Affordable Life Insurance Without the Health Exam

If you're an adult, chances are you're in debt. What would happen to that debt if you should die unexpectedly? It's not likely your debtors would write it off. It's far more likely they'll pursue your estate or surviving spouse to recoup the debt. And money taken from your estate is money taken from your survivors - be they a spouse, children, parents or even siblings.

"If you have debt that will survive you, you need life insurance to protect loved ones left behind," says Scott Luchesi, president of Garden State Life Insurance. "In today's economic climate, where debt is more prevalent than at any other time in our history, life insurance is a must for virtually every debt-carrying adult."

Life insurance is no longer a families-only financial planning tool. Increasingly savvy young, single professionals are also opting for life insurance as a way to ensure that their student loans, credit card debt, car loans and other debts won't diminish the estate they may leave behind to parents, siblings or other survivors. Families also continue to rely on life insurance to replace the deceased's income, pay off mortgages and provide for children's education.

Stiff competition in the insurance industry has created a new crop of affordable, exam-free term products, like Garden State's BudgetGard. These are continuing to grow in popularity as more consumers realize that term life provides the best coverage value for their money, and is more convenient and less intrusive than applying for a life insurance policy that requires a medical exam.

"With term life, you purchase a policy with affordable monthly premiums for a specific term," says Luchesi. "If you die during that term, your beneficiary receives the full policy value, just as they would with a whole life policy. The advantage to you is that the premiums are generally far lower for term than with other types of policies, and you can use that savings in premium to apply more money towards reducing your debt more quickly or saving for your future."

With BudgetGard term life, you won't need to take a health exam and your premium is guaranteed not to increase for the level premium period you choose - one, seven, 15 or even 20 years.

To obtain a fast, free quote for term life insurance, visit www.budgetgard.com

Claims That Boost Your Insurance Rates

When should you make an insurance claim?

For many, the answer is a no-brainer: "Whenever I have an accident or suffer damage to my house or car."

Unfortunately, the decision about whether to file a claim is rarely so simple. In some cases, making a claim may cause an insurance company to raise your rates.

In other instances, the decision to file a claim could put your name into a database that makes it difficult to get or maintain coverage in the future.

Insurance is there to give you peace of mind and to restore a damaged car or property to its original state.

Click here for the full article.

7 Health Insurance Secrets You Should Know

Health insurance companies like to save money, and they have secret ways of doing it. Here’s how to win out when they don’t want to pay:

1) Out-of-network providers. If you purposely use an out-of-network doctor, you’re probably going to have to pay. But if you had no choice, such as when the hospital chooses the anesthesiologist, you may fall under the “I had no say, so I don’t have to pay” rule, in which the insurer most often has to pony up. You may also find that your insurer is using an out-of-date network provider list – you can often find a current list for your network posted on the Internet. Check it out and inform your insurer if your doctor is indeed on the list.

2) Your insurer says you’re not covered for certain benefits, such as infertility coverage. Some states require coverage for some benefits, but not others. The best way to find out for sure is to check with your state insurance commissioner.

3) Your company isn’t paying, but is requesting releases to view your medical history. They may be fishing – that is, they may be trying to catch you out on an omission when you first applied for insurance with them. Stall, and don’t sign. Most review processes last 60 to 90 days, and after that time they pay.

4) Your insurer says you received treatment that’s not covered, such as massage sessions for lower back pain. Ask your doctor to tell the insurer he’s going to file a complaint with the state medical board. But don’t try to file a complaint yourself, since you may do more to hurt your case than help it.

5) If you think you need a test, do some research on the Internet and talk up your symptoms with your doctor. Most insurers pay when a patient has physical complaints doctors can’t ignore.

6) Get drugs cheaper. Buy generics. If they don’t make them, try mail ordering drugs, which is often less expensive. When all else fails, if you’re using a medicine long-term, such as for allergies, try to get your physician to write a prescription for several months supply, thereby avoiding extra co-pays.

7) If your insurer absolutely refuses to cover an illness or operation, try a patient advocate. Advocates make their money by helping you, and usually request only a small retainer fee up front. To find one, contact the Patient Advocate Foundation, or check with a medical association connected with a particular condition, such as the Multiple Myeloma Association.

Many Unprepared For Retirement Healthcare

Forty-four percent of U.S. adults say they are guessing how much money they'll need in retirement and many underestimate healthcare costs, a study says.

The survey by the Center for Retirement Research at Boston College found that there is a large increase in the number of working Americans who likely won't be financially prepared to retire -- largely due to the escalating cost of healthcare.

The National Retirement Risk Index, released today by the Center for Retirement Research showed that 61 percent of today's workers will be at risk for not being financially prepared to retire -- a 17-point increase from the previous index in July 2007.

A 2007 study by the Employee Benefit Research Institute said that couples need to save about $300,000 in retirement to cover health expenses, assuming they live to average life expectancy and Medicare benefits remain at current levels.

"Medical expenses have increased 43 percent in the last five years and will likely increase at a higher rate compared to overall consumer spending," Paul Ballew of Nationwide, a Columbus insurance and financial services organization, said in a statement. "And, healthcare now accounts for more than 20 percent of all personal spending; double what it was in 1970."

Auto Insurers In Texas Raising Their Rates

Customers of the Texas'largest auto insurers are seeing rates jump this year anywhere from an average 1.8 percent to an average 12.4 percent. Farmers, State Farm County Mutual, Allstate Indemnity and Mid-Century began notifying state regulators about the increases in late December.

Under the file-and-use system adopted in 2003, insurers can implement rates immediately after filing them with the department, which then can challenge them upon review and demand refunds. The insurance companies say the rate increases are necessary because of higher anticipated losses.

State Farm County Mutual Insurance Co.'s 5.5 percent statewide average increase affects 6 percent of State Farm's 3 million auto customers in Texas. State Farm County Mutual Insurance Co.'s 5.5 percent statewide average increase affects 6 percent of State Farm's 3 million auto customers in Texas. The increase is being implemented on all new and renewing customers effective Dec. 31. Customers of State Farm's other much larger unit, State Farm Mutual Automobile Insurance Co., will not see a rate increase.

Farmers is imposing a 9.9 percent statewide average increase; and Mid-Century, which is a Farmers unit, is raising its rates an average 4.5 percent. Both went into effect Friday for existing and new customers.

Allstate's statewide average 12.4 percent increase goes into effect March 7 for existing customers of the company's subsidiary Allstate Fire and Casualty Insurance Co., which insures about 420,0000 policyholders and is the only Allstate unit in Texas taking new auto customers. Allstate Indemnity customers, which insures many of the company's 1.9 million other customers, will see an average 1.8 percent increase. Allstate last increased rates 3 percent in July.

This year, the company also increased a discount to 5 percent from 2 percent for customers who have their payments automatically deducted from their checking or savings accounts.

Eight Things You Should Know About Auto Insurance

From Insurance.com


Dealing with the ins and outs of auto insurance can be as tricky and confusing as trying to untie the Gordian knot. Although we can`t help you with the knotty Gordian problem, the following recommendations could help you figure out some of the more complicated points of auto insurance.
1) Determine appropriate coverage.
Help control the price you pay, just ask American Insurance Association executive Dave Snyder. For example, Snyder notes that half of your auto insurance bill covers liability and "that has to do with how you are going to use the vehicle, such as for commuting to work and your driving record. If you`ve got a clean driving record, you figure to pay less for insurance than you would if you had a speeding ticket on your record. You can control the other half of your premium which covers damage or loss to your vehicle, comprehensive and collision coverage."

2) Shop around for insurance.
"In most states," Snyder reports, "there are hundreds of insurers competing for business, so it`s possible to save hundreds of dollars by obtaining quotes from different auto insurance providers." Picking up on Snyder`s theme is his AIA colleague, Nicole Mahrt. Mahrt urges you to work with your insurance provider to get more than one quote. "It pays you to shop around, especially if you feel you`ve been paying too much."

3) Look for insurance discounts.
"Many insurers will give you a discount if you buy two or more types of insurance from them, for example auto and home insurance," confirms John Marchioni, senior vice president of Personal Lines for Selective Insurance, in Branchville, N.J. More cost-saving suggestions from Marchioni: "Ask about discounts for air bags, anti-lock brakes, daytime running lights and anti-theft devices."

4) Consider taking a higher deductible.
"You could lower your insurance bill by increasing your deductible," Mahrt says. "But just make sure you can pay the higher deductible if you file a claim."

5) Look into "stacking" coverages if you file an insurance claim.
Insurance trade group officer Daniel Kummer explains that stacking uninsured/underinsured motorist coverages means "you can collect from more than one of your auto insurance policies. Most states prohibit this practice, but there are about 19 states that either allow stacking or don't address the issue either through legislation or litigation," according to Kummer, director of personal insurance for the Property Casualty Insurers Association of America. "Be sure to check your auto insurance contract to see if it's allowed. "Be advised that you`ll likely pay a higher insurance premium if you have stacked coverage. "It could be 10% to 30% more depending on the litigious nature of the state in which you reside," says Kummer.

6) Check with your insurance provider BEFORE buying a car.
"Your premium is based in part on the car`s sticker price, the cost to repair it, its safety record and the likelihood of theft," answers Selective`s John Marchioni. Remember to avoid shopping by price alone. "You want an agent and a company that answer your questions and handle claims fairly and efficiently," emphasizes Marchioni, senior vice president of Personal Lines for Selective Insurance.

7) Notify your auto insurance company as soon as you change companies.
"Be sure to cancel your old policy," suggests PCI`s Dan Kummer. "Do it the same day, but don`t cancel your old policy until you`ve lined up a new contract. That`s important because some states like New York will fine you for the number of days you go without insurance." One last thought from Kummer on the subject: "Most auto insurers specify in your contract that you can terminate your policy any time you want by informing your company in writing about the date you wish that coverage be terminated or you can do that over the phone.

8) Pick the insurance payment option that best fits your budget.
"Generally, most companies will give you the ability to pay over time, but that comes at a price," says Kummer. "Your payment could increase a few dollars each time you pay by installment. Insurers can accept payments monthly, quarterly, or every six months, what ever is most convenient for you. Remember, though, that the more you break down your payments, the more the cost adds up."

Health Plans Could Share More Information

Health insurance plans could do a better job of sharing important information with their customers, enhancing patient safety, a U.S. report said.

The eValue8 report of health plan performance released at the National Business Coalition on Health's annual conference in Scottsdale, Ariz., includes data on 200 health plans and health insurers that cover 100 million Americans.

A survey by the National Business Coalition on Health found 100 percent of the health plans said they offer provider directories, 58 percent of health plans indicated they provide information on office hours and 60 percent said they provide publicly available, evidence-based measures of quality.

However, 28 percent provide mortality or complication rates where applicable and 31 percent provide patient experience data.

Consumers are rarely informed about which physicians have adopted health information technology (i.e. computerized records), 28 percent of plans provide information on a physician's accessibility of e-mail communications, 15 percent include information on availability of Web consultations and 10 percent include information on prescribing.