FLORIDA HEALTH INSURANCE

November 10, 2007

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Whole Life Insurance

Life insurance is a gift to those we care about the most. When we are no longer there to provide for our family, we can still make sure that our loved ones are cared for and can still live and thrive even when we can no longer be there to provide the money that we otherwise would provide for our families.

Imagine how you would feel if your children could not go to university because the money was not available, or our family could not continue to live in their home because we are no longer there to provide the financial support they need and you can start to see why life insurance is so necessary.

There are broadly two major types of life insurance policy commonly available. Term life insurance is the cheapest form of insurance but has a limit, the term of the policy, for which it will provide protection. Whole of life insurance policies provide protection for our entire life irrespective of how long we may live and so they are vitally important for any financial protection plans that we set up.

Whole of life insurance policies combine life insurance with an investment fund that is attached to the policy. In the early years some of the premiums are used to pay for the life insurance cover while some is diverted and allocated to an investment fund. As a result the policy will start to build up a cash value. This investment fund can be used to help maintain premiums in later years or be used as an emergency or investment fund to provide monies as and when the policy holder needs to use them.

Typically, in the early years when the policy holder is younger, insurance costs are relatively low. As the policy holder ages, the insurance cover cost rises and premiums may be forced to increase. At some point the policy holder will be confronted with a stark choice of reducing the level of life insurance cover or paying the extra premium. If the extra premium cannot be paid, then the cover must be reduced unless the premium can be found from another source.

This is where the investment element comes into its own. The investment fund can be used to supplement premiums paid by the insured to ensure that even though the cost of insurance cover has increased, the cover can be maintained at no extra cost to the policy holder. In some instances, premiums can cease being paid by the insured policy holder as the cost can be covered from the investment fund alone.

Whole of life insurance contracts tend to be very useful when a policy holder must ensure that a lump sum is available upon death. With many of us falling into the tax bracket for paying inheritance tax, it makes sense to ensure that the tax bill can be paid directly from the proceeds of a whole of life insurance policy. This protects the estate from the ravages of the tax man who must be paid first before the estate can be released to those you really want to benefit - your family and loved ones.

Whole of life insurance contracts are very flexible policies providing a wide range of options. The ability to take premium holidays is available because there is an investment fund available to continue cover. The investment fund belongs to the policy holder so if there is a need for emergency funds or collateral to secure a loan or mortgage, extra avenues are open to the policy holder that are simply not provided by other non-investment based insurance contracts.

Taking the time to understand how a whole of life contract works and how it can secure your familys future is an extremely good idea. Once you have grasped that there are two components, the insurance cover and the investment fund, they become rather simpler to understand. Understanding how to protect your family is key if you are serious about ensuring that your family will continue to enjoy the financial security you provide for them today.

Term Life Insurance

Term life insurance has been described as a bet you do not want to win, but if you do, your family will be eternally grateful you gambled! Simply put, term insurance is a bet with the insurance company that you will die and make a claim within a set period of time, known as the term hence the name, term life assurance.

Term life insurance comes in many different forms and probably we come across it most often when buying a home. Here we have a mortgage for an amount that we know, that is going to last for a term that is set at the outset so it becomes very easy to see how much and for how long we need an insurance policy to cover the debt in the event of our death.

Mortgage protection policies tend to have a variety of features that can be used as and when our mortgage situation changes. We may move home, change the mortgage, borrow more money for a new kitchen or suffer changes in our financial situation that require economies to ensure the mortgage gets paid to keep the roof over our heads.

Term insurance policies also find a place when covering business situations. Frequently, the death of a partner in a business will cause an issue in that their share of that business will be left to be inherited by their beneficiaries. Now just consider whether you want your business partners spouse suddenly turning up to your business and telling you how they want you to run the business? Could you work with them? Can they actually work in the business anyway?

Under these circumstances it makes a great deal of sense to establish life insurance cover for the partners. The insurance proceeds will then allow the surviving partners to simply and conveniently buy the deceased partners share of the business. The business is not subjected to unneccessary disruption and the deceaseds beneficiaries receive the value of the business shares without the need for the business to be sold or subjected to potentially crippling debt taken out to pay them off.

Travel insurance is another form of term insurance though the term may be as short as a day! Travel insurance will very often include a death benefit but the primary purpose of coverage here is to ensure the insured receives proper medical treatment where they are, failing that, arrange for their repatriation and in the event of death, ensure the body can be transported home for burial.

It is not uncommon to see term insurance offered to exclusive groups of people. Insurance companies do this to minimise the risk to themselves posed by paying out claims, which in turn directly affects the premiums that are charged. If a group of people, say of a certain age, or particular health bracket e.g. non-smokers, wish to benefit from more advantageous premiums then it makes sense that they look for insurers offering special terms for these exclusive groupings for insurance purposes.

Finally, term insurance has a place for most of us in our lives at one point or another. First of all establish what you need the cover for, how much and under what terms which will then lead you to whether a term insurance contract is right for you. Following this simple principle will help make your negotiation of the insurance maze that much more easy.

Insurance Rates And Premiums

Insurance rates are used to determine the premium that you will pay for any insurance cover. Bear in mind that the premium is not the only fctor you need to evaluate when considering an insurance policy. The quality of the cover and the claims record are equally inmportant, and very often, even more important than the insurance rates.

Insurance rates are based on the level of risk that an insurer assesses and the value it places on covering the cost of paying out claims for that risk. It is vital for both the insurer and insured that this is done properly. The insurance company pays claims from the premiums that are collected and these must be sufficient to cover the total cost of any claims. If the claims exceed the premiums charged then claims will not be able to be paid which is bad news if you are the one making a claim.

Car insurance for instance, uses a variety of factors to determine the risk and therefore the insurance rate and premium. Fast cars present a much higher risk than slower ones, the age of the driver is relevant as is their claims history - bad drivers tend to have more accidents than the good ones which is why your premiums increase if you do have a prang.

Life insurance rates are based upon a combination of age, sex, and lifestyle. The older you are the more likely you are to die in any given period when compared to someone younger. Men die before women as a general rule, while if you engage in high risk activities such as smoking, this too will increase your probability of dying sooner and therefore while the insurance policy is in force. The insurance company will therefore charge a higher premium as appropriate under the circumstances.

When you are applying for insurance, the provider will seek to assess the risk that it is being exposed to. It is vital that you are completely honest with any questions that an insurance company asks or you run the risk of the insurance company refusing to pay the insurance out in the event of a claim.

In some instances, the risk to the insurance company is viewed as being so great that they will not quote an insurance rate at all. Sometimes the risk is limited to a specific set of circumstances or activity that is incidental to the need for insurance protection. A good example is where a life insurance policy will cover you but the insurance company excludes your habit of jumping out of planes because you like skydiving. You must make sure that you understand such exclusions before you agree to the policy conditions to avoid invalidating the insurance when you need it.

Remember that insurance rates determine premiums and so how much you will be charged. This does not mean that a cheap premium is the best deal. Cheap premiums may mean inferior insurance cover or conceal a poor claims payout record. Ask yourself how you would feel if you paid a cheap premium only to find that your car was not in fact insured for a particular type of accident? Expect to pay for good quality cover, but the insurance market is extremely competitive so it pays to shop around too.

Keep in mind that insurance rates are only the subjective assessment of the financial value an insurance company places on the risk it faces with taking you on as an insured customer. Different companies may assess this risk differently and apply a different price to that risk depending on their own financial circumstances. This in turn means that the most expensive insurance premiums do not guarantee the best quality cover and service, so again, it pays to shop around and make sure you compare like with like.

Health & Health Insurance

We all know we need to look after ourselves. We eat healthy food, we try to exercise more and we try to make sure we are prepared for what life may throw at us. When it comes to our health, it pays to do everything we can to look after ourselves.

Unfortunately, we sometimes suffer from illness and though we are lucky enough to live in a country with free medical care, it is not always what we would wish it to be. Carrying health insurance allows us to take control of how fast, where and when we receive medical treatment and care. When it comes to our health, it really is a matter we need to be in control of.

Health insurance is something we are highly likely to claim on. We are far more likely to claim on a health insurance policy than our life insurance as the human body is far more complicated than any car and there is more likely to go wrong with it. Are we seriously insuring our cars and not actively considering insuring our own body? What is more important, our car or our families health?

Finding an insurance company that is right for us is important if we are serious about looking after ourselves. We need to consider the extent of the coverage, how much it will cost and most of all, how good the insurance provider is at paying claims once you need the protection. It is not a good thing to be in a position where you need care but your health care insurer is dragging its feet over agreeing the claim!

Underwriting for healthcare insurance policies can be extensive because you are so much more likely to claim on the policy. It is vital that you disclose any pre-existing conditions when you apply for cover and that you are frank and honest about your lifestyle, say if you smoke for instance.

Healthcare insurance providers commonly provide different levels of protection for their policy holders. Obviously, the more conditions that are covered and the greater the benefits that are presented, the higher cost in premiums gets. The quality of care provided is crucial however, and you must make sure that you compare like with like when looking at different policies as potential products to select for your family and yourself.

Health care insurance can be expensive, however if you are in a position where you need to claim you will find the cost to be money well spent. If you need medical treatment for a condition that is debilitating but not critical, you may find yourself in for a long wait on the NHS. You only have to read about the lengthy waiting periods that exist for hip replacements to see the truth in this.

Health care is a priority in our lives, and elections are won and lost over the quality of the NHS. Health care insurance allows us to take personal responsibility for making sure that our family receives the very best in health care when we need it. Take the time to familarise yourself with healthcare insurance and the different options that are available; this is a key part of any financial protection arrangements that you will make for youself and your family.

Explaining C.O.B.R.A.

In 1986, The Consolidation Omnibus Budget Reconciliation Act (COBRA) was made into a law giving employees the chance to enjoy their company-sponsored health benefits even after they have severed ties with that company.

Getting a health insurance policy for yourself does not come cheap. It is expensive, not to mention tedious. You will have to wait for the application process to finish and go through the first step all over again in terms of medical coverage, preexisting conditions and all that.

COBRA ensures that even after leaving your job, you can still take advantage of the group policy even when you are not connected in any way with the company that bought the original policy.

The premium of the group policy that you will pay will be slightly higher than what you used to pay when you were still connected with your company but getting a new insurance outside of the group policy is still more expensive. So while retaining your health insurance and paying for the share that your former company used to shoulder makes a sizeable dent to your pocket, it is still a lot cheaper compared to getting a new health insurance on your own.

Perhaps one of the most important factors that make COBRA really useful is that it allows you to continue your medical history with the insurer. Any preexisting conditions that have already been allowed will continue to be covered.

Any condition that you have just been afflicted with will be covered. If you file or apply for a new insurance policy, these will not hold true. All those conditions will be treated as preexisting conditions and as such, will not be covered by your new insurance policy.

Before completely leaving your company or employer, make sure that you have all the data that you will need to continue your health insurance by way of COBRA. Ask the personnel head and any other people who are privy to the details of the group policy for the things that you need to know in order to take full advantage of the chance offered by a COBRA insurance. There will definitely be changes and adjustments to the policy and usually, it is advisable to comply with all the necessary requisites and complete all the paperwork that need to be done in order for your COBRA insurance to be updated.

Usually, company-sponsored medical and other insurance packages are paid annually and are therefore effective for one full year. In normal circumstances, the alteration of the policy is not allowed and considered legit. Any changes or modifications to the insurance policy may only be implemented for life-changing events such as an employment termination, marriage, death of a spouse, giving birth or a divorce.

Because an employment termination is considered a legal ground for modifying an insurance policy within its enrollment period, you can make your desired changes to your policy as soon as possible. You can either upgrade or downgrade your insurance package, add or remove dependents and many others.

COBRA insurance gives you that assurance that even without a regular employment or connection to the company that originally purchased the health insurance, you can still enjoy its benefits and continue to do so for as long as you like by paying its premiums on your own and assuming the share that used to be paid by the company. COBRA insurance sees to it that you are well-protected and covered by an insurance policy that suits you best even after leaving your job.

Compare Health Insurance Companies

Sixty percent of Americans receive health insurance through their employers, but this still leaves millions of people trying to find health insurance on their own. If you're looking for health insurance, you want to know the easiest way to compare health insurance companies and find the best policy for their needs.

The answer may be no further away than your computer. By using resources readily available to you on the Internet, you can easily check out the financial stability, customer service ratings, and complaint history of insurance companies. You can also use the Internet to shop for health insurance so you can quickly and easily compare quotes to get the best rate.

Check the Financial Stability of Health Insurance Companies

When you file an insurance claim you need to be sure your insurance company will be able to pay your claim. This means that you want a company that's financially stable and secure.

To check on the financial stability of an insurance company, visit the A.M. Best website at: ambest.com. Go with a company that has an A or higher rating.

Check the Customer Service Ratings of Health Insurance Companies

You also want a health insurance company that will provide you with good customer service. To check the customer service rating of an insurance company, visit J.D. Power & Associates website at: jdpower.com. There you'll find customer service ratings of all the major insurance companies. Go with a company that has a three star or better rating.

Check the Complaints Filed Against a Company

To check the number of complaints filed against an insurance company, visit your state's Department of Insurance website. This website will list all the complaints filed by customers. You can also talk to friends and neighbors who use that insurance company to get their opinions.

Shop Online for Health Insurance

The Internet has made it easy for you to compare health insurance company rates. You can go to an insurance comparison website and get fast quotes from multiple A-rated health insurance companies.

The best websites even let you talk with insurance professionals so you can ask questions and make sure you choose the best health insurance company and policy for your particular situation.

Life insurance

As with any insurance policy risk factor is important to the insurer when calculating the cost to you the insured.

As you can imagine in the case of life insurance, anything that makes you more risky in terms of hereditary conditions and existing health problems will increase your possible future cost to the insurer. Your policy premium will therefore increase proportionally to take this into account.

This has long been the case and is widely accepted as pretty normal practice in the world of life insurance. However - new research carried out by the Cornell University in America appears to show that socio-economic status (the class divide - rich/poor) can be an important factor.

Those from a poorer background and therefore more likely to be stressed easily appear to run the risk of a shorter lifespan where as in direct comparison those from a more wealthy background are likely to have a longer lifespan. Of course other factors influence the end result such as the level of medical care a person can afford and this also tends to side with the more affluent.

The problem it appears is that stress in turn causes physiological damage to internal organs and tissues which can increase the risk of medical problems and a shorter life expectancy.

The study which looked at a group of 200 children in New York (half from wealthy backgrounds and half from poor) investigated the stress regulatory mechanisms of the children and found that those from the wealthy background responded much better to environmental stress meaning that they were less likely to develop physiological damage.

This research has been taken seriously by Life assurance companies - one insurer having gone as far as giving bigger pensions to those living in poorer postcodes on the assumption that they will have shorter life spans.

As with any insurance policy price is always at the top of the list of deciding factors and finding a cheap deal is certainly possible if you are willing to spend some time researching the matter. You should compare different insurers, the level of cover they offer and how price is affected.

It is important to remember to be completely honest with the insurer when applying for your Term assurance policy as you could find your policy void at a later date if you do not disclose all medical information and hereditary conditions present in your family.

Any pre-existing medical conditions will of course increase the price you have to pay for your policy but it is worth it for peace of mind when it comes to your life cover.

Of course there is little you can do to change your circumstances in life and unfortunately some of us will have to pay more for our policies than others. However there are a couple of things you can do to positively affect your premium price such as losing a small amount of weight (if you are considered obese) or giving up smoking (most companies will only take this into consideration once you have remained a non smoker for a period of at least 1 year). Other than this it really is a case of shopping around to find the best deal for you.

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