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Things to consider on choosing the right insurance policy

1 October 2019 By admin Leave a Comment

Here are the things you must consider to ensure you have the right and adequate travel insurance:

GET CORRECT BIRTH DATE

Since a crucial part of the travel insurance cover is around emergency medical care, it is important that you consider the age of the people travelling to evaluate the insurance cover required. If the people travelling are senior citizens, it is important that you have more than adequate cover, irrespective of the destination or the duration. It is important to inquire about the policy document to understand the medical cover completely and keep an eye on any additional limits in the cover, such as hospitalisation limit or cap on treatment cost, that could significantly curtail the insurance cover you have purchased.

EXISTING MEDICAL HISTORY

In case any family member has a medical history, ensure the policy covers pre-existing diseases, at least for life threatening situations. You don’t want to be in a situation where you are not able to provide for the best healthcare when you need it the most. Ensure you have discussed with your family, understood their health conditions and made a clear complete declaration in the proposal form, else having a pre-existing cover will be of no use.

ON BASIS OF DESTINATION

If you are travelling to a developed country like United States, United Kingdom or Singapore, it is important that you have a large cover, especially if the duration of the trip is more than two weeks. A short visit to a hospital can burn a huge hole in your pocket, in case you have a small insurance cover.

By Mahavir Chopra

See Full Story at www.livemint.com

4 steps to Lower your Car Insurance

26 September 2019 By admin 1 Comment

Negotiating lower car insurance can help you save hundreds of dollars each year. Here’s how to lower car insurance in 4 steps today

Step 1: Find how much coverage you need

Most U.S. states — besides New Hampshire and Virginia — require you to get car insurance as well as a certain amount of liability coverage you need.

When it comes to the amount of liability that’s required, you’ll typically need to find coverage in three areas

Step 2: Find your current plan

If you don’t have your current plan in front of you, how can you know how to lower your car insurance?

That’s why you need to find out what your current policy looks like. Go digging through the glove compartment for it, check your files, or call your insurance company. This is important information you can leverage when negotiating with your current insurance provider.

Step 3: Shop around

To start, you can use a rate comparer tool such as this one to compare quotes from different insurers.

I prefer talking to a rep on the phone, though, because they always tell me about other deals that the websites don’t offer.

When consulting with a rep or looking up quotes online, be sure to find out how much exactly you’ll be paying in these two areas.

See Full Story at www.iwillteachyoutoberich.com

What to look for in a great travel insurance plan

24 September 2019 By admin Leave a Comment

Insurance is a billion-dollar business, and everyone wants their hand in the cookie jar, thus you face a mind-numbing number of choices that can be confusing and overwhelming. And, often, in the fine print, you’ll find that plans aren’t as good as you thought.

First, make sure your travel insurance offers a high coverage limit on your medical expenses. A good company will provide up to $100,000 in coverage care, though more expensive policies will cover you for higher amounts. The maximum coverage limit you can find is around $1,000,000 USD, though I’m not sure why you would ever need a limit that large. High coverage limits are important because if you get sick, injured, or need serious attention and have to seek professional care, you want to make sure your high hospital bills are covered. The worst thing you can do is go cheap and get a policy with a $20,000 coverage limit, break a leg, and reach that limit before they are done taking care of you. Don’t be cheap with your health. Get minimum coverage of $100,000.

Second, you want to make sure your travel insurance policy also covers emergency evacuation and care that is separate from your medical coverage. If you are hiking in the woods and you break your leg, your policy should cover your evacuation to the hospital. If a natural disaster occurs and you need to be evacuated to somewhere else, your plan should cover that as well. This protection should cover an expense of up to $300,000 USD.

Additionally, evacuation also should mean from the hospital to your home country. Standard emergency evacuation coverage frequently only moves you if your current facility is inadequate, or if it’s “medically necessary”, and then pays for a flight home after you’ve recovered.

See Full Story at www.nomadicmatt.com

Is employer-sponsored insurance really a good deal for workers?

19 September 2019 By admin Leave a Comment

In a great historical irony, the evident faults of employer-sponsored insurance are helping fuel a new appetite for Medicare-for-all, a single-payer system where everybody gets health coverage from the government. But the work-based system, for all its flaws, could also be the biggest barrier to enacting single-payer. Shifting 160 million people from the coverage they currently get through their jobs to a new government plan is a lot of disruption — and disruption, especially in health care, has historically made a lot of Americans nervous.

If Medicare-for-all is ever to become more than a campaign slogan, its proponents must solve that riddle.

Ending work-based insurance is still a humongous challenge

Medicare-for-all has become incredibly popular among the Democratic base, but the primary problem it will face is that many people are fine with the insurance they have today. They might not love it, but they are familiar with it, and for the people who don’t incur regular medical bills but want to be protected from an emergency, the benefits you receive through work-based insurance are probably sufficient.

“It’s a real barrier to doing anything big,” says John Holahan at the Urban Institute, who helped create a proposal explicitly designed not to disrupt work-based insurance. “Most people with employer plans are reasonably happy with them.”

By Dylan Scott

See Full Story at www.vox.com

How blockchain technology disrupt the insurance industry

17 September 2019 By admin Leave a Comment

While blockchain technology has been subject to extreme hype, its true killer applications are likely to be in some of the most antiquated fields out there. And it has the ability to be a transformative force for industries like insurance, which require the coordination and cooperation of many different intermediaries with different incentives.

Of course, getting there will be no mean feat. Insurance companies and startups working with blockchain technology will have to overcome significant regulatory and legal hurdles before we see anything resembling industry-wide disruption. Skeptics point out that there are serious obstacles for blockchain technology in an industry that hasn’t even fully embraced the cloud.

It’s too early to tell whether blockchain technology can overcome the legal and regulatory hurdles to become the default standard across the insurance industry. But the possibilities are endless, and insurance companies and startups alike are exploring insurance applications for the technology at full throttle.

See Ful Story at www.cbinsights.com

Important questions Insurers need to ask when applying for an insurance

12 September 2019 By admin Leave a Comment

Photo by **rawpixel.com** from **Pexels**

It always pays to have the information that is needed ready on hand. It will also help you know your health status in advance to ensure that you get access to the right policy. These are four questions that insurers tend to ask.

Health-related questions

During the underwriting process, you will undergo a couple of questions concerning your health. The reason why insurers ask this is to ensure that you are covered for any health ailments you might have.

Lifestyle-related questions

The healthier you are the better. Whether you partake in smoking, drinking, or adventure sports, these are all factors that can affect your life.

Beneficiaries you want to have covered for a funeral benefit

This tends to be a question that stumps many first-time applicants who have not yet started a family for a couple of seconds.

See Full Story at www.miwaylife.co.za

Benefits of using an Insurance broker

10 September 2019 By admin Leave a Comment

Brokers are commission-based. They can act as the consumer’s partner and ensure that the consumer has the right coverage, the right policy terms, and the right price.

Here’s some benefits of using an Insurance broker:

They help clients choose the plans that fit their needs.
They are aware of more products than consumers are.
Insurance brokers shop several companies and strive to get the best prices.
They can assess and assist with consumer risk management.
Insurance brokers can look at unique situations and come up with the appropriate coverage options.
They help with customer service and claims.
They are able to identify trends and upcoming policy rate increases.
They offer a range of products so that when consumer needs change, their insurance can also change with them.

Insurance brokers can educate consumers on the need for insurance and help address some of the consumer irrationalities when shopping for insurance policies. All these leads to the fact that consulting a good insurance broker is always worth the effort and you stand to get the best coverage for your unique needs.

See Full Story at www.covermatch.com

Things you should consider when buying travel insurance

5 September 2019 By admin Leave a Comment

Do I actually need travel insurance for this trip?

If your current medical insurance firm already provides coverage for the area or country you are traveling to you may not need an additional policy. So, first, sit down read through it and see what is covered and what is not. Pay particular attention to what happens if you need to be transported home in an ambulance. Often, this is not fully covered by a regular medical insurance policy.

In addition, some home insurance policies provide coverage for possessions like phones that are lost or damaged outside of the home. Checking with your provider could potentially save you money.

Find out what is covered

Before buying, check what is covered and what is not. For example, not all firms automatically include medical repatriation in their policies. They will pay for your hospital stay, but, not for a medical professional to bring you home in an air ambulance. You should never assume everything will be covered, always double-check.

Be particularly careful about pre-existing conditions. Each insurance company has its own definition and list of conditions that are not covered.

See Full Story at www.wanderwithjo.com

How to Compare Cheap Travel Insurance

3 September 2019 By admin Leave a Comment

What you need to remember is there are hundreds of travel insurance companies out there and many of them are evil.

Choosing a good insurance policy can be pretty overwhelming. Often, in the fine print you’ll find that policies are not as good as advertised.

For example, some (really!) cheap travel insurance companies will insist that you pay a high excess on claims for electronics or other personal belongings.

When hunting for a plan and comparing backpacker insurance policies, start with the basics.

First and foremost, make sure that your insurer has a high coverage limit on your medical expenses. Many companies provide up to £1,000,000 in medical coverage and some more expensive policies providing provide even more. High coverage limits are important because if you get seriously sick or injured your medical bills could skyrocket.

Secondly, you want to make sure your policy covers emergency evacuation. If your trekking at altitude and you break a leg, you will need evacuation cover to pay for the helicopter. If you don’t have it, it’s going to be pretty damn expensive.

Crucially, your policy should also cover repatriation back to your home country if necessary; you don’t want to have to pay for a flight home if you end up being too injured or sick to continue your travels.

At the end of the day, if your travel insurance company DOES have an out then they will use it to avoid paying – it is therefore really crucial you cover your ass and, if trekking at altitude for example, you get the relevant add-on to your policy.

See Full Story at www.thebrokebackpacker.com

Tips on getting a better car insurance rates

29 August 2019 By admin Leave a Comment

To obtain better car insurance rates, drivers should follow the next tips:

Maintain a clean driving record. Insurance companies will reward drivers who do not commit car accidents or receive traffic fines. Drivers who are fined for a traffic violation will have their insurance rates increased upon the next renewal. In some cases, the insurance premiums will be doubled or even tripled.
Drive fewer miles. Policyholders that from various reasons are driving fewer miles, should contact their insurers and check if they are eligible for a low-mileage discount. Insurance companies offer this type of discounts to those drivers that drive fewer miles than a certain limit. Usually, this discount can be as large as 20%.
Adjust the deductibles. To lower the price of car insurance premiums, policyholders can agree to pay more money out of their pockets if they are involved in a car accident and are required to file a claim. However, drivers should ensure they have saved enough money to pay for the deductibles.
Keep a good credit score. Insurance companies claim they found a correlation between a driver’s credit score and the possibility for that driver to file a claim. Drivers with poor credit score have higher chances to file a claim compared to drivers that have a good or excellent credit score. For this reason, drivers with a poor credit score will pay more on their insurance premiums.
Compare online insurance quotes. Drives are recommended to compare multiple online insurance quotes from different insurance companies. Before choosing an insurance deal, drivers should compare at least three insurance quotes.

See full story at www.buffalonynews.net

Insurance Agency Singapore | Commercial Insurance and Personal Insurance