Some more information on Critical Illness Insurance.
The stats are staggering. 1 out of 2 men, and 1 out of 3 women will develop some sort of cancer. Every 29 seconds someone in the US is having a coronary event (American Heart Association 2006), Every 45 seconds some in the US is having a stroke.
If you suffer one of these illness, what do you think a tax-free lump sum of cash would do for you?
You'd be free to choose the providers you want to see. You'd be able to have your spouse by your side. You could pay your bills and not have to worry. You could take extra time from work to get back on your feet.
Monday, April 20, 2009
Friday, April 17, 2009
Critical Illness Insurance, the new kid on the block
It sure seems like I know a lot of people that have been diagnosed with cancer. Family members, family friends, famous stars, professional athletes, it seems no one is immune. If there is any good news it is that many people are surviving after bouts with cancer.
But have you ever considered the financial costs associated with cancer? Sure you have health insurance to pay your hospital bills, maybe even disability insurance to pay your on going expenses. But what about the expenses you didn't have before cancer? Maybe there's a treatment out there that your health insurance won't pay for? What about long stays in hospitals far away from home? It is said over 65% of the cost of cancer treatment is not covered by health insurance.
What about strokes? Heart attacks? Motor neuron diseases? What about severe accidents that cause paralysis? Or severe burns? Blindness? Even deafness?
Modern medicine has saved people that thirty years ago would have died. We have helicopters and jets that can fly us to the best hospitals all over the country in a matter of hours. Even the invention of the seat belt has saved lives that would have been lost only a couple of decades ago.
We always read about survival stories. They are great. But what we don't often read about is the financial costs that can devastate people's finances.
The inventor of critical illness insurance wasn't an insurance executive, or an insurance agent, or an insurance actuary. No, critical illness insurance was invented by Dr. Marius Barnard who assisted his brother with the first heart transplant in 1968. He was saving lives only to find out his patients were succumbing to financial devastation. In many cases the financial stress of surviving a critical illness would end up killing the patient.
Think about someone that has survived invasive cancer or someone that has survived a stroke. Do you think a lump sum check for $100,000, or $50,000 or even $10,000 would have helped?
I'll write more about critical illness insurance as I think it is critical!
But have you ever considered the financial costs associated with cancer? Sure you have health insurance to pay your hospital bills, maybe even disability insurance to pay your on going expenses. But what about the expenses you didn't have before cancer? Maybe there's a treatment out there that your health insurance won't pay for? What about long stays in hospitals far away from home? It is said over 65% of the cost of cancer treatment is not covered by health insurance.
What about strokes? Heart attacks? Motor neuron diseases? What about severe accidents that cause paralysis? Or severe burns? Blindness? Even deafness?
Modern medicine has saved people that thirty years ago would have died. We have helicopters and jets that can fly us to the best hospitals all over the country in a matter of hours. Even the invention of the seat belt has saved lives that would have been lost only a couple of decades ago.
We always read about survival stories. They are great. But what we don't often read about is the financial costs that can devastate people's finances.
The inventor of critical illness insurance wasn't an insurance executive, or an insurance agent, or an insurance actuary. No, critical illness insurance was invented by Dr. Marius Barnard who assisted his brother with the first heart transplant in 1968. He was saving lives only to find out his patients were succumbing to financial devastation. In many cases the financial stress of surviving a critical illness would end up killing the patient.
Think about someone that has survived invasive cancer or someone that has survived a stroke. Do you think a lump sum check for $100,000, or $50,000 or even $10,000 would have helped?
I'll write more about critical illness insurance as I think it is critical!
Wednesday, April 15, 2009
More money savings tip when buying car insurance:
5. Don't buy your newly licensed teen driver a new car. Let them drive around a modest car that doesn't require physical damage coverage. Teen drivers are far more likely to get into a wreck than an adult driver. Their rates reflect that.
6. Have your insurance agent check the rates on the new car you are buying, before you buy it. Let's face it, we don't always think of the expenses of a new car when we're test driving it for the first time. When that new car smell hits you for the first time, sometimes all rational thought goes out the window. But if you don't want to be surprised when your bill comes for the new car's insurance, do a little leg work on the front end.
7. Discounts, discounts, discounts. Companies are offering discounts for all sorts of things now days. The more discounts you qualify for the less you will pay for insurance. Do you own a home? Do you have a clean record? Are you claims free? These are just a few of the discounts that might be avalible.
8. One way not to save money is to skimp on the important coverages. Your liability insurance is one of the two most important coverages on your car insurance policy. In an instant something terrible could happen and everything you've worked for could be gone if you don't have good insurance. Now I can't tell you how much liability insurance to buy I can only recommend you buy as much as your car insurance company will sell you. Most companies offer up to $500,000 of liability insurance but some are now going as high as $1,000,000 or higher. Buy it.
The other coverage I think is vital is uninsured/underinsured motorist coverage. Buy the same amount of coverage as you do for your liability insurance. Look, not everyone buys insurance. And many of the people that buy insurance only buy the state required limit of $25,000 of bodily injury insurance. How far will $25,000 worth of insurance take you if you are taken to intensive care for a few days following a car accident? After a couple of weeks of physical therapy do you think the $25,000 the other guy's insurance company pays you will pay your medical bills? What about your lost wages?
Thanks for reading!
5. Don't buy your newly licensed teen driver a new car. Let them drive around a modest car that doesn't require physical damage coverage. Teen drivers are far more likely to get into a wreck than an adult driver. Their rates reflect that.
6. Have your insurance agent check the rates on the new car you are buying, before you buy it. Let's face it, we don't always think of the expenses of a new car when we're test driving it for the first time. When that new car smell hits you for the first time, sometimes all rational thought goes out the window. But if you don't want to be surprised when your bill comes for the new car's insurance, do a little leg work on the front end.
7. Discounts, discounts, discounts. Companies are offering discounts for all sorts of things now days. The more discounts you qualify for the less you will pay for insurance. Do you own a home? Do you have a clean record? Are you claims free? These are just a few of the discounts that might be avalible.
8. One way not to save money is to skimp on the important coverages. Your liability insurance is one of the two most important coverages on your car insurance policy. In an instant something terrible could happen and everything you've worked for could be gone if you don't have good insurance. Now I can't tell you how much liability insurance to buy I can only recommend you buy as much as your car insurance company will sell you. Most companies offer up to $500,000 of liability insurance but some are now going as high as $1,000,000 or higher. Buy it.
The other coverage I think is vital is uninsured/underinsured motorist coverage. Buy the same amount of coverage as you do for your liability insurance. Look, not everyone buys insurance. And many of the people that buy insurance only buy the state required limit of $25,000 of bodily injury insurance. How far will $25,000 worth of insurance take you if you are taken to intensive care for a few days following a car accident? After a couple of weeks of physical therapy do you think the $25,000 the other guy's insurance company pays you will pay your medical bills? What about your lost wages?
Thanks for reading!
Tuesday, April 14, 2009
How to save money on Car Insurance:
Let's take a look at a couple of ways you can save money buying car insurance.
1. Keep your credit score high. Like it or not, insurance companies use credit scoring as one factor in the price of car insurance. Pay your bills on time. Pay your credit cards in full each month. Those are just a couple of ways to help your credit score.
2. Multi-policy discounts. Check to see if the company that insures your home can also insure your car. Many times you can save 15% to 20% by having both policies with one company.
3. Pay your car insurance in full every six months. Some companies offer a substantial discount if you pay for 6 months worth of insurance at a time. If you chose to get bills each month sign up for EFT as the billings fees are a lot less each month.
4. Use an independent agent. If you think you are getting the best deal from someone who sells insurance from one company, think again. Independent agents do the shopping for you.
I'll have more hints in the future.
Let's take a look at a couple of ways you can save money buying car insurance.
1. Keep your credit score high. Like it or not, insurance companies use credit scoring as one factor in the price of car insurance. Pay your bills on time. Pay your credit cards in full each month. Those are just a couple of ways to help your credit score.
2. Multi-policy discounts. Check to see if the company that insures your home can also insure your car. Many times you can save 15% to 20% by having both policies with one company.
3. Pay your car insurance in full every six months. Some companies offer a substantial discount if you pay for 6 months worth of insurance at a time. If you chose to get bills each month sign up for EFT as the billings fees are a lot less each month.
4. Use an independent agent. If you think you are getting the best deal from someone who sells insurance from one company, think again. Independent agents do the shopping for you.
I'll have more hints in the future.
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