Compelling Facts about Disability Insurance
December 30, 2013
Disability insurance is a very important resource that is unfortunately overlooked by many. It allows purchasers to insure their income against loss caused by injury and subsequent disability. For those working in fields that are dependent on their continued health and physical ability, disability insurance can be a critical benefit to have in the instance of an injury.
One of the most striking facts associated with disability insurance is the rate of disability in the United States. The Bureau of Labor Statistics estimates that 18.5% of America’s workers are disabled at any given time. The National Treasury Employees Union asserts that 1 in 4 workers will sustain a disability before they leave the workforce.These are taken as averages across the whole of the workforce. Naturally, this means that the statistic should be read somewhat differently if you work in a white collar position. However, it means that those that do physical labor as part of their employment should pay even closer attention. Individuals working physical jobs are both far more likely to be disabled and far more likely to be inhibited from working by a disability.
Many companies offer disability insurance for their employees. For those who are not employed by such companies and those who are self-employed, there are other options. Some insurance carriers offer specialized niche coverage such as disability insurance for physicians.
Many people misunderstand that “disability insurance” is not a single thing. There are many different forms that can provide very different kinds of protections.
Individual disability insurance is an option for those that would like to purchase their own policy. These are generally the simplest forms of disability insurance. They tend to offer a certain number of benefits at certain levels of premium. Higher premiums tend to entail higher benefits, but it is also possible to pay higher premiums for broader coverage. What constitutes a “disability” is one of the most important factors to pay attention to when seeking a policy.
There are also disability insurance policies for those that are employers. Key person disability insurance is a means of insulating the company against the costs associated with losing individual important workers. These tend to have specialized clauses in the case of permanent disability that can assist an employer in replacing the key individual.
The most important thing to keep in mind about disability insurance is that it usually does not constitute a single payout. Unlike car insurance which is protects its owner from a certain amount of loss or health insurance which will pay up to a certain portion of a medical bill, disability insurance tends to offer ongoing benefits to bridge the gap during which the insured party is injured. This tends to mean premiums are higher for disability insurance, but the benefits are obvious.
The importance of disability insurance simply cannot be overlooked. Whether you are a worker or an employer, disability insurance can handily stand between you and financial disaster if you should be injured. Seeking a policy that fits within your income may be a wise decision if you believe you could sustain an injury under normal circumstances.
Life insurance for diabetics
December 19, 2013
Most people should have a life insurance policy. Those who do not have a policy either think they can’t afford one or they think they will be turned down because of a medical condition they have. One common medical condition that people live with today is diabetes. In fact, it is now estimated that there are 23 million Americans that are living with diabetes. It is important to understand that diabetics can get life insurance.
The first thing to understand is that there are two types of diabetics; those with Type I diabetes and those with Type II diabetes. They are quite different from a medical point of view and with insurance underwriters as well. Type I diabetes is usually diagnosed in the childhood years and occurs when a person’s pancreas is not producing enough insulin for the body. The most common treatment is with insulin injections. Type II diabetes was commonly called adult onset diabetes in the past and is diagnosed in adults as they reach their middle ages and older. Basically, it is a condition in which the body builds up a tolerance for the insulin that is being produced in the body. Blood sugar levels remain high after eating and drop at a slower rate than non-diabetics. The key to treatment for type II diabetics is with diet, exercise and standard medications.Although diabetics pay a higher premium for life insurance than non-diabetics, there is a wide range of premiums available, and it depends upon several factors. To begin with, Type II diabetics will pay lower premiums than type I diabetics. This is simple and straightforward statistics. When looking at large numbers, it is clear that Type I diabetics do not live as long as Type II diabetics. Insurance companies base their premiums on the amount of risk they are taking when they issue a policy. However, risk changes greatly depending upon how well a person with diabetes is taking care of themselves. This is particularly true with those that have Type II diabetes. A Type I diabetic may have had the disease since early childhood and has grown up with the self-discipline needed to have a normal life. Type II diabetics are usually diagnosed later in life and must often break bad habits that have developed over the years. These habits are not just dietary but also include a lack of daily exercise. Type I diabetics sometimes are better off looking at no medical exam life insurance policies. With these policies, there is no health screening to qualify for coverage.
To get the lowest cost life insurance policy, an insurance company will want to see your medical records and have you get a physical including blood work. If the result shows you are a diabetic but have it under control, you will be able to get a life insurance policy. Not only that, but you will also be able to get one for less cost than other people with diabetes that do not have it under control.
Information About Medicare Supplements
September 21, 2013
Medicare Supplement plans offers the greatest protection out of all your senior health insurance options. The key is knowing where to get the best plans and which plan will work best for your needs.
You can purchase a Medicare supplement plan from any private insurer. Supplemental plans bridge the gap between the amount Medicare pays and the amount a patient is billed by their doctor or hospital. Many doctors and hospitals accept the amounts paid via Medicare along with the amounts paid via supplemental plans. This makes supplemental insurance a worthwhile investment.
When you begin shopping for supplemental coverage understand that these policies are also referred to as Medigap coverage. The terms Medigap and supplement plans mean generally the same thing. There are a variety of supplemental plans. When looking at Medicare supplement quotes you need to be aware that it is possible to pay up to a $2,000 deductible before it begins covering medical costs.
Medicare supplement Plan F is the most popular and helps pay for the co-insurance costs of Medicare Part A and Part B. Plan F also covers 365 hospital days after Medicare is used to its maximum amount of coverage. Medicare Part B is also covered by Plan F. Plan F pays for up to three pints of blood whenever it is needed and it also covers any excess Part B costs. Plan F is especially desirable because it covers emergency services when a policyholder travels abroad.
When you are ready to shop for a Medicare supplement plan, consult with as many knowledgeable medical insurance experts as you can and compare prices thoroughly. Be sure you can afford the plan you choose. This way, you never have to think about getting rid of this valuable coverage and the peace of mind it brings.
Factors to Consider When Choosing a Life Insurance Policy
September 20, 2013
A life insurance is a policy that helps handle a crisis in the event when one passes. It helps take care of bills and other expenses on your behalf after you are dead. This helps save the family and relatives medical and burial costs, thus they do not have to be stressed out with the bills. It is due to this reason and more than one needs to look out for the best life insurance policy to adopt for the family. Discussed below are some of the factors you need to consider when choosing a policy for the family.
Before you can choose the right insurance plan, you first need to understand what will be covered by the premium. You will first need to calculate and understand the expenses demanded when one passes, as well as when the recurring and unexpected ones. Recurring expenses can be stressing to the family even when one has a fixed insurance plan. You can however have the right calculation, though you may need an insurance agent to guide you through. The best way to estimate how much the insurance should cover; you should then calculate it against your monthly salary or earnings.
Another aspect you need to understand before purchasing any insurance premium is by understanding all the costs, exclusions as well as the possibility to cancel the plan at will. You can only obtain this through asking the insurance vendor all the questions you might have. If you have had some bad experiences in this area use Goldsmith Insurance, they have a great customer first mentality and will explain whatever you want to know. Make sure you look into more than one insurance company, compare their insurance policies and pick the most flexible one for you.
You also need to have a life insurance policy and plan that will protect your family from external forces after you have passed. This comes in terms of unnecessary expenses. It is due to this reason why you have to look onto areas covered by the insurance plan, and even ask the insurance staff explain every detail in it. Do not let your insurance service provide entice you into taking any of these plans, have them understand your stand, financial status and what you want. In this way, they will give you a plan based on your needs.
Life Insurance Benefits Your Loved Ones
August 31, 2013
Life insurance is one of those things that is essential in order to protect the well being of your loved ones. Imagine if something were to happen to you and you did not have adequate life insurance. What would happen to your loved ones? Would they be able to stay in their home or would they be forced to move out because they can no longer afford to pay the mortgage? Would your children be able to go to college? How would your family cover daily expenses and the cost of groceries?
Aside from the obvious benefit of having adequate life insurance so that your family does not have to worry about how they will pay for their expenses, other benefits of having life insurance include your peace of mind in knowing that they will be cared for. In addition, you may be able to purchase a life insurance policy that has cash value, which means that you can borrow cash against your life insurance policy in times of financial need. These types of policies come in handy when unexpected expenses occur and you do not wish to take out a traditional loan at a bank.
Life insurance is something that virtually every person on earth should carefully consider. Under most circumstances it is necessary to have adequate life insurance in order to protect those who will be left behind. Therefore, consider the benefits of various types of life insurance policies and discuss those benefits with your family. You may find that you can find adequate life insurance at much more affordable rates than you first thought.
Your Credit Score – There is No Immediate Fix
August 5, 2013
Despite what you may see advertised in your mailbox, on television, on the radio, and across the internet, there is no way to quickly fix a poor credit score. It is kind of like getting in shape. There are plenty of programs promising instant results, but the only real solution is consistent effort and discipline.
Many of these credit repair companies are simply looking to collect your money, money that could be going to pay off your creditors, in exchange for bold promises they will never be able to live up to. Can they stop harassing phone calls from your creditors? Sometimes. However, so can you by calling to negotiate with your creditors yourself.
So what kind of things can actually improve your credit score? There are a few things you can be doing, but you will quickly see why these things are not going to have an immediate impact on your credit score.
One of the bigger factors in determining your credit score is looking at the ratio of your current balances compared to your total available credit. The closer you are to maxing out your total credit, the worse it is going to be for your score. The only solution to this one is to pay down what you can as fast as you can. If you have a lot of high balances, short of a sizeable inheritance falling in your lap, most likely you are not going to be able to fix this one quickly.
The other really significant factor in your credit score is your payment history. If you have had delinquent payments in the past, they are going to stay on your credit report for 7 years. The more recent payment history is weighted heavier, so a late payment 6 years ago won’t kill your score. It’s not helping it though either.
If you have had trouble paying your bills on time, all of a sudden paying everything on time is not going to magically fix your credit overnight. You need to develop a track record of paying on time over and over again.
If you find yourself unable to pay a creditor on time, reach out to them immediately and explain the situation. Many times they will allow you to miss a payment without reporting it as late (you will still accumulate interest) if you contact them first, or sometimes they will accept a smaller payment and credit you with paying on time. Either solution is better than another late payment reflected on your credit report.
Lastly, try to limit inquiries on your credit report. Each time someone pulls your credit report your score drops a few point. Inquiries remain on your credit report for 2 years. There are a few exceptions for what are known as like inquiries. An example of a like inquiry would be if you decided you were going to refinance your mortgage. You could apply with 3 different mortgage companies and allow each one to pull your credit. That would only count as one inquiry on your credit report. This provision was added to how credit inquiries are handled to allow consumers to shop around for the best deal and not feel tied in to the first lender that pulls their credit report.
Ignore the hype of companies and organizations promising to fix your credit overnight. Start taking your credit score into your own hands. It takes time, so start immediately.