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5 things only smart people know about insurance

3 November 2016 By admin Leave a Comment

Did you know that about 70% of Indians are under-insured ?

Granted, the intricacies of insurance can be hard to understand, but that doesn’t mean it’s not worth the effort. For those of us who spend time to study the various terms and conditions, it is not hard to find the best deal and the most suitable policy to protect us and our loved ones. You just need to be smart about it!

Here are 5 things only smart people know about insurance:

1. Free Look Period

Thought you’re stuck with an insurance policy once you’ve bought it? Think again.

According to the IRDAI, there is a Free Look Period for all life insurance policies, and all health insurance policies that last longer than 3 years² . During this period, which usually lasts for 15 days, you can review the policy terms and conditions, and in case you any of them are not agreeable to you, you can hand the policy back and get a refund. The only ..

2. No Claim Bonus

Didn’t make an insurance claim and thought you’ve lost money on your premium? When it comes to car and health insurance, that isn’t true.

If you go an entire year without making a car insurance claim, you are rewarded for safe driving with a No Claim Bonus of up to 20%³ when you renew your premium. Every year, this percentage increases, and if you go 5 years without making a claim, your premium can reduce by 50%! This benefit is also available ..

See full story at economictimes.indiatimes.com

Public entities, homeowners contemplate quake insurance

1 November 2016 By admin Leave a Comment

public-entities

As earthquakes continue to rock Oklahoma, earthquake insurance is becoming a hot topic across kitchen tables, and now it’s coming up as items on board meeting agendas.

After the 5.8 magnitude earthquake in Pawnee rattled most of the central states on Sept. 3, municipalities and organizations began discussing whether or not to buy earthquake coverage.

Fairview

The city of Fairview, in Major County, has experienced enough seismicity to warrant a closer look at earthquake insurance.

City Clerk Sally Jantz said the city updated its insurance to include earthquake coverage recently.

“We just got it about a month ago,” she said. “We have never had it prior to this point.”

Between the Sept. 3 Pawnee quake and some damage to the Fairview City Hall building, Jantz said it was enough to look into getting insurance.

Jerry Eubanks, Fairview public works director, said the damage has been minor, but enough to get their attention.

“We’ve had some cracking throughout the building,” he said. “A lot of the entrance doors have shifted to where they drag a little bit. Most of those doors have adjustments so you can raise and lower them, and that’s what we’ve done so they don’t drag. There’s no major damage, just kind of cosmetic. Nothing structural but some shifting in the doors.”

The city of Fairview bought purchased $1 million of earthquake coverage through the Oklahoma Municipal Assurance Group. OMAG does not offer coverage for man-made earthquakes.

Medford

The city of Medford, in Grant County, is another city that’s moving and shaking, thanks to the increased seismicity, but so far, it’s not shaking hard enough to merit insurance.

Medford City Manager Dea Mandevill said city property hasn’t sustained any visible damage.

“We have considered getting insurance; we just haven’t purchased any yet,” she said. “If we keep getting some of these bigger ones, then yes… We don’t have any visible damage. But when things keep shaking, you don’t know what’s happening behind the walls.”

By Sally Asher

See full story at www.enidnews.com

Could social media bump up insurance?

27 October 2016 By admin Leave a Comment

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Could that Instagram image of you bungy jumping in your 20s result in having to pay higher insurance costs in the future? One insurance expert thinks so.

Michael Naylor, a senior lecturer in finance and insurance at Massey University, says people should expect insurers to mine their social media accounts in the future to determine how much they will charge for insurance premiums and if they will pay out on claims.

“People have to be aware everything they do on social media can be effectively public.

“You can set privacy settings, but of course they can be hacked.”

He says New Zealand insurers are not set up to deal with social media at the moment but they will be.

“Some in the US are already doing it.”

Naylor says the cost of paying a person to do the research has made it prohibitive up until recently but apps that can identify a person from an image by using social media are making it cheaper and more likely.

He predicts it will be one to three years away in New Zealand and says it may not come from existing insurers but new entrants to the market who will use personal data to cut insurance premiums for less risky customers.

That could leave old-style insurers with more risky customers and the prospect of rising premiums to cover their costs.

He says the change could have implications for people who seek adventure when younger and record it all on their social media pages.

“Of course the internet doesn’t die.”

They may have to prove they no longer undertake those activities to get insurance in the future or sign exclusion agreements meaning they won’t be covered for certain activities, says Naylor.

Insurers are already warning home-owners to be careful about what they post on Facebook about going away on holiday because it could be in breach of their duty of care policy provisions for house and contents insurance.

Vero, one of the country’s largest insurers recently posted a blog, giving people tips on how to avoid making this social media faux par.

Jimmy Higgins, Vero’s head of claims says it is not telling people to stop posting their holiday snaps online but to be careful about revealing too much detail and casting that information too widely.

We are not saying don’t show those family photos of you on holiday – it is just one of those things to be cautious of.

Jimmy Higgins

It might not be your Facebook friends that act on the information but a friend of a friend, he warns.

Higgins says people can protect themselves by not being specific about the dates they are away and making sure they don’t identify where they live.

By Tamsyn Parker

See full story at m.nzherald.co.nz

Is your workplace life insurance enough?

25 October 2016 By admin Leave a Comment

Tourists enjoy the sunset at Kovalam beach in the southern Indian state of Kerala October 1, 2005. REUTERS/Dipak

As benefits season kicks off, you may be focused on the changes to your health plan. But be sure to pay careful attention to your life insurance options when you fill out your annual enrollment forms.

That is because the typical U.S. company usually only offers one- to three-times salary as a life insurance benefit at no cost to workers, and it ends when you leave the job.

Still, this is all many people have. Only 70 percent of Americans – some 87 million households – have any kind of life insurance coverage, according to the new 2016 survey by life insurance research group LIMRA. Nearly half of those surveyed by LIMRA have only group policies, with an average coverage of $236,000, or 2.6-times income replacement.

“If you’re 26, with no student debt, on your own with no family, then maybe one-times your salary is sufficient,” says Anita Potter, assistant vice president for LIMRA.

The industry recommendation from LIMRA is to have more than double that, and some financial experts recommend even more.

“The old rule of thumb used to be 10-times income, but with today’s markets and lower interest rates, you need closer to 15- or 20-times,” says Marvin Feldman, president and CEO of Life Happens, a non-profit group formed by seven insurance producer organizations.

By Beth Pinsker

See full story at www.reuters.com

5 Things to Consider When Buying Travel Insurance

20 October 2016 By admin Leave a Comment

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Your tickets are booked, hotels are selected, passport is up to date, and bags are packed for a once in a lifetime backpacking experience through Southeast Asia, or maybe you are heading out to Germany for a weekend in Munich. As the date draws closer you check and recheck everything, but we bet there is something that might be missing: travel insurance. According to the Association of British Travel Agents (ABTA), nearly 1 in 4 travellers don’t secure travel insurance when they travel abroad, a number which the ABTA believes will continue to increase.

Ask anyone who has been in an accident, needed to seek medical care or has even been delayed while overseas, and you will likely be told how expensive, time consuming, and frustrating sorting out care or alternative travel plans can be. Simply put, this could ruin your vacation. Travel insurance is a great way to ensure that, should anything go wrong on your next vacation, the costs are covered. As such, here are 5 tips on how you can secure the best travel insurance plan.

What is travel insurance and do I need it?

Before we look at securing travel insurance, it would first be a good idea to define what exactly travel insurance is. Simply put, travel insurance is a form of short-term insurance that covers you while you are away from your home country.

The vast majority of plans on the market will cover a wide variety of things including:

Emergency medical expenses
Emergency medical evacuation
Accidental death and dismemberment
Repatriation of remains
Trip cancellation
Trip delays
Lost luggage

Because travel insurance plans cover a wide variety of things, they are often recommended by travel experts. But do you really need one? Yes! The main reason is that in many countries it is actually incredibly expensive for a foreigner to receive care. For example, if you go to Thailand and are seriously injured while driving a motorbike, you will likely first be sent to Bangkok for care, then possibly sent home.

By Andrew Ma

See full story at simplyholidaydeals.co.uk

5 Insurance Tips for Home Renovation Projects

18 October 2016 By admin Leave a Comment

Renovate House Showing Improve And Construct Building

A home renovation can be an overwhelming experience with high stakes for your clients. There’s creating the overall vision of the project, gauging its financial feasibility, finding a reliable contractor, and hoping for a smooth construction process. But an important consideration that often falls by the wayside is making sure the project is adequately insured.

Whatever a home remodel entails, it’s important that all the players involved are insured—from the homeowner, to the general contractor, to any subcontractors involved, says Mark Komiskey, Director of Homeowners Products at Esurance. He recently shared five insurance tips that you can pass on to your clients to help keep them financially sound as they consider a home renovation.

1. Notify the insurance company before the renovation.

Home remodels, big or small, typically increase the value of the home and the risk borne by it—and the homeowners insurance policy should reflect this. Advise your clients that if they fail to notify the insurer and don’t reconsider coverage offerings for the home, they could be surprised by more than the “big reveal.”

Once the project’s completed, homeowners should make sure that their policy aligns with the home’s new replacement value. They should also account for any new items purchased for the renovation, like appliances or furniture.

Moreover, it’ll likely be necessary to increase the liability coverage limit for the duration of the project. If, for instance, a neighbor is injured on the worksite, the homeowner could be exposed to unforeseen legal and medical fees.

2. Confirm the general contractor is licensed and bonded.

Before your clients greenlight a project, advise them to check that the general contractor is licensed and carries a surety bond. If the contractor fails to complete the project per the contracted agreement, the surety bond could cover the financial losses incurred as a result. The agreement should also mandate the compliance of building codes and proper permits.

Additionally, it’s critical that a contractor carries workers’ compensation and liability insurance, and that your clients ask to see both certificates. The contractor should be responsible for not only property damage, but also negligent workmanship and injuries sustained on the job.

Like every insurance policy, a general contractor’s coverage has limits, and, therefore, shouldn’t preclude increasing the limits on a homeowners policy.

See full story at realtormag.realtor.org

5 insider tips for finding affordable long-term care insurance

13 October 2016 By admin Leave a Comment

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Years from now many Baby Boomers will need help with the daily stuff of life, like dressing, bathing, eating or remembering to take medication.

Regular health insurance, including Medicare, doesn’t pay for help with these “custodial care” tasks, except in limited circumstances. Long-term care insurance does.

Yet faced with the coverage costs, many long-term care insurance shoppers get sticker shock and give up. Here’s how to keep the price affordable.

1. Buy sooner rather than later.

“The key to long-term care insurance is to apply early while it’s inexpensive,” says Kevin M. Lynch, assistant professor of insurance at the American College of Financial Services in Bryn Mawr, Pa.

You can buy long-term care insurance up to age 75 from most companies, but you’ll pay more at older ages and if you have health conditions.

Among 65-year-old applicants, 28% will be denied because of their health, Lynch says.

The ideal age to start shopping? “I think 50 is the magic number,” says Deb Newman, president of Newman Long Term Care, an independent insurance agency in Richfield, Minn.

Don’t give up if you’ve passed the half-century mark. Apply at least 60 days before your next birthday to get a price based on your current age, advises Jesse Slome, executive director of the American Association for Long-Term Care Insurance.

By Barbara Marquand, NerdWallet

See full story at www.usatoday.com

Insurance for Expats in Singapore

11 October 2016 By admin Leave a Comment

Expat Insurance is an award winning provider of insurance for expatriates and business in Singapore. The company won Expat Living readers award for “ Best Insurance” and was a Winner in British Chamber of Commerce Business Awards. They specialise in providing professional insurance advice on a complete portfolio of products including: Employer Benefit Programmes, Business Insurance and Medical Insurance, Home Insurance, Travel Insurance and Motor Insurance.

As Singapore’s first client-focused insurance service for expats, our goal is to provide insurance coverage tailored to suit individual and corporate needs. Consistent with our own high standards, our advisors recommend only the most reputable international insurance companies known for superior claims handling, broad coverage and value-for-money products. The insurance companies compensate us directly, so the benefit of coverage reviews and advice we offer you is free.

Medical Insurance
There are numerous Medical Insurance policies available, but few are suitable for Expats. We provide specialist advice on Medical Insurance for Expats in Singapore. During our consultation process, Expat Insurance will first want to understand your needs and priorities; then advise which Health Insurance plans will provide you and your family with the most comprehensive and affordable Medical Insurance available.

Home Insurance
We offer a range of Home Insurance for Expats in Singapore. With prices suitable for every budget, we’ll provide value-for-money Home Insurance tailored to cover your belongings. We can combine your jewelry insurance and contents coverage as well as Personal Liability in one policy. Contact us today for Home Insurance.

Employee Benefits
With the complexities associated with local and international workforce protection and retention, we offer end-to-end Employee Benefits solutions for your business. We ensure insurance requirements are aligned with your HR objectives and provide advice on insurance matters at a strategic and operational level, structure, negotiate, place and manage appropriate insurance policies. We appoint a service team with proven experience and abilities to provide professional, proactive and innovative services and support, and offer claims escalation support to enhance claims arrangements for your employees.

See full story at www.singaporeexpats.com

Read These Tips to Select the Best Travel Insurance Policy in Singapore

6 October 2016 By admin Leave a Comment

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No matter you are buying what kind of insurance, the research process is necessary. Decide on the type of coverage you wish to have and search the insurers which offer such type of coverage. Don’t let your mind gets deviated by the name and fame of the company but instead concentrate on researching the terminologies which can be useful for you. Glance through various insurance comparison sites in Singapore which can help you to move along with your budget.

You will find numerous insurance policies with varied kind of policies which shall offer domestic as well as international cover. At a single platform, you can find every kind of cover which shall take care of your medical and financial expenses on a foreign land. Finding the best travel insurance policy in Singapore, it is necessary to review the policy details, its cover, extra charges, add on can check if the specifications me benefits so that you et your expectations. In this league it is really necessary to check if the policy handles all your medical expenses irrespective of the country or medical illness. Calculate the worst case scenarios and the duration of your trip and then finalize the plan. There are policies which might require you to pay extra for covering your precious items like jewellery or laptops.

Once you have filled the form with your genuine details and travel dates, then a page with possible plan options appears in front of you which cater all required information ranging from cover to premium. Now it is time to finalize one plan and proceed to the click-buy-pay panel. You receive a soft copy of the plan you have paid for. All done! Now you can fly safely to a foreign land.

It is necessary to declare your pre-existing medical conditions otherwise your claims might get rejected later on and carefully go through the exclusions of the policy which you finalize for yourself.

By Chinly Li

See full story at www.demilked.com

Confide In Your Insurance Broker! Tips for Expat Insurance In Singapore

4 October 2016 By admin Leave a Comment

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The biopsy did not show the blisters to be infectious. After some improvement, Andrew was allowed to return home, but was told to rest for a further three weeks, or at least until the swelling subsided before allowing him to return to work.

The surgery and hospital charges amounted to SG$25,000. Andrew had no out-of-pocket expense as he was covered in full from his medical insurance, and furthermore, the hospital was paid direct.

Discovering a family member has a serious medical condition is traumatic enough. Finding out that treatment, cost of surgery, and hospitalisation is expensive will bring on an additional worry. One which could be avoided!

If you currently have medical insurance in place, revisit your policy annually to ensure you fully understand your coverage, or confide in a broker for a policy assessment. The service is free-of-charge and will provide you with peace of mind.

Navigating through an insurance policy product summary, exclusions and definitions associated with a medical policy is not only time consuming but confusing as well. Choosing the wrong plan, or worse, having no plan at all, can leave a family open to unnecessary financial risk and more disturbing, without prioritised access to medical care or emergency services as an expat living and working away from home.

When you confide in the guidance of an insurance broker, you alleviate your fear of the unknown. A licensed broker will guide you through available products best suited to your lifestyle, budget, and individual needs.

Your insurance broker will be well-equipped to educate you and advise in the field of expat medical insurance and understand the idiosyncrasies associated with complementary types of insurance such as travel, medical evacuation and repatriation, home, personal liability, maternity, dental, employee benefits (also known as group medical insurance), and be capable of guiding you through research, selection, and application to your preferred insurer and the claims process.

By Danielle Warner

See full story at www.executivelifestyle.co

Insurance Agency Singapore | Commercial Insurance and Personal Insurance