The Advantages of Having a Life Insurance

Most people consider the life insurance premium just another bill adding to their pile of bills at the end of each month. They wish that they could save money by eliminating this bill. If you are one of these people, you should think again. Life insurance is extremely necessary, especially if you are the main provider for your family.

high risk life insuranceYour immediate dependents will understand the value of life insurance in no uncertain terms if you pass away unexpectedly. While no one would like to die suddenly, life insurance will be the only savior of your loved ones under such tragic circumstances. The life insurance company will pay an immediate installment to your family to cover the funeral expenses. What would happen if your family had to go into debt just to pay for your casket and burial services after your death? Just imagine the consequences of such a situation.

Imagine! what would happen if your loved ones had to struggle to survive once you have passed away under tragic circumstances. How would they pay the monthly bills? What about the groceries? Children’s education? How would they pay all these bills? You should have a life insurance policy targeted to cover all these expenses at least for one year, after your death. This will give them adequate time to get their financial house in order before having to cope with the immediate loss of income. This is one of the best financial gifts that could be given to your loved ones.

There are various life insurance policies available in the market right now. A non-smoker in good health could always get a better rate than any other person interested in life insurance, or someone who gets classified into high risk life insurance premiums. Check with different service providers about the amount of insurance that you could get and at what price. It doesn’t have to be costly to have a peace of mind. you family will be glad to know that worst come to worst, you have thought about them and planned for their future.


Medicare Supplemental Insurance: Introduction

As you age you’re more likely to require medication or surgical interventions to stay healthy. Many people who are over age 65 will rest easier when they know that they are eligible for Medicare Coverage that will pay for their medical care and their hospital visits.

Truthfully, there are serious limits on the coverages of Medicare. At present, 80% of the overall cost of care leaves a remaining 20% that the patient is responsible for and must pay out of pocket. That’s a lot of money for someone who relies upon a fixed income and it can be very challenging to budget for.

Those who are living on this fixed income may find that there isn’t any room to budget in these unexpected costs and that is why Medigap Policies make sense.

Medigap is also called Medicare Supplemental Insurance. It helps to pay for the portion of the bill that Medicare won’t cover. The monthly costs can be worked into the fixed income budget and the patient is covered and only pays the premium each month regardless of other health care issues that may arise.

A bonus is that seniors on Medicare and Medicare plan F coverages can enjoy this coverage anywhere so foreign travel is a breeze. No more do they have to give up their dream of one day traveling the world. They can rest assured they are covered for any medical emergency.

These supplemental plans are readily available via private insurance agencies. Ask your agent today what policies may be available for your specific needs. Married couples can research the topic together but each one will have their own individual policy as their needs are very different and policies can often be customized for each individual person. Give yourself peace of mind and call your insurance agent today to find out the best policy available for your specific needs.


What Are The Benefits Of Medigap Plan F?

Medigap supplement insurance is designed to supplement original Medicare coverage between Plan A and Plan B of a Medicare Insurance Policy, such as co-payments, deductibles and co-insurance.   Medigap policies usually do not provide coverage for dental care, eye care, hearing aids or private nursing and a Medigap plan can help pay for those medical expenses. To be eligible to purchase Medigap, you must already have a Medicare Plan A and B policy.

Medicare Plan F is the most comprehensive Medigap plan available and covers most  medical care needed, however, as there may be deductibles, be sure to familiarize yourself with the plan so that you understand what is covered and what will not be covered under with this Supplement plan. Generally, Medigap Plan F will cover expenses not covered by your original Medicare Plan B policy.

When you sign the insurance contract after purchasing Medigap Plan F, you agree that the Medigap Insurance Company will obtain your Part B claims information directly from the Medicare Insurance Company, and then pay the its share of medical costs directly to the medical provider.  Some Medigap Insurance Companies will also do this for Part A claims, which cover hospitalization.

Medigap Plan F will supplement claims under Part A of your original Medicare Insurance Policy, including 365 days of in-hospital care, as well as private nursing care and hospice care.  It also provides an option to cover medical expenses while travelling abroad, including emergency medical costs. Your Medicare Plan A will cover the Medicare approved amount and your Medigap Insurance Company will pay the balance.

Another Medigap  option is a high-deductible version of Plan F which is an amount that you agree to pay before the Medigap Plan F policy kicks in.  Talk to your insurance agent who will explain all the benefits and what is required from you when your purchase Medigap Plan F Insurance coverage.


The Value Of Disability Insurance

A disability can be just as devastating to a family as a death, if it is the person earning the income that becomes disabled. The definition of disability is that some becomes sick or hurt and unable to work and earn an income. Much of the time that inability to work comes from severe pain, and other times the person is healing from broken bones or is simply unable to function from weakness or sickness.

Such occurrences as heart attacks, cancer, auto accidents, stroke, traumatic injuries, and other debilitating occurrences are what we usually think of when we think of disability, and rightly so, but other, seemingly less invasive situations like a broken leg for example may keep a person out of work long enough to lose the house to the mortgage company.

Disability insurance policies are sold by life and health insurance companies. Working with an independent agent like High Income Protection will allow you to shop all of the insurance companies in your area.  Many people are covered for disability through their employment, but with the Affordable Care Act coming into place, many employers are opting to have their employees get their health insurance through the exchanges, which will eliminate that source of coverage. That means that more individuals will have to purchase coverage on their own through private insurance companies.

You must qualify for disability coverage by meeting the health and income requirements for the policy being applied for. The coverage is usually up to 60% of your income, and can be purchased for a year’s benefits all the way up to age 65. There are various waiting periods before a benefit begins after a disability starts of a week, six months to a year. Usually, once a policy is purchased and approved, the company cannot take your policy away from you, although it can be possible for them to raise the premium on all insureds in your state.

People should look at coverage for disability the same as they look at life insurance. You are covering the ability to earn an income for a family or a business, and if that ability is taken away, the consequences must be dealt with.


A Basic Introduction To Life Insurance

Life insurance can be a confusing subject for many people, particularly when they are new to the process of buying a policy. Yes, it will be an added expense to the family budget, but there is no better financial decision that a person can make than the purchase of a life insurance policy that will provide protection to a family in case of the death of a breadwinner.

One kind of life insurance is labeled term life insurance because it only last for a term of time. This is the most inexpensive type of life insurance. The price will differ as to age, health status, and the amount of coverage that is purchased.

A term policy is a good fit for a young family with children, as more coverage can be purchased for a small cost on a month-to-month basis. The family will receive the maximum death benefit for the cost, and the coverage can provide coverage for funeral costs, final expenses, mortgages, and monthly income. The term policy lasts for a set period of years, such as 10, 20 or 30 years. These policies do not accumulate a cash value and the death benefit expires at the end of the policy term.

The second form of life insurance is called whole life insurance, or permanent. Whole life covers individuals to age 100 as a rule, then pays the death benefit to the insured, if he or she is still alive. These policies also have a cash value, which the policy owner can borrow from the policy, or cash in by canceling the policy. The one disadvantage of whole life is that the coverage is less than can be obtained with term life insurance and the policies are more expensive than term life coverage.

If you are in the process of buying life insurance for the first time, or reviewing current coverage, be sure and work with a licensed life agent, as they are knowledgeable and can offer specific advice that pertains to your specific situation.  Hitting sites like Taik.org will allow you to work with a life insurance agent while doing a lot of your own research.  If you have any questions you can chat with an agent right there.  Overall taking advantage of these kind of resources will allow you to make the right choice and cover your family.


What is Medicare Supplemental Insurance?

medicare supplmentsMedicare is a type of insurance that is regulated by the government. It is available in four parts. Part A is hospitalization coverage, while Part B is standard medical insurance. Part C combines the first two and is available through one of the private insurance companies approved by the Medicare board. Medicare Part D is coverage for prescriptions. There are some things that these parts of the insurance do not cover, which is where Medicare supplemental insurance fits in. in order to understand this addition, you must have a little knowledge of the other parts of the Medicare.

Part A hospital coverage does not require the insured people to pay a premium for the insurance. It includes nursing homes and facilities. Long term care is not covered. Home health services and hospice care is not covered without prior approval. Additionally, there are certain medically necessary services that are covered but not all the costs will be paid. The type of plan you have chosen determines the remaining amount you are responsible for.

Medical coverage is provided in Part B. The main services provided under this coverage include physician care, outpatient procedures, and some occupational and physical therapy services. Preventative care is also covered. It requires payment of a premium and also does not cover complete costs.

Part C is also known as Medicare Advantage. The plans offered by approved insurance companies combine medical and hospital coverage. There will be premiums and percentages that you are responsible for.

Prescription coverage is provided through Part D. You can choose to add this coverage to your Advantage plan, or any other Medicare plan you have. Not all approved insurance companies, however, offer prescription coverage.

Now that you have a basic understanding of Medicare, you can learn about where supplemental insurance fits in. Also called Medigap, Medicare supplemental insurance is exactly what its name suggests. It fills in the gaps of your Medicare policies. This coverage is regulated by Medicare and provided by approved insurance companies. They are designed to help with costs that might not be covered, deductibles, and copays.

The coverage provided by supplemental insurance is used after your original Medicare coverage. When you obtain services, your Medicare is used first and the supplemental coverage pays what is left. For example, if you have $3,000 of testing expenses from a hospital visit and your deductible has not been reached, your Part B coverage will pay the percentage your policy states. You are still left responsible for paying the balance. A supplemental policy will pay your remaining deductible amount and the remaining amount of costs for services.

In order to qualify for a Medicare supplemental insurance policy, you must have parts A and B. Applicants must be 65 years old, but you can apply 6 months before you turn 65 so it takes effect by your birthday. If you do not apply early, you have 6 months after you turn 65 to apply during an open enrollment. During this period, you cannot be denied and you do not have to answer questions about your health.


Burial Insurance – is it for you?

funeral insuranceSooner or later death will come knocking at everyone’s door. Many people want to make arrangements for end-of-life preparations before that final time arrives to ease the stress and burden on grieving family members. Purchasing burial insurance takes care of paying in advance for services that will be provided sometime in the future.

Burial insurance can be confusing since death does not always result in a funeral or burial. However, burial insurance policies can cover most types of final arrangements, including cremation or donating your body to science.

Most burial insurance policies are a small type of whole life insurance plan that can be purchased from an agent who sells plans from various life insurance companies. Other burial policies can be purchased through funeral service providers.

It is prudent to note that it is far better to purchase burial insurance as a whole life policy, rather than as a term life policy. Term life policies will expire at a certain age. You may outlive your burial insurance if you have burial insurance under a term life policy.

Burial insurance can help defray many final expenses such as medical bills, services, flowers, urns, caskets, plot planning, interment and estate taxes. Since burial policies are designed specifically to cover final costs; consumers are able to buy policies in much smaller amounts than typical life insurance policies. Some burial plans may cover $25,000 dollars, while others may be available in higher or lower amounts.

Benefits of burial insurance are numerous.

•No medical or physical exam:
Burial insurance policies are generally marketed by life insurance companies. Unlike life insurance; to apply and qualify for burial insurance does not require meeting stringent physical requirements.

•Peace of mind:
Burial insurance can ease the strain on family members and relatives that may not be emotionally or financially ready to deal with the many details of funeral services. Burial insurance policy claims are usually paid quickly since funeral costs are due at the time of the service.

•Cost effective:
Funerals are not getting cheaper and can cost upwards of several thousand dollars. This can be a devastating amount to pay in a lump sum. A funeral service paid at death with burial insurance is usually much less expensive since it has been pre-planned.

•Control:
Purchasing burial insurance will give you the most control over your own final arrangements since your preferences will be written and followed.



What Are The Benefits Of Medigap Plan F?

Medigap supplement insurance is designed to supplement original Medicare coverage between Plan A and Plan B of a Medicare Insurance Policy, such as co-payments, deductibles and co-insurance.   Medigap policies usually do not provide coverage for dental care, eye care, hearing aids or private nursing and a Medigap plan can help pay for those medical expenses. To be eligible to purchase Medigap, you must already have a Medicare Plan A and B policy.

Medicare Plan F is the most comprehensive Medigap plan available and covers most  medical care needed, however, as there may be deductibles, be sure to familiarize yourself with the plan so that you understand what is covered and what will not be covered under with this Supplement plan. Generally, Medigap Plan F will cover expenses not covered by your original Medicare Plan B policy.

When you sign the insurance contract after purchasing Medigap Plan F, you agree that the Medigap Insurance Company will obtain your Part B claims information directly from the Medicare Insurance Company, and then pay the its share of medical costs directly to the medical provider.  Some Medigap Insurance Companies will also do this for Part A claims, which cover hospitalization.

Medigap Plan F will supplement claims under Part A of your original Medicare Insurance Policy, including 365 days of in-hospital care, as well as private nursing care and hospice care.  It also provides an option to cover medical expenses while travelling abroad, including emergency medical costs. Your Medicare Plan A will cover the Medicare approved amount and your Medigap Insurance Company will pay the balance.

Another Medigap  option is a high-deductible version of Plan F which is an amount that you agree to pay before the Medigap Plan F policy kicks in.  Talk to your insurance agent who will explain all the benefits and what is required from you when your purchase Medigap Plan F Insurance coverage.


The Value Of Disability Insurance

A disability can be just as devastating to a family as a death, if it is the person earning the income that becomes disabled. The definition of disability is that some becomes sick or hurt and unable to work and earn an income. Much of the time that inability to work comes from severe pain, and other times the person is healing from broken bones or is simply unable to function from weakness or sickness.

Such occurrences as heart attacks, cancer, auto accidents, stroke, traumatic injuries, and other debilitating occurrences are what we usually think of when we think of disability, and rightly so, but other, seemingly less invasive situations like a broken leg for example may keep a person out of work long enough to lose the house to the mortgage company.

Disability insurance policies are sold by life and health insurance companies. Working with an independent agent like High Income Protection will allow you to shop all of the insurance companies in your area.  Many people are covered for disability through their employment, but with the Affordable Care Act coming into place, many employers are opting to have their employees get their health insurance through the exchanges, which will eliminate that source of coverage. That means that more individuals will have to purchase coverage on their own through private insurance companies.

You must qualify for disability coverage by meeting the health and income requirements for the policy being applied for. The coverage is usually up to 60% of your income, and can be purchased for a year’s benefits all the way up to age 65. There are various waiting periods before a benefit begins after a disability starts of a week, six months to a year. Usually, once a policy is purchased and approved, the company cannot take your policy away from you, although it can be possible for them to raise the premium on all insureds in your state.

People should look at coverage for disability the same as they look at life insurance. You are covering the ability to earn an income for a family or a business, and if that ability is taken away, the consequences must be dealt with.


A Basic Introduction To Life Insurance

Life insurance can be a confusing subject for many people, particularly when they are new to the process of buying a policy. Yes, it will be an added expense to the family budget, but there is no better financial decision that a person can make than the purchase of a life insurance policy that will provide protection to a family in case of the death of a breadwinner.

One kind of life insurance is labeled term life insurance because it only last for a term of time. This is the most inexpensive type of life insurance. The price will differ as to age, health status, and the amount of coverage that is purchased.

A term policy is a good fit for a young family with children, as more coverage can be purchased for a small cost on a month-to-month basis. The family will receive the maximum death benefit for the cost, and the coverage can provide coverage for funeral costs, final expenses, mortgages, and monthly income. The term policy lasts for a set period of years, such as 10, 20 or 30 years. These policies do not accumulate a cash value and the death benefit expires at the end of the policy term.

The second form of life insurance is called whole life insurance, or permanent. Whole life covers individuals to age 100 as a rule, then pays the death benefit to the insured, if he or she is still alive. These policies also have a cash value, which the policy owner can borrow from the policy, or cash in by canceling the policy. The one disadvantage of whole life is that the coverage is less than can be obtained with term life insurance and the policies are more expensive than term life coverage.

If you are in the process of buying life insurance for the first time, or reviewing current coverage, be sure and work with a licensed life agent, as they are knowledgeable and can offer specific advice that pertains to your specific situation.  Hitting sites like Taik.org will allow you to work with a life insurance agent while doing a lot of your own research.  If you have any questions you can chat with an agent right there.  Overall taking advantage of these kind of resources will allow you to make the right choice and cover your family.


Can you trust online-only banks?

By Melanie Hicken  @melhicken

online banking

Many online banks offer a variety of perks, ranging from higher interest rates for savers to fewer fees.

NEW YORK (CNNMoney)

Are non-physical branch online banks with higher interest rates trustworthy? — Thuy, San Jose, Calif.

With low interest rates making it a difficult time for savers, opting for one of their branchless counterparts can seem pretty appealing.

The lack of overhead costs for things like branches and tellers means that online banks can afford to offer higher interest rates on savings and money market accounts — albeit these annual rates are still paltry, typically ranging from 0.6% to 1%, according to Bankrate.

Internet-only banks offer customers further savings by charging fewer fees than their brick-and-mortar competition. For example, branch-free Ally Bank lets you use any ATM for free.

And while there are some tradeoffs to switching to an online bank, security isn’t one of them.

“Brick-and-mortar banks give an appearance of safety, but they are no safer,” said Deana Arnett, a Manassas Va.-based financial planner.

In order to protect your money and personal information, be sure to follow these rules when banking online.

Make sure deposits are federally insured. The Federal Deposit Insurance Corporation protects your money in case your bank fails. Currently, the FDIC will protect up to $250,000 in deposits for each account holder.

Check the bank’s website to see if it’s insured by the FDIC or you can use the agency’s BankFind web tool. In addition to listing a bank’s FDIC status, the database includes information on its history and links to its latest financial information.

Beware of copycats. Just because it looks like a popular bank’s website doesn’t mean it’s safe. Scammers will often attempt to trick you through sites that mimic those of real financial institutions.

The FDIC advises that you always make sure you’ve typed the correct web address before going through with any transaction. And never click on a link within an email since scammers often send fraudulent messages attempting to get your personal information, Arnett said.

Lock out identity thieves. Whenever you use online banking tools, regardless of whether it’s through a physical or online-only bank, you should make sure your bank is encrypting your information. Look for a lock or key icon in the web address window of your Internet browser.

You should also carefully craft a banking password that can’t be easily guessed by identify thieves. In addition, it’s a good idea to use one that’s unique from those used for other accounts, such as your email, and to change it regularly.

As long as you follow all these steps, you can bank online in confidence, said Arnett.

“It’s a nice world in which to do banking,” she said. “You just have to think a little differently.”

First Published: August 30, 2013: 6:23 AM ET