Sunday, 22 May 2011

Cancer Insurance

 Do You Need Insurance Against Cancer

What is Cancer Insurance? 
Cancer insurance is a type of supplemental insurance policy that helps to reduce the cost of cancer treatment. It is not designed to replace a traditional health insurance policy, but to compliment it by covering additional cancer expenses that may not be covered by one's current policy.

To be eligible for cancer insurance, you cannot have a pre-existing cancerous condition. For example, you cannot have been diagnosed with uterine cancer and then apply for a policy. In most cases, people who have previously been diagnosed and treated for cancer are ineligible for coverage, also.

What Does Cancer Insurance Cover? 
Coverage varies based on the provider and policy details, but most plans cover both medical and non-medical expenses. Medical expenses can include co-pays, extended hospital stays, medical tests, procedures like stem cell transplants and other disease specific treatments, and more. Non-medical expenses can include home health care, loss of income benefits, child care expenses, and dietary restriction aids.

Before purchasing a cancer insurance plan, it is important that you understand what is covered in the policy. You should also compare the benefits to your current health insurance plan to see if there is any overlap in coverage. There is no sense in buying a cancer insurance policy if your current policy covers the same events.

Do You Need a Cancer Insurance Plan? 
There is a lot of debate about disease specific health insurance plans, like cancer insurance. Some people firmly support them, while others believe that these are "junk plans" are rarely needed. Here are some points to consider when thinking about buying a cancer insurance plan:
What is your cancer risk? 
Do you have a strong, familial history of cancer? If so, cancer insurance may make sense for you. Those with a strong family history of cancer may want to take a look at their current policy and see how cancer insurance may compliment their current policy.
Before You Buy  
Before you sign your name on the dotted line of cancer insurance policy, shop around. Many plans are available and comparing them is highly recommended. This includes shopping around for other types of plans like disability insurance which may be a better option for you than cancer protection.



Thursday, 19 May 2011

Choosing Between Universal Life vs. Term Life Insurance

 Choosing between universal life and term life insurance can be one of the most confusing, yet consequential, challenges a person can face during his or her lifetime. The wrong policy might leave a family without the financial benefit it really needs following the death of a loved one or can burden the family with excessive, unnecessary coverage at a hefty cost to their fiscal well-being. It is possible, however, for the consumer to avoid such costly mistakes by doing a little bit of research and planning on his or her own. Only then can a responsible choice be made.

Before a choice is made between universal and term life insurance, the consumer should determine whether or not he or she actually needs life insurance. Basically, if the consumer’s death would cause a financial burden for his or her family, then life insurance is a must. Examples of the types of financial burdens to be concerned about are: funeral costs, college tuition, left-behind credit debts, tax debts and mortgages. Generally, for a single person with no children or dependents, life insurance is completely optional. Once the decision to purchase life insurance has been made, then the consumer must determine which type of policy is the right one for them. A referred, reputable agent can help a potential policyholder wade through the benefits and costs of multiple policy types.

Universal Life Insurance 

A universal life insurance policy, also referred to as a “cash value” policy, is for the consumer whose financial planning considerations extend far into the future. This type of policy, of course, will pay any necessary death benefits, but it also provides the policyholder with an additional financial advantage - a tax-deferred savings account. Although one must generally hold the policy for at least 15 years in order to see any return from the savings account, it does provide the policyholder with a stable long-term investment that can be cashed out or borrowed against, if necessary. Many financial experts recognize the investment benefits of a universal life policy as sound, while others argue that there are better investment options available to the educated consumer.

The coverage amounts provided by a universal life policy remain consistent throughout the years, as do the premium rates. These premium rates tend to be higher than other policies (the agent commissions and fees have much to do with this), but under some plans, the rates drop as the policyholder ages and might even disappear completely. There are no renewals to deal with unless the policy is allowed to lapse.

Term Life Insurance

 A term life insurance policy is one of the most flexible and economical types of life insurance coverage available. This type of policy is for someone who seeks basic coverage for a pre-determined period of time and is not looking to combine this coverage with a savings account - those who choose term coverage often have investments elsewhere. The lack of an accompanying savings account means that the premiums for this type of coverage are relatively low but it also means that there is no return on any of the money paid into the policy over the years.

The premium rates for a term life policy are dependent upon the policy chosen. Policies can usually be purchased for periods of 10, 15, 20, 25 and 30 years and may be renewable. Apart from the low rates, the variety of term periods available is one of the most attractive aspects of the term life policy and offers a lot of flexibility to the policyholder. For example, if a couple has a child entering college and wants to ensure that his or her tuition will be paid for in case of their deaths; they can purchase a term life policy that would cover that child’s college years. There would be no reason to purchase a lifetime policy for a short-term need. Policyholders can also choose term policies with increasing or decreasing coverage.

One of the disadvantages of a term life policy, however, is the inconsistency of its rates. While the premium rates do start out very low, they usually increase as the policyholder ages. Additionally, if the policyholder wants to renew after the initial term is complete, the fees associated with the renewal (because of age health, etc.) may be prohibitive.

Saturday, 14 May 2011

Family Health Insurance

Family health insurance is basically a contract between a family and insurance company. This type of contract will ensure that the insurance company covers all medical expenses of the family in the future. The insurance is normally purchased on an annual basis and usually there is no guarantee offered that the premium would be the same each year or that the policy can be renewed year after year.

Offering Many Benefits

Family health insurance offers multiple benefits to families. It is an affordable option when purchased for the entire family and you will also be able to personalize it according to the needs of the individual family members. When compared to the other types of plans it is generally more affordable and attractive. Here, the idea is to provide a comprehensive plan to the entire family rather than getting separate plans for each member. For this reason, the overall premium cost would be less and that is the most important reason why a lot of families go for it. Another benefit of getting this type of insurance is that it is totally tax deductible and works out to be very cheap in the end.

Deciding what type of family health insurance to get for your family will depend on a number of factors. You will have to take into account the health needs of each member of your family as well as your budget. Basically, there are two broad options available when you get medical care. You can either go for NHS offered medical care or private medical care. While NHS does offer good facilities you may want better services without having to wait too long for it. In such cases, you should look for an insurance plan that will cover your expenses for private medical care.

Research is Important

A very important point to remember when you look for insurance options is that all insurance plans would be different when it comes to premiums and cost covered. For this reason, it would be very important for you to research well before you take any type of plan. A thorough online research about the insurance providers and the type of plans that they offer is necessary. Request for quotes from various companies and compare them to get a good idea about the options that are currently available to you. Although the premium that you would have to pay for it is important, it is even more important to firs think about the individual medical needs of the family members before you take any health plan. Through knowledge and research you would be able to find a family health insurance plan that offers you the best of both.

Monday, 9 May 2011

Disability Insurance

"Disability Insurance protects your greatest asset — your income! It is a crucial part of any financial plan since it helps you pay your bills if you are unable to work due to injury or illness. It is just as important to have as life insurance. Remember to take the longer elimination period and use your emergency fund for short term needs. Consider the To Age 65 benefit period option if you can afford it, but the 5 year plan also provides valuable protection. Don’t forget to check with your employer to make sure they don’t offer a plan to avoid any costly overlaps in coverage."
                                                          Income to You
 Most people don’t realize that their greatest asset is not their car, home or savings/retirement account. It is their ability to work…to earn an income. Without your income how will you pay your bills and save for the future? Disability Insurance, along with an emergency fund, helps minimize the impact a disability has on you and your family. It provides you important financial benefits at a period when your income is reduced or completely eliminated.

The statistics related to disability and the effect it has on families is devastating. The Senate Finance Committee reports that 70% of people between the ages of 35 and 65 will become disabled for three months or longer and 90% will occur “off the job". In addition 50% of foreclosures and 17% of bankruptcies are due to disability. With 43% of US families spending more than they earn and 72% not having enough savings to meet short term emergencies, the need for disability protection is crucial.

Our website was specifically designed to provide you an informative method to evaluate costs and coverages in an efficient, thorough and private manner. Our disability plans focus on providing the broadest eligibility for all types of professions and avoid add-on coverages which increase the cost and are not a good value.

Be sure to click on the “product information” tab above or call us toll free to learn more about our disability plans. Whether via the Internet, over the phone or in person...we look forward to being of further service.

The Truth About Life Insurance

Myth: Cash value life insurance, like whole life, will help me retire wealthy .
Truth: Cash value life insurance is one of the worst financial products available.

Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected.
Example of Cash Value

If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125,000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125,000, the cost will be only $7 per month, not $100.

WOW! If he goes with the cash value option, the other $93 per month should be in savings, right? Well, not really; you see, there are expenses.

Expenses? How much?

All of the $93 per month disappears in commissions and expenses for the first three years. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger's Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%.
The Hidden Catch

Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don't go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125,000 in our example.

The truth is that you would be better off to get the $7 term policy and and put the extra $93 in a cookie jar! At least after three years you would have $3,000, and when you died your family would get your savings.
A Better Plan

If you follow my Total Money Makeover plan, you will begin investing well. Then, when you are 57 years old and the kids are grown and gone, the house is paid for, and you have $700,000 in mutual funds, you'll become self-insured. That means when your 20-year term is up, you shouldn't need life insurance at all—because with no kids to feed, no house payment and $700,000, your spouse will just have to suffer through if you die without insurance.

Home insurance with a difference

Unlike Youi Home and Contents Insurance, most Home and Contents insurance companies make a lot of assumptions about your house, where you live and your contents. At Youi Home and Contents Insurance we believe you’re all different, living differently, with different styles and tastes. That’s why we ask you more questions. Because the more questions we ask the fewer assumptions we have to make, the more tailor made your home and contents premium will be. It’s a smarter way of doing home and contents insurance that could save you lots of money.

Go ahead, do a Youi Home and Contents quote online or call our highly trained contact centre staff and see how much you could save.

Your Youi Home and Contents policy is yours to manage with our easy to use Online Policy Manager. You can view, change, add, remove, save, download, track, cancel and claim without speaking to anyone. However we do have helpful contact centre staff available to speak to if you so wish.

Youi is short for ‘you insured’, because at Youi Home and Contents Insurance we put you at the centre of everything we do.

Car insurance with a difference

Some car insurance companies make a lot of assumptions about you and your car usage. At Youi we don’t assume, we ask. We feel it’s important to understand you and how you use your car, so you only pay for car insurance that you need.

We believe the more we know, the fewer assumptions we need to make, the more accurate your car insurance premium will be, and therefore the more you should save. For example, if during the week you use your car less, or park in a secure area, you should pay less for your car insurance. Or if you’re a pilot, a stay at home parent, a retiree, or work from home and generally use your car less, you should also pay less for your car insurance. We believe fewer assumptions means a better understanding of you that should equate to lower car insurance premiums.

We’ve also made managing your car insurance simple. You can either contact our highly trained contact centre staff or manage your car insurance policy online yourself with our unique Youi Car Insurance Online Policy Manager. It puts your car insurance policy in your hands. 24/7. You can add, remove, renew, amend or request to cancel your policy without speaking to anyone.

Youi stands for You.Insured. It’s a smarter way of doing car insurance that could save you lots of money.