I'd like to see the health care professionals making decisions, not some bureaucrat in Indianapolis working for an insurance company.
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Sunday, 16 October 2011
Life Insurance
My wife bought an extra life insurance policy on me.
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How to get ready for your home insurance company’s claims adjuster
John Egan
If your house has been damaged by Hurricane Irene — or any other disaster, for that matter — someone known as a claims adjuster will be paying you a visit after you’ve filed a claim with your home insurance company. If you’ve got separate flood insurance or wind insurance policies, adjusters for those companies will come calling as well.
Cleaning up and recovering from damage to your home can be nerve-racking. Preparing for the arrival of insurance adjusters can add to the anxiety.
If you’ve filed a home insurance claim following a disaster, make sure you’re at home when the insurance claims adjusters visit.
Courtesy of the Consumer Federation of America, Consumer Reports and the Insurance Information Institute, here are some tips to help you ease the process of dealing with an insurance claims adjuster:
• Ask the adjuster for his or her credentials. If you’re not happy with the adjuster or any other expert the insurer provides, demand a new one. Claims adjusters are supposed to be professionally trained and licensed.
• Find out whether the adjuster is an employee of the insurance company or is an independent adjuster hired by the insurer. If you’ve got an independent adjuster, find out which in-house adjuster that person is reporting to. Also, ask whether the independent adjuster is authorized to make claim decisions and payments on behalf of your insurance company.
• Be at home when the adjuster visits and make sure he or she sees everything. Ask for a copy of the adjuster’s report and review it for mistakes. Request a copy of your claims file; you’re entitled to it.
• Copy everything you give the adjuster and ask for a receipt. If the adjuster advises you to start repairs, get that permission in writing.
• Take note of your adjuster’s behavior. Is he or she rude? Did the adjuster fail to show up at all?
• Be aware that more than one adjuster may be assigned to you. For example, you may have a claims professional assess structural damage and a contents specialist to help with the loss of personal property. Additionally, if you have a flood insurance policy or separate coverage for wind damage through a state-run insurance pool, even more claims adjusters will visit you.
• Complete a “proof of loss” form (provided by your insurer) and locate any inventory you have of your belongings (TVs, clothing, furniture). Also, keep a detailed list of everything that was damaged. “You want to make sure that you have documented your loss as soon as possible,” says Ashley Hunter, a former claims supervisor at State Farm. “The more information you have, the faster you will be able to receive your payment.”
• Take photos or video of debris, destroyed items and property damage. Generally, you should not throw away any damaged items until the claims adjuster has visited.
• Remember that the first claims check you receive often is an advance, not a final settlement. You may be offered a settlement check from the adjuster on the initial visit. If so, you can accept it immediately. If other damage is discovered within the time period cited in your insurance policy, the claim can be reopened. Most states allow at least one year from the date of the disaster to file or reopen a claim.
• Try to be patient. Jeanne Salvatore, a spokeswoman for the Insurance Information Institute, says insurers handle hundreds if not thousands of claims after a disaster. “Policyholders who have been most severely impacted have immediate financial and safety concerns that must be tended to, particularly if a home was destroyed by the hurricane or if there is a family member with special needs. Insurers give these cases priority review,” Salvatore says.
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If your house has been damaged by Hurricane Irene — or any other disaster, for that matter — someone known as a claims adjuster will be paying you a visit after you’ve filed a claim with your home insurance company. If you’ve got separate flood insurance or wind insurance policies, adjusters for those companies will come calling as well.
Cleaning up and recovering from damage to your home can be nerve-racking. Preparing for the arrival of insurance adjusters can add to the anxiety.
If you’ve filed a home insurance claim following a disaster, make sure you’re at home when the insurance claims adjusters visit.
Courtesy of the Consumer Federation of America, Consumer Reports and the Insurance Information Institute, here are some tips to help you ease the process of dealing with an insurance claims adjuster:
• Ask the adjuster for his or her credentials. If you’re not happy with the adjuster or any other expert the insurer provides, demand a new one. Claims adjusters are supposed to be professionally trained and licensed.
• Find out whether the adjuster is an employee of the insurance company or is an independent adjuster hired by the insurer. If you’ve got an independent adjuster, find out which in-house adjuster that person is reporting to. Also, ask whether the independent adjuster is authorized to make claim decisions and payments on behalf of your insurance company.
• Be at home when the adjuster visits and make sure he or she sees everything. Ask for a copy of the adjuster’s report and review it for mistakes. Request a copy of your claims file; you’re entitled to it.
• Copy everything you give the adjuster and ask for a receipt. If the adjuster advises you to start repairs, get that permission in writing.
• Take note of your adjuster’s behavior. Is he or she rude? Did the adjuster fail to show up at all?
• Be aware that more than one adjuster may be assigned to you. For example, you may have a claims professional assess structural damage and a contents specialist to help with the loss of personal property. Additionally, if you have a flood insurance policy or separate coverage for wind damage through a state-run insurance pool, even more claims adjusters will visit you.
• Complete a “proof of loss” form (provided by your insurer) and locate any inventory you have of your belongings (TVs, clothing, furniture). Also, keep a detailed list of everything that was damaged. “You want to make sure that you have documented your loss as soon as possible,” says Ashley Hunter, a former claims supervisor at State Farm. “The more information you have, the faster you will be able to receive your payment.”
• Take photos or video of debris, destroyed items and property damage. Generally, you should not throw away any damaged items until the claims adjuster has visited.
• Remember that the first claims check you receive often is an advance, not a final settlement. You may be offered a settlement check from the adjuster on the initial visit. If so, you can accept it immediately. If other damage is discovered within the time period cited in your insurance policy, the claim can be reopened. Most states allow at least one year from the date of the disaster to file or reopen a claim.
• Try to be patient. Jeanne Salvatore, a spokeswoman for the Insurance Information Institute, says insurers handle hundreds if not thousands of claims after a disaster. “Policyholders who have been most severely impacted have immediate financial and safety concerns that must be tended to, particularly if a home was destroyed by the hurricane or if there is a family member with special needs. Insurers give these cases priority review,” Salvatore says.
Auto Insurance
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How insurers are turning to technology to process your claims
Mark Henricks
New ways of using technology are allowing insurance companies to process claims faster and more accurately. The effects on consumers include improved service and quicker payments — but so far, at least, not lower premiums.
Atmospheric and Environmental Research of Lexington, Mass., has introduced an offering that lets an insurance claims manager log into an online portal after a big hailstorm and pull up a detailed map of the storm’s track. Numerals on the map give, for instance, the estimated maximum hail diameter in inches for specific locations. Red circles show where the carrier has policies with insured values of, say, $500,000 or more. A bar chart reveals how many insured properties likely encountered 2-inch or larger hailstones.
Insurers are adding high-tech twists to the claims-filing process, pushing it beyond the traditional in-person setup.
Being able to easily visualize the impact of a storm using highly detailed digital maps helps insurers in a number of ways, says Brenda Kelly, vice president of Atmospheric and Environmental Research. For instance, Kelly says, the maps can determine whether insurers should send in more claims adjusters, “perhaps flying people in from another location.” That can speed up processing of claims, resulting in checks getting into the hands of policyholders more quickly.
Rolling out smartphone apps
Other examples of claims-processing technology are much more visible to consumers.
Former insurance claims adjuster Ashley Hunter, president of HM Risk Group in Austin, Texas, points to smartphone apps that some insurers — such as Allstate and State Farm — are making available to consumers to help them file claims after auto accidents.
“You can take pictures and upload the claim information right to the website,” Hunter says. “You type in all the claim info like the name of the insurance company of the other driver. It’s very sophisticated. And they process the claim immediately.”
Tech tools for fighting fraud
Claims processing also is tapping technology well beyond the public’s view in the form of predictive modeling for identification of potentially fraudulent claims.
Rob Hoyt, director of the Risk Management and Insurance Program at the University of Georgia, says is a new wrinkle for technology that’s long been employed to help figure out rates for policyholders. Instead of just trying to forecast how many claims are likely to be filed by a given policyholder, insurers are using predictive modeling to pinpoint common traits of fraudulent claims.
“There are patterns that tend to be consistent with suspicious claims,” Hoyt says.
Such claims tend to be distinguished, for instance, by particular types of vehicles and by how long a policyholder has been insured with a given company. When insurers can more accurately and quickly zero in on possibly fraudulent claims, they can more efficiently investigate them. That can lead to lower operating costs and possibly more money in the pockets of policyholders.
A speedier process
So far, lower premiums for consumers remain an unproven benefit of claims technology, however. “We can always hope, but there’s no cost savings being sent down to the customer,” Hunter says.
She does emphasize, though, that customers are gaining benefits from this technology, mostly in the form of faster claims processing. “As far as an auto claim is concerned, if liability is clear, they’re cutting checks within 24 hours,” Hunter says. “Before, it was taking about a week.”
If you’d prefer that this automation of claims processing simply go away, don’t hold your breath. Kelly expects more and more claims technology to be rolled out across the industry. But Hoyt says it’s not likely that insurance software will replace insurance people, either.
“I don’t see it ever being such an exact science that there won’t be human judgment involved,” Hoyt says.
Auto Insurance
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New ways of using technology are allowing insurance companies to process claims faster and more accurately. The effects on consumers include improved service and quicker payments — but so far, at least, not lower premiums.
Atmospheric and Environmental Research of Lexington, Mass., has introduced an offering that lets an insurance claims manager log into an online portal after a big hailstorm and pull up a detailed map of the storm’s track. Numerals on the map give, for instance, the estimated maximum hail diameter in inches for specific locations. Red circles show where the carrier has policies with insured values of, say, $500,000 or more. A bar chart reveals how many insured properties likely encountered 2-inch or larger hailstones.
Insurers are adding high-tech twists to the claims-filing process, pushing it beyond the traditional in-person setup.
Being able to easily visualize the impact of a storm using highly detailed digital maps helps insurers in a number of ways, says Brenda Kelly, vice president of Atmospheric and Environmental Research. For instance, Kelly says, the maps can determine whether insurers should send in more claims adjusters, “perhaps flying people in from another location.” That can speed up processing of claims, resulting in checks getting into the hands of policyholders more quickly.
Rolling out smartphone apps
Other examples of claims-processing technology are much more visible to consumers.
Former insurance claims adjuster Ashley Hunter, president of HM Risk Group in Austin, Texas, points to smartphone apps that some insurers — such as Allstate and State Farm — are making available to consumers to help them file claims after auto accidents.
“You can take pictures and upload the claim information right to the website,” Hunter says. “You type in all the claim info like the name of the insurance company of the other driver. It’s very sophisticated. And they process the claim immediately.”
Tech tools for fighting fraud
Claims processing also is tapping technology well beyond the public’s view in the form of predictive modeling for identification of potentially fraudulent claims.
Rob Hoyt, director of the Risk Management and Insurance Program at the University of Georgia, says is a new wrinkle for technology that’s long been employed to help figure out rates for policyholders. Instead of just trying to forecast how many claims are likely to be filed by a given policyholder, insurers are using predictive modeling to pinpoint common traits of fraudulent claims.
“There are patterns that tend to be consistent with suspicious claims,” Hoyt says.
Such claims tend to be distinguished, for instance, by particular types of vehicles and by how long a policyholder has been insured with a given company. When insurers can more accurately and quickly zero in on possibly fraudulent claims, they can more efficiently investigate them. That can lead to lower operating costs and possibly more money in the pockets of policyholders.
A speedier process
So far, lower premiums for consumers remain an unproven benefit of claims technology, however. “We can always hope, but there’s no cost savings being sent down to the customer,” Hunter says.
She does emphasize, though, that customers are gaining benefits from this technology, mostly in the form of faster claims processing. “As far as an auto claim is concerned, if liability is clear, they’re cutting checks within 24 hours,” Hunter says. “Before, it was taking about a week.”
If you’d prefer that this automation of claims processing simply go away, don’t hold your breath. Kelly expects more and more claims technology to be rolled out across the industry. But Hoyt says it’s not likely that insurance software will replace insurance people, either.
“I don’t see it ever being such an exact science that there won’t be human judgment involved,” Hoyt says.
Auto Insurance
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Things to Consider when Shopping For Home Owner’s Insurance
There are many details to keep in mind when looking at various policy options. Here are just a few things to keep in mind.
Coverage Amounts. Be sure that your home insurance policy is enough to protect the TOTAL value of your home, not simply the equity (the amount paid off) or the balance remaining on your mortgage.
Covered and Uncovered Losses. While most things such as fire, theft, and weather damage are covered by your policy, specific things such as earthquakes and flood damage may not be. Check your policy.
Policy Exclusions. There will always be items excluded. Be sure you know what they are, and protect yourself.
Deductible. A higher deductible (the amount you pay before your insurance kicks in) might mean a lower premium, but is it worth it? Make sure any deductible you have is affordable.
Discounts. What will give you a discount? A security system, not smoking, and having more than one home insurance policy might lead to a discount. Check to see if your lifestyle supports this!
InsuranceQuotes.com can help you find the best home insurance rates, online! From the comfort of home, you can get a free homeowners insurance quote today!
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Coverage Amounts. Be sure that your home insurance policy is enough to protect the TOTAL value of your home, not simply the equity (the amount paid off) or the balance remaining on your mortgage.
Covered and Uncovered Losses. While most things such as fire, theft, and weather damage are covered by your policy, specific things such as earthquakes and flood damage may not be. Check your policy.
Policy Exclusions. There will always be items excluded. Be sure you know what they are, and protect yourself.
Deductible. A higher deductible (the amount you pay before your insurance kicks in) might mean a lower premium, but is it worth it? Make sure any deductible you have is affordable.
Discounts. What will give you a discount? A security system, not smoking, and having more than one home insurance policy might lead to a discount. Check to see if your lifestyle supports this!
InsuranceQuotes.com can help you find the best home insurance rates, online! From the comfort of home, you can get a free homeowners insurance quote today!
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Do You Need Homeowner Insurance?
Of course you do. In the event of a catastrophe, you will need to repair any damage that occurs to your home and property, and replace anything that is lost or destroyed. In addition, chances are your mortgage holder requires you to have a certain amount of home insurance to protect their investment.
How does a home insurance policy protect you?
Structures. Your homeowner’s policy covers the financial damages to your home caused by accidental or weather-related damage to both your home and other structures on your property, such as garages and outbuildings. Additionally, home insurance will provide you financial compensation if you cannot live in your home due to the damage.
Personal Property. All the belongings and furniture that fill your home counts as personal property, and if they are stolen or damaged your home insurance policy will replace them.
Liability. If someone is injured in your home, you can be found liable for the medical expenses. The liability portion of your homeowner’s insurance policy protects you from this financial liability.
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How does a home insurance policy protect you?
Structures. Your homeowner’s policy covers the financial damages to your home caused by accidental or weather-related damage to both your home and other structures on your property, such as garages and outbuildings. Additionally, home insurance will provide you financial compensation if you cannot live in your home due to the damage.
Personal Property. All the belongings and furniture that fill your home counts as personal property, and if they are stolen or damaged your home insurance policy will replace them.
Liability. If someone is injured in your home, you can be found liable for the medical expenses. The liability portion of your homeowner’s insurance policy protects you from this financial liability.
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Protect Your Home and Save Money
Your home is full of all of the things that are most precious to you – and you need to protect them. Your home is also likely to be your largest investment, and home insurance is not only the smart thing to do, it is the necessary thing to do. InsuranceQuotes.com can provide you with a comparison of home insurance quotes, helping you find the best policy for the best rate. InsuranceQuotes.com works with hundreds of excellent home insurance companies, and offers the most informative home insurance quotes available today.
Your home insurance quote from InsuranceQuotes.com is not only informative, but it is free! Just take a few moments to fill out our online questionnaire and we can provide you with multiple home insurance quotes and you can start saving money today! Whether you are seeking a home insurance quote for a new home or your current home, get your free homeowner’s insurance quote today.
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Your home insurance quote from InsuranceQuotes.com is not only informative, but it is free! Just take a few moments to fill out our online questionnaire and we can provide you with multiple home insurance quotes and you can start saving money today! Whether you are seeking a home insurance quote for a new home or your current home, get your free homeowner’s insurance quote today.
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Life insurance beneficiaries are owed more than $1 billion, officials say
A handful of state insurance regulators have formed a task force to investigate the possible failure to pay death benefits to beneficiaries of life insurance policies.
The task force is being overseen by the National Association of Insurance Commissioners. Members of the association contend that insurers have been using a federal death database to terminate payments under annuity contracts, but failing to use that same file to help claims on life insurance policies.
Making good on promises
Life insurance executives insist they’ve done nothing wrong.
“Our greatest responsibility is to make good on our promises to our customers,” Todd Katz, a vice president at life insurer MetLife, said at the California hearing.
Evidence suggests otherwise. At the Florida hearing — where MetLife and Nationwide were subpoenaed to testify — Belinda Miller, Florida’s interim deputy commissioner of property and casualty insurance, said “hundreds of millions of dollars” go unclaimed each year because the life insurance beneficiaries don’t know the money exists.
Life insurers can track the deaths of insured people through the Social Security Administration’s Death Master File, which contains over 87 million records. Insurance companies use this file to, among other things, fight fraud and verify dates of death before paying a policy benefit. But investigators say insurers boost profits by selectively reviewing the death file, withholding payouts, and continuing to pay themselves premiums even though the death file shows the insured person is dead.
“We are troubled about the possibility that insurers may be using death information to boost their finances by stopping annuity payments on one side of the house but not using the same information on the other side of the house to pay policyholders’ beneficiaries who are owed money,” says Jones, the California insurance commissioner.
Jones’ comments came during a joint hearing with State Controller John Chiang into the payment practices of MetLife.
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Life Insurance Awareness Month scores endorsement from Lakers’ Lamar Odom
When much of America last saw Los Angeles Lakers superstar Lamar Odom, he was being ejected from a playoff game against the Dallas Mavericks for being too rough with Dallas star Dirk Nowitzki.
With the NBA now locking out its players, it may be awhile before Odom sees action on a basketball court again. But that doesn’t mean Odom won’t be working this fall.
Los Angeles Lakers player Lamar Odom says he benefited from life insurance when his mother died of colon cancer.
In September, Odom will serve as the national spokesman for Life Insurance Awareness Month. Odom will begin appearing in public service announcements in August for the nonprofit Life and Health Insurance Foundation for Education (LIFE).
Odom says he was inspired to be a life insurance spokesman, in part, because of the death of his mother of colon cancer. Odom was only 12 years old when it mother, Cathy Mercer, died. Odom’s charitable foundation is called Cathy’s Kids.
Because Odom’s mother had life insurance, he was able to continue attending a private school.
“I’m sure my mom didn’t think she would die at age 35, but that didn’t stop her from doing the responsible thing and buying life insurance,” Odom says in a LIFE news release issued June 30. “When I began my pro career, one of the first things I did was buy life insurance to make sure my loved ones would also be taken care of.”
Nearly 70 million American adults don’t have life insurance, according to LIFE.
Odom’s work with LIFE will add to an already busy off-the-court schedule.
The Lakers player stars in his own reality TV show, “Khloé & Lamar,” which airs on E! The show features an inside look at Odom’s life with his wife, reality TV personality Khloé Kardashian Odom.
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What Is The Best Way To Shop For Life Insurance?
With such a wide variety of life insurance policies to choose from, how do you make the best choice for you? Obviously, you have made a smart choice and are starting here at InsuranceQuotes.com, but there are many things you need to know before choosing your policy, such as term life insurance.
Now you know that once you have determined your needs and taken a look at the various policy options, you have a good idea what you need to know. Also, remember that certain life-style choices, such as smoking or drinking, can raise the cost of your policy and reduce the amount of available coverage.
Best of all, using InsuranceQuotes.com helps you find the best rate, which is important as life insurance quotes can vary substantially – sometimes as much at 50%. Take the time to fill out our online form, and immediately receive a variety of life insurance quotes to choose from! Get started today, and protect your family they way they deserve.
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Now you know that once you have determined your needs and taken a look at the various policy options, you have a good idea what you need to know. Also, remember that certain life-style choices, such as smoking or drinking, can raise the cost of your policy and reduce the amount of available coverage.
Best of all, using InsuranceQuotes.com helps you find the best rate, which is important as life insurance quotes can vary substantially – sometimes as much at 50%. Take the time to fill out our online form, and immediately receive a variety of life insurance quotes to choose from! Get started today, and protect your family they way they deserve.
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Universal Life Insurance
This type of life insurance policy is the most expensive, but also offers the greatest security and the most financial flexibility. You are able to manage your account however you choose, whether by money market, stock, or bond funds. You can withdraw funds at any time (although there is a penalty for canceling the account altogether).
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Variable Life Insurance
There are unique components in selecting a Variable Life Insurance policy. This type of policy offers permanent coverage and account flexibility for someone who is a higher risk taker pertaining to their finances. The benefit paid when you die is not a set amount. The death benefit would vary depending on how well the money increased in value based upon the investments made. It is important to remember that you can borrow money from this policy during your lifetime.
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Whole Life Insurance
This policy has multiple benefits: besides offering security to your family, it also builds a cash value account. The insurance company manages this account for you, and you can choose either receive dividends, reinvest the money to reduce the costs of your premiums, or if needed withdraw money from the account.
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Term Life Insurance
This is the most commonly known form of life insurance. Term Life Insurance covers you for a specific period of years, usually with a monthly, bi-annually, or annual premium. If you are still alive beyond the term of the policy, it simply expires. This is a simple policy to set up, usually is inexpensive, and is very popular. It also has no cash value.
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Benefits of Life Insurance
No one wants to consider needing life insurance. In a perfect world, on of us would ever have to. However, if you have a family that depends on you or your spouse, the best way to help them cope with the worst is the have a solid life insurance policy that will keep them from struggling financially after a tragic loss.
Life insurance offers financial security in the worst of times. It can help replace lost income, help provide burial and estate expenses, and pay off debt such as a mortgage, car loans, other outstanding loans, medical expenses, college, and any other sort of financial need.
What Are The Different Life Insurance Policies?
In order to arm you with the facts, InsuranceQuotes.com offers you these simple definitions of the most common policies.
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Life insurance offers financial security in the worst of times. It can help replace lost income, help provide burial and estate expenses, and pay off debt such as a mortgage, car loans, other outstanding loans, medical expenses, college, and any other sort of financial need.
What Are The Different Life Insurance Policies?
In order to arm you with the facts, InsuranceQuotes.com offers you these simple definitions of the most common policies.
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Protect Your Family: Get Life Multiple Life Insurance Quotes Today
You know you want your family taken care of, and you know life insurance is the best way to do that. But how do make sure your family has what it needs in the future without paying too much today? InsuranceQuotes.com cuts through the clutter and offers you information without a pushy sales pitch. Get life insurance quotes from multiple agencies using InsuranceQuotes.com, and find the perfect life insurance policy.
InsuranceQuotes.com uses a simple five-minute questionnaire that helps highlight and clarify your family’s life insurance needs. Because InsuranceQuotes.com works with literally hundreds of the nation’s top insurance providers, it is easy for us to guide you to a variety of policy options that meet your criteria – and your price point. We are the best source for online life insurance rates.
By shopping online at InsuranceQuotes.com, you will join the thousands of people that have saved money on their insurance premiums – 10%, 15%, 20% and more! Use our simple system to review life insurance quotes today.
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InsuranceQuotes.com uses a simple five-minute questionnaire that helps highlight and clarify your family’s life insurance needs. Because InsuranceQuotes.com works with literally hundreds of the nation’s top insurance providers, it is easy for us to guide you to a variety of policy options that meet your criteria – and your price point. We are the best source for online life insurance rates.
By shopping online at InsuranceQuotes.com, you will join the thousands of people that have saved money on their insurance premiums – 10%, 15%, 20% and more! Use our simple system to review life insurance quotes today.
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Dental Insurance Quotes
Our resources make easier for you to compare and find low cost dental insurance quotes and to find a policy that suits your needs. Using our online library of informative articles, you can research and learn about dental insurance, including deductibles, co-payments, limitations and more.
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Health Insurance Quotes
Join the millions of people who have saved up to 20% on their health insurance by shopping for health insurance quotes online with InsuranceQuotes.com. Start shopping for health insurance quotes today and find out just how much you could save on your individual or group health insurance costs!
Whether you need car insurance quotes, health insurance quotes, homeowners insurance quotes or life insurance quotes, InsuranceQuotes.com has you covered!
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Whether you need car insurance quotes, health insurance quotes, homeowners insurance quotes or life insurance quotes, InsuranceQuotes.com has you covered!
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Home Insurance Quotes
Need free insurance quotes for homeowners insurance? InsuranceQuotes.com makes it easy to get competitive online insurance quotes at any time and any place – all you need is an Internet connection! When you receive your free insurance quotes, InsuranceQuotes.com can help choose the best insurer with the best rates.
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Life Insurance Quotes
If the process of buying life insurance seems somewhat overwhelming, you can rest easy. InsuranceQuotes.com offers plenty of resources to take the mystery out of shopping for online life insurance quotes. Check out our library of informative articles then start shopping for free insurance quotes today!
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Auto Insurance Quotes
Whether you're shopping for car insurance quotes for a new car or looking for better prices on your current auto insurance, let InsuranceQuotes.com help you find the coverage you need. Comparing auto insurance quotes and policies is not a difficult process anymore, yet it requires a little bit of patience from your side. Use our insurance engine to access the best online auto insurance quotes. Enter your zip code and get up to 5 different estimates from the top insurance companies. Let our representative help you read through the details of benefits and coverage provided by the different insurance
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Friday, 14 October 2011
Benefits of Online Mortgage Services
An online Mortgage Services has many advantages for a potential home buyer. Instead of selecting from the banks and lenders that take place to be in your area, you can select from lenders all over the country or even the world. This type of competition really boosts your chances of getting the most excellent available terms and interest rate. In some cases, you can utilize a rate quote from the Internet to bargain a local lender into presenting an enhanced interest rate.
Another advantage of the Online Mortgage Services is the simplicity of applying. Instead of having to reorganize your schedule to meet the lender’s hours, which can engage you to taking time off from work, you can apply from home at any time you prefer. This eradicates the complexity of getting time off to handle personal business. Also, if you’re working an hourly job, taking time off costs you money. Applying for an online Mortgage Services can also keep your money since you won’t have to drive all over. With the price of gas as high as it is, that can be a main advantage.
The internet Mortgage Services began with several lenders offering them completely. The simplicity of applying ultimately began to take business away from traditional lenders, like banks and credit unions. As a result, about every lender presents an online application process, even if the loan is not a true online mortgage.
Of course, shopping for an online Mortgage Services cannot be completed without its hazards. Just as there are many honest online lenders, there are some doubtful ones, as well. Before you put all of your information out there, it’s important that you have all information about whom you’re dealing with. If it is a lender you’re not known with, it’s an intelligent move to do some research before affecting for their online Mortgage Services. After all, you don’t want to hand your private information over to identity thieves just because they assure you a low interest rate.
The Internet has transformed home buying just like it has changed the whole thing else. There’s no need to run all over the city to look for a way to finance your new home. An Online Mortgage Services can save you time and money and even give you some influence when negotiating with a traditional lender. But, as with anything else, it’s significant to do your research and recognize what you’re getting in to before making any final contracts. An Online Mortgage Services can be a deadly trap as well as being a great expediency.
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Another advantage of the Online Mortgage Services is the simplicity of applying. Instead of having to reorganize your schedule to meet the lender’s hours, which can engage you to taking time off from work, you can apply from home at any time you prefer. This eradicates the complexity of getting time off to handle personal business. Also, if you’re working an hourly job, taking time off costs you money. Applying for an online Mortgage Services can also keep your money since you won’t have to drive all over. With the price of gas as high as it is, that can be a main advantage.
The internet Mortgage Services began with several lenders offering them completely. The simplicity of applying ultimately began to take business away from traditional lenders, like banks and credit unions. As a result, about every lender presents an online application process, even if the loan is not a true online mortgage.
Of course, shopping for an online Mortgage Services cannot be completed without its hazards. Just as there are many honest online lenders, there are some doubtful ones, as well. Before you put all of your information out there, it’s important that you have all information about whom you’re dealing with. If it is a lender you’re not known with, it’s an intelligent move to do some research before affecting for their online Mortgage Services. After all, you don’t want to hand your private information over to identity thieves just because they assure you a low interest rate.
The Internet has transformed home buying just like it has changed the whole thing else. There’s no need to run all over the city to look for a way to finance your new home. An Online Mortgage Services can save you time and money and even give you some influence when negotiating with a traditional lender. But, as with anything else, it’s significant to do your research and recognize what you’re getting in to before making any final contracts. An Online Mortgage Services can be a deadly trap as well as being a great expediency.
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Policy Mortgage Insurance: A Lifeline When Understood
While policy mortgage insurance can be a great asset to have in your corner you does have to understand the product and what it can and cannot do. You should not that the cover doesn’t have to be purchased at the time of taking out the mortgage you can choose to purchase it independently from a standalone provider and historically this is the cheapest way of doing so.
Policy mortgage insurance or mortgage payment protection insurance (MPPI) as it is sometimes called is taken out by those who have monthly mortgage repayments to make and who worry how they would find the money to continue repaying them if they should suffer an accident, an illness or if they should become unemployed by such as redundancy. The majority of lenders will offer policies for monthly premiums which can be taken out to cover against coming out of work due to accident and sickness only, unemployment only or for all three.
If you take out the cover and it is suitable for your circumstances then a policy would begin to provide you with an income which would begin to payout typically between the 30th and 90th day of being out of work. The income would be tax free and would last for between 12 and 24 months depending on providers. You do however have to make sure that your circumstances are right for a policy, there are exclusions in all mortgage insurance policies and some of the most common include if you only work part time, are of retirement age or if you suffer from an illness at the time of taking out the policy.
Policy mortgage insurance can help you to keep the roof over your head but only if you understand and have read the exclusions and the key facts of a policy and the specialist should provide you with these along with some of the cheapest quotes for the cover that can be found online. Always read the small print and take the advice of a specialist lender and you will have the money to continue making the repayments on your policy mortgage insurance and so not get into arrears and possibly lose your home.
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Policy mortgage insurance or mortgage payment protection insurance (MPPI) as it is sometimes called is taken out by those who have monthly mortgage repayments to make and who worry how they would find the money to continue repaying them if they should suffer an accident, an illness or if they should become unemployed by such as redundancy. The majority of lenders will offer policies for monthly premiums which can be taken out to cover against coming out of work due to accident and sickness only, unemployment only or for all three.
If you take out the cover and it is suitable for your circumstances then a policy would begin to provide you with an income which would begin to payout typically between the 30th and 90th day of being out of work. The income would be tax free and would last for between 12 and 24 months depending on providers. You do however have to make sure that your circumstances are right for a policy, there are exclusions in all mortgage insurance policies and some of the most common include if you only work part time, are of retirement age or if you suffer from an illness at the time of taking out the policy.
Policy mortgage insurance can help you to keep the roof over your head but only if you understand and have read the exclusions and the key facts of a policy and the specialist should provide you with these along with some of the cheapest quotes for the cover that can be found online. Always read the small print and take the advice of a specialist lender and you will have the money to continue making the repayments on your policy mortgage insurance and so not get into arrears and possibly lose your home.
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What Are The Pros And Cons Of Life Insurance On Mortgage
Like the name implies, life insurance on mortgage or mortgage life insurance, is there to repay your mortgage in the event you die or are disabled and can no longer make payments. You will be offered life insurance on mortgage when you fill out loan papers for your house and sign your mortgage. You can decline this insurance when it is offered, but if you choose to decline this insurance you will be required to sign several forms and waivers verifying your decision to decline the coverage.
Why do you have to sign waivers to decline life insurance on mortgage? Officially, to designate that you understand the risks associated with having a mortgage and the possibility of dying and not being able to pay it off. But mostly it is there to give you second thoughts and persuade you into buying it. In truth, mortgage life insurance benefits the lender more than it benefits the borrower.
Is mortgage life insurance worth the cost? As with everything, there are pros and cons. Let’s take a look and you can decide if you need mortgage life insurance or not.
Advantages of life Insurance On Mortgage:
Life insurance on mortgage gives your family peace of mind. In the event of a terminal illness or your untimely death, the life insurance on mortgage policy covers your loan to the bank and your mortgage is repaid in full. The benefit knows that your house will be fully repaid and you will not have to worry about your family struggling to make mortgage payments.
Another advantage of life insurance on mortgage is near universal coverage with minimal underwriting – there is often no medical examination or blood sample required at the inception of your policy. Thus it can be a valuable insurance policy option for the homeowner that has serious preexisting medical conditions that would preclude a normal life insurance policy.
Disadvantages of life Insurance On Mortgage:
In general there are four reasons why there are better options than life insurance on mortgage: it is a decreasing benefit; it benefits the lender, not the borrower; you have no control over the policy payout; and it can be more expensive than a comparable term life insurance policy.
Life insurance on mortgage is a decreasing benefit. Mortgage life insurance premiums are a fixed rate, but the payout is generally fixed to your mortgage principle. So the value of the policy decreases as you repay your mortgage. Buying a standard term life insurance policy gives you a fixed premium and a fixed payout. You know exactly how much will be paid out in the event you or your loved one dies.
Life insurance on mortgage policies benefits lenders more than the insured party. It is important to note that your family will not actually see any of this money from this insurance policy. The mortgage lender is the policy beneficiary and if you die the bank will receive the life insurance payout which will be used to repay the mortgage in full. The benefit for your family is a house paid in full.
You have no control over where the life insurance settlement goes. As mentioned in the above paragraph, the life insurance settlement is automatically sent to the bank to cover the terms of the mortgage. Not having a mortgage may give you peace of mind, but that may not actually be the best use of your funds at the time. A traditional term life insurance policy gives you better control over how to use your life insurance settlement. For example, if you have a lot of debt at a higher interest rate it may be more prudent to repay that debt before repaying your mortgage.
Life insurance on mortgage is expensive for the amount of coverage. The premiums you pay at the beginning of your mortgage are probably in line with the amount of coverage you are receiving, but as time goes on you receive much less coverage for the money. You are more than likely better off going with a term life insurance policy and getting sufficient coverage to pay off your home in full if that is your goal. Be sure to get multiple life insurance quotes before purchasing your life insurance policy.
Here are some of the pros and cons of life insurance on mortgage. I hope this will help out you to make your decision whether this is suitable for you or not.
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Why do you have to sign waivers to decline life insurance on mortgage? Officially, to designate that you understand the risks associated with having a mortgage and the possibility of dying and not being able to pay it off. But mostly it is there to give you second thoughts and persuade you into buying it. In truth, mortgage life insurance benefits the lender more than it benefits the borrower.
Is mortgage life insurance worth the cost? As with everything, there are pros and cons. Let’s take a look and you can decide if you need mortgage life insurance or not.
Advantages of life Insurance On Mortgage:
Life insurance on mortgage gives your family peace of mind. In the event of a terminal illness or your untimely death, the life insurance on mortgage policy covers your loan to the bank and your mortgage is repaid in full. The benefit knows that your house will be fully repaid and you will not have to worry about your family struggling to make mortgage payments.
Another advantage of life insurance on mortgage is near universal coverage with minimal underwriting – there is often no medical examination or blood sample required at the inception of your policy. Thus it can be a valuable insurance policy option for the homeowner that has serious preexisting medical conditions that would preclude a normal life insurance policy.
Disadvantages of life Insurance On Mortgage:
In general there are four reasons why there are better options than life insurance on mortgage: it is a decreasing benefit; it benefits the lender, not the borrower; you have no control over the policy payout; and it can be more expensive than a comparable term life insurance policy.
Life insurance on mortgage is a decreasing benefit. Mortgage life insurance premiums are a fixed rate, but the payout is generally fixed to your mortgage principle. So the value of the policy decreases as you repay your mortgage. Buying a standard term life insurance policy gives you a fixed premium and a fixed payout. You know exactly how much will be paid out in the event you or your loved one dies.
Life insurance on mortgage policies benefits lenders more than the insured party. It is important to note that your family will not actually see any of this money from this insurance policy. The mortgage lender is the policy beneficiary and if you die the bank will receive the life insurance payout which will be used to repay the mortgage in full. The benefit for your family is a house paid in full.
You have no control over where the life insurance settlement goes. As mentioned in the above paragraph, the life insurance settlement is automatically sent to the bank to cover the terms of the mortgage. Not having a mortgage may give you peace of mind, but that may not actually be the best use of your funds at the time. A traditional term life insurance policy gives you better control over how to use your life insurance settlement. For example, if you have a lot of debt at a higher interest rate it may be more prudent to repay that debt before repaying your mortgage.
Life insurance on mortgage is expensive for the amount of coverage. The premiums you pay at the beginning of your mortgage are probably in line with the amount of coverage you are receiving, but as time goes on you receive much less coverage for the money. You are more than likely better off going with a term life insurance policy and getting sufficient coverage to pay off your home in full if that is your goal. Be sure to get multiple life insurance quotes before purchasing your life insurance policy.
Here are some of the pros and cons of life insurance on mortgage. I hope this will help out you to make your decision whether this is suitable for you or not.
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What You Need To Know About Mortgage Protection Insurance
Mortgages were seen in the boom years as a foolproof way of borrowing, leading to inevitable profits from soaring house prices. Now the recession has hit, many people are struggling to repay their mortgages by themselves – this is where mortgage protection comes in.
During the boom years, many people were able to borrow up to six times their own salary – sometimes more – to buy a property. When times were good, it was just about feasible to keep up on the repayments, safe in the knowledge that the price of your property was steadily climbing, and would surely leave you in clear profit, should you need to sell up.
For many, the mortgage they were once so happy to be granted has now become a millstone around their neck. With negative equity virtually sweeping the country, the terms ‘mortgage’ really has taken on a bitter taste, especially for those who, as a result of a slowing economy, have lost their jobs and can no longer afford to pay the monthly installments. For them, mortgage protection insurance would have been a very good idea in hindsight.
A mortgage is usually taken out on the understanding that the borrower can pay the mortgage repayments out of their income. The mortgage provider calculates the risk they are taking that the borrower will be able to keep up monthly installments, based on their salary, other income and their expenses. Unfortunately, overconfidence by mortgage lenders, as well as borrowers, during the years leading up to 2007 led to many thousands of borrowers being lent sums that they simply wouldn’t be able to repay.
It’s only more recently, now that house prices are falling, that people have really started to discuss ‘mortgage protection’. Mortgage protection is an insurance policy which can cover the borrower in the event of redundancy, illness or injury.
When you take out a mortgage, you will be told about the monthly payments you will need to make in order to pay it off in the given time period. There is an option to ‘protect’ your mortgage by paying a slightly higher tariff each month, or by taking out mortgage protection cover with a different provider. While the different mortgage protection insurance give different sorts of cover, they mostly relate to redundancy, illness or injury. If you pay extra each month for mortgage protection which covers redundancy, it will mean that, in the event of you losing your job or suffering from an illness or injury which prevents you from working, the insurance company will pay your mortgage payments for you for a fixed term, and you will not face repossession of your property by the mortgage lender.
To decide whether it is worth taking out mortgage protection insurance, it is important to think seriously about the likelihood of something happening which would cause you to be unable to pay the repayments (thereby potentially losing your property), and weigh this up against the disadvantages of paying extra on top of your mortgage payments while you are still employed and healthy.
As losing your home is likely to affect more people than yourself, it is also wise to talk it through with friends and family. The most important thing is to seek advice on your options, consider all possible outcomes, and make an informed decision, based on the facts.
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During the boom years, many people were able to borrow up to six times their own salary – sometimes more – to buy a property. When times were good, it was just about feasible to keep up on the repayments, safe in the knowledge that the price of your property was steadily climbing, and would surely leave you in clear profit, should you need to sell up.
For many, the mortgage they were once so happy to be granted has now become a millstone around their neck. With negative equity virtually sweeping the country, the terms ‘mortgage’ really has taken on a bitter taste, especially for those who, as a result of a slowing economy, have lost their jobs and can no longer afford to pay the monthly installments. For them, mortgage protection insurance would have been a very good idea in hindsight.
A mortgage is usually taken out on the understanding that the borrower can pay the mortgage repayments out of their income. The mortgage provider calculates the risk they are taking that the borrower will be able to keep up monthly installments, based on their salary, other income and their expenses. Unfortunately, overconfidence by mortgage lenders, as well as borrowers, during the years leading up to 2007 led to many thousands of borrowers being lent sums that they simply wouldn’t be able to repay.
It’s only more recently, now that house prices are falling, that people have really started to discuss ‘mortgage protection’. Mortgage protection is an insurance policy which can cover the borrower in the event of redundancy, illness or injury.
When you take out a mortgage, you will be told about the monthly payments you will need to make in order to pay it off in the given time period. There is an option to ‘protect’ your mortgage by paying a slightly higher tariff each month, or by taking out mortgage protection cover with a different provider. While the different mortgage protection insurance give different sorts of cover, they mostly relate to redundancy, illness or injury. If you pay extra each month for mortgage protection which covers redundancy, it will mean that, in the event of you losing your job or suffering from an illness or injury which prevents you from working, the insurance company will pay your mortgage payments for you for a fixed term, and you will not face repossession of your property by the mortgage lender.
To decide whether it is worth taking out mortgage protection insurance, it is important to think seriously about the likelihood of something happening which would cause you to be unable to pay the repayments (thereby potentially losing your property), and weigh this up against the disadvantages of paying extra on top of your mortgage payments while you are still employed and healthy.
As losing your home is likely to affect more people than yourself, it is also wise to talk it through with friends and family. The most important thing is to seek advice on your options, consider all possible outcomes, and make an informed decision, based on the facts.
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A Way To Maintain Your Mortgage Commitment
Being able to maintain your mortgage commitment at all times no matter what happens is essential unless you want to give up your home to the lender through repossession. If you were forced to leave work after suffering an illness, accident or unemployment in an ideal world the lender would have total sympathy. They would send you a get well card, flowers and tell you not to worry. However we live in the real world, and the reality is no lender is going to do this, however patient and helpful they might be. The hard truth is that a couple of missed repayments could very well mean the lender would seek a repossession order. Following this would come the court hearing and if the judge rules against you, you could only be around 28 days away from eviction. The way you could avoid this scenario is to take out mortgage protection insurance.
Mortgage protection insurance can be your savior if you find yourself without an income following an accident that meant you were unable to work. It would also apply if you should become sick and have to take time off from work to recuperate. Unemployment would also be covered, providing that it was brought about through reasons not of your own making. It wouldn’t pay out if you simply gave up your job for example. Mortgage protection insurance would be the closest thing to a “fairy godmother” at this time.
With a policy behind you there would be no struggle each month and no juggling other bills in the hope that you could gather enough money together. Having to do this each month you remained out of work, especially if this was for any length of time would cause stress beyond belief. At this time all you need to be thinking of is recovering or finding work again.
You do have to shop around for the cheapest premiums when considering a policy. Some providers, usually high street banks, charge sky high premiums, which makes protecting your mortgage very expensive. Others give far cheaper quotes for cover. This means that everyone can afford to take protection and these are the providers you should look for. The terms of the cover also vary considerably and again need taking into consideration.
You could be waiting as little as 28 days after being unable to work before you are able to put in a claim. However some providers will extend this to 90 days, the same applies with how long a policy would payout. With some providers you could be looking at receiving 12 months of protection, others could give 24 months cover.
All providers should give an adequate explanation of what a policy can and cannot do and make you aware of the vital facts and small print. This information of course should be given to you before you buy; after all it would useless and unfair to give it you afterwards.
Lenders on the high street will very often try their hardest to get you buy their mortgage protection insurance when taking out the borrowing. This might seem like one of the best choices, especially if you got a good deal on your mortgage. Usually you could not be more wrong and high street lenders premiums are among some of the highest premiums. Nine times out of ten a standalone provider will offer the cheapest quote and provide one of the best quality policies to fall back on.
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Mortgage protection insurance can be your savior if you find yourself without an income following an accident that meant you were unable to work. It would also apply if you should become sick and have to take time off from work to recuperate. Unemployment would also be covered, providing that it was brought about through reasons not of your own making. It wouldn’t pay out if you simply gave up your job for example. Mortgage protection insurance would be the closest thing to a “fairy godmother” at this time.
With a policy behind you there would be no struggle each month and no juggling other bills in the hope that you could gather enough money together. Having to do this each month you remained out of work, especially if this was for any length of time would cause stress beyond belief. At this time all you need to be thinking of is recovering or finding work again.
You do have to shop around for the cheapest premiums when considering a policy. Some providers, usually high street banks, charge sky high premiums, which makes protecting your mortgage very expensive. Others give far cheaper quotes for cover. This means that everyone can afford to take protection and these are the providers you should look for. The terms of the cover also vary considerably and again need taking into consideration.
You could be waiting as little as 28 days after being unable to work before you are able to put in a claim. However some providers will extend this to 90 days, the same applies with how long a policy would payout. With some providers you could be looking at receiving 12 months of protection, others could give 24 months cover.
All providers should give an adequate explanation of what a policy can and cannot do and make you aware of the vital facts and small print. This information of course should be given to you before you buy; after all it would useless and unfair to give it you afterwards.
Lenders on the high street will very often try their hardest to get you buy their mortgage protection insurance when taking out the borrowing. This might seem like one of the best choices, especially if you got a good deal on your mortgage. Usually you could not be more wrong and high street lenders premiums are among some of the highest premiums. Nine times out of ten a standalone provider will offer the cheapest quote and provide one of the best quality policies to fall back on.
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Mortgage Protection insurance Plans
Mortgage protection insurance plans are a type of insurance coverage that allows you to keep up with your mortgage payments even when you have lost your job and main source of income. In the case of an unforeseen loss of income, meeting your mortgage payments will your top priority, after meeting your daily expenses. There are also mortgage protection plans that will pay off your mortgage if you should become disabled or pass away.
The Wisdom of Mortgage Protection Plans
Any savings that you have will quickly dwindle as you make payments for gas, food, and utility bills. State-sponsored unemployment insurance will only cover a small part of your expenses, leaving you financially vulnerable. In such a dire situation, a mortgage insurance plan can act as a protecti0n that helps you meet your monthly mortgage payments, and avoid defaulting.
Unexpected Needs for Mortgage Insurance Protection Plans
Mortgage protection insurance is not only for those who want to protect their payments from the effects of any downturn in their job situation. There are several other circumstances that can affect your income adversely.
For instance, being involved in an accident could have you hospitalized, and you can quickly find that any paid leave soon dries up. Similarly, a sudden illness like a heart attack that leaves you bedridden and unable to work for several days or weeks, could also take a toll on your earning capacity. A mortgage protection plan can help you meet these extraordinary situations with confidence.
Reviewing the Best Mortgage Insurance Plans for You
There are several mortgage protection insurance plans available out there. So, how do you go about choosing one that’s right for? First up, read the fine print. An insurance plan that only pays out accident disability mortgage insurance benefits may only cover you in the case of income loss due to disability in an accident. You may not be able to claim any benefits if you have been left incapacitated, say for instance, because of a severe illness.
Many plans only offer protection against death of the primary mortgage payer, or against his or her disability due to an accident. If you would like mortgage protection insurance plans that also allow for protection against an illness, look for a clause that confirms this in the fine print.
Also, know that many mortgage protection plans are set out to offer dwindling benefits as you proceed towards completion of your mortgage payment. Say, for instance, that you take an insurance plan for a $75,000 mortgage, and call in to claim benefits about five years later, when the mortgage amount has reduced to $15,000. You will receive a payout of $15,000. Instead, look for a plan that allows full benefits of mortgage insurance, no matter how far down the payment schedule you are.
Many mortgage protection insurance plans also tend to be non-transferable. You might want to look for a mortgage insurance plan that can be transferred from one mortgage to another. Many mortgage insurance policies are offered as a group plan, and this may be either good or not so good for you, depending on your health.
For instance, an overweight person with diabetes will be better off with a group plan in which his health risks are offset when spread out over the rest of the group. For a healthy person, a group plan may mean a higher premium than you could have gotten with an individual plan.
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The Wisdom of Mortgage Protection Plans
Any savings that you have will quickly dwindle as you make payments for gas, food, and utility bills. State-sponsored unemployment insurance will only cover a small part of your expenses, leaving you financially vulnerable. In such a dire situation, a mortgage insurance plan can act as a protecti0n that helps you meet your monthly mortgage payments, and avoid defaulting.
Unexpected Needs for Mortgage Insurance Protection Plans
Mortgage protection insurance is not only for those who want to protect their payments from the effects of any downturn in their job situation. There are several other circumstances that can affect your income adversely.
For instance, being involved in an accident could have you hospitalized, and you can quickly find that any paid leave soon dries up. Similarly, a sudden illness like a heart attack that leaves you bedridden and unable to work for several days or weeks, could also take a toll on your earning capacity. A mortgage protection plan can help you meet these extraordinary situations with confidence.
Reviewing the Best Mortgage Insurance Plans for You
There are several mortgage protection insurance plans available out there. So, how do you go about choosing one that’s right for? First up, read the fine print. An insurance plan that only pays out accident disability mortgage insurance benefits may only cover you in the case of income loss due to disability in an accident. You may not be able to claim any benefits if you have been left incapacitated, say for instance, because of a severe illness.
Many plans only offer protection against death of the primary mortgage payer, or against his or her disability due to an accident. If you would like mortgage protection insurance plans that also allow for protection against an illness, look for a clause that confirms this in the fine print.
Also, know that many mortgage protection plans are set out to offer dwindling benefits as you proceed towards completion of your mortgage payment. Say, for instance, that you take an insurance plan for a $75,000 mortgage, and call in to claim benefits about five years later, when the mortgage amount has reduced to $15,000. You will receive a payout of $15,000. Instead, look for a plan that allows full benefits of mortgage insurance, no matter how far down the payment schedule you are.
Many mortgage protection insurance plans also tend to be non-transferable. You might want to look for a mortgage insurance plan that can be transferred from one mortgage to another. Many mortgage insurance policies are offered as a group plan, and this may be either good or not so good for you, depending on your health.
For instance, an overweight person with diabetes will be better off with a group plan in which his health risks are offset when spread out over the rest of the group. For a healthy person, a group plan may mean a higher premium than you could have gotten with an individual plan.
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Want To Know How To Save Your Money Through Mortgage Protection Insurance
For those of you that are self-employed, another way to save money on your mortgage protection insurance is to opt out of the ‘unemployment’ part of the cover as this would reduce the cost of the policy which would most probably not pay out in this situation anyway.
The price of mortgage protection insurance is based on the size of your mortgage payment instead of the usual health, sex and age risk factors. There are a few policies which are age related and for those of you under 35 they would generally be cheaper than mortgage insurance protection policies that are not age related.
If you are thinking of switching your mortgage protection insurance from one provider to another, please check the new policy carefully as some policies have an initial exclusion period where you cannot claim, which is usually 3 to 6 months, in which case it’s best not to switch as you don’t want to be uncovered for up to 6 months.
Also some mortgage protection insurance policies won’t pay out if you have a per-existing medical condition or if it could be predicted that you were to become unemployed at the time of taking out the policy. If either of these are your current circumstances then it’s best not to switch.
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Importance of Mortgage Protection Insurance Plans
A number of areas are covered by mortgage protection plans. However, people can have the option to pick whichever the type and level of the mortgage protection plans you might need may it be on accidents, on illnesses, and for unemployment covers. If ever you encounter life threatening diseases and the likes or if you experienced some laying off at work, having a mortgage insurance plans or covers can assist you with these types of needs. With the mortgage protection cover, your monthly expenses and possibly some other related payments such as insurance premiums for your home are covered so should the worse happen, you can clear you mind of with worries should anything bad happen to you.
Another thing is that you also choose the type of monthly cover you need and you pay your premium as soon as the due date turns up. Once a set period of 12 months is done normally, most mortgage payment protection covers and insurance plans stop paying out but there are some however that makes payments for an even shorter period of time like even six months to be exact. Mortgage insurance plans are really important. Once you get to have your own mortgage insurance cover, you are very much sure that you are safe and that there will be no worries should you meet any unfortunate situations.
Compared to any other type of insurance covers there are premiums you need to pay when you decide to avail of a mortgage protection cover. The expenses of the insurance plan are expressed as a rate per £100 of monthly benefit and also consist of premium tax cover. The prices of the monthly insurance policy you need as well as the type of insurance policy you select are the two important factors which may determine your cover expenditures.
Given that mortgage insurance plans or covers are very important, there are certain criteria to be able acquire mortgage protection insurance covers. To be able to have one, one must be 18 years old because this is the universally known legal age. However, on should not exceed the age of 65 to be able to acquire one. Another criterion to get a mortgage insurance policy is that if you are a permanent resident and working within the UK, Isle of Man or Channel Islands and also qualify to receive jobseeker’s allowance. A person is eligible to acquire mortgage protection covers if you are availing of the Mortgage Payment Protection insurance cover in order to guard the mortgage on the personal housing property you currently are living in. Another important criterion is that you should be employed to be able to acquire this insurance cover.
For most people, it is not that easy to understand mortgage covers as it comes with a mass of stipulations but it is something you absolutely need to have an excellent grasp of before you avail so that you know what are covered and what are not on your mortgage protection policy.
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Another thing is that you also choose the type of monthly cover you need and you pay your premium as soon as the due date turns up. Once a set period of 12 months is done normally, most mortgage payment protection covers and insurance plans stop paying out but there are some however that makes payments for an even shorter period of time like even six months to be exact. Mortgage insurance plans are really important. Once you get to have your own mortgage insurance cover, you are very much sure that you are safe and that there will be no worries should you meet any unfortunate situations.
Compared to any other type of insurance covers there are premiums you need to pay when you decide to avail of a mortgage protection cover. The expenses of the insurance plan are expressed as a rate per £100 of monthly benefit and also consist of premium tax cover. The prices of the monthly insurance policy you need as well as the type of insurance policy you select are the two important factors which may determine your cover expenditures.
Given that mortgage insurance plans or covers are very important, there are certain criteria to be able acquire mortgage protection insurance covers. To be able to have one, one must be 18 years old because this is the universally known legal age. However, on should not exceed the age of 65 to be able to acquire one. Another criterion to get a mortgage insurance policy is that if you are a permanent resident and working within the UK, Isle of Man or Channel Islands and also qualify to receive jobseeker’s allowance. A person is eligible to acquire mortgage protection covers if you are availing of the Mortgage Payment Protection insurance cover in order to guard the mortgage on the personal housing property you currently are living in. Another important criterion is that you should be employed to be able to acquire this insurance cover.
For most people, it is not that easy to understand mortgage covers as it comes with a mass of stipulations but it is something you absolutely need to have an excellent grasp of before you avail so that you know what are covered and what are not on your mortgage protection policy.
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What Are The Changes In Your Mortgage Protection Insurance Policy If You Change Your Mortgage?
If you are topping up your mortgage, you could get a new mortgage protection policy for the total amount of your new mortgage, or just for the top-up amount. Compare the costs and benefits of both options. It may be cheaper to keep your original mortgage protection policy going, and buy another policy for the top-up amount. But check what it would cost you to cancel the original policy and replace it with a policy for the full amount of the new mortgage.
Whether you are topping up your mortgage or extending the term and need to get a new policy, you may find that your premium is higher than the last time you took out cover. This is because you are older and your age affects your premium. However, if you have given up smoking, or if rates have come down since the last time you applied for cover, you may be able to get cheaper cover.
It is worth shopping around to see which provider gives the best value – use our life insurance cost comparison to help you.
If you switch your mortgage, your options depend on whether you have your own policy or a group policy through your lender.
If you have your own policy, you can simply transfer it to your new lender. The premium and level of cover will be the same as before, as long the amount you borrow and the term of your mortgage does not change.
If you have a policy through your lender’s group scheme, your lender will cancel the policy when you switch your mortgage. So, you will have to apply for cover again and it may cost you more, as you will be older than when you first took out the policy. And if you are not in good health, you will have to pay a higher premium or you may not be able to get cover at all. Before you switch your mortgage, make sure that you can get mortgage protection insurance if your current mortgage protection is through your lender’s scheme.
If you pay off your mortgage earlier than planned, you can:
cancel your mortgage protection coverand pay no further premiums or
Keep the policy and pay premiums until the original end date.
If you decide to cancel the mortgage protection cover, always check with the insurance company that the policy has been cancelled. Where the policy has been arranged through your lender, your lender will cancel the mortgage protection policy on your behalf but you may want to check to make sure. If the policy has not been cancelled by your lender, ask the insurance company what your lender needs to do to ensure the policy is cancelled and no more premiums are collected from you. Also make sure that if you have been paying premiums by direct debit, that you cancel the direct debit in writing.
If you pay off your mortgage earlier than planned, it is a good time to consider whether you need additional life insurance. If you decide to keep your existing policy, it would no longer need to be used to clear your mortgage. So any benefit would be paid to your dependents if you died before the policy finished. This could be a useful source of extra life cover. On the other hand, you may decide to take out new life insurance, depending on your age and state of health.
You may not have this option of keeping your mortgage protection policy if it was taken out through a group policy with your lender, as they will usually close off the policy when your mortgage is cleared.
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Whether you are topping up your mortgage or extending the term and need to get a new policy, you may find that your premium is higher than the last time you took out cover. This is because you are older and your age affects your premium. However, if you have given up smoking, or if rates have come down since the last time you applied for cover, you may be able to get cheaper cover.
It is worth shopping around to see which provider gives the best value – use our life insurance cost comparison to help you.
If you switch your mortgage, your options depend on whether you have your own policy or a group policy through your lender.
If you have your own policy, you can simply transfer it to your new lender. The premium and level of cover will be the same as before, as long the amount you borrow and the term of your mortgage does not change.
If you have a policy through your lender’s group scheme, your lender will cancel the policy when you switch your mortgage. So, you will have to apply for cover again and it may cost you more, as you will be older than when you first took out the policy. And if you are not in good health, you will have to pay a higher premium or you may not be able to get cover at all. Before you switch your mortgage, make sure that you can get mortgage protection insurance if your current mortgage protection is through your lender’s scheme.
If you pay off your mortgage earlier than planned, you can:
cancel your mortgage protection coverand pay no further premiums or
Keep the policy and pay premiums until the original end date.
If you decide to cancel the mortgage protection cover, always check with the insurance company that the policy has been cancelled. Where the policy has been arranged through your lender, your lender will cancel the mortgage protection policy on your behalf but you may want to check to make sure. If the policy has not been cancelled by your lender, ask the insurance company what your lender needs to do to ensure the policy is cancelled and no more premiums are collected from you. Also make sure that if you have been paying premiums by direct debit, that you cancel the direct debit in writing.
If you pay off your mortgage earlier than planned, it is a good time to consider whether you need additional life insurance. If you decide to keep your existing policy, it would no longer need to be used to clear your mortgage. So any benefit would be paid to your dependents if you died before the policy finished. This could be a useful source of extra life cover. On the other hand, you may decide to take out new life insurance, depending on your age and state of health.
You may not have this option of keeping your mortgage protection policy if it was taken out through a group policy with your lender, as they will usually close off the policy when your mortgage is cleared.
Auto Insurance
http://safeinsurance1.blogspot.com/
Islamic mortgages
Islamic Sharia law prohibits the payment or receipt of interest, meaning that Muslims cannot use conventional mortgages. However, real estate is far too expensive for most people to buy outright using cash: Islamic mortgages solve this problem by having the property change hands twice. In one variation, the bank will buy the house outright and then act as a landlord. The homebuyer, in addition to paying rent, will pay a contribution towards the purchase of the property. When the last payment is made, the property changes hands.[citation needed]
Typically, this may lead to a higher final price for the buyers. This is because in some countries (such as the United Kingdom and India) there is a Stamp Duty which is a tax charged by the government on a change of ownership. Because ownership changes twice in an Islamic mortgage, a stamp tax may be charged twice. Many other jurisdictions have similar transaction taxes on change of ownership which may be levied. In the United Kingdom, the dual application of Stamp Duty in such transactions was removed in the Finance Act 2003 in order to facilitate Islamic mortgages.[19]
An alternative scheme involves the bank reselling the property according to an installment plan, at a price higher than the original price.
Both of these methods compensate the lender as if they were charging interest, but the loans are structured in a way that in name they are not, and the lender shares the financial risks involved in the transaction with the homebuyer.
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Typically, this may lead to a higher final price for the buyers. This is because in some countries (such as the United Kingdom and India) there is a Stamp Duty which is a tax charged by the government on a change of ownership. Because ownership changes twice in an Islamic mortgage, a stamp tax may be charged twice. Many other jurisdictions have similar transaction taxes on change of ownership which may be levied. In the United Kingdom, the dual application of Stamp Duty in such transactions was removed in the Finance Act 2003 in order to facilitate Islamic mortgages.[19]
An alternative scheme involves the bank reselling the property according to an installment plan, at a price higher than the original price.
Both of these methods compensate the lender as if they were charging interest, but the loans are structured in a way that in name they are not, and the lender shares the financial risks involved in the transaction with the homebuyer.
Auto Insurance
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Mortgage loan types
There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements.
Interest: interest may be fixed for the life of the loan or variable, and change at certain pre-defined periods; the interest rate can also, of course, be higher or lower.
Term: mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.
Payment amount and frequency: the amount paid per period and the frequency of payments; in some cases, the amount paid per period may change or the borrower may have the option to increase or decrease the amount paid.
Prepayment: some types of mortgages may limit or restrict prepayment of all or a portion of the loan, or require payment of a penalty to the lender for prepayment.
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as a floating rate or variable rate mortgage). In many countries (such as the United States), floating rate mortgages are the norm and will simply be referred to as mortgages. Combinations of fixed and floating rate are also common, whereby a mortgage loan will have a fixed rate for some period, and vary after the end of that period.
In a fixed rate mortgage, the interest rate, and hence periodic payment, remains fixed for the life (or term) of the loan. Therefore the payment is fixed, although ancillary costs (such as property taxes and insurance) can and do change. For a fixed rate mortgage, payments for principal and interest should not change over the life of the loan,
In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically (for example, annually or monthly) adjust up or down to some market index. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive. Since the risk is transferred to the borrower, the initial interest rate may be from 0.5% to 2% lower than the average 30-year fixed rate; the size of the price differential will be related to debt market conditions, including the yield curve.
The charge to the borrower depends upon the credit risk in addition to the interest rate risk. The mortgage origination and underwriting process involves checking credit scores, debt-to-income, downpayments, and assets. Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates. Other innovations described below can affect the rates as well.
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Interest: interest may be fixed for the life of the loan or variable, and change at certain pre-defined periods; the interest rate can also, of course, be higher or lower.
Term: mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.
Payment amount and frequency: the amount paid per period and the frequency of payments; in some cases, the amount paid per period may change or the borrower may have the option to increase or decrease the amount paid.
Prepayment: some types of mortgages may limit or restrict prepayment of all or a portion of the loan, or require payment of a penalty to the lender for prepayment.
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as a floating rate or variable rate mortgage). In many countries (such as the United States), floating rate mortgages are the norm and will simply be referred to as mortgages. Combinations of fixed and floating rate are also common, whereby a mortgage loan will have a fixed rate for some period, and vary after the end of that period.
In a fixed rate mortgage, the interest rate, and hence periodic payment, remains fixed for the life (or term) of the loan. Therefore the payment is fixed, although ancillary costs (such as property taxes and insurance) can and do change. For a fixed rate mortgage, payments for principal and interest should not change over the life of the loan,
In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically (for example, annually or monthly) adjust up or down to some market index. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive. Since the risk is transferred to the borrower, the initial interest rate may be from 0.5% to 2% lower than the average 30-year fixed rate; the size of the price differential will be related to debt market conditions, including the yield curve.
The charge to the borrower depends upon the credit risk in addition to the interest rate risk. The mortgage origination and underwriting process involves checking credit scores, debt-to-income, downpayments, and assets. Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates. Other innovations described below can affect the rates as well.
Auto Insurance
http://safeinsurance1.blogspot.com/
Mortgage loan basics
Basic concepts and legal regulation
According to Anglo-American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property.[3]
As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk.
Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar:
Property: the physical residence being financed. The exact form of ownership will vary from country to country, and may restrict the types of lending that are possible.
Mortgage: the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase home insurance and mortgage insurance, or pay off outstanding debt before selling the property.
Borrower: the person borrowing who either has or is creating an ownership interest in the property.
Lender: any lender, but usually a bank or other financial institution. Lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.[4]
Principal: the original size of the loan, which may or may not include certain other costs; as any principal is repaid, the principal will go down in size.
Interest: a financial charge for use of the lender's money.
Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan.
Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system.
Mortgage loans are generally structured as long-term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possible and common worldwide and within each country.
Lenders provide funds against property to earn interest income, and generally borrow these funds themselves (for example, by taking deposits or issuing bonds). The price at which the lenders borrow money therefore affects the cost of borrowing. Lenders may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower, often in the form of a security (by means of a securitization).
Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose and recoup some or all of its original capital; and the financial, interest rate risk and time delays that may be involved in certain circumstances.
Auto Insurance
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According to Anglo-American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property.[3]
As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk.
Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar:
Property: the physical residence being financed. The exact form of ownership will vary from country to country, and may restrict the types of lending that are possible.
Mortgage: the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase home insurance and mortgage insurance, or pay off outstanding debt before selling the property.
Borrower: the person borrowing who either has or is creating an ownership interest in the property.
Lender: any lender, but usually a bank or other financial institution. Lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.[4]
Principal: the original size of the loan, which may or may not include certain other costs; as any principal is repaid, the principal will go down in size.
Interest: a financial charge for use of the lender's money.
Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan.
Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system.
Mortgage loans are generally structured as long-term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possible and common worldwide and within each country.
Lenders provide funds against property to earn interest income, and generally borrow these funds themselves (for example, by taking deposits or issuing bonds). The price at which the lenders borrow money therefore affects the cost of borrowing. Lenders may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower, often in the form of a security (by means of a securitization).
Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose and recoup some or all of its original capital; and the financial, interest rate risk and time delays that may be involved in certain circumstances.
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What is Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
In many jurisdictions, though not all (Bali, Indonesia being one exception[1]), it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets have developed.
The word mortgage is a Law French term meaning "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
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A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
In many jurisdictions, though not all (Bali, Indonesia being one exception[1]), it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets have developed.
The word mortgage is a Law French term meaning "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
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Mortgage Definition
Definition: A mortgage is an agreement to give up an interest in something if you fail to perform some duty. In many cases, it means that you'll give up your home if you fail to repay your home loan as agreed. You can use mortgage as a verb, meaning "to pledge".
Mortgage and "home loan" are often used interchangeably. However, the mortgage is really the agreement that makes your home loan work -- the bank wouldn't lend you hundreds of thousands of dollars unless they knew they could claim your home in the event of your default.
Auto Insurance
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Mortgage and "home loan" are often used interchangeably. However, the mortgage is really the agreement that makes your home loan work -- the bank wouldn't lend you hundreds of thousands of dollars unless they knew they could claim your home in the event of your default.
Auto Insurance
http://safeinsurance1.blogspot.com/
Auto insurance
Coverage typically includes:
1) Property coverage, for damage to or theft of the car;
2) Liability coverage, for the legal responsibility to others for bodily injury or property damage;
3) Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Most countries, such as the United Kingdom, require drivers to buy some, but not all, of these coverages. When a car is used as collateral for a loan the lender usually requires specific coverage.
Home insurance
Health insurance
Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In the US and Canada, dental insurance is often part of an employer's benefits package, along with health insurance.
Accident, sickness and unemployment insurance
Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities.
Long-term disability insurance covers an individual's expenses for the long term, up until such time as they are considered permanently disabled and thereafter. Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled.
Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.
Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.
Life Insurance
Life insurance provides a monetary benefit to a descendant's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.
In many countries, such as the US and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.
In the US, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation.
[edit]
Burial insurance
Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. The Greeks and Romans introduced burial insurance circa 600 AD when they organized guilds called "benevolent societies" which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times.
Casualty
Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances.
Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss.
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Insurance companies of Pakistan
1) Beema-Pakistan Company
Type Public (KSE: BEEM)
Founded 1960
Headquarters Karachi, Pakistan
Website www.beemapakistan.com
The Beema-Pakistan Company Limited was incorporated in 1960 as Khyber Insurance Company Limited. The institution withstood the turbulence, regression and stagnation in the domestic market. In 1994, It was renamed Heritage Insurance Company Limited. But failed to reassert its former place in the market as a leader. On November 22, 2000 infusion of new capital, management, and a new name, Beema-Pakistan has made a new debut. Its Head Office located in Karachi, Pakistan.
2) State Life
Type Government Organization
Industry Life Insurance
Founded 1972
Headquarters Karachi, Pakistan
Key people Shahid Aziz Siddiqi (Chairman)
Products Life insurance
Pensions
Annuities
Total assets Rs.200 Billion
Owner(s) Government of Pakistan
Employees 4,167+ (2009)
Website www.statelife.com.pk
The corporation is headed by chairman who is a chief executive of the corporation and appointed by the Government of Pakistan. Presently, Shahid Aziz Siddiqi is the chairman of the Corporation. Mr. Shahid Aziz Siddiqi, assumed the charge of the Chairman, State Life in June 2008. During his tenure, Corporation has achieved many historic achievements.
3) Lakson Group
Founded 1954
Headquarters Karachi, Sindh
Pakistan
Key people Iqbal Ali Lakhani (Chairman)
Amin Lakhani
Sultan Ali Lakhani
Zulfiqar Lakhani
Employees .
Website http://www.lakson.com.pk/
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Type Public (KSE: BEEM)
Founded 1960
Headquarters Karachi, Pakistan
Website www.beemapakistan.com
The Beema-Pakistan Company Limited was incorporated in 1960 as Khyber Insurance Company Limited. The institution withstood the turbulence, regression and stagnation in the domestic market. In 1994, It was renamed Heritage Insurance Company Limited. But failed to reassert its former place in the market as a leader. On November 22, 2000 infusion of new capital, management, and a new name, Beema-Pakistan has made a new debut. Its Head Office located in Karachi, Pakistan.
2) State Life
Type Government Organization
Industry Life Insurance
Founded 1972
Headquarters Karachi, Pakistan
Key people Shahid Aziz Siddiqi (Chairman)
Products Life insurance
Pensions
Annuities
Total assets Rs.200 Billion
Owner(s) Government of Pakistan
Employees 4,167+ (2009)
Website www.statelife.com.pk
The corporation is headed by chairman who is a chief executive of the corporation and appointed by the Government of Pakistan. Presently, Shahid Aziz Siddiqi is the chairman of the Corporation. Mr. Shahid Aziz Siddiqi, assumed the charge of the Chairman, State Life in June 2008. During his tenure, Corporation has achieved many historic achievements.
3) Lakson Group
Founded 1954
Headquarters Karachi, Sindh
Pakistan
Key people Iqbal Ali Lakhani (Chairman)
Amin Lakhani
Sultan Ali Lakhani
Zulfiqar Lakhani
Employees .
Website http://www.lakson.com.pk/
Auto Insurance
http://safeinsurance1.blogspot.com/
If You’re Considering Insurance Coverage, Contact Our Local Agency for an Affordable Quote.
If You’re Considering Insurance Coverage, Contact Our Local Agency for an Affordable Quote.
Thank you for visiting Doug Ware Insurance Agency, Inc., your local Auto-Owners Insurance agency! As independent Auto-Owners agents, we have been protecting families and businesses since 1916. Rated A++ (Superior) by A.M. Best, we are dedicated to meeting your individual needs by designing an insurance plan with you in mind. When you need us, we offer “No Problem®" Claim Service at more than 80 claim offices in 26 states – each office prepared to assist you with matters ranging from auto and home insurance to life and business insurance.
Doug Ware Insurance is an agency you can trust to give you the very best service for your auto, home and commercial insurance needs. Our agency has been in Madison Heights since 1990, and has truly provided outstanding service to the community. Our quality products and services are tailored to suit the individual needs of those we are priviledged to serve. Our seasoned staff is courteous and well-trained, and we strive to gain a thorough understanding of our clients needs, goals and concerns; always placing their needs and interests first.
We Provide Various Forms of Insurance Designed to Be There When You Need Them Most.
Don’t let the name fool you: Auto-Owners Insurance is in the business of protecting all aspects of your life, including:
Car Insurance: Whether you’re interested in motorcycle, motor home or automobile insurance, we can craft the perfect policy for you. In addition to competitive pricing and flexible coverage options, we offer discounts on multiple policies and multiple vehicles, as well as safety discounts.
Home Insurance: We provide comprehensive, flexible protection for your home, including:
Homeowners
Condominium
Renters
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Dwelling Fire (e.g., Rental Home)
Life Insurance: We can help protect your family with term life and whole life insurance, long-term care insurance, annuities, and more. All life insurance products provided by Auto-Owners Life Insurance Company are rated A+ (Excellent) by A.M. Best.
Business Insurance: Protect yourself, your business, and your business properties with Auto-Owners Business Insurance. Tell us about your business, and we can create a detailed plan that will provide comprehensive business protection. We can cover all your business insurance needs, including:
Commercial Building
Commercial Automobile
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Commercial Umbrella
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Garage Liability
Auto Insurance
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Thank you for visiting Doug Ware Insurance Agency, Inc., your local Auto-Owners Insurance agency! As independent Auto-Owners agents, we have been protecting families and businesses since 1916. Rated A++ (Superior) by A.M. Best, we are dedicated to meeting your individual needs by designing an insurance plan with you in mind. When you need us, we offer “No Problem®" Claim Service at more than 80 claim offices in 26 states – each office prepared to assist you with matters ranging from auto and home insurance to life and business insurance.
Doug Ware Insurance is an agency you can trust to give you the very best service for your auto, home and commercial insurance needs. Our agency has been in Madison Heights since 1990, and has truly provided outstanding service to the community. Our quality products and services are tailored to suit the individual needs of those we are priviledged to serve. Our seasoned staff is courteous and well-trained, and we strive to gain a thorough understanding of our clients needs, goals and concerns; always placing their needs and interests first.
We Provide Various Forms of Insurance Designed to Be There When You Need Them Most.
Don’t let the name fool you: Auto-Owners Insurance is in the business of protecting all aspects of your life, including:
Car Insurance: Whether you’re interested in motorcycle, motor home or automobile insurance, we can craft the perfect policy for you. In addition to competitive pricing and flexible coverage options, we offer discounts on multiple policies and multiple vehicles, as well as safety discounts.
Home Insurance: We provide comprehensive, flexible protection for your home, including:
Homeowners
Condominium
Renters
Mobile Homeowners
Dwelling Fire (e.g., Rental Home)
Life Insurance: We can help protect your family with term life and whole life insurance, long-term care insurance, annuities, and more. All life insurance products provided by Auto-Owners Life Insurance Company are rated A+ (Excellent) by A.M. Best.
Business Insurance: Protect yourself, your business, and your business properties with Auto-Owners Business Insurance. Tell us about your business, and we can create a detailed plan that will provide comprehensive business protection. We can cover all your business insurance needs, including:
Commercial Building
Commercial Automobile
Business Liability
Commercial Umbrella
Workers Compensation
Garage Liability
Auto Insurance
http://safeinsurance1.blogspot.com/
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