Essential Things to Know About Life and Disability Insurance

Life is unpredictable, and no one can predict what will happen in the future. Sometimes, things go so well that we forget how unpredictable life can be. With just one unexpected event, one can lose most of the support they have, and find themselves in a life-threatening situation. Whether it be a car accident, a medical condition that appears, or simply old age, there are many ways one can pass away.

While we cannot control life, nor predict it, we can prepare for it. Most of the problems we face in life come from a lack of adequate funds. Whether illness, sadness, lack of or opportunities, financial resources play a significant role.

If you are the primary breadwinner for your family, an injury or death could put you in a financial hole. While your employment may stop, the bills won’t, you or your family may have outstanding debts or medical expenses. Without your monthly income to support them, they might risk financial hardship.

This is why it is crucial to know the essentials of policies like life and disability insurance. One way to prepare for the unexpected is by getting aninsurance policy. Two types of policies are important to consider: life insurance and disability insurance. They help secure you and your family financially if disaster strikes. They allow you to prepare for the worst-case scenario, while ensuring that you leave your loved ones with the right support and financial resources in their time of need.

What is Insurance?

Insurance is the guarantee of financial buffer for a person upon the occurrence of an unforeseen situation. There are different kinds of insurance to cover various aspects of living. It is pretty easy to access any insurance, as many organizations offer insurance protection.

The fundamental elements of an insurance agreement are:

  • The parties (the insurer and the policyholder)
  • The beneficiary of the insurance (which can also be the policyholder)
  • The subject matter of the insurance
  • The duration of the insurance
  • The possibility of termination
  • The amount payable as premium and the frequency of payment

Insurance is an agreement between the insured and the insurer (usually a company), whereby the insured agrees to pay an amount of money, known as the insurance premium, to the company regularly based on the promise that the insurer will pay him or his beneficiary a particular amount of money on the occurrence of an event.

You can take out insurance policies for cars, homes, expensive mobile phones, disability, life, and anything that one has the possibility of losing.

What is Disability Insurance?

This is an insurance policy to prepare for the unpredictable health events. Statistics show that almost 50% of adults would have some lifelong illness at some time in their lives. Since we cannot tell whether we would be among that percentage, it is better to prepare for it.

This insurance policy deals with possibilities that could happen while we are alive that stop us from working. This could be a chronic disease, body failures, illness, injury, etc. Instead of being cut off totally from receiving the monthly salary we did receive when we were working; we received 40-60% of the salary for some time until the time we specify or when we are back on our feet.

How Does It Work?

  • This insurance plan can be for the short term or the long term. The short term is often between ninety days to two years when the illness or event happened. On the other hand, the long term is often beyond two years.
  • Where the policyholder has both the short term and the long term plans, the long term only starts after the short term.
  • This insurance plan ensures that the policyholder can afford their lifestyle and extra health commitments even after losing their job.
  • It is a plan that is shaped similar to the salary structure as it is paid monthly. Only half of the original salary is paid because the insurance companies wouldn’t want people to stop working because they know that some money somewhere can pay them the same amount they earn.

Who Manages Your Disability Insurance Plan?

  • Employer – Where you had an accident in the workplace that prevents you from working, and the country has an employee compensation law in place, the employer is entitled to pay you some money as an employee compensation fund.
  • State and Country – Sometimes, your state or country might have laws to cater to individuals’ jobs by paying them some stipends periodically.
  • Insurance company – They administer the disability ensure plan, perform medical examinations, collect premium payments, and ensure insurance payment payouts in the case of a disability event

Even where the other parties are willing to pay stipends, it is essential to have your plan. This is where the insurance company comes in. You pay periodic premiums for your insurance policy to enjoy it when you need it.

Top Things to Keep in Mind When Accessing Disability Insurance

Here are some of the most important things to keep in mind about disability insurance.

  1. If you or other people depend on your income, you need it

If an injury affects you or your family a lot financially, you need disability insurance. Long injuries which last several months may bankrupt you if you don’t have disability insurance.

  1. The policy replaces a portion of your total income

If you are unable to earn due to being ill or injured, disability insurance will help you significantly. It will ensure you can pay essential expenses. These may include medical bills, groceries, utilities, and even home or car payments.

  1. Most long-term conditions are due to illnesses

Why it is true that a disability may occur due to an accident, is not usually the case. Most of the time, the inability to work is caused by an illness.

  1. You should get it even if you are healthy and young

Statistically, almost 1 in 4 young adults of today will face some sort of disability before the age of 67. Additionally getting disability insurance is also way cheaper when you are young and healthy.

  1. The risk of disability in your working years is significant

The risk that you may face some sort of disability during your career is higher than people realize. An average person who is 20 years old is more likely to be disabled than to pass away. Disability insurance will make sure to cover your expenses if this does happen.

What is Life Insurance?

This kind of insurance policy tries to prepare for the inevitable. Everyone must die; however, there is no one that knows when each person will die. We need this insurance policy to make our demise easy on our loved ones and dependents and ensure our death does not spell financial doom to them and their lifestyle.

This policy helps provide financial support to our loved ones and dependents when and after we have died. It helps to care for our children’s education, support our partners, and help other persons who depend on us financially. We would not love to leave them stranded when we are gone, which this policy aims to achieve.

Life insurance is all about protecting your family’s financial future in case of your death. When you are gone, your family may run into financial troubles. Life insurance can help them take care of mounting bills; settle any debts or handle end-of-life expenses that you leave behind.

How Does ItWork?

  • This insurance policy has two kinds of plans, dependent on the length the policy would last: term or whole. It is a term plan when the insurance policy starts after the policy holder’s death and ends after a specific time. The whole plan is when the insurance policy starts after the policy holder’s death and continues throughout the beneficiary’s life.
  • The policyholder must have been consistent in the payment of his premium while he was alive, to ensure that this policy is accessible to his beneficiary. The premium is calculated using a number of factors including the health status, lifestyle habits, financial status, current age, and a few others of the policyholder.
  • The beneficiaries are the policyholder children. The insurance plan can last until the children are adults and can take care of themselves. The plan could also cover spouses where the other spouse does not work, or most expenses are paid jointly.

Top Things to Keep in Mind When Accessing Life Insurance

Here are some of the key points to remember when buying a life insurance policy:

  1. Your current financial situation is important

Analyzing your current finances is essential for considering which life insurance policy suits you best. Take time to look at what assets you have that could help your family financially. After checking you may be better able to decide which policy will suit you best.

  1. Know how much coverage will be enough

It is easy to underestimate how much life insurance you will need. People usually just consider things like major debts. Essential things like everyday expenses and bills are also important to consider before buying a policy.

  1. Know the difference between different life insurance policies

A term life insurance policy only provides coverage for a set amount of time. This can be anywhere from 10 to 30 years. It is a useful option to cover the most financially vulnerable years of your life.

A permanent life insurance policy provides lifelong coverage. This makes it more expensive of the two options. It also builds cash value over time. This cash value can be used in times of emergency or to even cover premiums.

Factors to Consider When Calculating the Insurance Premium

It would help if you did not create an insurance plan without projecting several factors and the estimated costs to cover these factors. These are some of the factors to put into consideration before going into this insurance plan:

  • Current emolument

Since you cannot pay more premium than you earn, you must ensure that periodically paying the premium will not affect your current lifestyle and spending.

  • Number of dependents

You have to calculate the number of dependents who would lose their financial support when you are dead. This would help to put into perspective the amount of premium you should have with your insurance company.

  • Debts

Debts and mortgages do not die off when the debtor or mortgagee dies, so when considering your premium, you should put in your debts as your administrator would have to pay those debts even after your death.

  • Amount of Liquidity You Have

Another essential aspect up for consideration is the amount of liquidity you have apart from the premium. If you have a massive amount of liquidity, it means your dependents would not depend heavily on the premium, and it will save you from some financial commitments.

  • Time the insurance plan would last

Another factor is the time the insurance plan would last. The premium paid is dependent on how long you wish the insurance plan to be effective. Do you want to be a source of income to your dependents forever, or do you want to support them until they can stand on their own? Answers to these questions determine your premium.

The Bottom Line

Life will never become easier simply because you have purchased a life or disability insurance plan; however, you or your beneficiary will have access to the protection that insurance can provide.

Life and disability insurance is an excellent option for anyone, young or old, who works and become a victim of any disability leading to loss of income; and those who have partners or children. This makes both types of policies a great option for anyone. Purchasing a policy can ensure long-term financial stability for you and your family. If you’re interested in learning more, consider speaking with a certified life insurance advisor or brokerage to help assess your financial situation and personalized insurance needs.

Everything You Need To Know About Super Visa Insurance

Are you planning on visiting your children or grandchildren in Canada? Then, a Super Visa Insurance is the best option to ensure you meet your loved ones without any hassle. It is a temporary permit that allows them to stay in the country for up to two years at a time. With a validity of up to ten years, it is a multi-entry visa that enables parents and grandparents to visit their family as many times as they wish, but the stay should not extend their stay more than two years.

Below-mentioned is all you need to know about Super Visa Insurance if you are a parent or grandparent planning to apply for this visa program. Please note – If you plan on visiting your family for less than six months, you do not need to apply for Super Visa insurance; all you require is an Electronic Travel Authorization (ETA) from the Immigration Refugees and Citizenship Canada (IRCC) if you are travelling from a country that is visa-exempt.

Super Visa Requirements And Eligibility As Per The IRCC

To be eligible for Super Visa, your parents or grandparents need to:

Obtain A Letter Of Invitation:

The child or grandchild who is a permanent resident or Canadian citizen must provide them with a letter of invitation which must include:

  • A copy of the child/grandchild’s permanent residency document or their Canadian citizenship.
  • A guarantee from their child/grandchild that they will take care of them financially for the entire duration of their visit.

Other Necessary Documents:

  • Employment salary slip and offer letter
  • T4/T1 of the most recent tax year
  • Bank statements
  • Employment insurance receipts
  • Medical insurance from a recognized Canadian insurance company that must be valid for a minimum of one from the date of entry, including coverage of at least CAD 100,000
  • Documents confirming that the parent or grandparent has had an immigration medical examination.
  • Proof of purchase of insurance; a quote is not sufficient evidence.

A Mandatory Requirement

Suppose your grandparents or parents plan to visit your family for the holidays or any other special occasion. In that case, it is mandatory for them to apply for Super Visa insurance before visiting the country. It ensures they remain risk-free during their stay in Canada in the event of a medical emergency.

Quick And Hassle-Free Process

Unlike your standard visa application process, the Super Visa application procedure is stress-free and straightforward. If you have all the documents in place, you can easily apply for a Super Visa without any worry. A normal visa validity is only for six months from the date of arrival, while a Super Visa is valid for up to two years from the date of entry. This insurance covers all the medical expenses of the policy owner. If your parent or grandparent requires medical assistance, they do not have to worry about the country’s rising healthcare costs and hospitalization bills.

Reasonably Priced Insurance Plan

The cost of Super Visa insurance is reasonably priced compared to a regular visa. Additionally, the process is straightforward and quick because your grandparents or parents are elderly folks; they need simple systems in place for their application process.

What Is The Cost Of Super Visa Insurance?

Depending on the province or territory you reside in, the Super Visa insurance coverage options may vary. You have the option to get Super Visa insurance for one grandparent or parent or a couple. If your parents or grandparents are planning on visiting your family as a couple, they can save money and purchase Super Visa insurance individually. The cost typically ranges from CAD 100 and CAD 200 per month, or even more depending on the plan and the insurance provider.

Making It Comfortable For Your Family

Super Visa insurance is a fantastic option for your grandparents and parents to stay and visit you and your family in the country. It is a visa that is specifically designed to look after your loved ones. It is not difficult to get, and the eligibility is quite simple and hassle-free for your parents or grandparents to manage. As a child or grandchild, you always want to make sure their stay during their extended visit to the country is safe and sound, and that is where a Super Visa insurance is the best and only insurance option available.

This insurance policy also comes with medical benefits that would burn a hole in your pocket if they had a medical emergency during their stay, as healthcare costs for non-Canadian residents are pretty expensive. Ever since the Canadian government introduced the Super Visa, the country has seen a rise in many parents or grandparents coming to visit their families. The program has been a success, as it gives grandparents or parents the freedom to visit as many times as possible for up to ten years.

5 Reasons Your Business Needs Business Insurance

Running a business is a tough task. Those who have the courage to start a business, together with those that have been running one for quite some time, must know the benefits of having business insurance. Successful business owners know the benefits of business insurance. Those who are on the brink of starting one should invest the time and money into learning the importance of business insurance.

We are InsuranceTrak and we can provide you excellent guidance and competitive pricing for your business insurance in Rochester, NY. There are several business insurance policies which cater to specific needs. The first step in business insurance is assessing the risks involved in your specific business. A simple, customized business insurance policy will help you cover your risks and loss of time or income due to a mishap.

In case you are a new business owner or new in Rochester NY, here are the benefits of having business insurance in Rochester, NY.

Reasons Your Business Needs Business Insurance:


In most places, including NY, it is mandatory to carry certain types of business insurance. There are many kinds of business insurances like workers’ compensation, unemployment, and disability which are mandatory by law. The mandatory coverage differs according to state, but in general, the insurance is required by the law. If you do not have mandatory insurance, of course, it can lead to great problems.


The mere hearing of a lawsuit is enough to send ripples of a scare, but lawsuits are a common practice in our society. A simple mistake in a contract or a day’s delay might end up in a court of law. This is not a good situation for any business. This is where business insurance can come in handy. It can help cover expensive lawsuits.


To be honest, businesses with credibility have more of a chance to go to the top by winning more contracts etc. Having business insurance will improve your credibility personally as the business owner and that of your business. With better credibility, there are more chances of getting more business contracts. It shows that your business is a safe bet, in case any mishap strikes. Business is always about risks and how you handle them. Business insurance is always a safe bet.

Attract and Retain Employees:

Another part of a business is hiring the right employees to get the work done. Once you have proper credibility in the form of business insurance, employees will be attracted to your business. Job seekers around the world look for benefits and perks that would help them in emergencies. Having business insurance will allow you to offer them perks, not just strengthening your workforce, but also retaining employees. They would be assured that their employer has an interest in retention and long-term employees are the most valued in a business.

Protects Employees:

As mentioned above, insurance policies like workers’ compensation insurance are mandatory by the law. There is good reason to have this insurance apart from the law. Workers’ compensation insurance protects your employees in the case of an on-the-job accident. It covers medical expenses and pays them for the time they are not able to come to work due to an on the job accident.

These are 5 major reasons you should have business insurance. Business insurance protects you, your business, and even people associated with your business. Whether you are starting a new business or you are a seasoned businessman, it is important to have business insurance and there is no denying this fact.

If you are looking for the best business insurance in Rochester, NY, InsuranceTrak can help. Take a look at the various insurance policies available and we will help you choose the coverage to suit your needs.

Easy & Interesting Ways to Save Money on Car Insurance

Safe driving can save a lot of money on your car insurance. As many insurance firms reward great discounts to good drivers. Drivers are expected to have some amount of auto insurance in most of the states. But it feels like a burden to save some dollars for auto insurance when you are planning to cut down your expenses. There are ways to reduce the car insurance amount and still comply with the law of the states.

In this article, we give you easy and interesting ways to save money on car insurance and stay within the safe coverage limit to protect your finances. The cost of the auto insurance varies with the type of car and with the driver.

What is covered under Auto Insurance?

It is important to understand what is covered under the basic auto insurance policy before you plan your savings.

  • Collision coverage: Covers the amount for repairing your vehicle when there is any accident with another car even if it’s your fault.
  • Property damage coverage: Covers the amount for damage caused by you to others car or property such as fence, building, mailbox etc.
  • Bodily injury liability coverage: Covers the amount for the injuries caused to someone else.
  • Comprehensive coverage: Reimburse loss occurred due to any other event like fire, flood, hail, vandalism or hitting an animal.
  • Medical payments or personal injury protection (PIP) coverage: Covers the amount for the injuries caused by an accident to you or the co-passengers of the vehicle.
  • Uninsured and underinsured motorist coverage: Covers the loss incurred due to accident with a driver who doesn’t have an auto insurance.

The Essential Tips:

Tip 1: Understand the insurance needs and assess

Once you glance through the details of what is covered under auto insurance then you can choose which coverage can be beneficial to you. It is very much essential to carefully assess your insurance needs. For instance, if you don’t have enough amount to suffice the amount to repair or replace your car on the event of any accident then you would surely require collision and comprehensive coverage.

Every driver on the road will need liability and injury coverage to protect himself when sued for inflicting personal or property damage. The amount of liability and injury coverage is usually determined by both State and Individual requirements. For example, in, your insurance must pay up to:

  • $10,000 to cover medical costs for each individual injured, or up to a $20,000 limit per accident
  • $10,000 for property damage liability
  • $10,000 for personal injury protection per person

The ground rules of a liability insurance, it should cover the personnel from major lawsuits and provide a financial liability safety net. The assessment of an insurance should be made in such a way that it protects oneself and gives wider coverage on occasion of need.

Tip 2: Keep your credit rating and driving records clean.

The credit rating of a personnel usually determines the amount premium charged on an individual. An individual with a better credit rating might be charged less compared to the one with poor credit rating. This is another reason to pay all your bills on time to get a price on your insurance coverage. Most insurers sought to credit scores to determine the premium amounts.

Safe driving is good for health as well for your insurance premium. Cleaner driving records lower the premiums. Having demerit points on multiple occasions generally costs you higher insurance premiums.

Tip 3: Raise the bar on Deductible

Deductible generally refers to the amount paid before the insurance coverages kicks in. The rule of thumb is keep your deductibles high so that the insurance premiums are low.  The bottleneck of having higher deductible is that, when an accident happens, most of the repair cost must be paid from the pocket.  So never raise your deductible if you are not confident of safe driving or if you don’t have enough cash to cover the accident costs.

Tip 4: Check for Discounts

Most of the insurance companies offer a wide variety of discounts to its customers. They don’t advertise about the discounts on open platforms. You must do your research and enquire the insurer about the various discounts offered. Most companies offer discounts if you purchase different kinds of insurance from the same insurer like auto and rental insurances. They also offer discounts when:

  • You have a clean driving record.
  • When you a serving or have served the armed forces
  • When you a student with higher grades
  • When you complete defensive driving or accident prevention course.
  • When you are a doctor, engineer or a professor.
  • When your car has safety features like anti-lock brake and airbags.

Tip 5: Update insurance policies

The most important step in reducing the liability claims is to update your insurance policies on a regular basis. If you have not spent on insurance claims, it is better to start now.

Compare the insurance costs offered by other providers before you choose an insurance policy. There are many online platforms which help you in comparing the quotes from various providers.

To conclude, there are a lot of opportunities to save money on insurance claims, being wise and update can protect you from liability claims as well help you in saving insurance investments. Let us be aware of the insurance discounts and use it to the fullest at the time of need.

5 Reasons Why Your Business Needs Insurance

Running a business can be really tough. You have to plan for what is to come. There will be a ton of difficulties to look all together for your business to be run effectively. The most ideal approach to be prepared for any issues that may emerge is to have business insurance.

Individuals get medical insurance whenever they have medical issues similarly vehicle proprietors get vehicle insurance when they experience vehicle issues. Many organizations ought to get coverage in the possible situation of having business issues. An employee can get injured in the office; a catastrophic event could demolish property; or a customer could file suit, asserting a contractual breach. For these different reasons, it is important to safeguard your assets, both business and individual. A standout amongst the most ideal approaches to do that is to ensure you and your business are fully protected. A business safety agent delivers your organization with the most extreme support of giving you assurance from potential risk issues, harms, mishaps and accidents.

Here are five reasons why you ought to consider getting business insurance:

Gives you credibility:

How do insurance give you extra creditability? Indeed, it’s straightforward; your clients, possible customers and future partners need to put resources into a business that is safe and secure. Having business insurance bring in their trust about whatever point something incorrect or unpredicted occurs, you’ll have the ability to compensate business insurance determines your forthcoming customers and clients that you’re a sure thing. Even if anything turns out badly with the work you accomplish for them, you have an approach to compensate. That is the reason home service organizations carry the slogan “authorized, licensed and insured” on their trucks. It builds up trust and generates cash of a current economy.

Obligation to your representatives:

What is the most significant resource in your business? Is it your building? Your hardware and equipment? The services and products you give? Indeed, it’s nothing among the ones that are mentioned above. Your most significant resource is your employee. They make the company in the running position, and they do their work with no reservations, so you have to provide them with insurance for security if there will be an occurrence of a mishap while they’re working for you. Other than it’s your responsibility to do as such, it is articulated under the law that you give the employees compensation. You can check with business insurance providers to understand what kinds of insurance you can give to your employees having insurance isn’t just about securing your business in doom and gloom situations. It can have the positive advantage of pulling in and holding qualified employees. Second to salary, people looking for jobs search for packages offering benefits that incorporates life, health, disability and long term care insurance. If you don’t offer these advantages, you may lose a decent worker to an organization that can be very beneficial for your organization.

Assurance from a possible lawsuit:

If you imagine that you’re doing fine and you’re protected from having a claim, you are thinking wrong. In the event that your business faces a trial and you don’t have insurance you can leave business in light of the fact that the cost for getting legal defense is very high. By taking insurance, you don’t need to stress over from where you’ll get the spending when a likely claim from a customer or your employee may emerge. In any example of lawsuits or obligation claims, having no insurance would mean suicide for your business. It’s evident that your business will be in danger on any occurrence of mishap, broken contract or a displeased employee hurting the money related status of your business. If you believe that you can without much of a stretch win the suit, still you could leave business due to cost of legal defenses you will hire. Instead of stressing over what may happen to your business, liability insurance can guarantee that you have genuine feelings of serenity, making you fit to focus on the main thing — maintaining a fruitful business.

In case of “act of god” incident:

“act of god” is an incident that is carried out by nature or natural phenomenon in a zone which may cause harms. This sort of movement is impossible or started by any human. In the event that the area of your business is known to encounter flood, tropical storms, flames or tornados you ought to need business protection. Remember! You can’t keep these sort of circumstances from occurring and you can’t 100% from your business to be calamity proof. In case an emergency occurs, your business insurance will make up for the harms that may happen and will assist you with rebuilding your business.

Nobody can predict the future:

Have you envisioned what could happen to your business in an occasion of regular catastrophes, flood, tremor or hurricane? We all realize these catastrophes can strike anytime anywhere and could seriously hurt your business. This is the place a business insurance prove to be useful, it will cover your loss of property and furthermore can cover your lost profit amid the business was closed. No entrepreneur has a precious stone ball covered up in a storage room that can foresee what may happen in future. It would be shocking if cataclysmic events, wounds at work or claims never happened, however nobody can ensure that such things won’t happen. Therefore alone, it’s ideal to be protected. With the best possible business insurance, entrepreneurs can accomplish genuine feelings of serenity and concentrate on what they specialize in — working a gainful, beneficial and specifically compensating business for quite a long time to come.

In a nutshell:

The manner in which insurance works is that your insurance agency supplier would shell out compensation for your ordinary operational costs. There are even organizations that pick insurance agencies that pay workers amid the time the season of calamities, this is called protection pays. Your business insurance will act like your retirement plans as well; it will support your business as well as your family after retirement.

Having insurance for your business is not a misuse of cash; it is an investment that you can use later on when an issue emerges in your organization. Try not to second guess yourself and get one for your business now. You don’t need your diligent work to be nothing when you lose your business since you didn’t get insurance.

6 Considerations in Buying Long Term Care Insurance

The truth is this: buying long term care insurance is a necessity for most Americans at this point. After all, covering the costs out of pocket is a big risk that only the truly wealthy can afford. Moreover, no one really wants to spend down their assets in order to qualify for Medicaid and receive long term care benefits. And besides, it’s too risky to rely on Medicaid alone because of the looming budget cuts.

Yes, insurance policies may be costly, but there are effective ways in which Americans can reduce long term care insurance premiums. At the end of the day, the benefits outweigh disadvantages.

However, if you are still unsure if this type of coverage matches your needs, then here are six considerations in buying long term care insurance.

Financial Readiness in Covering Care

According to Genworth’s Cost of Care for 2016, the average price of staying in a nursing home for a year is $92,378. As these figures have been increasing in the recent years, there is no telling how much it will be when we need care services.

Without coverage, people would have to find other means to pay for these services. In fact, some have even lost their lifetime savings as they try to cover the expenses. Additionally, many are losing confidence in saying that they have the financial means to live comfortably during the golden years. Studies show that only 21% can confidently say that they have saved enough money for retirement.

A Means to Safeguard Your Family Members

People often forget this, but family members also take the blow that comes from the lack of planning. This is seen in the growing numbers of individuals sandwiched between providing care to an aging loved one, supporting and raising a child, and managing a career. In fact, 1 of every 8 individuals age 40 to 60 is in that very situation at the moment.

Buying long term care insurance not only protect your child or spouse from joining the Sandwich Phenomenon, it also provides a good safety for when your parents need your help.

Your Age When Buying Long Term Care Insurance

Many Americans often neglect to consider their age in buying long term care insurance. They would often delay even thinking about it because people typically need the services in their 70s or 80s. In doing so, they end up becoming uninsured, spending their retirement income and outliving it eventually or worse, they become a financial burden to their loved ones.

However, there is a reason why insurance experts are adamant in pushing Americans to start planning early. The general rule is that the younger and healthier you are when you buy long term care insurance, the lower the premiums will be. This also means a higher chance of being granted a policy. The prime age to purchase according to experts is when you’re in your late 50s to early 60s.

Where You Live

Care costs vary depending on the location, so be sure to check how much the charges are in your state. The costs of care are more affordable in states such as Louisiana and Alabama compared to those in states like Alaska or Massachusetts.

Here’s the list of the 15 most expensive states for long term care based on Genworth’s recent survey:

  1. Alaska – $117,800
  2. Massachusetts – $73,307
  3. Connecticut – $72,671
  4. Hawaii – $71,820
  5. New Jersey – $68,833
  6. Delaware – $68,472
  7. New Hampshire – $66,044
  8. New York – $65,852
  9. Maine – $64,423
  10. North Dakota – $64,010
  11. Vermont – $63,139
  12. Washington – $61,704
  13. California – $61,239
  14. Rhode Island – $60,789
  15. Maryland – $60,305

Where You Want to Receive Care

One of the coveted freedoms long term care insurance provides is the ability to choose where you want to receive care. Buying long term care insurance provides the means to age in place, move to a nursing home, assisted living facilities, CCRCS and other retirement communities. Home care is typically covered by most long term care insurance policies, but make sure to consult with your insurance agents regarding this.

Asking these questions can help you choose the most fitting facility for your future care needs:

  1. Can I receive care while at home? And who will take care of me while I’m at home?
  2. What long term care services and facilities are available in my area?
  3. What type of long term services or services can provide me the care I need?

The Long Term Care Insurance Carrier

Truthfully, insurance policies vary depending on the insurance company that you approach. Consider companies that have A+ or A++ ratings from A.M Best, Moody and the likes to make sure that you are choosing a company with a high financial strength. This is why people are strongly encouraged to contact various carriers when requesting long term care insurance quotes.

Do not settle for the first quote that you see and do not be discouraged if the prices you are faced with are too high. Shop around, request for instant long term care insurance quotes online and consider each carefully.

4 Important Question to Ask Your Insurance Agency Before Hiring

The Insurance policy is an umbrella term for life and property safety. One who wants to build a secure future should definitely be aware of its importance and significance in any financial crisis. You need to hire a personal insurance advisor or an independent insurance agent to find the right insurance policy for covering valuable assets.

Insurance agents are fully certified and trained to personally assess your individual coverage needs and make sure you’re adequately protected. Combining the knowledge and state-of-art comparing tools, they bring best of both worlds together. You might feel surprised knowing, as an expert they also compare deals, and search discount policies for customer

An insurance agent limits your financial vulnerabilities to potential risk and accidents. But not all policy advisors are created equal. You need a trusted insurance agent to help you determine the coverage level that meets your needs.

Now, do you want to go through and call at different independent insurance agencies to find the one. Of course, you don’t! Instead, you can ask a few questions from your local insurance broker to filter the best insurance agency.

Here’s a list of questions to ask:

How long have you been in the Business?

Information about the service background and year of establishment is mandatory for every policy buyer. This will give an idea about their workmanship and dedication towards customer service. You can easily pick the right option, who has years of expertise in dealing with different insurance policy.

How many different insurance companies do you offer?

Being an informed consumer not only means reading different insurance policies. But, you need to ask the experts about most feasible and economical solution. Do they compare deals? Do they offer the most affordable premium cost? From how many carriers they compare deals? Collect answers to all these questions.

What kinds of insurance products do you offer?

Getting insurance coverage to all general and complicated insurance liabilities in one comprehensive solution saves you a lot of money. Try to look out for the services available for you. Do they have unique insurance policy to fit every demand and needs? Or, else find a trusted insurance company who offers wide range of insurance products.

Do you have any testimonial, reviews, or references of current clients?

Before selecting an agency, you should first do your homework on the agency as well as the agent they’re associated with. Your first read testimonials, reviews, and references on Google.

There are also other questions which you may consider while choosing an insurance agency (Are they direct or independent? Are they licensed in other states? Are they technically sound enough to help you? What is your reach? How many offices are there in your location?), but these are just 4 important things you must consider before selecting any insurance company. Remember, you can always change your agent, but it’s better to do proper homework before you land to any decision.

6 Simple and Useful Tips for Everyone to Avoid Insurance Frauds

Insurance is a need. Unless you live in a utopian society where the state provides you with everything, you need insurance. You need life insurance; you need insurance for your car, for your home and for your business.

But choosing the right insurance policy can be hard, especially because there are many fraudsters in the guide of insurance agents who rip naïve customers off.

Here are the tips that you’ll want to follow:

Ask to compare

Tell the agent to compare his company’s policy with other policies.

Wondering why you should do that?

This stops the agent from making outlandish claims. Insurance agents often make claims that are half-true. They purposefully conceal information from their customers. Customers can extract information from them if they tell them to compare their policies with other policies.

Let’s say an insurance agency reveals the extra costs associated with deductibles. A customer can refer to this and ask the insurance agent whether his policy comes with any hidden cost. When confronted this way, agents are pressurized to tell the truth.

Additional policy coverage

This is a technique used by insurance agents to pocket commission. They sell customers additional policy coverage, which the customer may not even need in the first place. It’s called policy sliding.

How to make sure that your insurance agent is not aiming for policy sliding? Ask him to hand you all the papers. Then take those papers to your lawyer. He’ll tell you whether there’s any additional policy coverage.

Sliding is a fraud. If an insurance provider is accused of policy sliding and if the ensuing investigation proves the provider was guilty, it could end up losing its license.

Insurance churning

Akin to policy sliding, insurance churning is a method, using which dishonest insurance agents profit off of inexperienced customers. Insurance agents insist their existing customers to upgrade their policies. What they don’t disclose is upgrading the policy could cost you all the cash-value that you’ve built up over the years.

It’s happened with a lot of people. They felt surprised when they discovered their previous non-upgraded policy was more than sufficient. Upgrading translates to moving to a pricier plan, enabling the agent to earn more commission. So if the agent advises you to upgrade your policy, make sure it’s a useful advice and you really need to upgrade it.

Auto insurance scams

Auto insurance is susceptible to scams. Here are the top scame categories that every auto insurance buyer should be careful of:

  • Intentional crash: It’s also known as crash for cash. Insurance agents, with the help of their companies stage accidents, so that the customer is held responsible. In this type of crash, the driver deliberately causes the customer to hit the backend of his vehicle.
  • False representative: The insurance company might send a fake representative when a customer is genuinely involved in an accident. The representative sends the customers to a shoddy doctor or a repair-shop to squeeze money out of him.
  • Faking injury: In this type of scam, the fake victim shows up with false injuries. They often get sketchy doctors involved to buttress their claim.

Take help of an experienced attorney if any of these happens. Attorneys are experienced. They can identify whether the agent’s offer is genuine or fake.

Ask for receipt

Once again, a lot of people fall prey to it. Insurance agents convince them to the extent that they forget to ask for a receipt. At times, customers ask for a receipt but the agent tells him it’s not that important. Beware! If your agent tells you insurance policy receipt is not that important, he’s most likely to be a fraudster.

A receipt is the evidence that you have cleared the payment. Agents often discourage customers by saying getting a receipt will take days. While that’s true, the receipt is the proof you have a contract with the insurance company and the contract was realized by the agent.

Oftentimes, agents hand over receipts which were issued by fake companies. Make sure the receipt you obtain is from the company with which you are entering into the contract.

Up coding and documentation

Have your insurance contract documented and stop up coding. Similar to receipts, documentation is also a proof that the customer has entered into a contract with the insurance company. It also categorically states coverage and limitation. By having their policy documented, customers can prevent being billed for nonexistent services.

Documentation is essential for all those who are buying health insurance policies. It prevents up coding. In a technical sense, up coding is a situation wherein a person is billed for health insurance services he didn’t receive. When all the key details about the policy are documented, up coding is prevented.

Summing up

Insurance frauds amount to billions of dollars being siphoned off from public treasury and from people’s pockets. Following the six tips, discussed here in this article ensures that you won’t make mistakes and purchase the right insurance policy.