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What You Need To Understand When Taking Out Health Insurance

April 29th, 2018 Comments off

The world is advancing. As technology improves, more and more medical treatments and methods are being developed. As a result, the costs for health care increases accordingly. This makes health insurance essential. It helps in paying medical bills and provides protection for you and your family in the event of unexpected injuries of illnesses that could be rather costly. Furthermore, those who have health insurance are more likely to get routine care.

You have no way of knowing how your medical bills would be like. There may be a time when they will be low and manageable but during other times, you may have very steep medical bills. You will have peace of mind if you are insured because you know that if such situations arise, you will be protected from most of the costs. You must not wait for your loved one to get sick or injured before you try to buy health insurance.

Health insured individuals are more likely to get routine health care. Research shows that the individuals who have higher chances of getting a regular doctor are those with health insurance. Therefore, they can easily get medical care whenever they need it.

Health insurance is divided into two categories: group insurance and individual insurance. Group insurance is typically provided by employers or by a union to which a person belongs. Some employers provide only one insurance plan while some make different plans available to employees for them to choose from. On top of the medical help benefits, some plans under group insurance include dental and vision benefits. Fir group insurance from an employer, you will pay for a lower premium because your employer will share for the costs. If it is from a union, on the other hand, you will pay for the premium by yourself but the cost for it is still lower compared to the standard.

Not all people have access to group insurance, such as those who are self-employed and those whose employers do not offer health insurance. This is why individual insurance is available. As the name suggests, you need not belong to an organization or have an employer to purchase individual insurance. You can get it directly from an insurance provider. Usually, Americans buy health insurance from government health programs such as Medicare.

Group insurance is, needless to say, cheaper than an individual health plan since with the former, you either get a lower premium or get the normal rate but with someone to share the costs with. If you have no access to group insurance therefore, you must do a lot of comparing before you settle for a plan so you can find a good deal with a premium rate that you can afford to pay.

When choosing a health insurance plan, whether group insurance or an individual plan, you must consider the following factors: cost of premiums, benefits, amount of coverage, amount of deductibles, access to hospital, doctors, and other medical providers, access to emergency health care, and the limitations.

Dawn Enstruthe writes for website SD Health Insurance which has details of low cost dental insurance for self employed and best price dental insurance for students.

What Factors Determine Life Insurance Rates

October 1st, 2013 Comments off

Term life insurance policies provide a limited coverage period, which is determined by the policy owner. Term life insurance rates are actually the cheapest form of life insurance, but there are different rates for different people. This is because once the term of the policy is up you don’t receive any payout from the policy. If you take out life insurance at a young age, you will get a much better rate than if you wait until you are older.

The total cost of your term life insurance can be tricky. Some policies appear to cost more, but may, in fact, be cheaper when you look at the total cost of the policy. For example, annual renewable policies increase your premiums every year and thus may appear to be more expensive than level term policies where the premiums never increase (although the initial premiums for a level term policy will be higher). But, in fact, level premium policies may involve higher costs over the policy’s full term, and become particularly expensive when you try to renew your policy at the end of the term. This is why you do have to carefully compare term life insurance quotes.

Some of the factors that influence your term life insurance rates are:

Whether or not you smoke. Tobacco users are twice as likely to die as non tobacco users while they are insured. Life insurance companies take this into account when they set their premium and cash benefits levels. You can save from 20% to 30% on premiums by quitting smoking.

Medical Record. If you have a terminal illness, it is unlikely that any life insurance company will issue a policy. In the case of heart disease, you will get a policy but your rates will be high

Occupation. if you work in a dangerous occupation, such as working on a ship that carries gas, this will put you into a higher bracket when it comes to getting rates for term insurance. You will have to shop around to compare term life insurance quotes if you are in this category.

Term life insurance rates vary a lot, and you can do something about your premiums by taking some decisions to become more healthy, like giving up smoking.

MetLife offers several South Carolina life insurance policies

Universal Life Insurance Guide

October 31st, 2012 Comments off

Universal life insurance is insurance with convenience of i.e. flexible premium, manageable benefit life insurance policy that accumulates account value. Universal life insurance is an improvement over the ordinary form of life insurance in terms of flexibility. The universal life insurance provides you a cash-in-value but you can make timely withdrawal from your gathered fund.

Universal life insurance is popular amongst people for it allows the policyholder to decide the on premium and benefit whereas the other kinds of policies do not let the policyholder to get the benefits from the life insurance fund till the time of death. Buying a universal life insurance can also protect your loved ones against financial problems that may occur after the insurer dies.

The universal life insurance functions like a high interest bank account because the insurance company puts your premium into an account after deducting nominal charges. The amount so accumulated gets an interest that is also added in the account. The interests are adjusted monthly and not annually. With every premium payment made the accumulation of money in the fund augments. Also the compound interest is earned on the account every month. In universal life insurance withdrawals can be made from cash surrender value. Each withdrawal must be at least $500. You are permitted to withdraw four times in a year. The amount that you withdraw is deducted from the Account Value and the death benefit. While you withdraw or surrender from your account value, you might have to pay surrender charges. The cash surrender value is the Account Value minus any surrender charges and any outstanding loans.

In order to have maximum benefit of the policy the policyholder should avoid repeated withdrawals from his accumulated fund. Withdrawal of money time and again will result in fewer benefits at the time of actual need. Moreover there will occur futility in the years of premium payment if the accumulated fund is just a part of the intended original benefit amount to be considered.

However there is a dark side too to universal life insurance. The problem stems due to the interest rate assumption used by carrier proving to be wrong and consequently in the bad performance of the policy. The policy premiums increase if the returns are not earned that often results in inability to payoff and so the cancellation of the policy. For instance numerous universal life insurance policies were surrendered or cancelled from 1970 to 1980.

But over the years the insurance companies have lowered the rates rendering initial assumptions invalid. It then became the choice of the policyholder to make up for the difference through higher premiums. So despite of purchasing a permanent insurance scheme the policyholders are burdened with rising premiums.

So if you want to save the trouble of increasing premiums, buying a whole life insurance policy is the best idea. Universal life insurance is good if you look want to pay less in present moment but keep it in mind that you might have pay more later if the interest rates do not fluctuate as you expected.

Specializes in the senior market with products including Ohio whole life insurance, final expense policies, annuities, and Medicare Supplement insurance.