All About Insurance

Today in the US, no matter which state you live, as long as you own a car, you will be required to purchase car insurance. Medical expenses, car repairs, property damages or even destructions could all be associated with car accidents, and thus, even the most careful drivers would not say “No” to car insurance, as it can effectively protect us against financial losses in case of an accident.

Just as other common insurance types, car insurance also comes in various coverage options and different quotes. If you are new to this kind of insurance, or want to change insurance company for a better premium rate, be sure to make several minutes for this article.

How Much Coverage Should I Purchase?

Given the cruel reality that car accidents take place every 18 seconds in the US, buying proper coverage for you and your vehicle would help you get well prepared for possible losses. Before determining your car insurance coverage, you should keep in mind that the options of the coverage will influence your insurance rates - the more coverage types, the higher your insurance quotes.

Therefore, many people, to keep the cost down and effective, just purchase three basic types of coverage to give the car essential protections: liability coverage, collision coverage and comprehensive coverage. Almost all states in the US require drivers to purchase liability coverage for car insurance while the minimum limits on the premium vary specifically. But generally, the higher limit on your liability coverage for each accident, the more likely your insurer will cover the entire damages.

On the other hand, many car insurance policies encourage drivers to purchase somewhat cheap add-ons, such as repairs, towing, medical payment and rental reimbursement, in the event of unexpected expenses involved in an accident.

What Determines My Car Insurance Rate?

Of course, every of us is looking for low-cost protections for our cars, and in most cases, our car insurance quote would be largely affected by the following two factors: coverage types and deductible. Car insurance deductible refers to the amount that the drivers have to pay towards car repairs or replacement before the insurance company covers the loss.

For instance, let’s say you get involved in an accident which causes $5,000 worth of damage to your vehicle and your deductible is $500 (that is the standard deductible amount for car insurance), then you just need to pay $500 towards the car repair and your insurance company will make up the remaining $4,500. In general, the lower your car insurance deductible, the higher insurance rates. Thus, many people choose raising the deductible to lower insurance price.

Besides the two key factors we talked above, there are many other aspects that affect your car insurance quotes, such as the type of your car, your age, sex and driving record, your credit score, and even where you frequently drive to or park your car.

Any Discounts to Lower My Car Insurance Premium?

Today in the US, the car insurance rate is climbing fast. Besides avoiding unnecessary coverage options and raising the deductible, many people are looking for discount opportunities to lower the quotes. Fortunately, car insurance companies know what you want and offer various saving ways to help make your policy affordable. In most cases, car insurance buyers could take advantage of the following discounts:

Good Driving Discount
Good Students Discount
Anti-Theft Device Discount
Multiple Vehicle Discount
Defensive Driver Discount
Driver Training Discount

Currently if you are looking for a mortgage that is more than 80% of your home value, you probably have two ways: one is taking out the second mortgage for the amount above 80%, or purchasing mortgage insurance on the current mortgage to reduce the risk of the lenders. Which way to go? It depends on you!

What is mortgage insurance?

Maybe you are totally new to mortgage insurance if you have never had business with banks or lending institutions alike. Simply speaking, mortgage insurance is a kind of financial guaranty that protects lenders against the losses in the event that borrowers default on a mortgage loan. In case of default, the lenders will take the property while the mortgage insurer makes the compensation to them. Thus, by insuring the mortgage, the insurance company shares the risk of lending money to the borrower.

If you are a bit confused, let’s take an example:

Say you want to purchase a new home which costs $120,000. You pay down 10% and take out a mortgage of $108,000 for the remaining 90%. The lender requires you to buy mortgage insurance for the loan to protect himself/herself against losses caused by your default. Then you have to purchase a mortgage insurance policy that covers 25% of $108,000 ($27,000), leaving the rest to the lender. If you default and the house is sold at a loss, the mortgage insurer will first repay $27,000 of the loss.

Mortgage insurance helps home buyers become home owners sooner, and undoubtedly increase their purchase power, for instance, first-time home buyers can take advantage of mortgage insurance to access to lower down payment. In most cases, mortgage insurance will be required by lenders when the down payments are less than 20%.

Who is responsible for the insurance premium?

Though private mortgage insurance in the US is divided into borrower-paid type and lender-paid type, actually in most cases the mortgage insurance is paid by borrowers. The insurer will charge an upfront sum of premium for the coverage, and besides, you have to pay a monthly or annually premium. The insurance rate can range from 0.5% to 6% of the loan principal, based on the loan amount, LTV, fixed or variable, as well as your personal credit history. It is noted that mortgage insurance payments are not tax deductible.

How to obtain mortgage insurance?

If you have decided to purchase a house with the aid of mortgage insurance, your mortgage lender would be your first resource for mortgage insurance, as the lender may have partnership with a specific mortgage insurance company, which might make your coverage options and payments affordable and flexible.

Besides, you can turn to insurance agents or brokers that are specialized in helping customers select mortgage insurance. A reliable and good broker can save you a lot of time in comparison shopping and lead you to the best suitable insurer or coverage. Or you can visit the websites of mortgage insurance companies, check their coverage options, quotes, services and reviews. This will help you find out the specific policy that meets your needs and budget.

Columbia, S.C. – January 16, 2012 – The South Carolina Insurance News Service welcomes Bankers Insurance Group as a new member company.

“We are very pleased to add Bankers to our growing list of members,” said Russ Dubisky, executive director of the S.C. Insurance News Service. “Bankers has earned a reputation in South Carolina as being an innovative company with outstanding customer service.”

Established in 1976 and headquartered in St. Petersburg, Florida, Bankers is strongly rooted in the Southeast, but offers policies in 45 states. Working through independent agents, the company prides itself on offering the resources and talent of the larger insurance companies, while maintaining the personalized service and approachability of a local business.

Bankers offers solutions for homeowners, renters, business owners, and families who want to protect themselves against disasters. They encourage every customer to gain a clear understanding of what their insurance purchase means to make sure they have purchased the right policy, at the right price.

For more information about Bankers Insurance and its services, please visit: www.bankersinsurance.com

Aviva paid 99% of all protection claims (life insurance and critical illness cover) in 2011, having settled 99.7% of life and 94.1% of critical illness claims.

Overall 0.4% of protection claims were declined due to non-disclosure, breaking down as life: 0.3% and critical illness: 1%.

According to the insurer, 2011 payments totalled Ł439 million across 10,495 life and 1,568 critical illness claims.

Other key statistics for 2011 include:

The average sum paid to critical illness customers was Ł73,591.

The average age of critical illness customers was 44 years for women and 46 years for men.

Cancer remains the most common cause of critical illness claims at 67%, followed by heart attack (10%), stroke (7%), multiple sclerosis (6%) and benign brain tumour (2%).

Over the last five years, the same top five conditions have accounted for more than 92% of Aviva’s critical illness claims paid overall.

Commenting on the figures, the firm’s chief underwriter, Robert Morrison, says: “Aviva is a company that wants to pay claims and our latest figures clearly reflect this.”

Last year, the insurer introduced partial payments for new critical illness customers for two early forms of cancer: low grade prostate cancer and ductal carcinoma in situ (an early form of breast cancer).

For these conditions, claimants can receive a lump sum of up to Ł20,000.

Insuring your home against damage and loss is incredibly important; otherwise you could run the risk of losing everything. Whether you’re renting, sharing or even buying your first home you should always be sure of what insurance you need. Everyone knows that home insurance is split into buildings and contents categories, but you might not know exactly what will and will not be covered. Here’s a little guide to home insurance.

Buildings Insurance – This will cover the structural elements of your home, from outbuildings to permanent fixtures and fittings. Driveways, fences, patios and windows are normally covered as well, sometimes for accidental damage. Buildings insurance is essential for the wellbeing of your property as you need to be covered in the event of a fire, or for any unknown structural complications. You can sometimes also be covered for the cost of finding alternative accommodation if, following an event, your property cannot be lived in for some time. Buildings insurance is pretty straightforward, but you should always read the exact wording of any policy you wish to take out to ensure you understand it all. And if there’s anything you need explaining then just ask the policy provider.

Contents Insurance – This will cover, as the name suggests, the contents of your home. You’ll need to inform your insurance company of exactly what items your own and how much they’re worth so that the total value can be calculated and your insurance policy worked out accordingly. You can often cover certain items such as electrical goods for accidental damage, and most insurers will allow for this on a standard policy. If you’ve got any really valuable items then you must be sure to tell insurance companies of this, as some will have a maximum value for one single item, and a failure to declare could mean that item is not covered. Anything which would not normally be found in a home should also be declared, and this can be anything from specialist sports equipment (skis, surf boards) to collectable artwork. Santander home insurance offers an easy to understand breakdown on their website at www.santander.co.uk, with a simple table to tell you what is insured as standard and up to what value. You can look on price comparison websites to find a good quote, but insurers are increasingly offering better deals for customers who go directly to their website. Santander for example are currently offering 20% off home insurance on their website, so you should keep an eye out for deals such as this.

Lastly, the best thing you can do in terms of protecting your home is to be vigilant. Make sure your doors have multiple locks, and that these are used, preferably with bolts, when you go to bed at night. A working burglar alarm should always be installed, and window alarms are an affordable but effective way to make your home that bit more secure.

Travel insurance is a type of insurance that gives coverage to those who travel to foreign countries on holidays or some business travel. This kind of policy protects you from losses while you are travelling. If you lose luggage or some personal possessions and money is stolen or lost, travel insurance will cover these and give you complete peace of mind while travelling.

Many people choose this kind of insurance, but not all of them know really what it is and how to benefit from it. If you know everything about it and what is included in, you will be able to make the most of your protection.

Main categories of the risks that are covered by travel insurance are:

Trip cancellation or delay - Cancellation of a trip is covered by your chosen insurance company if a trip is cancelled for illness, death, bad weather conditions or other specific unforeseen circumstances. When trip is delayed company reimburses you for additional accommodations or travel expenses.

Loss, delay or theft of baggage or some personal possessions and money - This will cover you for any items and possessions lost, delayed or theft while travelling. This kind of insurance is very comfortable to use when your destination place is too far and there is no any charter flight. Lots of luggage is lost in international airports and the flight operator reimburses luggage lost by its weight, not value. In this case travel insurance is perfect.

Medical expenses or medical evacuation and repatriation - It covers medical expenses incurred while travelling. Medical evacuation is just what it says; if you need to be transported to an appropriate medical facility or to return home, emergency evacuation arranges this. Repatriation benefits cover the cost of returning a deceased traveller’s body back to the place of residence.

Accidental death or injury - Accidental death or injury provides cash payment for accidental death or injury while travelling.

Travel insurance benefits vary, each of the insurance companies offer different policies with different benefits and rules that should be followed if you want the company to cover your expenses. Those mentioned above are most common ones.

In conclusion, it can be said that travel insurance is really essential product across the globe. Your private health insurance will only cover your expenses in your own state or country, but not abroad. You will loose nothing with buying this kind of policy, but without the protection of your travel insurance, you will be very much out of pocket, as there can occur many financial losses. As a rule medical service is very expensive abroad and by purchasing insurance policy for very small amount of money, you can fully get relaxed.

So, if you are planning your trip out, get more information about travel insurance policy, find most reliable insurance company, find out what is provided by this company and just enjoy your travel with peace of mind.

Do not forget to set off on your trip with your travel insurance policy in your pocket.

Travel and life insurance are covered in more detail at Wawanesa Insurance www.wawanesainsurance.net/

David Hunter owns several web sites dedicated to insurance and insurance companies.

Tired of brown-bagging your lunch? Sick of staying at home for vacation? One easy way to make the most of your money is to take a look at your car insurance. Auto insurance represents a significant annual expense to mot people and these tips could save you hundreds, maybe thousands, of dollars.

1. Don’t put it off
Auto insurance rates go up and down — by hundreds of dollars a year. Which is why you should compare rates often. But how often is enough? I recommend you should compare your rate when the following events happen in your life.

* Your premium goes up
* You’re unhappy with your service
* You buy a new car
* You move
* Your marital status changes
* You add a new driver to your policy
* Your salary or assets increase
* Two years pass since you last compared rates.

2. Be ready
Getting a quote for car insurance is easy. In fact, you can get a quote online in less than 7 minutes if you have everything you need. Before you get started, make sure you have the following information available.

* Your Current Insurance Declarations Page
* Year make model and VIN of each car you’re insuring
* Your annual mileage and distance to work
* Value of any custom or after-market equipment
* Type of alarm or theft recovery device
* Name, occupation, gender, number of years licensed, and Driver’s License number of each household member old enough to drive.
* Information about any accidents or violation in the past 3 years including dates, who was at fault, if someone was injured and the claim amount.

3. Make sure you’re getting what you need
Before you get started, take a look at your current auto policy and make sure it’s giving you the level of protection you want or need. Consider increasing your deductible to lower your rate. Or increasing your liability limits to cover your new home or new income level. If you have an older car find out what it is worth. It may be wise to drop collision coverage and save some money.

4. Ask about discounts
Be sure you’re getting credit where credit is due. Not all car insurance companies offer the same discounts. But most companies will discount your rate if you have more than one car on your policy or if your car has safety features like air bags, automatic seatbelts and anti-lock brakes. Some companies even have discounts for young drivers who earn good grades or complete driver education courses.

5. Shop around
All of these tips are a great way to reduce your rate and get the best value for your insurance dollar, however, the quickest and easiest way to see the biggest drop in premiums is to shop around. Auto insurance rates can vary by hundreds of dollars, if not thousands, from one company to the next. And the service and features you get with one company may not be included with another. Shopping around and comparing rates is the only way to be sure you’re getting the best coverage and the best rate.

For insurance agents Gary Trippe and Jim Pender, the idea for DVIC, or Disabled Veterans Insurance Careers, which aims to provide disabled veterans with employment in insurance, evolved in part from their own personal experiences dealing with disabled family members. The two have also been active in their communities for years on behalf of disabled children and their families.

“We initially started out thinking about hiring disabled people, and the genesis of that idea was that in the electronic age where we live, when you think about it, disabled people have some opportunities through those systems that they have never had before,” Pender told Insurance Journal.

“As we explored that, we were encouraged by friends from Chubb to concentrate on the military veterans and make sure that we got that piece right.”

That’s what they decided to do.

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“[A]s we got more into dealing with the subject of these heroes and heroines who are coming back from Iraq and Afghanistan, the way we fight our wars today, we realize that there are thousands of them, and there’s a place for them in our industry, some of them. We think we can offer them meaningful careers, and if we can do a good job of that, we’re going to be a full buffet of issues before us,” said Pender, who is himself a Vietnam veteran.

Pender envisions a young person who is missing legs or arms or has another disability coming home to an uncertain future. “They might live to be 105 in today’s world through the state of medicine, the way it is. At age 20 or 26 or whatever, to not have a meaningful career path ahead of you is just unthinkable. We want to change that.”

If the agents’ dream comes true, disabled vets will be given the training and technology they need to work from home and insurance employers will be given access to a network of trained insurance sales and customer services reps through DVIC.

DVIC co-founders Pender and Trippe are both principals with BB&T-Oswald Trippe and Co., a leading independent insurance agency, which is based in Fort Myers, Florida.

Joining them in launching DVIC are other executives from Oswald-Trippe and people from Marsh & McLennan, Bankers Insurance, The Sullivan Group (California), Chubb, Rutherfoord, Marsh Berry, NetVU, Rough Notes Co., Knapp Consultants and Assurex, along with leaders from the military and the United Way.

While dozens of insurance companies are involved with veterans and disabled citizens in a variety of ways, Pender and Trippe believe their organization will be unique in its mission of creating meaningful employment for veterans in a virtual environment.

“We will enable those who have served and sacrificed for our country the ability to become trained and licensed in sales and support for participating insurance agencies across the country,” said Trippe. “We will also minimize or eliminate the burdens often associated with their physical challenges. One hundred percent of the work our people will train for can be accomplished with a telephone and a computer.”

Through the Veterans Administration and community organizations, DVIC will recruit disabled veterans who wish to participate in a 12-month online professional sales and customer service training. DVIC aims to use state-of-the-art training techniques and the latest technology in its efforts.

The group is working with an accredited university to offer insurance education and will work with other organizations and consultants to provide customized sales training and licensing. Training will focus on skills for sales support and cross-selling personal insurance products.

In addition, DVIC will work with agents, brokers and insurance companies to create employment opportunities for the veterans.

“We will contract with those agencies to cross-sell to their existing accounts, so that agency will be entering into an agreement with DVIC to outsource their selling of personal insurance products to existing clients of the agency. That’s the concept and the model that we plan to use,” said Trippe.

Both Pender and Trippe are well aware of the industry’s interest in finding ways to attract young talent and think this interest may contribute to DVIC’s success.

“[T]he disabled veterans that are coming back to the U.S. are mission-driven; they’re tech-savvy; they’re highly trained and mature beyond their years,” said Pender. “They might not have all the physical capabilities that are needed and they may not be able to get out of their house or whatever. However, all of what I just said is there, that’s what you’re looking for in a leader and a good worker. Our hope is that we someday will have some of them in the executive suites of the carriers or the agencies. I’m going to be very disappointed if we don’t.”

If you own a car, you can be one of those who pay good money each year for auto insurance. In fact, you can find big savings if you know where to find them. To make things easier for you, here are four tips to help you save money on auto insurance:

1. discount eligible. Check whether you are eligible to receive various discounts. You probably save money on your auto insurance premiums without having to remove some coverage. Read on to see if you qualify for these discounts:

most insurance companies) offer discounts if you have insurance for other needs such as housing or life insurance covered by a single company.
b) Many insurance providers offer discounts if you have the functionality and safety devices installed in your car, including airbags, seat belts, antilock brakes and anti-theft devices.
c) For adult drivers can get discounts if they are enrolled in a class of defensive driving.
d) For young drivers may qualify for discounts if they maintain a “good student” recording.
e) If you have not met the accident for several years, perhaps a “good driver” discount to market.
f) pilots and military police are also given discounts.

http://carinsuranceguidebook.com/wp-content/uploads/2008/10/cars-dollar-sign2.jpg2. Coverage. Remember that each state or country imposes conditions for liability insurance required to drive your car, including car insurance in Los Angeles. You can keep your premiums down if you have the minimum insurance coverage car. However, if you have an accident, you can not get sufficient coverage.

3. Franchise. You can increase your deductible if you purchased insurance and collision coverage on the side of civil liability. This coverage is important that you need to protect the car. For example, collision insurance will pay for the repair of your vehicle damaged in an accident. In addition, comprehensive coverage pays for damage caused by hail, fire or vandalism. Note that you can reduce your premium by up to 50% if you increase your deductible. Is not it incredible?

4. Shop around. Insurance costs vary depending on the car insurance providers. The best thing to do is get online quotes from several companies. Visit the website to compare insurance rates. Complete the secure important information and you can get a number of appointments immediately. By doing this, you will be able to find the best coverage at an affordable price.

Stay informed and to maintain navigation on the Internet. Feel free to ask your insurance agent other discounts where you can save money. You can certainly benefit by following these 4 tips on how to save money on your auto insurance in Los Angeles.

If you are considering buying life insurance, how do you know if the agent will show you all the products available so that you can choose the one that will best meet you and your family’s needs and goals? I am a firm believer in “comparison shopping”. The key here is making sure you know what to ask for so that you have the right things to compare. You have to ask the right questions to get the answers and information you need to make an informed choice.

When dealing with the average agent you will most likely be presented with policies that are of a type that is referred to, (in the industry), as “cash value” or “permanent” insurance. These products are often called “Whole Life”, “Universal Life”, “Variable Universal Life” or some variation of those names. These are products where, in essence, the insurance company has bundled together a death benefit and some type of account that accumulates a balance of cash, (often called an accumulation account). The way these policies work is part of the monthly amount paid to the insurance company is used to purchase the death benefit, (i.e. pay the premium), pay any required fees, and then remaining amount of the monthly payment is placed in an account where it is supposed to earn interest and grow.

What most people don’t know is that there is another option available that the agent has somehow “neglected” to present. This other option is very rarely offered to the consumer on a regular basis. This is unfortunate. I feel it is a very powerful alternative to the other products available. What is it? It is an option where the customer purchases a term insurance policy and invests the difference of the cost in a stand-alone savings/investment “vehicle”. Here is an illustration*.

First let’s look at one type of insurance plan that is often presented by agents. We’ll call it, “Plan A”

Let’s pretend that Mr & Mrs Smith want to have life insurance, (and yes, they should have it). They are both in their mid thirties and have two children. Their budget is such that they can afford to spend about $150 a month. The first type of insurance under consideration is the “whole life” policy. The Smiths are probably able to get a policy that provides $100,000 death benefit on him, and $75,000 on her. The coverage will last from now until age 100. When the Smiths reach the age of 100, the insurance company promises to pay them $100,000. If they decide they want to “take the money and run” before that, (at age 65, for example), they can terminate the policy, (end the insurance), and take what ever cash has accumulated to that point, (probably about $50,000 to $65,000). Ok, that sounds pretty good, doesn’t it?

Let’s look at the other option. We’ll call it, “Plan B”

With a 30 year, renewable term policy, Mr. Smith can get about $200,000 of coverage, Mrs Smith about $150,000, and they can get $10,000 on each of the kids. Total monthly cost, about $53. Remember, they budgeted $150 per month for this, so what would happen if they took the $97 and put it into some type of savings “vehicle”? Over the course of 30 years, $97 a month could grow to about $300,000 **. This is what is referred to as, “buy term and invest the difference”.

With this type of policy, at age 65, Mr & Mrs Smith would have the choice of continuing their insurance coverage if they felt they needed it, AND they could also take the $300,000 and use it how ever they see fit, (without ending their insurance coverage). Some agents might argue that the premium on the term policy will be higher at re-newal. That may be true, but the $300,000 would also be creating about $2500 in interest income each month**. More than enough money to pay for any modest rise in the premium costs. (Besides, if the Smiths have $300,000 saved up, do they really need to buy that much insurance any more?)

So which would you choose?

(A) Pay $150 per month for $100,000 in coverage and get $100,000 at age 100

-OR-

(B) Pay $53 per month for $200,000 in coverage and set aside $97 per month in savings, and have $300,000 at age 65 **

So why don’t insurance agents present this second option? (I’ll let you answer that one yourself)

There are some other differences between the two plans. For example, what happens if the Smiths need to use some of the money that was accumulated?

If the Smiths had gone with Plan (A), in order to get the money they needed, they would have two choices.

(1) They can terminate the policy and take the entire amount of what has accumulated. They would have their money, but now they don’t have any insurance coverage.

(2) The other choice is to borrow the money they need from the insurance company, using their account as collateral. Their coverage would still be there, but they would have to make payments on the loan, (including interest), in addition to their monthly premium payment. If one of them should die before the loan is paid off, the outstanding loan balance is subtracted from the death benefit. For example, if Mr Smith dies and they still owe $5,000 on the loan, the death benefit paid to his wife would be $95,000. ($100,000 - $5,000). Also the $5000 could become taxable as non-death benefit income.

With Plan (B), the savings account is separate from the insurance policy so the Smiths can take money out of their account, and it would not have any effect on the insurance coverage. The policy does not have to be canceled, and the amount of the death benefit paid is not reduced. Depending on the type of savings “vehicle” the Smiths use, they might have to pay some type of tax or interest penalty on the money they withdraw, but again, there is no effect on the insurance coverage.

As you can see there can be some clear advantages to buying term coverage over a “cash value” type of policy. Which type of policy works best for you is strictly a matter of personal choice, but that is the key word, “CHOICE”. You deserve to be shown ALL of the options available that best meet YOUR needs and not be steered into something just because the agent gets more commission.

* The insurance plan costs and coverages described are hypothetical and for illustrative purposes only. A actual comparison can only occur using actual policy documents issued by an insurer.

** This is an illustration only and is not a representation of a specific investment product or plan.

This above information is provided for educational purposes only and is not an offer or solicitation to conduct any type of business or transaction.

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