact, there are so many options when buying RV insurance and when it comes to protect you, your family and your investment, such as sweat photos for the cheapest price is not the best idea. Although each type of RV can be insured, whether it is a trailer/camper or piece of device, you must make sure that you understand all of the options for the cover to make the best decision and get the best prices. When shopping online for insurance consumers tend to take account of the missing stone font and ultimately end up paying more for some, they may not be necessary. Don't be lazy! Time to connect with insurance agencies specializing in insurance, recreational vehicles and departments time to review your options ...We will be happy you did!

RV insurance sounds expensive! ?

Just like automatically insurance, home insurance, life insurance or health insurance there are many different levels of coverage and insurance companies, carry out national transactions. That said, it is possible to find great deals on insurance RV exactly the same. Again the best way to get a large proportion is to let your agent do the shopping for you. Whether you are the owner of the vehicle for recreation in Los Angeles, or in the area of the Gulf of Stockton, San Francisco and Oakland to Sacramento, to designate a reputable insurance agencies that can help find the right insurance policy recreation vehicle for you!

Find cheaper insurance in San Francisco, Los Angeles, Sacramento and Oakland in cheapinsurance.com. We also provide best RV insurance Los Angeles, cheap insurance in Los Angeles, most auto insurance Sacramento etc.

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Verdict for Energy Company Against Insurer Overturned

The Insurance and Reinsurance Report: Verdict for Energy Company Against Insurer OverturnedThe Insurance and Reinsurance ReportTimely Insurance and Reinsurance Law and News HomeArchivesSubscribe Twitter Updatesfollow me on Twitter « Reinsurer Must Prove Prejudice to Avoid Coverage Based on Late Notice |Main

June 23, 2011Verdict for Energy Company Against Insurer OverturnedMid-Continent Casualty Co. v. Eland Energy Inc. (N.D. Tex. June 16, 2011)

Mid-Continent Casualty Co. issued two insurance policies to several energy companies: a primary policy with a $1 million occurrence limit and $2 million aggregate, and an umbrella policy with a $5 million aggregate.  After Hurricane Katrina, crude oil leaked from the energy companies’ storage tanks at an oil and gas facility in Louisiana.  More oil that was put in a containment boom during cleanup leaked when Hurricane Rita hit.  Following the leaks, lawsuits were filed against the companies by the owners of neighboring properties and commercial fisherman.

The insurer initially agreed to defend the companies, but as the cleanup progressed, the insurer issued them a check for $1 million and $5 million and cut off payment for litigation costs, saying the limits of the policies were exhausted by the cleanup costs.  The insurer also denied defendants’ claim for cleanup costs resulting from Hurricane Rita, contending there was no new release of crude oil.

In a subsequent declaratory judgment action, defendants claimed that their insurer improperly cut them checks for $6 million, even though the cleanup costs had only reached $5.7 million, so the insurer could invoke a contractual right to stop paying their litigation costs.  The insurer alleged, however, that it was legally obligated to pay the combined policy limits when the defendants’ full liability for the cleanup costs became clear.

In October 2009, the court ruled that the insurer did not have to indemnify defendants for a  $2 million settlement in one of the underlying cases because the insurer had the right to waive certain elements of the insurance contract.  On February 22, 2010, the court rejected the defendants arguments, and reaffirmed its decision

The court, however, had allowed a claim to proceed alleging that plaintiff harmed one of the companies by directly settling early with a third-party claimant that sustained property damage.  Plaintiff offered the claimant nearly $55,000 to settle the claims but the energy company asked plaintiff to withdraw the offer.  After the offer was withdrawn, the claimant commenced a class action against the energy company that settled for $2 million.  A jury found that plaintiff put the energy company in a worse position by offering the settlement.

The company maintained that, but for Mid-Continent’s misconduct, it would have had the opportunity to discuss the offer with the claimant, persuaded him not to join the class, not to become the class representative, and not to discuss his offer with his neighbors or other class members. The company suggested that, had it been given that opportunity, it would have been able to settle class action suit for less than $2 million. The court held that the company did not adduce any evidence, however, from which a reasonable jury could have found that, given the opportunity and the information it needed, and without any interference from Mid-Continent, the company would have been successful in its attempts to discuss the offer with claimant or to persuade the claimant not to join the class, not to become the class representative, or not to discuss his offer with others. In other words, although the company argued that it would have tried to accomplish these goals, it offered no evidence from which a reasonable jury could have found it more likely than not that it would have succeeded.  Moreover, the company’s motivation to settle the class action was not solely based on Mid-Continent’s investigation of the damage to the claimant’s property and the offer to that claimant.  One reason the company settled the class action was out of concern about jury sympathy for hurricane victims.

Accordingly, on June 16, 2011, the court overturned the jury’s verdict against Mid-Continent. 

For a copy of the decision click here

Toni Frain and Joseph Oliva

Posted at 04:46 PM in Emerging Issues | Permalink

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Types of life insurance policies-which is right for you?

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Term Life by definition is a life insurance policy which provides a stated benefit upon the holder's death, provided that the death occurs within a certain specified time period. However, the policy does not provide any returns beyond the stated benefit, unlike an insurance policy which allows investors to share in returns from the insurance company's investment portfolio.

Annually renewable term life.

Historically, a term life rate increased each year as the risk of death became greater. While unpopular, this type of life policy is still available and is commonly referred to as annually renewable term life (ART).

Guaranteed level term life.

Many companies now also offer level term life. This type of insurance policy has premiums that are designed to remain level for a period of 5, 10, 15, 20, 25 or even 30 years. Level term life policies have become extremely popular because they are very inexpensive and can provide relatively long term coverage. But, be careful! Most level term life insurance policies contain a guarantee of level premiums. However some policies don't provide such guarantees. Without a guarantee, the insurance company can surprise you by raising your life insurance rate, even during the time in which you expected your premiums to remain level. Needless to say, it is important to make sure that you understand the terms of any life insurance policy you are considering.

Return of premium term life insurance

Return of premium term insurance (ROP) is a relatively new type of insurance policy that offers a guaranteed refund of the life insurance premiums at the end of the term period assuming the insured is still living. This type of term life insurance policy is a bit more expensive than regular term life insurance, but the premiums are designed to remain level. These returns of premium term life insurance policies are available in 15, 20, or 30-year term versions. Consumer interest in these plans has continued to grow each year, as they are often significantly less expensive than permanent types of life insurance, yet, like many permanent plans, they still may offer cash surrender values if the insured doesn't die.

Types of Permanent Life Insurance Policies

A permanent life insurance policy by definition is a policy that provides life insurance coverage throughout the insured's lifetime ñ the policy never ends as long as the premiums are paid. In addition, a permanent life insurance policy provides a savings element that builds cash value.

Universal Life

Life insurance which combines the low-cost protection of term life with a savings component that is invested in a tax-deferred account, the cash value of which may be available for a loan to the policyholder. Universal life was created to provide more flexibility than whole life by allowing the holder to shift money between the insurance and savings components of the policy. Additionally, the inner workings of the investment process are openly displayed to the holder, whereas details of whole life investments tend to be quite scarce. Premiums, which are variable, are broken down by the insurance company into insurance and savings. Therefore, the holder can adjust the proportions of the policy based on external conditions. If the savings are earning a poor return, they can be used to pay the premiums instead of injecting more money. If the holder remains insurable, more of the premium can be applied to insurance, increasing the death benefit. Unlike with whole life, the cash value investments grow at a variable rate that is adjusted monthly. There is usually a minimum rate of return. These changes to the interest scheme allow the holder to take advantage of rising interest rates. The danger is that falling interest rates may cause premiums to increase and even cause the policy to lapse if interest can no longer pay a portion of the insurance costs.

To age 100 level guaranteed life insurance

This type of life policy offers a guaranteed level premium to age 100, along with a guaranteed level death benefit to age 100. Most often, this is accomplished within a Universal Life policy, with the addition of a feature commonly known as a "no-lapse rider". Some, but not all, of these plans also include an "extension of maturity" feature, which provides that if the insured lives to age 100, having paid the "no-lapse" premiums each year, the full face amount of coverage will continue on a guaranteed basis at no charge thereafter.

Survivorship or 2nd-to-die life insurance

A survivorship life policy, also called 2nd-to-die life, is a type of coverage that is generally offered either as universal or whole life and pays a death benefit at the later death of two insured individuals, usually a husband and wife. It has become extremely popular with wealthy individuals since the mid-1980's as a method of discounting their inevitable future estate tax liabilities which can, in effect, confiscate an amount to over half of a family's entire net worth!

Congress instituted an unlimited marital deduction in 1981. As a result, most individuals arrange their affairs in a manner such that they delay the payment of any estate taxes until the second insured's death. A "2nd-to-die" life policy allows the insurance company to delay the payment of the death benefit until the second insured's death, thereby creating the necessary dollars to pay the taxes exactly when they are needed! This coverage is widely used because it is generally much less expensive than individual permanent life coverage on either spouse.

Variable Universal Life

A form of whole life which combines some features of universal life, such as premium and death benefit flexibility, with some features of variable life, such as more investment choices. Variable universal life adds to the flexibility of universal life by allowing the holder to choose among investment vehicles for the savings portion of the account. The differences between this arrangement and investing individually are the tax advantages and fees that accompany the insurance policy.

Whole Life

Insurance which provides coverage for an individual's whole life, rather than a specified term. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation. Whole life is the most basic form of cash value insurance. The insurance company essentially makes all of the decisions regarding the policy. Regular premiums both pay insurance costs and cause equity to accrue in a savings account. A fixed death benefit is paid to the beneficiary along with the balance of the savings account. Premiums are fixed throughout the life of the policy even though the breakdown between insurance and savings swings toward the insurance over time. Management fees also eat up a portion of the premiums. The insurance company will invest money primarily in fixed-income securities, meaning that the savings investment will be subject to interest rate and inflation risk.

Life Carrier Direct was founded by managing partners with over 70 years of combined Life Insurance experience. Most people want life insurance to protect the ones they love from any unexpected death so that they will be protected financially to cover such things as loss of household income, funding for education, mortgage satisfaction, and other important financial considerations related to the sanctity of the family. Please visit http://www.lifecarrierdirect.com for a quote comparison of all the major A rated life insurance carriers.

http://www.lifecarrierdirect.com

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How to avoid the 7 sins when buying truck insurance

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Deadly Sin #1

HIDDEN IN YOUR INSURANCE PROTECTION

As strange as it may seem, your biggest problem might be your current agent or broker. If they do not handle truck insurance on a daily basis, they are out of touch with our market! Keeping up with the truck insurance market is a full time job. If your broker is not independent or if they don't specialize in truck insurance they may not have the tools available to do a good job. You may be losing out in better protection and lower premiums.

Our business is driven by change. Today we are dealing with an increased supply of truck insurance companies and a lower demand for their products. There are now insurance companies entering the truck insurance market that do not have the expertise you need in an insurance carrier. You need a company that understands how a trucking company operates and what you need in the event of a loss so you can get back to work. It's a great time to get in on some lower rates but make sure you do this with a carrier (and agent) that specialize in truck insurance.

This is why it's best to ask a broker who specializes in truck insurance to quote your insurance. Why is it best? Because they represent many different insurance companies.

Here are a few insider tips to keep your rates down:


Slow down and keep your driving record clean. This alone can save up to 30% on your rates.
Prove to your new company you are a good driver. Ask your present company for a 3 year loss history.
Where you park your truck at night counts! Check with your broker if you have choices where to park.
Protect your investment. Lock and remove your keys from your truck no matter where it's parked.
Don't put a new driver behind the wheel until you have company approval.
Routine maintenance and safety inspections are worth their weight in gold.

Deadly Sin #2

INSURANCE COMPANY RATINGS

Did you know that all Insurance Companies are given a report card? Do you remember the report cards you received when you were in school? The letter A was for excellent, B was for good, C was for average, and D was for poor.

Insurance companies are given a "financial" report card with these same letter grades. The company who grades them is called the A.M. Best Company. Their purpose is to protect you from buying insurance from a company in poor "financial" condition. When you buy insurance your broker should tell you the grade of the company he/she is quoting. It is safest to buy insurance with a company who has a letter grade of A or B at the lowest.

Here are some other reasons a company's grade might affect you:


Poorly graded companies can mean a poor financial risk for you.
Some truck brokers might not accept proof of insurance from companies with less than an "A" grade.

Do you know if your sub-haul contract requires you to buy insurance from an "A" rated (grade) insurance company? It is better to know what you need before you begin shopping for a "good" price. Tell your broker you need an "A" rated company when you ask for your quote. The cost to cancel and rewrite a new policy is very expensive.

If you receive a quote from another broker and are not certain about the A.M Best Company Rating, then look it up at with AM Best online.

Deadly Sin #3

ADMITTED VS. NON-ADMITTED COMPANIES IN CALIFORNIA

The state protects you when you buy insurance from an admitted company. Admitted companies are companies that are licensed in the State of California. They contribute money to the California Insurance Guarantee Associate (C.I.G.A.) The State sets aside this money to pay claims in case an admitted company goes broke. Non-admitted companies do not contribute to the C.I.G.A. fund. If a non-admitted company goes broke, there is no guarantee your claim will be paid. However, non-admitted companies are not all bad. The most important thing about a company is their A.M. Best rating, but you should know that you're asking for trouble if you buy insurance from a non-admitted company with a bad A.M. Best rating.

When insurance prices go up there is a demand for lower prices. In the past this opened the door for scams and schemes. These offers are usually very low, and often they have names that sound like nationally known companies. If you get a quote that sounds too good to be true, be careful, it probably is. Ask questions. Ask for the name of the insurance company. Be certain to write the entire name down. Then call your broker and ask him to look it up for you. In the past these companies were not rated. They were called "off shore". Many truckers have been hurt by these scams.

If you are in doubt, remember your friends! The A.M.Best Company gives your insurance company a financial report card. The State of California protects you with the C.I.G.A. fund. And a truck insurance broker can help you avoid problems. If you are ever in doubt, give us a call. We'll call the Department of Insurance to check your company's status and A.M. Best rating. We promise not to play games with your business to make our living.

Deadly Sin #4

POLICY ENDORSEMENTS

Most people don't think about endorsements. If they do, they're not certain what that word means. People know that lawyers write them, which makes the words hard to understand.. Do you feel this way? Let's discover the loophole that will help us avoid this "sin". Endorsements remind me of yellow post it notes. You know, the little notes you stick on top of stuff. Endorsements are like that. They get stuck (attached) to the policy. They are legal contracts. They either add or subtract coverage to the policy.

All policies have endorsements. They are listed by form number on the Declaration page. The Declaration page is in the first part of the policy. Read it carefully. Does anything there look like it could cause you a problem? Call your broker if you are worried. Don't wait until there is a claim.

How do you know do you know if your policy is complete? That's easy! Each form has a number. Match up the form numbers on the front page with the attached forms. If you are missing one, your policy is not complete. You need to call your broker. Let them know someone made a mistake. People make mistakes, but you need a complete policy. Plus, you will impress your broker!

Insurance policies are not all equal! The basic policy is standard. However, endorsements change your protection. When you shop for the best deal, be careful. Sometimes lower prices subtract protection. Don't be afraid to ask questions. Listen to what the broker says. Does the broker give you a clear and direct answer? Or is the answer vague and rambling? Your broker should make you feel confident.

Here are some insider tips. The forms described will help you avoid "Sin #4" death trap:


Non-Reported Driver - What may happen? The company might deny a collision claim. The collision deductible might be doubled, and the policy might be cancelled or non-renewed.
Radius Restriction - What may happen? The company may deny a physical damage loss if it occurs out of radius.
Cargo Commodity - What may happen? There is a cargo loss. The type of cargo lost is not listed on the policy. Your claim is denied. For example. Your policy states you haul groceries. You have a loss and your load is steel. The load of steel is not covered.
Bodily Injury & Property Damage Deductible - What may happen? You have an accident. The other party is hurt and so is their property. You pay this deductible to the other party. This payment is on top of your own collision deductible.
Property Damage Only Deductible - What may happen? You damage another's property. You pay this deductible to the other party. Again, this is on top of your own collision deductible.
Newly-Acquired Vehicle Limitation - What may happen? You buy a new vehicle and drive it home. You do not add it to your policy. The next day it is in an accident. Your claim is denied. Many dealers think you have 30 days of automatic coverage.
Cargo Theft Limitation - Limited coverage on cargo target commodities. Target commodities consist of liquor (except beer and wine). Tobacco products including cigars and cigarettes. Seafood unless it's canned. Cameras or film; wearing apparel; computer equipment or components and software. Other items include fax machines, photocopies, VCR's, HI-FI's, stereos, compact disc players and televisions.
Unattended Covered Vehicle - What may happen? This form excludes cargo loss by theft, unless at the time of loss the covered vehicle is garaged in a building or parked in a fully enclosed or fenced yard.

Before you hit the panic button, read your policy. If you have a problem with it, perhaps, one of three things happened.


You didn't tell your broker enough about your business.
You did tell your broker and he/she wasn't listening.
Your broker doesn't have enough knowledge about truck insurance.
In any case, call your broker and explain the problem. Get it solved before a claim occurs. If your broker can't help, find another broker.

Deadly Sin #5

SUB-HAULERS

Does anyone ever lease their truck to you? If so, you may have a workers compensation exposure. You may be responsible for their injuries in certain situations.

Here are some things you can do:

a. You can buy Worker's Compensation insurance (expensive)

b. You can buy Occupational Hazard insurance (affordable), or...

c. You can call us and let us evaluate your circumstances and see if there is a legal way to work around the problem.

If you hire subs to haul your overloads, you will need special coverage. It's called "Hired and Non-owned Auto Liability". This coverage can be added to your commercial auto policy. Look at your policy. See if you have this coverage. If you get confused, call your broker. They will check your policy and tell you.

DEFINITIONS:


Non-owned autos are autos (or trucks) that you don't own, but for which you may be held responsible.
Hired autos are autos (or trucks) that you rent or lease (short term).

Check to see if your subs are operating as true independent contractors.

Deadly Sin #6

MISREPRESENTATION - DO NOT LIE!

We live in a world that "plays" to win. No matter what the cost. People think it's OK to lie. It's no big deal. Everyone does it. People get away with lying everyday. Some get rich! But wait a minute! What if the company finds out that you lied? Can they do anything? Yes they can and yes they will. However, a lot depends on what you lied about.

Do you know what happens after you buy insurance? When the broker says, "you're covered," do you think, "it's a done deal?" Sure you're covered, but there is one more step to this process.

After you leave the broker's office he sends the paper work to the company. The company has 60 days to double-check it. If you lie about something important and they find out, you might be canceled. When this happens, people you work for are sent notices of cancellation. The notice tells why the policy was canceled. Would this bother you? What might happen if you have a claim? The answer depends on more than one thing such as, the company, the adjuster, case law, and the size of the claim. There is a risk the claim might be denied. This creates problems. One of which might be losing your job.

To be safe you better avoid that nagging sin that prompts you to lie. Tell your broker the truth. He knows which company will quote your insurance. Then you'll have peace of mind, and that's what insurance is all about!

Deadly Sin #7

CO-INSURANCE CLAUSE

This part of an insurance policy reminds me of a childhood, playground ride. As children, we went to a local playground. I especially liked one ride called a teeter-totter. Do you remember it? It was a long, narrow pole with seats at each end. A bridge in the middle held it up. The ride was fun, but only if both children were the same weight. The equal weight made it easy to go up and down. But, if one child was heavier than the other it wasn't much fun. The child who weighed less was left sitting up in the air. His legs couldn't touch the ground. It was a helpless feeling. The child on the ground controlled everything.

Why does this remind me of the Co-insurance clause? Because this clause works best when you insure your property for its true value. It's just like the teeter-totter. You tell the company the true value of your property. The company charges your premium on that value. This makes the weight even on both sides. It's a fair deal. If you have a loss, the claim is settled. You are happy because the claim is settled at the true value of your property.

A "Co-Insurance Clause" tells the company the correct value of your property. What happens if you understate its value? Several things happen. One is you pay less for your insurance. Another is you are out of balance with the company. You are on the teeter-totter with a heavier player. If you have a claim, you are out of control. The company will severely penalize you. Why? Because you are not playing by the rules. If you have a loss the claim will be settled but only at a fraction of the true value of your property. You will be very unhappy, and it will be your own fault because you were not completely honest with your company.

Usually, the Co-insurance Clause affects your physical damage, cargo, and equipment floater policies. A Truck Dealer will give you a good idea of your equipment's current value. Check your policy to see if you're insured for that value. Look at your sub-haul contract. Double check your cargo limits. Then look at your policy. Are the limits the same? Does the contract state that you do certain things, for instance, does it state that you "waive your cargo co-insurance clause?" The point is that what you actually do should match what the company says you do on your policy. If you don't understand this, fax your policy to your broker. Make him double check it. You do not want a penalty at the time of loss. Make your broker work for you and answer your questions.

Lisa Sherer is the President & CEO of Berrier Insurance Agency, Inc. ( http://www.berrierinsurance.com ) located in Northern California. We have specialized in trucking insurance since 1981, serving California, Oregon, Nevada, Arizona and coming soon to Texas. Please contact me at (888) 472-4915 or email me at lisa@berrierinsurance.com.

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