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People purchase life insurance to ensure they and their family will be taken care of in the case of sudden unfortunate events. And although some might balk at the price, there are ways to keep this under control.
Consumers should compare rates, according to financial website Favstocks.com. Looking at different insurance companies’ costs is the best way for a person to know they’re not being overcharged.
Another way to save is to purchase multiple policies from the same insurer, Favstocks.com said. Discounts are more likely to be given when a consumer also buys auto, health, or home coverage with same company. Purchasing a policy when a person is young will also lead to a lower rate.
If a person is overweight, shedding some pounds is advised by the website. “If you are obese, you are going to have to pay a much higher rate for your life insurance policy,” because “you are at risk for a number of different health problems,” the website said.
Whole Foods made headlines recently when they announced their employees would receive a better store discount if their BMI was in the normal range.
Natural disasters affect millions of Americans every year, causing damage to homes. Riding on the coattails of these devastating events are people working to scam victims out of their money.
Insurance companies invest millions of dollars to rebuild an area when a natural disaster occurs, according to the National Insurance Crime Bureau. During the aftermath of these events, instances of insurance fraud rise when people begin going door-to-door to sell their services rebuilding what was damaged.
While not everyone who goes door-to-door is a scam artist, homeowners should still be on the lookout for deals that seem to good to be true, the NICB said. Disaster victims can pay an upfront fee and be left without anything repaired or their home in worse condition than it was before. Fraudsters also “frequently try to take advantage of the elderly, pressuring them to sign contracts, file claims, or pay up front for repairs,” an NICB spokesperson said.
Before hiring someone to perform work on a home, consumers should receive more than a single estimate, have a contract made up, contact references, and verify the worker’s license. Some Colorado residents can breathe a little easier. The state passed a law mandating that hospitals help cover the cost of insuring 67,500 people in government-sponsored healthcare, the Denver Post reported.
In return, the hospitals will be given funds from the state government to help care for patients who otherwise wouldn’t have received medical treatment before, according to the Post. Not all hospitals were lucky enough to receive funding in return - only those who treat the most amount of in-need patients.
Randy Safady, Centura’s chief financial officer, told the Post that “the state did a very nice job of trying to limit the losers. We have a number of losing hospitals and we have a number of winning hospitals.”
Colorado governor Bill Ritter’s Health Care Affordability Act is using hospital fees in order to match federal money received, the Post said. The state hopes to collect $1.2 billion each year.
The national healthcare reform law passed in March but close to 32 million Americans are currently uninsured. The full effect of the law is expected to be implemented by 2014.
There are a number of reasons to purchase homeowners insurance - protection against theft, earthquakes, and fire.
However, a storm surge is nearly impossible to protect against, and it can be both financially and physically destructive, Insurance Journal reports. Howard Botts, vice president and director of development for First American Spatial Solutions, told Insurance Journal that “homeowners can mitigate against wind damage, but they’re powerless, really, to do anything against storm surge.” It’s “such a large scale phenomenon that doesn’t really respect construction and other kinds of things,” Botts said.
It’s nearly impossible not to feel the effects of a storm surge, Insurance Journal said. Hurricane Katrina was proof of that when many people discovered that their traditional homeowners insurance didn’t cover storm surge or flood losses from damages. A storm surge can cause billions of dollars in harm.
When traditional home coverage isn’t enough, consumers should speak to their insurance agents about additional protections like flood insurance. The National Flood Insurance Program was recently reinstated and approved for a five-year run. The majority of U.S. homeowners living in flood-prone areas receive flood insurance through the NFIP. Allstate Insurance will be raising Illinois homeowners insurance costs by 8 percent beginning in July, the Chicago Tribune reported.
However, it will also be offering a 5 percent discount on auto coverage to certain customers who switch carriers, the Tribune said. They are also advertising 7 percent off car insurance to people who pay off their full bill.
Allstate’s auto insurance premiums decreased 4.6 percent recently, and the insurer is now creating more incentives for consumers to purchase both homeowners and auto coverage with them, the Tribune said. Customers insuring two vehicles and a residence will be offered a preferred package discount with up to 15 percent off car premiums, the Tribune said.
Allstate spokesperson Shaundra Turner told the Tribune that “although homeowners rates will increase between $67 and $82 a year … with the new and deepened discounts Allstate is introducing, current homeowner customers that don’t have their auto with Allstate can get discounts of up to 54 percent (on auto) by bringing their auto to Allstate.”
It’s not uncommon for insurance carriers to offer discounts to customers who purchase multiple types of insurance with them. This is one way that many consumers are able to save money on their monthly bills.
The passage of the healthcare reform law was a beacon of light for some people with pre-existing medical conditions.
Many with pre-existing medical conditions have been shut out of healthcare coverage, unable to receive insurance and appropriate care. Instead, they enrolled in pricey, state-run insurance pools, USA Today reported.
The new law mandates that insurers will be unable to deny a person coverage if they have a pre-existing condition. Starting on July 1, a federal low-cost insurance program will begin accepting those who might have previously been denied insurance coverage in the past, USA Today reports. However, a person must not have had health insurance for the six months prior or they will become ineligible.
This presents a problem for those enrolled in the high-cost state run programs. Oklahoma Insurance Commissioner Kim Holland told USA Today that “the unintended consequence of this important piece of legislation is we’re going to effectively penalize the people who have been doing the sacrificing all along.” People with pre-existing conditions have often paid twice as much as the standard rate for healthcare under the state-run program, USA Today said.
Life insurance doesn’t have to be expensive
People purchase life insurance to ensure they and their family will be taken care of in the case of sudden unfortunate events. And although some might balk at the price, there are ways to keep this under control.
Consumers should compare rates, according to financial website Favstocks.com. Looking at different insurance companies’ costs is the best way for a person to know they’re not being overcharged.
Another way to save is to purchase multiple policies from the same insurer, Favstocks.com said. Discounts are more likely to be given when a consumer also buys auto, health, or home coverage with same company. Purchasing a policy when a person is young will also lead to a lower rate.
If a person is overweight, shedding some pounds is advised by the website. “If you are obese, you are going to have to pay a much higher rate for your life insurance policy,” because “you are at risk for a number of different health problems,” the website said.
Whole Foods made headlines recently when they announced their employees would receive a better store discount if their BMI was in the normal range |
