Disability Insurance: Being Adequately Protected despite of Disability

By: Lala C. Ballatan

It is not a good thing to become sick and unable to report for work for an extended period. Being sick and absent for a few days is bad enough, but being forced in bed for an indeterminate period because of disability can be quite a frustrating situation.

Aside from the boredom and pain of being unable to move around, what makes your situation more frustrating than ever is the fact that you are not being paid for the time you spent having to be forced in your bed. If you are the breadwinner of your family then it is not only devastating for you, but your family suffers severely, too.

Being disabled, becoming unable to move by yourself, wholly, becoming dependent on your family for the most basic tasks are already overwhelming concepts for you, let alone a contemplation of your future financial status.

Most importantly, if you have spent all your life saving adequately for your retirement, then the question dominant on your mind is how to continue your savings now that you need these most. Another is your nagging worry that since you cannot continue on working, then how could your retirement savings go on?

These questions and apprehensions could be easily answered and eased by having disability insurance. Many have their car, house and other important things insured, but only a few realize the significance of being insured against the days when lack of income from their jobs would occur.

Presently, 80% and more American workers do not have protection by having any kind of disability insurance. Meanwhile, according to latest survey on foreclosures, almost 50% are because of the homeowners’ loss of ability to work and earn income. Probing deeper on issue of being out of work, most of them suffered long-term medical issues causing their inability to work.

Many employees fall into the wrong assumption that when they become sick, the normal sick time benefits would be enough to cover their loss of income for a while.

However, once the sickness stretches to full weeks and even, months, that is when the problem starts. When they already run out of allowed sick time, even social security disability benefits cannot compensate for the lost wages. What’s more, not all is approved for social security disability claims as soon as possible. There are issues like eligibility that need to be hurdled until one gets to receive benefits.

Disability insurance is a very sure safety net for long-term illness that borders on partial or full disability. This is a type of insurance designed to replace some percentage of the income you lost after suffering from inability to work for an extended timeframe because of illness or disability.
If your employer offers some benefit packages and asks for your preferences, choosing disability, insurance benefits may be a very wise choice. It would be up to you whether to choose short term or long-term disability insurance.

Making sure that you have saved up for a rainy day beats being stuck without anything at all.

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For more information about Disability Insurance visit our Los Angeles Social Security Attorneys site

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Different Types of Health Insurance in California

By: WittyArticles

Different Types of Health Insurance in California
Whether you buy group or individual health insurance in California, the options you have regarding the different types of health insurance are generally the same. In some groups you can even choose from available plans. These different types are traditional health insurance, health maintenance organizations (HMOs), and preferred provider organizations (PPOs).
California goes beyond the Federal requirements for offering health insurance to its residents. Examples of this include Industry Advantage plans (IAHP), short-term health policies, Insurance for high risk Individuals and special plans for children and teens.
Additional Health Insurance in California
The traditional health care delivery system is based on a fee-for-service type of arrangement. In a fee-for-service system, you pay or each itemized medical service you receive. In the days of the frontier, "Doc" often received a chicken as payment. Today, physicians are paid with money, lots and lots of it. Fee-for-service health insurance recognizes this practice and is designed to reduce or even eliminate your duty to pay directly for your medical care. Traditional health insurance comes in three parts:

California has four basic options for choosing a health care plan:
1. Health through an employer or association
2. Health Insurance through Income eligibility such as Medicaid
3. Health care for high risk individuals such as those that have had cancer or a heart attack
4. Private Insurance
Hospitalization
Hospitalization covers defined expenses incurred while in the hospital. Generally, the insurance will pay for all of the covered services rendered by the hospital staff. However, if the insurance benefit is an indemnity payment, the payment will be for a fixed sum regardless of the actual expenses incurred. This fixed sum will usually be far below the daily charge actually made by the hospital.
Medical/surgical
This part of a traditional health plan covers the expensive costs of medical care other than the bill from the hospital. Services such as doctor visits, treatment charges, etc., are covered here. Medical/surgical usually has a deductible and requires co-payments by the insured (payments you make for charges not covered by the insurance), typically 20 percent of the doctor's fee.

Catastrophic or major medical
There are usually lifetime maximum payments that hospitalization and medical/surgical plans will pay, after which the well runs dry. Unfortunately, these maximums may not be sufficient to pay for all of the care required if a major illness or injury should strike, since such afflictions can eat up hundreds of thousands or even millions of dollars worth of health services. Thus, catastrophic coverage adds to your umbrella of protection in an amount sufficient to protect you from the horrendous expenses of such serious and prolonged illnesses. These policies also fill in some of the gaps not covered by hospitalization or medical/surgical.

Health Maintenance Organizations or Private Insurance in California
The health maintenance organization (HMO) is a relatively new player in the health insurance game, although it has been around in a limited fashion since the 1930s. The idea behind an HMO is to pay one premium and receive all of your health care at no or a nominal additional cost. The point is to save money compared to traditional health plans that cost more to purchase and require more out-of-pocket payments from the insured. What you, the insured, give in exchange for reduced cost is a substantial loss of your freedom to choose who will take care of your health needs.

Preferred Provider Organizations
Preferred provider organizations (PPOs) seek to give both the benefits of traditional health plans and the money savings of HMOs. They do this by paying higher benefits as a reward for your using the doctors or hospitals they preselect for that purpose.

Disability Insurance
Disability insurance does not pay for health care; rather it pays for lost wages caused by a disabling injury or illness.
How Health Insurance Is Priced
Ask anyone how health insurance is priced and you will get a simple answer: expensively! Beyond that, there are underwriting criteria used by health insurance providers, whether they are for-profit or, like Blue Shield/Blue Cross, nonprofit.

Underwriting Criteria
Age. The older you are, the more likely you are to get sick; therefore, the higher your health insurance premiums will be.
Number of people covered. Many people buy family coverage rather than individual policies. This means that there will be adults as well as minor children protected by the same plan. Some companies will charge based on the size of the family. Others charge a basic family rate without regard to the number of members.

Gender. Unlike life insurance, where women get the better end of the bargain than men, in health insurance women often pay higher premiums. This is based on health insurance industry statistics which indicate that the female of the species tends to need medical care more often than the male.
Health history. Insurance operates on statistical probabilities. If you have had a poor health history, statistically you are more likely to have a more expensive health care future. This, in turn, means that you will pay higher premiums-if you can get health insurance at all.
Occupation. The more likely you are to suffer injury or illness because of the work you do, the more likely the health insurance industry will be to charge excessively for benefits.
This may be well and good for professional deep-sea divers. But the industry has begun to stretch the concept into areas that have nothing to do with the inherent danger of the work.

Lifestyle. In your application for health insurance you will be asked questions about your personal habits. Your answers will have a lot to do with the cost of your premiums. If you smoke, you will probably pay more for health insurance. If you drink to excess, you will probably pay more for health insurance. If you are known to be under a great deal of stress, you may pay more for health insurance. California does reward the health care Insurance consumer with lower premiums if they have practiced good health policies.

One of the most important things you can do as a health care consumer is to engage in preventive care. Not only will you be able to spot serious diseases at an early stage, thereby increasing your chances of effective treatment and cure, but you should be able to save money as well, since it is usually far less expensive to treat a disease when it's a molehill rather than a mountain.

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Californa Well Being is a leading broker of health insurance in California. We provide detailed information and cost breakdowns of Blue Cross, PacifiCare California and many more. Visit our site for a free quote and to help sort through the various health insurance plans to find the more affordable option for your family. www.medical-ins.com/

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Medical Insurance Policy

By: Jody

A Medical Insurance policy is a contract between an insurance company and an individual or a group which promises to pay for medical care reasonably required by the insured policy holder for treatment in case of any injury or illness. Even now a day’s medical insurance policy is provided for disease like obesity.

If an individual has taken up a medical policy then he pays the premium according to a specific time frame as decided between the two groups. Usually, the policy takes care for the health & medical acre of an individual but if the premiums value is higher the insurance covers the family members also. In the case when the policy is taken by a group or an association, then all the individuals under the association receive the certificate of insurance. Some key points like payment of premiums, deductibles and co-pays are decided at the beginning and both the parties have to abide by these rules.

Searching a Medical Insurance Plan?

The terms in the policy may be hard to understand at times and the person may stand confused. So here is list of some terms commonly used up in an insurance plan:

Deductible-The deductible refers to the yearly amount of money that the insured would need to pay before any benefits from the health insurance policy can be used.

1. Co-insurance / Co-payments- This is the amount that would need to be paid by the insured before the insurance pays and in addition to the deductible.

2. Out-of- pocket- An out of pocket expense can refer to how much the co-payment, coinsurance, or deductible is.

3. Waiting Period- This is the time one would have to wait until certain health insurance overages are available.

4. Grace Period- This is the amount of time one has to pay their health insurance premium after the original due date and before insurance coverage would be canceled.

5. Lifetime Maximum-This is the most amount of money the health insurance policy will pay for the entire life. Pay attention to individual lifetime maximums and family lifetime maximums as they can be different.

6. Out-of-Pocket - This is the cost one would pay out of their own pocket. An out of pocket expense can refer to how much the co-payment, coinsurance, or deductible is.

Is Medical Insurance Necessary?

Man saves money for a better & safe future. But life is a string of surprises. A serious medical situation can strain one’s pocket, thereby emptying all the lifetime savings. The best option to save oneself from this situation is to secure your future with the help of a medical insurance policy

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Jody Taylor, an associated as well as a contributing editor the Hateweight.com for distinct article sites/journals. Please feel free to visit the website Hateweight.com for more information on Obesity, Weight Loss methods diet pills exercise or any Fitness related issues.

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Travel Insurance - is it important?

By: gerimar

Before planning your summer vacations,think at great length if it needs to buy a travel insurance. There are situations that can make you cancel your ttravel,or to return to your house before time or to force to look for yore medical attention while traveling.

Travel insurance can give you extra protection that you needs. Before buying the cover, review the policy of your medical insurance or home, to avoid any confusion. For example, expensive articles like the camcorder, your personal computer or jewelry shop can be places setting by the insurance of your home, if they were robbed while in travels. In case that the airline loses your registered luggage, they have the obligation to reimburse your suitcases ( by a certain amount of money). Or if you become ill or suffers some injury while traveling, your personal medical insurance can cover the amount with your medical costs.

In agreement with the Magazine of the Consumer (Consumer Reports) travel insurance policy includes several types of protection. Be sure to read what it is written in the small letter: These establish if your travel insurance covers what you need. The policies and insurance agencies vary in their cover, so make sure to ask. Some of the different types of insurance available include:

Cancelación/Interrupción of Travel (TCI) - If your plans are altered suddenly and you must cancel or give by finished your travel before time, TCI will cover you by all this. But only it will reimburse you in case that you have a reason including in the list of the insurance, like for example, injury, disease, death or of a member of the family, of a partner or fellow traveller. Some travel insurance policies will include some reason for medical type solely and others will not cover preexisting medical conditions. It is important to read what it is written with the small letter.

Transfer by medical emergency - If takings vacations type venture or to moved away from a hospital center that counts the necessary thing yet, would be good idea to buy this type of cover. If the suitable treatment is not available in a local hospital,You will be transferred to the appropriate medical facility that is nearer.

Loss of luggage - This cover reimburses to you by the lost of one or damage to your luggage.Make sure to make a list of everything, because if you lose your suitcases, they will reimburse to you part of the content. BBB, altogether with the Magazine of the Consumer, advise the following thing to do:

Read what it is written in the small letter. Know exactly what type of cover is or is receiving.Considers to acquire travel insurance of a separate company, instead of buying it from your travel operator or cruises. Secure even more, paying with a credit card. The protection by loss of luggage is necessary solely if it takes in your suitcases, articles with a greater value to $2,500. Verify the policy of your house insurance .

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Gerimar is a webmaster for insurance resources.Read more insurance resources here. www.sm-insurance.com

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Health and Medical Insurance - Comparing Managed Care Health Plans

By: Abi

Health insurance plans have been forced to take action to contain costs of quality health care delivery as health care costs have skyrocketed. Health insurance premiums, deductibles and co-pays have steadily increased, and health insurance companies have implemented certain strategies for reducing health care costs. "Managed care" describes a group of stratgies aimed at reducing the costs of health care for health insurance companies.

There are two basic types of managed care plans; health maintenance organizations, or HMOs, and preferred provider organizations, or PPOs. So which health plan is best? How do you choose what type of health insurance best suits the health care needs of you and your family?

Both HMOs and PPOs contain costs by contracting with health providers for reduced rate on health care services for its' members, often as much as 60%. One important difference between HMOs and PPOs is that PPOs often will cover the costs of care when the provider is out of their network, but usually at a reduced rate. On the other hand, most HMOs offer no coverage for health care services for out-of-network providers.

Both HMO and PPOs also control health care costs by use of a gateway, or primary care provider (PCP). Health insurance plan members are assigned (or select) a primary care practitioner (physician, physician assistant, or nurse practitioner). usually a family practitioner or internal medicine doctor for adult members or a pediatrician or family care practitioner for childern. The primary care provider is responsible for coordianting health delivery for plan members. Care by specialist physicians require referral from the primary care provider. This cost containment strategy is intended to avoid duplication of services (for example, the cardiologist ordering tests that have already been done by the PCP, or a sprained ankle being referred to an orthopedic) and avoid unnecessary specialist referrals, tests and/or procedures.

HMO and PPO plans also contain costs by requiring prior approval, prior authorization, or pre-certification for many elective hospital admissions, surgeries, costly tests and imaging procedures, durable medical equipment and prescription drugs. When such services are required, the provider must submit a request to the health insurance plan review department, along with medical records that justify the service. The request is reviewed by the health insurance company to determine whether the services are justified as "medically necessary" according to the health plan policy and guidelines. Review is usually performed by licensed nurses, and, if the reviewer agrees that the service is necessary, approval is given and the service will be covered by the health insurance plan.

As health care costs continue to rise, many indemnity health insurance plans, or "fee for service" plans are being forced to adopt some managed care strategies in order to provide quality health care and keep health insurance premiums affordable. And as long as health care costs continue to rise, the distinctions among PPO, HMO, FFS and other health insurance plans will become blurred. Rest assured, however, that managed health care is here to stay.

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Kay Lowe holds a Master's degree in health care and has 30+ years experience in the health care field. She is also webmaster for Health-Infosource.com, a website dedicated to disseminating health information.

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Title: Term Life Insurance makes a Sound Investment for Your Children

Author: Ivon T. Hughes

Term life insurance may seem like something you only need to worry about when you begin planning for your funeral and burial expenses. But the fact is that a term life policy could also help you provide for your children and grandchildren. Many people request term life quotes for just the minimum amount needed to cover their anticipated final costs and that amount of protection is adequate in most cases. However, those people are also missing out on an investment opportunity that could benefit the ones they care for most, in a time when they may need it desperately.

Obviously, the idea of requesting term life quotes raises some unpleasant thoughts for most of us. Yes, people are living longer, but the inevitable truth is that all of us will eventually die. The question is do we want to get a term life insurance policy that will only take care of the basic essentials or do we want one that will help us provide a final significant gift to those we've left behind?

Most people don't realize it but a life quote is like an estimate for one of the most secured investments you can ever choose. Think of it this way: you have four grandchildren and hope that all of them will eventually go to college but you only have $30,000 available to help them. But $30,000 split four ways isn't going to help much with today's rising education costs. However, if you used that money to purchase a term life policy, you could provide each of your grandchildren with a significant gift that can really help them. Even if you don't have grandchildren yet and even if your children are financially stable, you could use the remainder of your policy to make a generous donation to your favorite charity, to give your children a wonderful vacation to help them through their grief, or to offer a nest egg to other family members who may need the money.

Term Life Insurance Comparison

If you are interested in taking advantage of the investment possibilities term life insurance has to offer, then you can start the process by requesting quotes online. You may want to start out by doing a little homework or by consulting a professional who can help you sort through various types of protection a life insurance company offers, including term life insurance, whole life insurance, and universal life insurance.

You can request your life insurance quotes online from The Hughes Trustco Group and can then easily conduct a life insurance comparison using all of the options they send you. Then, you can make your final decision in the privacy of your home without being hassled by life insurance agents. That way you are sure to choose the life insurance policy that makes sense for you and your family.


Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Ebook TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Website: http://www.hughestrustco.com

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Differences Between Companies

The following is a brief list of some of the factors that you will need to consider when comparing products and companies:

Insurance Company Financial Strength - Not all life insurance companies are the same. Some are very large financially, some are small. Some companies are in better financial condition than others. The longer the level premium and coverage period, the more important it is to consider how healthy and strong the life insurance company is.

Renewal Period - Most level term life policies have the ability to renew the policy beyond the initial level premium period. Two products may offer identical premiums for the initial level period and yet there may be an enormous difference in renewal costs beyond the level period.

Conversion Period - Many term life policies offer the ability to exchange the term policy for a whole life policy without having to again medically qualify. Should your health change, and should you not be able to buy a new policy elsewhere, you may find the conversion option important.

Comparing Different Term Life Periods - Should you be buying a 10 year term product or a 20 year term or Term 100, a policy which covers you for life? How long do you really need the insurance? If you buy a 10 year term, how will future cost increases after the 10th year compare to a longer level term plan such as 20 year term? If you only need insurance for 10 years, you could be wasting your money buying a 20 year term product. You should discuss why you are buying the insurance with a life insurance agent and let them give you the benefit of their knowledge and experience. The agent may be able to identify other factors you have not yet considered.

Smoking Considerations - Not all life companies define smoking the same way. If you have never smoked or used tobacco products in any way, then a non-smoking comparison will include products that you can qualify for based upon non-smoking. If you were a smoker and later quit, then how long ago that you quit may limit your choices. If you do smoke, some companies may offer products with better premiums depending on how little you smoke, or whether you smoke cigars or pipe rather than cigarettes. You will need to discuss all of this with your agent.

Finding the Best Term Life Policy
The cheapest policy isn't always the best policy. There are other differences that you should consider before choosing the company and product that is best for you. Many of those other differences are subjective. This means that they cannot be compared by simply placing values side by side on a piece of paper, as we can do with premiums.

Note: Some companies use your actual age to calculate your premium, while others use your nearest age.

Get a Free Term Life Insurance Quote

Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Ebook TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Website: http://www.hughestrustco.com

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Why Don't Women Have Life Insurance?

Author: Ivon T. Hughes

Traditionally, life insurance companies solicited men as the main breadwinners in a family to ensure, that they had adequate life insurance coverage.

Now, times have changed, but the statistics on women show that great percentage of American and Canadian women carry no life insurance. And those that do have a policy, carry about half as much coverage as men do.

Most modern U.S. and Canadian households are dual-income households. If you are married, especially if you have children, would your husband be able to afford the family style of living if you were to pass away? If you are single, who would assume the burden of paying for your final costs if you were to pass away? This may fall to your parents, who are also likely to be living on a fixed income. Many single women, especially those with children, may be on a tight budget and feel they can't afford life insurance. However, they may be surprised to know that a 30 year old healthy woman can purchase a $250,000 10-year term life insurance policy for $12.00 a month. If you are a healthy 50 year old, that does not mean it is too late to buy affordable life insurance; your cost for the same policy as above would only be about $37.00 a month. If you have children, it is especially important to make sure they will be taken care of if anything were to happen to you.

Studies show that nearly six out of ten women in Canada are living on their own by the time they are 85. In addition, women generally outlive men by an average of six years. If you have adequate life insurance coverage, dependents will be able to continue their lives and standard of living. That way they only have to deal with the grief of your passing, instead of any financial burdens incurred by it.

Women need life insurance protection to ensure that whoever survives them will be provided with available capital. Term life insurance has always been one of the most cost-effective ways for both men and women to protect their loved ones. Compare term life insurance rates and policies today and see how affordable peace of mind can be.

Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Ebook TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Website: http://www.hughestrustco.com

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Term Life Insurance Is A Great Buy

With the introduction of new term life insurance products, deciding where to find the cheapest rates is only part of the solution to finding the best deal on life insurance.

Lets begin with need. How much insurance should you buy? Consultants generally advise between five and seven times your gross salary. But that's only a guideline. The best way is to estimate your survivors expenses if you die. You'll want to make sure that there's enough money to pay any debts and burial expenses.

Don't over insure. Many younger people without children need very little insurance. Older couples may need just enough coverage to pay for final expenses and provide their surviving spouse with enough money so that they can avoid major financial decisions for the rest of their lives.

Cost of Long Term Care Insurance
A real quick way to determine the amount of coverage you need is to total up the expenses that your family will have after you're gone. First, the one time expenses at death and then the ongoing ones. Take the ongoing expenses and divide by .07. What that says is that you'll want a lump sum of money earning about 7% each year to pay those annual expenses. Add to that lump sum the amount you'll need to cover the one time expenses. The total should approximate the amount of life insurance you need.

A simpler method is to add your mortgage debt, all other debts so that everything is free and clear. To that add a lump sum which, if invested at say 5%, will produce sufficient income to keep you spouse and family going.

Single Term Insurance
Many people favor term insurance. After all it is cheaper. But as you get older you'll probably want to consider 'permanent insurance'. With this type of insurance, as long as you continue to pay the premiums you'll have coverage no matter what your health condition.

Other Types of Life Insurance
Permanent insurance goes by a variety of names. Basically, they're all variations on the same policy. One of the most common is called 'whole life'. Here you'll pay a consistent premium for the rest of your life. The premium is split into two parts. One part actually pays for the life insurance for that year. The other part is invested in the early years and can be used to pay your premium in later years.

In some policies you'll be given a choice of where to invest the money. Youll sometimes be able to choose either a fixed rate investment or a stock mutual fund.

You'll find no lack of variety available. The choices are almost endless. One popular option allows you to 'borrow' the accumulated investment from the policy. This can come in handy for college tuition or other major known expenses where it's nice to begin saving a little bit on a regular basis.

Selecting an insurance company can also be challenging. According to industry sources there are over 2,000 companies that sell life insurance in the United States and Canada. Prices vary significantly. I ran a comparison of a 10 year renewable term for myself and found rates from $535 to $3,814 for a yearly premium!

But there's more than price to consider. Make sure you select a company with a high rating. But see what term life insurance will cost.

When you get right down to it there's only three good things to say about shopping for life insurance. First, it's available to cover our needs. Second, we can select a plan that meets our needs. And finally, it's not something that you have to buy each year!

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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Term Life Insurance: The Right Choice for Canadian Life Insurance

Author: Ivon T. Hughes

Choosing the right insurance plan for you and your family can be difficult. After all, you want a policy that will provide for your loved onces in the future without costing you a fortune today. Term Life insurance may be your answer.

What is Term Life Insurance?
Term Life is an insurance plan which lasts for only a specific number of years. Once that time is up, the policy expires. Because the plan is not permanent, the premiums are considerably lower.

How is Term Life Different From Whole Life?
While Term Life insurance provides protection for only a specified number of years, Whole Life will protect you for the rest of your life as long as your premiums are paid. Whole Life plans usually offer lower coverage but charge higher premiums.

How can I tell if Term Life is for me?
If you were to pass away suddenly, which would help your family more: $100,000 or $500,000? A $500,000 term life plan will cost you the same as a $100,000 whole life plan. Most families could really use the extra coverage to pay the mortgage, the utilities, the credit card debt, the car payments at a time of crisis. So the question is really: Is Term Life right for your family?

What are the benefits of Term Life?
With Term Life insurance, you receive the following benefits:
- Lower premiums
- Higher coverage
- Coverage for a specific time which meets your needs
- Ability to cancel or reduce policy at any time
- No cost or obligation 10 day "Free Examination Period"

How much Term Life coverage do I need?
The amount of coverage varies. You can use our Insurance Calculator to determine how much coverage you and your family should receive.


HOW MUCH TERM COVERAGE SHOULD I HAVE?
Find out from our Insurance Calculator.

Affordable Prices, Hassle Free Policies, and Exceptional Service: Just Three Reasons Why People Choose The Hughes Trustco Group Ltd

This is a website where you can find out what the insurance will cost you BEFORE deciding to proceed.

A quote will give you a general idea of what the insurance will cost. But it cannot give you a DEFINITE amount as of course it knows nothing of your personal history. But here, before you decide to buy, you can KNOW exactly what it will cost. Simply give us some preliminary information. and the underwriter will call to ask some questions or a nurse's visit will be arranged. The underwriter, from an insurance we choose, will then do the evaluation. Based on this evaluation we then get you the best possible rate from competing insurance companies.

REMEMBER a "quote" is just that, a quote. The car mechanic will give you a quote but the bill goes up if he finds other problems. Our system gives you a firm price BEFORE you proceed, so there are no surprises. And you have 10 days to return the policy and get all of your money back, with no questions asked!

Previously, you gave a cheque with the signed application and waited to see if you were approved, a process that normally took weeks. NOW, just like a mortgage, you can be PRE-APPROVED and know your premium BEFORE you decide whether to proceed.

Why does our system work so well? Because, as well as price, you need to be able to buy it with no hassle from a strong, well-known companies. And you want the policy in your hands as quickly as possible. That's why it works, because that's what you get.

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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About Life Insurance

Author: Maritime Life

It’s difficult to imagine needing personal life insurance while you’re young and in good health. But, if anything should happen to you, it can help protect your spouse, loved ones and estate. Some personal life insurance policies can also offer you access to funding during your life, such as for buying a home or educating your children.

What is Life Insurance?
Life insurance is a contract with an insurer, like us, that promises a set amount of money will be given to your beneficiary and/or estate upon your death. Your benefit amount depends upon many factors including the policy you choose, your age, sex and health, and the amount of premium you pay. These are the types of details you’ll discuss with an advisor so that the right policy can be selected by you, from those with fixed coverage and specific terms to those with greater flexibility; if your financial situation changes, you can adjust your policy accordingly with the help of your advisor.

Why Do You Need It?
Life insurance can give you peace of mind knowing that, if something should happen to you, your loved ones won’t be left with a legacy of debt, final taxes or other money worries. Certain life events might cause you to re-evaluate your financial goals and consider the protection life insurance can provide. Some of these include getting married, buying a home, having children or planning for your retirement. With an appropriate plan, life insurance can help you meet your goals in life and protect your family when you no longer can.

As well, certain business situations call for life insurance. If you’re an entrepreneur or just starting a business you’ll need to protect your enterprise and any partners. A uniquely tailored insurance solution can also provide the money necessary to enable your fellow shareholders or partners to buy you out when you’re ready to retire.

Choosing the Right Policy
Choosing the right policy can be a confusing process. To help you sort through your options, we suggest that you speak with a professional financial advisor. He or she will have the expertise to help you choose the products and company that best meets your needs.

Some questions you should ask yourself are:
- Will the policy meet my current needs?
- Will the policy provide the flexibility to meet my future needs?
- What does the policy cost––both current and expected lifetime costs?
- Is the provider established and financially strong?
- Will the company back its guarantees?

As insurers, we offer two life insurance categories for you to choose from: term and permanent insurance. Both can be tailored to meet your financial needs.

Term Life Insurance
If you’re looking for basic insurance coverage for a specific period of time, term insurance is a good place to start. It’s a cost-effective and simple plan, with some flexibility to adapt to your long-term goals. We offer a number of term life insurance solutions to help you protect your financial interests and estate needs. Over time, your needs may change. Our term life insurance can evolve with your needs by providing options to lengthen your coverage period or even to transfer to a permanent life insurance solution. Learn About Term’s Benefits.

Permanent Life Insurance
If your financial objectives include more than basic insurance coverage, you may benefit from this option’s added investment potential. Permanent insurance solutions allow you to insure against the unexpected while increasing the value of your investment over time. Our plans are flexible; we can tailor the level of investment potential and insurance coverage to meet your personal financial goals. You can also select a plan that gradually minimizes insurance coverage so you can maximize your policy’s investment potential. Learn About Permanent’s Benefits.

If you have specific questions on life insurance, you may be interested in reading our frequently asked questions. Or, contact an advisor for further guidance.

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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GLOSSARY OF UNIVERSAL LIFE TERMS

Adjusted Cost basis (ACB):
The adjusted cost basis of a life insurance policy is calculated using a complex formula that takes into account all deposits into, withdrawals or loans from, dividends and the cost of insurance charges of a policy. The governing section of the Income Tax Act (Canada (ITA) section 148(9).
An oversimplified definition for the vast majority of policies, and assuming no cash withdrawals, cash dividends or loans from the policy, looks something like this:

Policies issued before Dec. 2, 1982:
Total premiums paid

Policies issued Dec. 2, 1982 or later:
Total premiums paid
Less: Net cost of pure insurance (NCPI)

ACB is increased by the total of all premiums paid and decreased by the annual NCPI. NCPI generally increases year over year to the point where it exceeds the premium or deposit, if any, being paid. For this reason, the ACB of a policy is issued and then declines to zero after a number of years. Once the ACB reaches zero, every dollar of cash withdrawn from the policy, by whatever means, will be taxable.

Canada Customs and Revenue Agency (CCRA):
This is the name of Revenue Canada since Nov. 1, 1999.

Capital Dividend Account (CDA):
The Capital Dividend Account is a notional tax account into which certain capital receipts of a corporation can be credited. It enables a corporation to pay a tax-free dividend to shareholders.

The CDA is available only to private corporations that are resident in Canada. Here are some key criteria for determining if a corporation qualifies for a CDA, although final determination of whether a corporation qualifies for a CDA rests with the client's legal, taxation and accounting advisors:

- The corporation must be a Canadian corporation, which usually means it has been incorporated under federal or provincial law after 1977.

- The corporation must be a private corporation and cannot be controlled directly or indirectly by a public corporation (see section 89(1) of the ITA).

- The corporation must receive non-taxable money, such as non-taxable portion of a capital gain less the non-deductible portion of any capital loss. The tax free portion of realized capital gains is credited to the CDA. When life insurance death benefits are received by a corporation, the mortality gain is credited to the CDA.

Any capital dividend is paid on a tax-free basis. The dividend distribution must be made on a pro-rata basis among all shareholders of the class of shares on which the dividend is declared.

Cash surrender value (CSV):
When cash value life insurance is surrendered during the life lifetime of the person whose life is insured, the cash surrender value is the amount that the policy owner receives after any outstanding policy loan, interest and other surrender charges have been paid. The CSV is a taxable income receipt to the extent that the CSV exceeds the policy's ACB.

Cash value life insurance policy or cash value policy:
Permanent life insurance can provide life insurance coverage and cash value growth within the contract. For the purpose of this guide, "cash value life insurance" and "cash value policy" refer to life insurance policies that are exempt from annual accrual taxation of the growth in cash value under the provisions of the ITA.

Collateral assignment:
In the common law provinces and territories, the owner of a life insurance policy can use the policy as collateral for a loan or line of credit. The owner cannot sell or dispose of the policy without either first getting the lender's consent or paying off the loan or line of credit. This process is sometimes called a "A partial assignment".

Income Tax Act (Canada) (ITA):
This is the Federal statute that governs taxation of the income of individuals, corporations, partnerships, trusts and estates in Canada. The provinces and territories also levy income tax. The ITA is amended on a regular basis.

Leveraging:
A policy owner assigns a life insurance policy to a financial institution as collateral for a loan or line of credit. In the common law provinces and territories, the legal mechanism is "collateral assignment". In Quebec, it is a "movable hypothec".

Mortality gain:
When an eligible corporation (see definition of CDA) receives life insurance proceeds, the mortality gain is credited to the CDA. The mortality gain is the life insurance death benefit minus the ACB of the corporation in the life insurance policy.

Movable hypothec:
In Quebec, the owner of a life insurance policy can use the policy as collateral for a loan or line of credit.

Net cost of pure insurance (NCPI):
NCPI is calculated based on a prescribed mortality charge applied to the amount at risk (i.e. the total death benefit less the accumulating fund of the policy). It is a separate calculation for tax purposes and need not have any relationship to the actual mortality charges assessed under the policy.

Policy advance or policy loan:
Cash value life insurance contracts can permit the policy owner to receive an advance against the death benefit payable under the terms of the policy. Most people (advisors and clients alike) refer to this arrangement as a policy loan and consider this to be a form of borrowing. While terms like "policy loan" and "borrow" are used to describe this method of accessing the cash value of a policy, the legal requirements and obligations of this arrangement are different from when a person uses a cash value policy as collateral for a loan or line of credit from a financial institution. Like a loan from a financial institution, interest on the advance must be paid. The policy advance is taxable to the extent that the amount borrowed exceeds the policy's ACB. For convenience, we will refer to this arrangement as a "policy loan" and will use the term "borrow" to describe the action of accessing the cash value of the insurance policy.

Policy withdrawal:
Cash value life insurance contracts can permit the policy owner to make a permanent withdrawal of part of the policy's cash value. Withdrawals result in a permanent reduction in the amount of life insurance coverage. A withdrawal is a taxable income receipt of the policy owner calculated on a pro-rated basis.

Retirement Compensation Arrangement (RCA):
A Retirement Compensation Arrangement (RCA) is an inter vivos trust (one set up during an individual's lifetime) that is used to provide retirement income or benefits to an employee. Under the ITA, 50% of all deposits to the trust must be paid to CCRA, which holds them in a refundable tax account (RTA). Once the employee begins to receive retirement income, the RCA trust may get a refund of $! from the RTA for every $2 paid to the employee. The RCA rules in the ITA permit CCRA to deem an RCA to exist when an employer is under an obligation to provide retirement income and other technical criteria are met. It is possible for CCRA to determine that an RCA exists years after the structure was set up, which can result in a significant retroactive tax liability.

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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GLOSSARY OF DENTAL TERMS

Adjunctive Services
Supplementary and additional therapeutic procedures including treatment for relief or/and prevention of pain.

Amalgam
Also known as silver filling. Up to five different surfaces or areas of a tooth can be filled. This type of filling is used primarily in posterior (back ) teeth.

Bridgework
A bridge is a fixed prosthesis that can replace one or more missing teeth. A fixed bridge is not designed to be removed by the patient. A bridge can be worn on both the upper and lower arches. The abutment teeth are prepared in the same fashion as a crown and replacement teeth called pontics are used to replace the missing teeth.

Composite
A synthetic resin which is tooth coloured. this type of filling is used primarily in anterior (front) teeth.

Crowns
An artificial restoration which covers the entire surface of the tooth above the gum line where a filling is not possible.

Denture Repair
This may become necessary due to dropping or normal wear and tear. Simple repairs are maid by the dentist in the office, but often, more complex repairs are sent to a laboratory.

Dentures
A removable prosthesis replacing some or all missing teeth in a dental arch.

Diagnostic Services
Diagnostic services are those procedures necessary to recognize and identify any condition (and its cause) that may be a departure from normal. These procedures include examinations, x-rays, clinical and laboratory tests.

Endodontic Services
The diagnosis and treatment of diseases within the pulp and tissues surrounding the tooth root. Some of the common procedures include root canal therapy and periapical surgery.

Examinations

Initial Examination - An initial examination of a new patient when a medical and personal history is taken and recorded. A full diagnostic examination of the gums, hard and soft tissue and teeth is performed.

Recall Examination - A regular re-examination to maintain a constant stardard of dental care.

Orthodontics
The detection, prevention and correction of abnormalities in the positioning of the teeth in their relationship to the jaws.

Periodontal Services
Diagnosis and treatment of the supporting tissue and bone surrounding the teeth.

Pit and Fissure Sealant
A clear plastic material used to coat and seal the pits and/or fissures in the biting surfaces of the back teeth to protect them from agents, which may cause tooth decay.

Preventative Services
Preventative services are those procedures that help you avoid, intercept or minmize adverse conditions which may cause diseases of the oral cavity. Preventative services include scaling, fluoride treatments, home care instructions, sealants and polishing.

Rebase
Refitting the denture by replacing the denture's base material.

Reline
Resurfacing, usually with a plastic material, the side of the denture that fits next to the gum with new base material to allow it to fit more accurately.

Restorations
The process of replacing the lost part or the diseased portion of the tooth by artificial means.

Root Planning
The smoothing of roughened root surfaces by the use of scalers and curettes.

Scaling
To remove calculus (tartar) and stains from the teeth with special instruments. This can be performed on the teeth on the teeth above and below the gumline.

Space Maintainers
A fixed or removable appliance designed to keep open the space created by the early loss of a primary tooth.

Surgical Services
The diagnosis and surgical management of or diseases, injuries and defects of the jaws and associated structures. Surgical services include the extraction of teeth.

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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GLOSSARY OF TERMS

Accelerated Benefits Rider
A life insurance rider that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or debilitating injury.

Accidental Death and Dismemberment
Insurance providing payment if the insured's death results from an accident or if the insured accidentally suffers a loss of a limb or totally and irreversibly loses his or her eyesight.

Accidental Death Benefit Rider
A life insurance policy rider providing for payment of an additional benefit related to the face amount of the base policy when death occurs by accidental means.

Annual Renewable Term
A form of renewable term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year, without evidence of insurability. Also called Yearly Renewable Term.

Beneficiary
Person to whom the proceeds of a life policy are payable when the insured dies. The various types of beneficiaries are: primary beneficiaries, those first entitled to proceeds and secondary beneficiaries, those entitled to proceeds if no primary beneficiary is living when the insured dies.

Best's Insurance Report
A guide, published by A.M. Best, Inc., that rates insurers' financial integrity.

Cash Surrender Value
The amount that is available in cash for loans and that may be available for withdrawals. Accessing Cash Surrender Value will reduce the death benefit and may increase the risk of lapse.

Conditional Receipt
Given to policy owners when they pay a premium at time of application. Interim coverage during the underwriting process is provided subject to terms and conditions of the receipt.

Contingent Beneficiary
Person or persons named to receive proceeds in case the original beneficiary is not alive.

Conversion Privilege
Allows the policyowner, before an original insurance policy expires, to elect to have a new policy issued for the same insurance coverage. Normally a term policy is converted to a whole life policy.

Convertible Term Insurance
Term insurance which can be converted, at the option of the policy-owner and without evidence of insurability, for a permanent insurance policy.

Decreasing Term Insurance
Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force to the date the policy expires, while the premium remains level. The intervals between decreases are usually monthly or annually.

Disability Income Rider
A type of health insurance coverage, that provides for the payment of regular, periodic income should the insured become disabled from illness or injury.

Dividend
A return of part of the premium on participating insurance that is based on the insurer's investment, mortality, and expense experience. Dividends are not guaranteed.

Face Amount
The amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death or other special provisions or acquired through the application of policy dividends.

Increasing Term Insurance
Term life insurance in which the death benefit increases periodically over the policy's term. Usually purchased as a cost of living rider to a whole life policy.

Insurability
Acceptability to the company of an insurance applicant.

Insurance Company Ratings
There are three major insurance industry ratings services; A.M. Best, Standard & Poor's and Moody's.

Insured
The person on whose life the policy is issued.

Level Premium
Life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The payments in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.

Loan
A loan made by a life insurance company to a policyowner on the security of the cash value of a policy.

Medical Examination
Usually conducted by a licensed para-med or an M.D. if the coverage amount is large and/or the insured is older. The medical report is part of the application, becomes part of the policy contract and is attached to the policy. A "non-medical" is a short-form medical report filled out by the agent or conducted verbally on the phone.

Paid-up Insurance
Insurance that will remain in force with no need to pay additional premiums.

Participating Policy
A life insurance policy that is eligible for the payment of dividends by the insurer.

Permanent Life Insurance
Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life.

Policyowner
The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.

Preferred Risk
A client whose physical condition, occupation, mode of living and other characteristics indicate a prospect for longevity, superior to that of the average longevity of unimpaired lives of the same age.

Premium
The periodic payment required to buy and keep an insurance policy in force.

Primary Beneficiary
In life insurance, the beneficiary designated by the insured as the first to receive policy benefits.

Proceeds
Net amount of money payable by the company at the insured's death or at policy maturity.

Renewable Term Insurance
Term insurance which can be renewed at the end of the term, at the option of the policyowner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.

Rider
Strictly speaking, a rider adds something to a policy. However, the term is used loosely to refer to any supplemental agreement attached to and made a part of the policy, whether the policy's conditions are expanded and additional coverages added, or a coverage or condition is waived.

Secondary Beneficiary
An alternate beneficiary designated to receive payment, usually in the event the original beneficiary predeceases the insured.

Smoker Ratings
Insurers will give a lower premium rate to buyers who do not smoke or use tobacco. If you smoked in the past, most carriers will consider you a non-smoker if you have not smoked for one year prior to applying for coverage.

Standard Risk
Person who, according to a company's underwriting standards, is entitled to insurance protection without extra rating or special restrictions.

Sub-Standard Risk
Person who is considered an under-average or impaired insurance risk because of physical condition, family or personal history of disease, occupation, residence in unhealthy climate or dangerous habits.

Suicide Clause
Most life insurance policies provide that if the insured commits suicide within a specified period, usually two years, after the issue date, the company's liability will be limited to a return of premiums paid.

Term Insurance
Protection during limited number of years; expiring without value if the insured survives the stated period. The usual periods are 5, 10, 15, 20, 30 and to age 100. Does not build up cash value and is the least expensive.

Term of Policy
Period for which the policy runs.

Underwriter
Company receiving premiums and accepting responsibility for fulfilling the policy contract. Also, company employee who decides whether the company should assume a particular risk; or the agent who sells the policy.

Uninsurable Risk
One not acceptable for insurance due to excessive risk.

Universal Life Insurance
A flexible premium life insurance policy under which the policyowner may change the death benefit and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates which may change from time to time. The owner may select the investments in which the premiums are to be invested.

Waiver of Premium
Rider or provision included in most life insurance policies exempting the insured from paying premiums after he or she has been disabled for a specified period of time, usually six months. Not available at older ages.

Whole Life Insurance
A basic type of permanent life insurance which can provide life-time protection at a level premium. Premiums must generally be paid for as long as the policy is in force.

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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Is Your Business Dependant on You or a Key Partner?

Author: Ivon T. Hughes

You've worked hard to successfully build your business. A product of sacrifice and dedication, your business deserves to be protected from life's events beyond your control.

Your death or the untimely death of a partner could critically set back your business financially. The share of the business your partner owned may end up being purchased at a fraction of the real value. Or the loss could lead to the collapse of your business.

Insurance can help prevent this. The death benefit can be used by business partners or family members to purchase outstanding interests. Along with a buy/sell agreement, insurance can help ensure your business continues in the hands of the people you choose.

Obtaining life Insurance for you and your business partners is a critical step towards protecting your business's future success.

To learn more about the different life insurance options that can meet your needs, visit our website or give us a call.

Ivon T. Hughes, The Hughes Trustco Group Ltd.

Online Insurance Broker - Get a FREE Ebook TODAY!

Tel: (514) 842-9001 Email: info@trustco.ca

Website: http://www.hughestrustco.com

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DO YOU NEED LONG-TERM CARE INSURANCE?
Insurance Commissioners Offer Tips for Consumers

Kansas City, Mo. (July 17, 2007) — With healthcare costs rising and longer life expectancies, funding long-term care needs is an increasing concern for millions of people. According to the U.S. Department of Health and Human Services (HHS), about 9 million Americans, now 65 or older, will require long-term care. HHS expects that number to rise by 25 percent – to 12 million – by 2020. The average annual cost of nursing home care is $74,806, according to Genworth Financial’s 2007 Cost of Care Survey, but that figure can fluctuate depending on the level of care required, and the state in which the care is provided.

To help consumers make more informed decisions about long-term care insurance coverage, the National Association of Insurance Commissioners (NAIC) offers tips and considerations through its public education program, Insure U – Get Smart About Insurance, at www.insureUonline.org. Additionally, answers to many common questions about long-term care insurance can be found in the NAIC’s free “Shopper’s Guide to Long-Term Care Insurance,” which can be ordered online at naic.org. Consumers can also obtain the guide by calling their local state insurance department.

“Consumers who would like to protect their assets, minimize dependence on family members and control how they receive nursing or home care, should carefully consider long-term care insurance,” said Sandy Praeger, NAIC President-Elect and Kansas Insurance Commissioner. “It’s a highly individualized decision that requires people to look closely at multiple factors including their family health history, dependent relationships and personal financial situation.”

Understanding the Basics of Long-Term Care Insurance

When people are unable to perform activities of daily living – such as eating, dressing and bathing – long-term care insurance can pay for the services of nursing homes, assisted-living facilities and in-home caregivers. Importantly, long-term care insurance covers expenses for those diagnosed with a chronic illness such as Alzheimer's disease, Parkinson's disease, multiple sclerosis and diabetes. Standard health insurance policies and Medicare usually do not pay for long-term care expenses associated with these illnesses. Medicaid provides limited long-term care benefits – and only after a person’s assets have been depleted.

“People are living longer, but they often don’t have the ability to take care of themselves as they reach the older ages,” said Walter Bell, NAIC President and Alabama Insurance Commissioner. “Because these costs can become prohibitively high, interest in long-term care insurance is increasing. We encourage consumers to visit our Web site and take the long-term care quiz to find out more about their options.” The quiz is located on the right-hand side of the home page of www.insureUonline.org.

A major consideration for purchasing long-term care insurance, according to the NAIC, is whether individuals have assets they want to protect, as the substantial annual cost of long-term care can quickly deplete even a sizeable nest egg. On the other hand, if one’s retirement savings are minimal or non-existent, he or she would likely qualify for Medicaid in a very short period of time, significantly diminishing the need for long-term care insurance coverage. According to the NAIC, consumers should not purchase long-term care insurance if they are currently on Medicaid or their only source of income is Social Security.

Ten Tips Regarding Long-Term Care Insurance from the NAIC

1. Investigate long-term care coverage if you don’t want to rely on others to support you, and you want flexibility in choosing the type of long-term care services.
2. Long-term care insurance isn’t for everyone. If you are currently receiving Social Security or expect to have minimal or no retirement savings, you will likely qualify for state aid and should not purchase long-term care insurance.
3. Research individual insurance companies to see whether they have a history of raising rates for long-term care coverage. Check with your state insurance department to learn how your state regulates rate increases.
4. Check with your financial advisor or accountant for guidance on whether long-term care insurance is appropriate for your specific financial situation. If long-term care insurance is for you, shop around for the most appropriate coverage at the best price.
5. Make sure you understand what a long-term care insurance policy covers and just as importantly, what it doesn’t. Ask questions and make sure the company is reputable and licensed to sell insurance in your state. If you have concerns about a company, contact your state insurance department.
6. Pre-existing conditions, conditions that you have before you apply for the insurance coverage, may be excluded from coverage. In addition, for some policies, age 60 is a trigger for a rate increase. Thus, it may be beneficial to purchase your policy before your late 50’s.
7. Don’t rely on Medicare or Medicaid to cover your long-term care needs. Medicare will usually pay for a small percentage of nursing home costs. Medicaid pays for long-term care services but only if you meet federal poverty guidelines, and the choice of care facilities can be very limited.
8. Keep in mind that tax breaks are available for qualified long-term care insurance policy premiums. The benefit payments received under such policies are tax-free.
9. Do not divulge personal financial or medical information over the phone, such as your social security number, your health status, your Medicare status or your private insurance coverage. Don’t be fooled by mailings about long-term care insurance that appear to be from an official government source. If you are concerned that someone is trying to trick you, contact your state insurance department.
10. Be wary of advertising that suggests Medicare is associated with a long-term care policy. Medicare does not endorse nor sell long-term care insurance.

Six Special Considerations Regarding Long-Term Care Insurance from the NAIC

The NAIC advises consumers to make sure the following items are included in their long-term care policies:

An “outline of coverage” that clearly describes the policy’s benefits, terms and limitations in detail. It is important to understand how much money the policy would pay, and how much the policyholder would be responsible for out-of-pocket.

A clear description of the elimination period. Some policies have a set number of days that must be spent in a nursing home or in claims status before the long-term care insurance coverage kicks in.

At least one year of nursing home or home healthcare coverage or both, including intermediate and custodial care.
The right to cancel the policy for any reason within 30 days of purchase and receive a full premium refund.
A guarantee that the policy cannot be canceled or terminated because of the policyholder’s age or physical or mental health condition.
Consider an inflation protection option that periodically increases the benefit level without the need for the policyholder to provide evidence of insurability.

“Consumers can easily protect themselves from being scammed by fake long-term care insurance policies,” said Catherine J. Weatherford, NAIC Executive Vice President and CEO. “Before purchasing a policy, take the time to stop, call and confirm with your state insurance department that the company is authorized to sell insurance in your state.”

For more information about insurance options, or to order a copy of the NAIC’s free booklet, “A Shopper’s Guide to Long-Term Care Insurance” visit www.insureUonline.org. The site is also available in Spanish at www.insureuonline.org/espanol.

ABOUT THE NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm

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Tools for Life Settlements by Grant Shellhammer

As the education of life settlements continues to grow, it is important for consumers, financial professionals, and insurance agents to prepare themselves with the tools to maximize their life settlements.

Life Settlements, also known as life insurance settlements or senior settlements were spawned from the viatical settlement method. A life settlement is the sale of a life insurance policy covering a person who has a limited life expectancy -- normally 10 years or less. Life Settlements are usually geared to seniors 65 and older, and can offer a much better option than lapsing or surrendering a policy back to the insurance company. Life Settlements allow consumers access to a secondary market for an insurance policy that may be under performing, unwanted, or no longer needed.

The first important tool is having the proper life insurance policy illustrations. Life settlement offers are highly based upon the amount of annual premium required to keep the policy in force for a period of time. Most life settlement companies will need a 10 year, 15 year, and maturity illustration. However, specific cases might require different time frames. It is especially important if you are converting a term policy that you also get the correct hypothetical conversion illustrations. A life settlement broker can usually assist with helping retrieve these illustrations.

Life settlements are also based on the medical condition of the insured. A proactive tool would be for consumers thinking of exploring a life settlement to begin requesting the last 3 years of medical records from their primary physicians and specialists (if applicable). Most all life settlement companies and life settlement brokers an also assist with acquiring the medical records. However, that can slow the transaction bye a couple of weeks.

The last important tool is having the correct information regarding the life insurance policy. This is extremely important for a premium finance life insurance policy. The needed information would be policy owner and insured information, beneficiary information, state issued, and life insurance carrier. Additional information would be account value, date issued, loan amount (if applicable), and current policy status. Premium financed cases will need to provide trust information, premium finance documentation, and payoff information. Once again, a life settlement company can assist with acquiring the requested information. However, it is important for consumers and professionals to understand what is needed for a life settlement transaction.

Life settlements can be a tremendous opportunity for consumers who have a life insurance policy that they no longer need, want, or would just like to free up additional capital. These tools should help you understand and speed up the life settlement process.
About the Author

Life Settlement Pro is a Life Settlement Broker and provides detailed information about life settlements, life insurance settlements, senior life settlements, Life Settlement Company and more.

Grant Shellhammer
Life Settlement Pro
http://www.LifeSettlementPro.com
1-888-973-8377

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