Monthly Archives: January 2018

A Medical Insurance Guide for You

Over the years with the advancement in medical technology and the increasing use of sophisticated diagnostic equipments, the cost of proper medical care and treatment had become increasing exorbitant and beyond the reach of many people. Indeed, without a health or medical insurance policy, if one should fall ill to any serious or terminal disease, the cost of seeking proper treatment can seriously set back one’s finances and derailed one’s financial plan. The benefits and importance of a health care plan cannot be emphasized enough. Hence, it is surely vital that a comprehensive health care plan and protection is an essential item in one’s financial plan.

If you are looking around for the right insurance plan and baffled by the different kinds of insurance plan available in the market, a health insurance guide summarized and listed below will help you to ensure that you have a comprehensive health care coverage:-

1. Your health plan should include a hospitalization and surgical insurance plan which covers room and board, laboratory fees, the use of special facilities, nursing care, prescription drugs and the medical supplies necessary for your treatment.

2. It is important that the costs of pre and post hospitalization treatment are covered in your plan.

3. Your plan should also include a critical illness plan whereby you will be able to receive a lump sum cash payment from the insurance company if you are diagnosed with any critical illness listed under the policy.

4. Another important inclusion is a hospital income plan that will provide you with income replacement should you be hospitalized due to any accident or illness.

5. The inclusion of a disability income plan that will cover your day to day expenses should you be unable to work due to an accident or illness.

Many people make the mistake of delaying the purchase of a health plan until they are at an older age or when they are ill. Due the changing working environment that we live in today, it is important to highlight that work stress and unhealthy eating habits has resulted in more young adults succumbing to heart attack and other illnesses normally associated with the elderly. Furthermore, accidents on the roads and even in the playing field happen daily. Therefore, with the exorbitant cost of medical treatment and medical care in hospitals these days, a comprehensive health care and medical insurance is an important financial security blanket and it is imperative that you should include it in your financial planning portfolio.

Auto Insurance Guide

This auto insurance guide will explain the common clauses in an automobile insurance policy. Buying auto insurance can be confusing and this column will begin to explain some common questions people have.

The first thing you need to understand is the liability portion of your policy. This is the most important piece of any insurance policy because it is the portion that pays out to cover damages to other people’s property or any injuries sustained in an accident.

Liability coverage is broken down into three parts. The first is how much your policy will pay out to one injured person, the second part is how much the policy will pay out to all injured people, and the third part is the total amount of money paid out to repair damaged property. The limitations are usually written in a three digit series much like a date is commonly written.

If you see 25/50/25 your policy has a $25,000 dollar maximum for one person, $50,000 for all people, and $25,000 for damages. It is important to know that any damages or injuries that cost more than the coverage you have will need to be paid by you. This is why purchasing enough liability coverage is essential to protect you financially.

The other thing you need to be aware of is that collision insurance, while not mandatory, is very important. Without proper collision coverage you will be responsible for paying the entire cost of the repair for your own vehicle if you are at fault in the accident.

Life Insurance Guide For Beginners

Even though it is important for people to be familiar with their insurance coverage, it helps to be familiar with some general insurance facts. This will help you to choose the most convenient policy for you and your family.

Figuring out what kind of insurance coverage and a reputable company to buy from may sound like a tedious task at first, but just as the old saying goes, don’t judge a book by its cover. After reading this life insurance guide, you will be well on your way to finding the policy that is right for you and your budget.

Two General Life Insurance Policies

  • Whole Life: A type of permanent insurance, it is somewhat of a combination of life coverage and an investment fund. Usually, your premium and death benefits will remain the same while your whole life policy builds cash value over time. The monetary value is tax-deferred until you decide to withdraw it.
  • Term: With term insurance, you are getting a general insurance policy that lasts for a certain period of time as long as you make your payments on time. Most term life policies offer premiums anywhere from 5 to 30 year periods and are also renewable.

Things to Know About General Life Insurance

Before you make a decision as to which type of policy would be right for you, here are some things to keep in mind about general life insurance.

  • Whole life insurance is expensive. Because it has an investment element to it, whole life is much more pricey than term life. Sometimes it can be 5 to 10 times more.
  • Purchase when you are in good physical shape. Those who are overweight and/or smoke usually will pay a higher rate than those who are in shape and don’t smoke.
  • Be truthful. Don’t be tempted to lie on you application to try to get a lower rate. At some point, the insurer will find out about your untruthfulness and will cause you more trouble than you need.
  • Take advantage of the internet. By getting online in the comfort of your own home, you can get a wide array of life insurance quotes in a fraction of the time. This will ensure that you get the most affordable rates possible.

Ohio Auto Insurance Guide

This Ohio Auto Insurance Guide is designed to give customers information that they could find useful when shopping for car insurance in any part of the Buckeye State. Some location specific factors that can affect you car insurance premiums are theft rates, fatality rates, and state requirements. Use this guide to Ohio auto insurance as a road map to direct you on your journey to buying driving coverage.

State Requirements for Drivers

Ohio state law requires that motorists be able to prove financial responsibility in the event that there is an accident. Most of the time, this requirement is met by purchasing liability insurance. The state requires that motorists carry at least $12,500 in bodily injury coverage per person, $25,000 in bodily injury coverage for accidents that involve more than one person and $7,500 in property damage coverage. These coverage amounts are the minimum. Most people elect to purchase additional coverage in the way of collision or comprehensive insurance since liability coverage would still leave many costs unpaid in the event of an accident. The more coverage you purchase the more you will pay in premiums.

How Fatalities Impact Your Rates

Fatality rates can also affect your car insurance premiums. There is good news for motorists though. In 2009, the national fatality rate fell to record low of 1.27 per 100 million vehicle miles traveled. Montana’s was the highest with a rate of 2.5 and Rhode Island and Massachusetts were tied for the lowest at a rate of 0.8. Ohio’s fatality rate was 1.1. A lower than average fatality rate should positively impact the cost of Ohio car insurance.

Auto Theft Statistics and Ohio Drivers

Ohio was ranked the 9th highest state in the nation for auto theft with 37,425 per year and Columbus, Ohio was ranked 22nd highest city in the country. The likelihood that your car will be stolen can increase the cost of your car insurance; but, you can also receive discounts if you counteract the risk by installing anti-theft devices on your vehicle.

Auto Insurance Guide to Risks

Auto Insurance Guide To Risks And Premiums

The cost and benefits of an auto insurance policy are influenced by numerous factors including national and state laws, the type and make of vehicle, and perhaps most volatile of all, the insurance enrollee’s risk profile. Simply put, when you are at a higher risk of meeting a traffic accident for one reason or another, then you will need to pay a higher price to be insured. For example, having a drunk driving record will be taken to mean that you are likely to be involved in a DUI or DWI-related incident in the future, thus potentially costing the insurance company more.

Vehicle insurance is a policy to protect any of the vehicle’s driver or passengers, the vehicle itself and other people against losses incurred as a result of traffic accidents. Most countries and states require a person by law to have vehicle insurance before using a vehicle on public roads. Car insurance will cover the aforementioned losses in exchange for a premium, or the amount of money a person must pay for the car insurance policy. The premium depends on a process known as risk assessment, in which a person is evaluated based on factors expected to affect the cost of auto insurance claims to be made in the future.

Getting fast auto insurance quotes online should give you a good idea of your risk profile, on top of being a convenient means of comparison shopping. First-time car owners would be surprised to find out that individual attributes like age, gender and marital status can raise or lower auto insurance quotes. Long-time car drivers would be confounded by how a change of home, job or lifestyle can affect how much they pay for auto insurance from one month to the next.

Personal Profile

Age is easily the first personal attribute having a noticeable effect on auto insurance comparison quotes. It operates on the assumption that the more knowledge and experience you gain in driving a car, the less likely you are to meet a traffic accident. Higher car insurance premiums will be imposed on new drivers, specifically, teenage drivers without an existing driving record. Premiums typically start decreasing by age 25. Even lower premiums are then imposed by retirement age due to the anticipated lower mileage covered at this stage in life.

Recognizing that teenage drivers have less financial independence, auto insurance companies offset high premiums by offering conditional discounts. Common conditions to qualify for a car insurance discount would be by earning a higher driving education, such as via recognized advanced driving courses, by maintaining a good academic standing, or simply as a resident student incentive to teenagers living far from home while studying. Auto insurance companies would then protect discounted premiums by enforcing driving limitations, commonly, disallowing the teenage policy holder from giving rides to other teenagers or from driving at night.

Gender is another individual characteristic that affects car insurance comparison quotes although not by much. The incidence of traffic accidents involving females is statistically lower than of those involving males. While gender tends not to impact car insurance for adults, teenage female drivers usually enjoy lower insurance premiums.

Marital status has always been a determining factor for insurance across the board, from car insurance to home and health insurance. Marriage signifies a more financially capable household. Married persons may be more compelled than single persons to earn money because a family depends on them, and at the same time, having more than one gainfully employed person in a house means more help in shouldering expenses.

Driving History

Once you enroll in a car insurance policy, the insurer will automatically pull up your driving record. Online auto insurance quotes typically indicate the use of a points system to compute for risk, each offense on your driving record corresponding to a specific number of points. As a general rule, the worse your driving record looks, the higher you will pay. The insurer will further review your driving record periodically, say, every two to five years, and if it isn’t looking any better, your insurance premiums can go up as high as by 20 to 30 percent.

Some of the most common drivers’ offenses are moving violations, such as speeding or running a red light. A DUI or DWI is no doubt a more serious offense that will cause your premium to swell unexpectedly. Car insurance companies typically let one moving violation, DUI or DWI offense pass every three to five years and will not raise your premium until after a second such offense. The number of traffic accidents where you have been involved will definitely be dug up, the nature and graveness of each, based on your driving record.