You probably wouldn’t think twice about the fact that health insurance is absolutely essential, but what about disability insurance? It’s just as important. No matter how careful you are about job safety or staying healthy, sometimes there is nothing you can do to prevent an accident or illness. While your health insurance is vital in getting you treatment, what happens when you can’t go back to work right away because you’re recovering? Your bills need to be paid, and your family needs to eat. This is why disability insurance is absolutely necessary.

Disability benefits will help you with your cost of living during the time that you are not well enough to return to work. They will usually not pay enough money to equal your working wages, but should be enough to pay your basic bills. Almost all disability insurance does not begin immediately, but requires a waiting period of two weeks to several months.

If you are expected to be unable to work at all for at least a year, you may be eligible to have Social Security pay you disability benefits. The amount you will receive will depend on your age and how much money you were making at your job.

There are also types of disability insurance that your employer may offer, where the premiums are taken out of your paycheck. Almost all employers are required by law to offer short-term disability insurance of some sort, like paid sick leave, although the amount of time available may vary from just a few days up to six months, or even two years.

You also may be eligible for your company’s long-term disability insurance plan, if they have one. This may cover you in a situation where an injury or illness prevents you from working for a very long time, or even for your lifetime. Check with your state laws to see what your employer is required to provide you with, and ask your benefits department to explain the plan in detail.

While you are investigating your insurance options, you may wonder what some of the terms used really mean, like ‘non-cancelable’ or ‘guaranteed renewable’. Non-cancelable means that your policy can never be changed or canceled, unless you don’t pay your premiums. This helps to make sure you aren’t discriminated against when you are not well enough to work. Guaranteed renewable means that the policy will be the same every year, and the premiums cannot be increased, which means that you don’t have to pay more after having a workplace accident, unlike a lot of auto insurance. If you don’t understand any other terms in your policy, be sure to ask your insurance administrator to explain them, or look them up yourself.

You may think that this sounds like a lot of work, but it’s really not too difficult. Understanding the principles of disability insurance will allow you to make the right choice of an insurance policy for your unique situation, and to be reassured that your family and your home will be protected in the event of sudden illness or an accident on the job.

Source by Quamrul Polash

Rhode Island Has enacted the Rhode Island Health Insurance Continuation act. This act allows a person to remain on their ex-husband or ex-wives health Insurance after Final Judgment of Divorce. Article by Rhode Island Divorce Attorney David Slepkow. 401-437-1100

Unfortunately, this act has been watered down by recent case law out of the Federal Court District of Rhode Island. The case of Duclos v. General Dynamics Corp., 12 E.B.C. (BNA) 2648 (D.R.I. 1990) stands for the proposition that The Rhode Island health Insurance Continuation act is Preempted by ERISA. ERISA is a Federal Statute. Under Common Law, if a federal statute and state statute relate to similar topics, Federal Law may preempt state law. The Federal Preemption Doctrine is “a doctrine in law that allows a federal law to take precedence over or to displace a state law in certain matters of national importance (as interstate commerce)” Dictionary.com

Duclos v. General Dynamics Corp., 12 E.B.C. (BNA) 2648 (D.R.I. 1990) ruled that the “Rhode Island statute requiring certain divorced spouses to be granted continuation health coverage without additional premiums was preempted by ERISA…” Quoted from Charles Shulman, Esq. “EBEC (Employee Benefits / Executive Compensation) Law Update”

Despite the Duclos ruling, many Rhode Island Employers allow an ex spouse to remain on health insurance coverage after Final Judgment of Divorce. Many employers are prohibiting ex spouses from coverage after final Judgment of Divorce relying on the Duclos case. My Understanding is that Blue Cross Blueshield of Rhode Island allows an ex spouse to remain on health insurance after Final Judgment of Divorce.

During the pendency of the divorce, the parties should determine the employers policy and procedures related to continuation of coverage after Final Judgment of Divorce. If possible, they should seek the company policy in writing from the Companies benefits administrator. The Obligations of Rhode Island based companies to comply with the Rhode Island Health Insurance Continuation Act is beyond the scope of this Article.

If a spouse will be remaining on his or her ex spouse’s insurance then the following language should and must be put on the record at the Rhode Island Nominal Divorce Hearing and be memorialized into the Decision Pending Entry of Final Judgment as well as the Final Judgment of Divorce:

“Plaintiff shall provide Defendant with Health Insurance and Dental Insurance pursuant to the Rhode Island Health Insurance Continuation Act.”

This language should be put on the record and memorialized into the Decision Pending and Final Judgment of Divorce even if the employer will be removing the spouse after Final Judgment of Divorce!

The above described language incorporated into the Final Judgment of Divorce is usually interpreted by Judges of The Rhode Island Family Court as meaning the following:

1) If there is an additional expense over and above the cost of a single plan for the ex spouse to remain covered by the health insurance plan then the ex spouse must pay that additional amount or he / she may be removed from the Health Insurance policy.

2) If the person with Health Insurance loses their job, or goes to another employer then the ex spouse will probably lose health Insurance coverage.

3) If either party (husband or wife) remarries than the ex spouse may lose Health Insurance coverage.

It is usually a good idea to specifically put on the record at the nominal divorce hearing, that the ex spouse is required to pay any additional premium over and above the cost of a Single Plan or they will be removed from the insurance. These issues can get confusing if the cost for a family plan includes the children and there is no additional expense for the spouse. Please consult with a Rhode Island Divorce Lawyer about these issues.

The Rhode Island Health Insurance Continuation Act R.I.G.L § 27-20.4-1 states:

“In the event of a final judgment of divorce, whether absolute or otherwise, where one party to the divorce was at the time of the entry of the judgment for divorce a member of a health plan providing family coverage * * * the person who was the spouse of the party prior to the entry of judgment for divorce may remain eligible for continuing benefits under the plan and health maintenance organization without additional premium or examination if the order is included in the judgment when entered. The eligibility shall continue as long as the original member is a participant in the plan or health maintenance organization and until either one of the following shall take place: (1) the remarriage of either party to the divorce, or (2) until a time as provided by the judgment for divorce. If the person [eligible for continuing health care benefits] * * *becomes eligible to participate in a comparable plan or health maintenance organization through his or her own employment, the continuation of the original plan coverage shall cease.” Section
27-20.4-1(a). (Emphasis added.)

The Rhode Island Supreme Court interpreted the Rhode Island Health Insurance continuation act in L’Heureux v. L’Heureux: “The clear and unambiguous language of § 27-20.4-1 requires that health insurance benefits, when provided for in a final decree of divorce, continue at no cost to the former spouse of the party participating in the plan as long as the plan participant is still a member of the plan and until (1) either party remarries, or (2) a time provided by the judgment of divorce. Furthermore, the continuation of the original plan coverage shall cease when the former spouse becomes eligible to participate in a comparable health plan through his or her own employment.”

What are some of the health insurance options available to ex spouses after Final Judgment of Divorce in Rhode Island?

COBRA Heath Insurance may be a worthwhile option for Ex Spouses after Final judgment of Divorce.”Under COBRA, employers must offer the option of continued health insurance coverage at group rates to qualified employees and their families who are faced with loss of coverage due to certain events.” CRS Report for Congress Health Insurance Continuation Coverage march 2005 “… When the qualifying event, however, is a covered employee’s divorce or legal separation, COBRA coverage lasts for thirty-six months.”

“COBRA provides that employers who provide their employees with medical coverage must provide continuation coverage to employees and their families who would otherwise lose coverage under the employer’s plan as a result of a qualifying event. Qualifying events include: (a) a covered employee’s divorce or legal separation….Once a qualifying event occurs, the covered employee, his or her spouse, or dependents seeking COBRA coverage must elect such coverage within 60 days of the occurrence of the qualifying event and must pay the required premiums.” Marsha Zolla, Healthcare and family Law

Source by david slepkow

Dental insurance programs are a little different than most other types of insurance. Nearly all insurance policies are set in place to protect you against an unforeseen accident or injury that may occur and covering you for the expense that may result. A dental policy, although it will cover for this eventuality, is really in place to pay for the constant care that you require to look after your teeth and gums for the long term so that you never require any serious dental work in the future. Obviously, the insurance companies are well aware of this and will ensure that you have all the necessary preventative work required to hopefully save them money in the future and save you the stress and inconvenience caused by serious dental procedures.

Car insurance is a specific type of insurance which is used to protect people against theft or the costs incurred from an automobile accident. Car insurance is almost the same like any other insurance where people stay on the safe side and avoid spending money if a mishap occurs that can put people into financial problems if the insurance coverage is not available. Since car indemnity for a day is so quick and easy to get you will find that there are certain restrictions that apply to it. In most cases the insurance company will insist that you are at least 25 years old. The licensed car indemnity companies may also put restrictions on the type of vehicle you can insure. They will most likely not insure a car which has been modified. The vehicle may have to have a particular limit on the value, also.

With the rising cost of auto insurance coverage, finding cheap car insurance is a concern for many people. It takes some time to search for not just the most affordable but the best auto insurance policy for car and people driving needs. We get auto insurance firstly because we are legally required to in order to drive, and secondly, to protect ourselves in the event of an accident. Depending on the extent of coverage, people can file a claim for replacement, medical bills, damages or theft of car and good auto insurance companies will handle people claim quickly and painlessly. The age of a driver plays an essential role in what amount vehicle coverage will cost. More car owners usually have got to spend more, basically because they don’t have as much driving experience as a more mature driver. 

Unemployment insurance benefits are available to a large majority of people that find themselves unemployed. These benefits are available to individuals who find themselves out of work due to reasons that are beyond their control. People who quit their job, for any reason, are not eligible for this compensation. Individuals who were fired for cause are also ineligible for this benefit. The majority of individuals who find they applying for these benefits were laid off due to lack of work. The basic of unemployment insurance has been the federal Social Security Act 1935, which insured Federal-State cooperation in the workers with partial compensation for lost wages be determined by the involuntary unemployment.

Health insurance plan may be of great help when people fall ill or meet an accident and people do not have money to pay for people medical expenses. People may look for the best health insurance quotes available online. Whatever it is, people should invest in people health so that people may not have to look back in despair at the time of critical situations. Health Insurance is a necessary form of insurance for any successful member of modern day society. Medical costs from a slip and fall or accident can bankrupt or at the least cause financial hardship to the average American. Health indemnity plans in California have a typical structure where the higher the monthly premium the lower the initial out of pocket deductible is before health benefits begin. 

Source by Mahajan

The problem with “independent medical examinations” is that these doctors are not “independent” at all, but rather high-priced hired guns who are paid a lot of money to terminate the accident victim’s insurance benefits. Many of these doctors do not even treat patients and make millions of dollars from the insurance companies by performing these exams. One neurologist recently admitted to earning over $10 million dollars for these exams.

There’s a good reason why the insurance companies are willing to fork over these huge sums of money to these doctors. It’s simple, they can pay a doctor less than $1,000 to perform and evaluation that will terminate benefits and it will save the insurance company tens of thousands of dollars in the future. The insurance adjuster will use this bogus examination report to cut off medical benefits, wage loss benefits, attendant care service benefits, and other benefits under the Michigan Auto No-Fault Insurance laws. These same doctors perform exams for employers and insurance companies in worker’s compensation cases.

The scary thing is that these not so independent doctors cause significant harm and damage to the injury victims. As a result of their bogus findings, the insurance company terminates payment for necessary medical treatment which leaves the patient without treatment and facing substantial medical bills. By cutting wage loss benefits, the injury victim is without income to support himself or his family.

The only recourse when benefits are terminated is to file a No-Fault insurance lawsuit. These types of cases take time and are filed to force the insurance company to pay back and future benefits. During the process of the lawsuit, the accident victim is still left without medical benefits or a wage loss payment. Therefore when choosing a lawyer, you will want to see what their previous settlements were and if they are able to force insurance companies to pay substantial settlements to their clients. If you hire a good lawyer, you may even get the insurance company to pay our legal fees.

If you were injured in an auto accident and had your benefits terminated because of an “independent medical exam,” you need to call a lawyer right away so that they are able to start working on your case immediately. Additionally, if an exam has been scheduled for you in the near future, you’ll want to speak to a lawyer who can give you advice before your exam. The lawyer may be able to prevent the doctor from cutting off your benefits if you speak to one beforehand.

Source by Lawrence Buckfire

For those people who depend upon Medicare for their medical coverage, finding a Medicare Case Manager (MCM) is one of the most important parts of the entire process. A well trained MCM will be able to guide patients through the process, looking over their situation on an individual basis and making a determination from there. These people are generally very good at what they do and they can turn a usually difficult process into one that isn’t so hard to handle for patients. So where does one go to find a good Medicare Case Manager? There are a few different options for that.

The first place to check for a MCM is with the hospital. Registered nurses are often also trained to be case managers for Medicare. Many hospitals keep nurses who are cross-trained as case managers for Medicare on staff to assist patients who need it. If you are at the hospital, simply ask your physician if a MCM is available on site to meet with you. Usually, this is a good choice for finding a well-trained and knowledgeable case manager to handle your situation. If the hospital happens to be overly pressured that day, they might recommend someone else, though.

Your medical insurance company can also point you in the direction of a MCM to help you with your Medicare questions. They take great pride in the MCM system and insurance companies will do everything that they can to help patients find someone to handle their case. More often than not, they are able to quickly and efficiently handle your Medicare needs. This is a great choice for patients not able to get help from the hospital.

There are many people working today as case managers so finding a good one should not be a problem. When new nurses come out fresh from nursing school, many of them are looking to boost up their salary range by adding additional certifications. One of the most popular certifications is the MCM. This is why going to a trusted hospital is probably the best way for a patient to find someone that will do a great job on their case. It is very important to make the right choice when it comes to choosing a case manager since they will be handling your case.

Source by Chad Kiser

People who are perceived to be unhealthy as a result of smoking or obesity are facing increased life insurance premiums as a result.

Consumers who smoke could pay over £2,000 more on their insurance policy than non-smokers according to price comparison website, Moneysupermarket.com.

And insurance companies are to introduce a ‘fat tax’ for people who are overweight which could be as much as 50 per cent higher on new premiums, with the threshold at which the higher rate starts, set to be lowered.

Moneysupermarket.com revealed that a 35 year old man wanting cover of £100,000 over 25 years would be paying £17.68 a month with Scottish Provident if he was a smoker, where as if he was a non-smoker, he would only be paying £9.91 a month which equates to 44 per cent saving or £2,331 over the term.

Life insurance premiums can be as much as half the cost for people who don’t smoke, with insurers not recognising someone as a non-smoker until after twelve months of giving up the habit.

Head of protection at Moneysupermarket.com, Lousie Cuming said, “In order to be classed as a non-smoker and qualify for life insurance premium savings, insurers insist smokers have kicked the habit for a full year. The difference in premiums between a smoker and a non-smoker is vast and there are significant additional savings to be made simply by shopping around for the best deal to suit your circumstances.”

With the NHS Stop Smoking Service reporting an increase in the number of people quitting smoking since the introduction of the smoking ban in public areas on July 1st 2007, Cuming went on to say, “Smokers often benefit from a higher income from pension payouts in retirement due to lower life expectancies. However, most people value the health and lifestyle benefits of quitting early and a significant slice off your life insurance premiums could simply be the icing on the cake.”

Icing and cake however, should be avoided by anyone with a body mass index of 30 or more as this is the point at which insurance companies declare people as medically obese. According to Legal and General, 13 per cent of new applicants face paying higher premiums because they fall in to this bracket.

For a man aged 55 years old who is a healthy non-smoker with no weight problems, life insurance for £150,000 on a 25 year policy will cost around £1,000 a year. If he were classed as obese, the annual payment figure would increase by an extra £500.

Legal and General’s director of underwriting claims, Russ Whitworth said, “Most people understand that poor diet and lack of exercise can lead to health problems but they might not realise that being significantly overweight would also make their life insurance more expensive. Although it is not an exact science, we find that body mass index (BMI) is the best indicator of the risk of being overweight, so it pays to stay in shape.”

An Association of British Insurers spokesman said, “If you are obese, you are at greater risk of contracting certain diseases. It is just the same as increasing the premium for a smoker or somebody with previous medical conditions.”

Source by Phil

If you are looking for low cost motorcycle insurance, chances are you will be able to find it. There are a number of companies that insure every kind of vehicle – and this includes motorcycles. Low cost motorcycle insurance understands the concerns of motorcycle owners.

Therefore, there are companies what offer the motorcycle coverage for any kinds of bike. It may be a mountain bike, racing bike, inexpensive motorcycle, or the cream of the crop Harley, low cost motorcycle insurance is there to serve any person who is within a tight budget.

Just make sure that the low cost motorcycle insurance covers the basics and you will not suffer any financial loss just in case a damage or accident does occur.

For you to accumulate the low cost motorcycle insurance, you have to know how the rates are determined. It may be low cost but it still follows the same procedures in coming up with motorcycle insurance rate, just like any company insurance.

The factors that affect the calculation of the motorcycle insurance are: age, riding experience, brand, and where you drive the motorcycle to as well as where you park it.

The only difference why this is considered to be low cost motorcycle insurance is because it is cheaper than your regular insurance.

Either way, you have to be prepared when you pay for the premiums of the bike – regardless what brand you purchased. The most common model though will mean low cost motorcycle insurance when compared to a, let’s say a BMW motorcycle or a Yamaha motorcycle.

The important thing is you have low cost motorcycle insurance that pretty much gives you the same services as these other motorcycle insurances. The only difference is there a brand name attached to it. It’s like with cars. The latest and flashier models end up getting higher levels of insurance.

The coverage is better. Low profile models always end up getting the rate that is considered to be average.

It was mentioned in a previous paragraph that the area where you drive your motorcycle is a factor on how much your insurance rate will be.

The more accidents or crimes in the area mean the higher the cost of your insurance. This is because the insurance company is at a greater risk of paying your insurance if the motorcycle gets stolen or is involved in any vehicular accident.

It may be low cost motorcycle insurance but the same rating applies.

Source by Ricky Lim

As a business owner or employer, you have a legal responsibility to the people who work for you. If an employee is injured at work, there could be considerable costs. Workplace law and employer responsibilities vary from state to state and country to country, but an all states (except Texas) employers are required to purchase workers’ compensation insurance for employees. Even in Texas it is advantageous to purchase the coverage because in most cases if an employee receives workers’ compensation, they cannot sue the employer. It is said that workers’ compensation is a “bar” to civil lawsuits against the employer.  

Workers’ compensation is also called employers’ liability. It used to be called “workman’s ” compensation and although the name has changed, many people still refer to it as workman’s or workmen’s compensation. 

Workers’ compensation insurance is usually purchased by the employer from an insurance company although in a few states an employer must purchase it from the state. These states are called “monopolistic states.”

When purchasing workers’ compensation insurance coverage, it’s important to find the best arrangement possible. In addition to the cost of premiums, there are considerations such as how much collateral the insurance company requires and the payment schedule.

The cost of workers’ compensation insurance is determined by each state. Although base rates vary slightly from state to state, the basic process each state uses to calculate base rates is similar. The premium depends on the number of employees and cost of payroll. Each occupation is assigned a risk classification and each company is a little different. Risk is determined by the historical experience of two factors: the frequency of on-the-job injury and the severity of injury of the industry.

When you purchase workers’ compensation insurance for your business, it is important to remember your employees won’t be contributing to the premiums as they do with social security and unemployment benefits. This is one expense that employers are required by law to pay.

Large businesses usually purchase insurance through an insurance broker who finds coverage and a variety of payment plans depending on many factors including the size of the deductible and whether payment is made in one sum or monthly. Sometimes large companies self-insure or use alternative types of insurance such as captive insurance programs.

In Florida, for example, roofers have the highest occupational risk classification, and office clerks have the lowest. Obviously, the hazards of being a roofer are much different and quite a bit higher than those of an office clerk. Therefore, workers’ compensation rates are much higher for roofing companies than for administrative companies.

To arrive at  a base rate for workers’ compensation insurance, each classification is translated into a dollar amount, which is then multiplied by 1% per $100 of the total payroll for the employee. For example, the office clerk classification in California is roughly $1.25 per $100. Therefore, if that employee is paid $500 per week, the workers’ compensation insurance premium for the employee costs roughly $6.25 per week.

Workers’ compensation  insurance carriers can reduce or increase rates based on a number of factors. The most important factor is the employer’s safety history. Another important factor is whether the employer offers health insurance to their employees.

To get the lowest cost workers’ compensation insurance coverage, you will have to know the number of employees, the amount of your payroll and your revenue. Depending on your jurisdiction, workers’ comp rates may or may not be predetermined. Even in regions where they are predetermined, quotes may differ depending on a broker’s or agent’s approach.

Keep in mind once you buy workers’ comp coverage, you can be mistakenly overcharged. That is why you should make annual checks, called premium audits, to ensure your employees are classified correctly, and  your business is being charged the correct amount for each employee. If rates ever go up unexpectedly, it is up to you to look into the situation and get an explanation as soon as possible. And, in some cases, the insurance company has the right to review your payroll, and if it’s substantially higher than they were told, they can charge you a higher premium in arrears.

Where to Buy

Work comp coverage is available through local agents, regional insurance brokers, or online. Buying coverage online makes sense for the small to medium size employer. There are certain employers who will only be able to get coverage from the risk pools in their states, but that can be coordinated through our affiliate. By purchasing insurance through our insurance center, you can find competitive rates and special policyholder services.

If you want  to keep premiums down, it’s a good idea to provide a safe and healthy environment for your employees. It’s also important to have a post-injury process so when there is an accident, the procedures are clear from the time the injury occurs until the time the employee returns to work on either full duty or light duty. (workersxzcompxzkit)  A light duty program minimizes the impact of the indemnity portion of the claim. That is the best and only way to keep your record clean, and prevent claims against your policy.

Visit:  http://www.workerscompkit.com/gallagher/QuoteCenter/workers-compensation-insurance.php for more help and information.

Source by Robert Elliott, J.D.

To use an analogy, in a life insurance policy, the beneficiary has no “status” until the death of the named insured. In an annuity, the beneficiary has no “status” until the death of the annuitant. Similarly, the beneficiary of an annuity has no control of the policy and has no say in the management of the policy. The annuitant benefits from an annuity only when the annuitant dies.

The beneficiary can be either an individual, or a trust, corporation or partnership. There does not have to be any relationship between the beneficiary and the annuitant – indeed, they could conceivably be (but highly unlikely) total strangers. The application form used for an annuity allows the owner to state multiple beneficiaries, and to designate the percentage of each beneficiary if so desired.

Frequently, one spouse would be the owner of the contract, and the other spouse would be the beneficiary. With some companies, co-ownership is allowed, thereby allowing both spouses to be owners. They can be quite valuable in case the annuitant dies as the annuity proceeds would not go to a beneficiary as long as one of the spouses was still alive.

Generally, a single person (or widow or widower) will designate themselves as the owner of the contract and also the annuitant, naming another party as the beneficiary (such as a church, charity, etc.). By doing this, the person has complete control over the investment during their lifetime, and upon their death, the annuity proceeds will automatically pass to the intended heir.

Since the owner of the contract can change the beneficiary at any time, they do not need to notify a listed beneficiary that they have been so designated, or indeed, even tell them if they are removed as beneficiary.

MULTIPLE TITLES

When the original investment(s) is/are made, the owner(s), annuitant, and beneficiary(s) must be so stated. As stated above, only the annuitant has to be a natural person. The person can hold more than one “title.” For instance, they could be the contract owner and beneficiary of the same contract. It is also possible that the annuity owner, annuitant and beneficiary are the same person. It should always be remembered that a non-person entity (such as a corporation, partnership, living trust, etc.) can only be specified as contract owner and/or beneficiary. The annuitant must be a living individual under a certain age.

HOW THE CONTRACT IS “DRIVEN”

Most annuities are considered as “annuitant-driven,” i.e., if the annuitant reaches a certain age, died, or became disabled, certain provisions of the annuity would govern. Some of these provisions could waiver any penalties enacted by the insurer, or the death benefit, IRS penalty, and/or the required annuitization or distribution of the contract would go into effect, depending upon the situation of the annuitant (such as the contract owner dying, reaching a certain age, or becoming disabled). Some annuities state that certain provision can come into being if the owner, co-owner, or annuitant dies, reaches the age of annuitization, or becomes disabled. This flexibility makes the annuity more appealing in some circumstances./

WHEN DO BENEFITS BEGIN?

There are two basic types of annuities in respect to when benefits start (when the annuity “annuitizes”) – immediate and deferred.

IMMEDIATE ANNUITY –START PAYING NOW

With an immediate annuity, annuity payments will commence after a predetermined “period.” The period can be one year, for instance, in which case the first benefit payment will be one year after the purchase of the immediate annuity. Payments can be monthly, quarterly, semi-annual or annual. If the period is one month, annuity payments start one month after purchase.

DEFERRED ANNUITY-START PAYING LATER

With annuitization, the payment period is scheduled to begin at some future date. The period when the contract annuitizes, is called the maturity date. Conversely, for definition purposes, the period prior to the maturity date is called the accumulation period. Further, the period following the maturity date during which payments are made is the liquidation or distribution period.

If death occurs before the annuitization period as stated in the contract, the cash value paid to the annuitant’s beneficiary would equal the amount of premiums paid in. However, most contacts provide for payment to the beneficiary of at least the amounts paid in – plus interest and regardless of sales charges.

The purchaser of a Deferred Annuity is permitted to alter the date that payments are scheduled to begin but within certain conditions that are plainly stated in the annuity.

http://www.myceisonline.com

Source by edward hulse

Short term health insurance, as the name applies is for a short period of time. It offers coverage from nearly 30 to 180 days. If you are very young, it would be better if you buy a short term health insurance when compared to extensive health insurance plan. If you take a standard plan you have to pay nearly hundreds of dollars, but in case of short term health insurance plans, you pay somewhere $30 and $60 US dollars monthly. But major disadvantage of this plan is you cannot avail many benefits that you would have otherwise received on a standard plan. A person has to pay full fees for all non-emergency doctor’s visits and surgical procedures. Certain costs like prescription drugs and ob-gyn visits, maternity and delivery are not covered by short term health plans. In case of emergency, your insurance provider will compensate you not less than $100,000 USD-after you have paid the deductible, which can range from $1000 to $10,000 USD or more. If your deductible is low, higher will your monthly premium be.

One of the major California health insurance plans i.e. short term health insurance plans are for six months or one year. But once your period has expired, you can sign up with a different insurance provider. You can find various California health insurance companies who sell this type of plan on the internet. If you have serious medical problems, it would be better you go in for standard health insurance as it will cover all your expensive prescription drugs which a short term health insurance cannot do. However, if you do not have access to health insurance through a job and are looking for a reasonably priced option that will ensure that you are covered in case of serious emergency, short term health insurance may be the best way to go.

This type of plan covers emergency medicine, intensive care expenses, ambulance needs, drug costs etc. once the first premium payment is made along with the submission of applications, insurance will be sanctioned without further delay. Physical examination is seldom needed. This type of plan gives you the option of choosing your doctor and will have a deductible to meet. One more benefit is that of co-insurance. Anyone who is under 65 years of age can apply for short term health insurance.

One more option like COBRA otherwise known as Consolidated Omnibus Budget Reduction Act enacted in 1985 which allows employees to continue with their coverage for a particular time at their own expense. Short term insurance makes a better choice when the period of COBRA coverage is over and you have not enclosed under any health insurance policy.

Source by Sharma

It’s not a pleasant subject, but we need to discuss the suicide clause found in most life insurance policies. It ties in with an insurance concept called adverse selection so let’s take a more in-depth look at how the suicide clause works in life insurance.

First, let’s look at the definition of a standard suicide clause found in most policies. Essentially, the clause states that if the insured passes away by committing suicide in the first two years of the policy, the life insurance company will not pay the benefit according to the policy. The two year window starts from the official effective date of the life policy. This is one more reason the effective date of your life insurance policy is important. You’ll notice that the other similar clause, the contestability clause also has a two year window as well.

It sounds a bit morbid and unfair to penalize someone after such a tragic event. Why do the life insurance companies have a suicide clause in their policies to begin with? This is where adverse selection and insurance plans come into play. Adverse selection is when an insurance plan attracts excessive risk…more than average for a given type of insurance. If a person were in a state of complete despair and contemplating suicide, he/she might take out a life insurance policy. Without the suicide clause, life insurance policies might attract this excessive risk and the cost of life insurance for everyone would increase significantly for everyone. Keep in mind that life insurance inherently deals with large amounts of money. Potentially very large amounts of money. The reason term life insurance rates are so low is that the probability of triggering the benefits is relatively low. Any adverse selection such as that associated with suicide could significantly impact rates by shifting the probability higher. The protection against adverse selection differs from all other types of death in that people have an inherent motivation to avoid triggering the benefits. Whether it’s serious illness or severe accident, all people have a motivation to avoid these.

Suicide is different. Obviously, a person has to be in a very seriously depressed or altered state of mind to even contemplate suicide but the fact that he/she causes the death changes the entire equation. The two year clause is there to offset this potential adverse selection from blowing apart the life insurance product apart. The two year window of the clause takes into account an impulsive purchase of life insurance while contemplating suicide. Other mental illness issues that may affect mortality rates (with or without the risk of suicide) should be brought to light during the underwriting process and especially during the questioning part of the paramedical exam.

As hard as the subject matter is, it’s important to understand that you, the life insurance shopper benefits from this clause by keeping term life rates affordable. Without this clause, you could be paying much more in premiums. As a core component of insurance, a policy holder should not be able to control or trigger benefits to their advantage. This is the reason for the suicide clause in life insurance.

Source by Dennis Jarvis

Interestingly, most people don’t know which factors to look for when they purchase health insurance. They don’t buy insurance very frequently, and they don’t get a good agent.

It is easy, but most people don’t do it. The secret is to get a health insurance plan while you are young and healthy. (Did I hear you groan?) Health Insurance is usually the last place where a young man looks to spend his money – women are much more interested in safety, security and don’t feel invulnerable to the vagaries of the world.

It isn’t too late. Even if you are older now, and didn’t get the plan you need, you can start right now. (You aren’t likely to get heathier as you age. As we age, we tend to put on weight and as we age, more things tend to go worng.)

If you are the correct weight for your height and you don’t use tobacco, you might get a preferred rate on your plan.

So, it sounds pretty easy. Just get the insurance plan early while you are young and healthy!

Another salient point. Once you have obtained a plan, and have a rating as to your health at that time, that insurance company cannot change it later. So, let’s take an example. Let’s say you get a preferred rate on a plan and two weeks later, you are diagnosed with cancer. THE INSURANCE COMPANY CANNOT CHANGE YOUR RATING based on your health, and it cannot increase your premium. You will carry this preferred rate as long as you stay with that carrier.

Your monthly premium will likely go up each year because, of course, you are a year older. Also, the general population in your area of the state will have aged. They also might have a higher incidence of disease, so your premium will increase. Remember, though, the amount of your premium increase will likely be less than someone who didn’t get a preferred rate to start with.

What do you do if you have financial trouble?

I would suggest that if you possibly can, keep your plan in force. If you have a preferential rate, don’t lose it by canceling your health insurance – simply change to a less expensive plan with your current carrier.

You might be “forced” into considering an HSA type plan. This type plan is a high deductible health plan that doesn’t have copays for doctors and drugs. You may feel that you are forced to make this decision. Surprisingly, this is the type plan you should have purchased from the start. HSA plans are not only less expensive per month, but your total out-of-pocket expenses, if you are hospitalized, are typically less than copay type plans. In addition, you have the right, but not the obligation, to open a health savings account at your local bank.

The money that you deposit into this savings account is not subject to taxes. The tax savings that you will experience will reduce your overall expense of the health insurance plan. Don’t underestimate the effect that taxes have. For example, as an individual, you can deposit $3,000 into your HSA account for 2009. The average individual is in the 28% tax bracket. Add in the state’s income tax fee, which is usually in the range of 8%, and you have a savings of $.36 of every dollar you deposit into YOUR account. That is $1,080 or $90 per month!

Let’s take an example: You find that you need to have your gall bladder removed. If you have a copay plan, you typically will have a deductible of $2,500. So, you are likely to think that you will have to pay $2,500 to have this procedure done. No, no, my friend. You still have something you may not know about, or forgot about. It is called coinsurance. Coinsurance means that you co-insure the first $10,000 of the expenses with the insurance company. The most common coinsurance proportion is 70/30. That means that you will pay 30% of the first $10,000 and the insurance company will pay 70% of the first $10,000. In other words, you pay $3,000 and the insurance company pays $7,000 of the first $10,000. After that, the insurance company pays 100% — up to the limit of the policy.

Since a gall bladder operation is at least $10,000, you will have to pay your portion of the coinsurance, 30% or $3,000.

Let’s do the math: You are going to pay $2,500 for the deductible and another $3,000 for the coinsurance. Out-of-pocket expenses in this situation total $5,500. Where do you have that much money put away? It isn’t easy to come up with the money, but you can usually work out a payment plan with the doctors and the hospital. If you don’t have any insurance, this isn’t quite as easy, and they charge you much more for the same procedure.

Now, let’s compare the out of pocket expense for the less expensive HSA plan. Most people who purchase Health Savings Account type plans choose the $2,700 deductible. In addition, they select the 100% coinsurance. That means that the insurance company pays 100% of expenses after the deductible is met. So, if you have that same gall bladder operation, your out-of-pocket expense will be $2,700. That’s it. So you see, your risk is reduced from $5,500 to only $2,700. That is a savings of $2,800 – over 50% savings in the amount YOU have to pay!

There is always a “gold standard” plan in any state. It is the plan that most people purchase. Be wary of insurance companies where the rate is lower than that plan. New insurance companies may be trying to “buy business” in your state. They will get you in with a teaser rate. Next year, you are likely to have a gigantic increase in your premium. Why? Because they don’t have a large enough insured base. If a small number of people get dread diseases, it affects the small population of insured people inordinately.

If this happens to you, you would leave and go to another insurance company. You can leave, only if you are still healthy. If your health has changed for the worse during that year, you are stuck with the expensive insurance company. Next year, the healthy people will leave and go find insurance elsewhere. . . only the sick people stay, because they have to. It is an upward spiral of insurance premiums. The insurance company will have to make up their losses by increasing YOUR premium. You don’t want to get caught in this horrible situation.

In summary:

Find the right health insurance carrier from the start, and stay with it.

* It must be one that has a history of paying claims without a hassle.
* It must be one that is accepted by all the hospitals in your state.
* It needs to be the insurance company with which almost all the doctors participate.
* Make sure that the plan covers you if you were to travel to other states or to other countries.
* Choose a high deductible health plan and open up an HSA (Health Savings Account).
* (Don’t go for the best priced plan from a company not well established in your state.

Source by Richard Day

Driving drunk is a very dangerous thing to do, and can result in a variety of different consequences. If you are convicted of a DUI you will have to deal with points on your license, drivers license suspension, high fines, attorney/court costs, and more. While these items just mentioned tend to be short-term consequences, you may not have considered the long-term consequences that can arise if you’re convicted of a DUI. If you’re convicted of a DUI your car insurance rates and even your ability to have insurance coverage will be affected.

Higher Rates

More than likely your insurance company will be notified if you’re convicted of a DUI. If the company does not suspend your insurance coverage, more often than not, you can wave goodbye to low rate car insurance for a long period of time. If you don’t like the higher rates your current company wants to charge you, you can try changing insurance companies, but even changing typically won’t save you money because you’ll be labeled as a high risk driver, which will result in you paying higher car insurance rates wherever you may go. More than likely your insurance company will have to send an SR-22 Proof of Insurance Certificate to the state showing that they are covering you, in order for your drivers license to have your license suspension removed.

Cancellation

In some cases, if you have been convicted of a DUI, some car insurance companies will actually cancel your insurance policy. Not all companies can issue an SR-22, so this can result in your car insurance policy either being canceled or the company not renewing your policy at your current renewal date. Although some states may not allow your insurance company to cut off your coverage in the middle of your plan, they can stop covering you when your renewal dates come around. If you have questions about cancellation policies, you may want to review the laws in your state or sit down with your agent.

Available Insurance

If you end up having your current insurance policy canceled or not renewed, there are a variety of companies that will be able to offer you car insurance coverage. While you’ll be able to find coverage, your new car insurance rates will still reflect the fact that you have a DUI on your record. In some states the DUI is only on your record for five years; however, other states may keep it on your record for life.

Being convicted of a DUI can have a variety of different consequences, both short-term and long-term, and there is a good chance that it could affect your car insurance rates for the rest of your life. If you are interested in keeping your car insurance rates low, plain and simple, don’t ever drive drunk. Driving while intoxicated is just a very bad decision. It not only comes with financial consequences, it puts you and others at great risk safety-wise as well. Before you decide to get behind the wheel of a car after drinking, make sure you take a moment to think about the consequences that can last a lifetime.

Source by Dean Larson

Affordable and cheap self employed health insurance policies are on high demand today. With this, a lot of health insurance consumers are frustrated on the fact that the insurance price is also on the rise. If you are one of those people who are self employed, here is an outline regarding the facts you can do to lower your insurance costs.

To start with, look at the insurance deductible. Remember that with higher health insurance deductible, the more you will save. If you want to check on deductibles, check on a $110 health insurance deductible instead of a $600 deductible. Next thing you should do is co pay with health. Rather than a $12 health insurance co pay, why not try a $15 health insurance co pay?

Next step for you to take is to check your chosen health insurance company carefully. If you want to get a self employed health insurance plan, make sure that you check on every aspect of the health insurance company. You can do this by asking your health insurance company some questions most importantly regarding health and customer service issues. This way, you would be able to assure that your employees are getting the best health insurance plan.

To solve the problem regarding this industry, provide affordable health insurance plans for your self employed business. You can even search on free health insurance quotes on the internet and can be delivered through email. Searching for and finding a health insurance has never been this easy.

Source by Allen Jesson

Life insurance is usually purchased to protect against the loss of income in the event of the death of a policy holder. It is a good security for your family in case of death.

You will find questions being raised by beneficiaries after they bury their deceased.
Questions like: how can you find out if you are the beneficiary on a policy? Or how do you find out if someone had a life insurance policy before they died?

A beneficiary is any person named in a policy as the one to be paid the benefits.
In these cases an insured policyholder fails to inform the beneficiary or beneficiaries of the existence of a policy in case of their demise.

So how can you find out if you are a beneficiary on a life insurance policy or if the deceased had a valid life insurance policy.

It is not an easy task to find out if someone had a life insurance policy before they died.
The relationship between the policyholder and the insurance company is one of confidentiality when the policyholder is alive.

There exists over $1billion of unclaimed life insurance death benefits as a result of the lack of awareness by the beneficiaries and other interested parties.

The onus of claiming these benefits falls on the beneficiary and in this case the beneficiary is unaware of the existence of the death benefits therefore the failure to claim the proceeds.

If these benefits remain unclaimed after a certain stipulated period which vary from state to state the insurance company is required by law to forward the unclaimed life insurance to the state governments.

These are the steps you can take in your quest to answer the questions above and trace any death benefits:

To find out this information you will need to get into the deceased records of credit cards and bank statements or payslips to check any premium payments to an insurance company.
This would include any safety deposit box and any other important documents.

Check with their lawyers, accountants or employer for any information.
Ask relatives, friends and colleagues for any information they might have.

Check with the State Office for Unclaimed Property for any records of insurance payments forwarded by insurance companies.
Conduct a free online search through the National Association of Unclaimed Property Administrators website at MissingMoney.com.

Employ the services of a private investigator to get you the information.
If you identify an insurance company, write to them to check if the deceased had a valid insurance with them.

To apply for any information you’ll require to provide a death certificate and a notarized application.

With due diligence it is possible for beneficiaries to life insurance policies to locate unclaimed life insurance benefits in most states in the US.

Source by Maria Mbura

Insurance is an urgent need for dealing with increasing problems and disputes in today’s commercial world. Every now and then, it is sad to hear stories about lost cargo, freight charges and such others. Why not to seek an important instrument that can help you to overcome all your hurdles and compensation worries?

Many companies offer different kinds of insurance protection for propel with different needs. Some wants goods-in-transit assurance where there are people who want a complete insurance package, incepting from the place of origin to the place of destination. In addition, you can also get insurance meant for special cargo protection, freight charges and such others. Among the most common and popular form of insurance protection, Hull and Machinery insurance protection is becoming very important these days. Many people are spending thousands of dollars in securing the right insurance protection for their needs.

Protection & Indemnity Insurance:
In today’s uncertain world, you cannot assume anything and things may go wrong. So, it is important for get prepared about every adverse situation. Taking an insurance policy seems the right way to seek the urgent amount of fund at any crucial point of time. It is true that your loss can not be recovered fully but an assurance that all your needs would be taken care is more than enough, isn’t it? A good insurance policy gets you enough coverage to fulfill your needs in any possible circumstances. Always contact a reliable insurer to get the right instrument in your interest.

Source by Marine

Switching from group to individual health insurance is a change many people are currently facing. There can be some big differences between the two types of insurance and their cost. Becoming familiar with some of those basic differences will help you to know what to expect.

Group health insurance

Group health insurance is purchased by your employer from a health insurance company. Everyone who is eligible can receive coverage under the plan. Group health insurance is less costly than individual health insurance, because you have the buying power of the group. The insurance company bases the premium upon a calculation of how much insurance the group as a whole will use. However, if you are buying individual health insurance, the calculation of your premium is not based on a group, it’s based on you alone. That is why individual health insurance can be so expensive.

Individual health insurance

Individual health insurance is health insurance that you purchase from an insurance company on your own, and not through an employer. You can choose coverage for either yourself or your self and your family, individual policies often provide less coverage than group policies do. Under an individual plan, some services such as substance abuse treatment may not be covered.

Another important difference between group and individual health insurance is that with group insurance, the law requires the insurance company to cover everyone who works for that employer. With individual health insurance, companies are not required to issue you a policy. This can be very alarming for people who have pre-existing conditions. If you have recently lost your job, it can be surprising to find out that even though you have been covered under a group plan, there is no assurance that you will be able to obtain individual health insurance coverage.

In some states, health insurance companies are allowed to issue policies to people with pre-existing conditions, but they are issued with an exclusionary rider. That means that any services for the pre-existing condition are not covered. Each state has its own laws overseeing how individual health insurance is administered. Therefore, plans can very a great deal from state to state. Plans can also vary from one insurance company to another. Be sure to check around and compare quotes and plans from several different companies before making a decision.

COBRA as an option

One of the first options presented to people who have lost their health insurance coverage is COBRA. COBRA stands for the Consolidated Omnibus Budget Reconciliation Act and it allows you to continue on your employer’s health insurance plan for up to 18 months after losing your job. However, there are several situations in which employees would not be eligible for COBRA coverage such as, if the company employed less than 20 people and went out of business, or if it dropped its group health insurance or went into bankruptcy.

One of the drawbacks of COBRA is the expense. Under COBRA you have to pay the entire amount of your health insurance coverage. Whereas when you were employed, your employer paid a portion of your benefits. One recent development that will be beneficial to COBRA recipients is that after March 1, 2009 recipients will only have to pay 35% of the cost of the monthly premium and the federal government will pay the remainder for up to nine months.

If you have recently lost your group health insurance, switching to individual health insurance will cause the cost of your health insurance to increase. Understanding the different types of insurance and how they work, will help you to prepare. If you have pre-existing conditions and are concerned about finding individual health insurance coverage, investigate COBRA and find out if it is an option. Also, check with several different health insurance companies and compare the costs before you make a decision.

Source by Jerry Jones

Buying a car is an expensive affair, so is taking care of it.Therefore, keeping it secure and safe should be a priority. According to windshield experts in cities like Gurgaon people spend a lot on maintaining various parts of their cars like windshield, gears, brakes, etc. So it is advised to pay attention to car insurance. A minor accident can also be heavy on the pocket and the bill can run into thousands and can become unaffordable.

Here are some few facts which should be kept in mind while buying a car insurance-

1) Zero Depreciation- As the name suggests, it manages depreciation and gives you complete cover. Even though it is slightly expensive, it is extremely beneficial, especially if the car is expensive. It is highly beneficial if you can afford a higher premium amount, and ensuring that your car gets full insurance cover.

2) Third Party liability insurance-In India, it is compulsory for driving a car, and is asked almost everywhere by the government/police. In case of an accident with the vehicle, it covers the cost of loss to the third party.

3) Comprehensive insurance: As the name suggests it offers whole coverage for both third party and own damage liability.

4) The expiry of the car insurance needs to be kept in mind. It is valid for a year and any delay, even after 1 day, can cause rejection or renewal, or demand inspection of the vehicle.

5) There are several factors which decide the Premium like year of manufacture of the car, model, current condition, IDV (Insured Declared Value) and other factors.

6) If any accident is caused, the insurer should be informed immediately. And if the damage is severe which is caused by a third party, FIR should be registered.

7) Depending upon the insurer claims post-accident can be settled either through reimbursement mode or cashless.

8) If the accident falls under the exclusion category, the claim can be rejected by the insurance company.

9) For used cars the registration and insurance cover needs to be transferred to your name within 14 days of the purchases, for the cover to remain valid.

In India, if you own a car you must compulsorily possess an insurance cover, so that in case of any accident the damages caused by your car to third parties, are covered. Nowadays, online car insurance quotes can be found on the insurance company’s website with comparison quotes from different insurance companies as well. This is true not just for insurance but also for purchase of car accessories. It’s now been surveyed that in metro cities like Chennai, people are checking the internet to get comparative knowledge about windshieldsand expertswho repairs them, brake shoes, disc brakes etc.

All of these car related factors should be kept in mind while purchasing a car as it can raise or lower the auto insurance quotes you receive. In case of any damage or theft of vehicle, Car Insurance policy protects the owner of the vehicle against any financial loss.

Source by Mihir Mehta

December 31 marks the end of the plan year for most dental insurance companies. Dr. Todd L. Beck and his team at South Waterfront Dental take pride in doing everything possible to help you maximize your dental insurance.

Your dental insurance policy allows for a certain dollar amount of coverage to be provided each year. If your maximum coverage benefit is not used during the year, you will lose those benefits, because unused coverage does not carry over to the next year. This is generally the case with most dental insurance policies.

Although treatment is never dictated by an insurance policy, our experience has shown that careful planning can often maximize benefits. Most dental plans allow teeth cleanings two times a year. Check your policy documents to verify your specific coverage limits.

If you are due for a cleaning, have dental treatment pending, or if you feel you may need treatment that hasn’t been planned yet and you haven’t maxed out your insurance benefits for the year, we encourage you to schedule an appointment before the end of the year.

You may also participate in a Flexible Spending or Health Savings Account. In most cases, any money left in these accounts at the end of the year is forfeited. These are benefits you have paid for, so why not use them to your full advantage?

Make an appointment with your dentist now, as appointments at the end of the year tend to fill quickly. You won’t regret putting those dental coverage benefits to work for the health of your teeth!

Source by Dr. Todd L. Beck, DMD

Prior to starting driving after attaining your driver’s license, you will need to search for auto or car insurance. Sure enough the auto insurance marketplace is vast, all the more we need to do searching to get the best deals and the best auto insurance coverage.

Different auto insurance providers will provide different prices and that makes finding out whether the auto insurance company is reliable important. What is important to know is that you find the right car insurance plan for YOUR needs. Not for the average American need.

New drivers who are trying to buy auto insurance for the 1st time will realize that it isn’t affordable. On the top of the scale in terms of price is definitely sports cars. Yes, it’s true that the price of your car insurance depend on the make and model of your vehicle. In years to come, you could be saving a load of money if you are driving a family vehicle for example. Those are certainly the cheapest to insure.

Next up, there are incentives for taking your license from a local driving school. You will usually be entitled to a significantly lower car insurance rate. For obvious reasons, auto insurance providers know that you’ll be a safer driver if your license is from a local school with good training, and hence the inexpensiveness.

Before choosing your car insurance provider, do due diligence to ensure the company has a good record in providing coverage. Look for testimonials from current clients, make sure they are satisfied, else you may find yourself scammed with a fake auto insurance certificate. Some people will settle for the smaller insurance companies because they are cheaper at times, however, having the peace of mind and spending a few extra dollars to stick with a reputable company certainly makes sense and keeps the worries away.

Car insurance today is a must have by law, and not having one could mean a suspension of license and a huge penalty. Consider the scenario when you’re in an accident, whether it’s your fault or not, not having your auto insurance will get your license revoked. Food for thought.

Source by Jacqueline Hubburd