How To Secure Your Family’s Future

You do only have one family and it is your responsibility to secure their financial future. The financial future of your family is dependent on what preparation you make for them in terms of life insurance, as well as in other ways. They would be well looked after if you should suddenly die, become disabled, or lose your job.

Steps to Take to Secure their Future

There are a few steps that you could do to help make this happen.

  1. You have to set in place your long-term and short-term financial goals.
    • The question you do need to ask yourself is whether you do have a financial plan in place, and that includes life insurance.
    • If not, it is important that you look at what your expenditure is at present.
    • Make a list of all your income – that is, all the moneys that are coming in, but especially the regular income.
    • Make a list of all your expenditure – debts and living expenses.
    • Assess what you want your lifestyle to be from now until you retire.
    • Include in this planning, what your expectancy is of your children’s education.
  2. Once you have completed this assessment, you need to have a look at how you are going to achieve the financial goals for your family.
  3. You would want to set up a program to get to the end goal, and this would include setting up insurance against any financial loss before you reach your goal.
  4. This means that you have to take out a life insurance that would cover your loss of income, loss of life an even the loss of assets.
  5. Should you pass on, this could take a huge chunk out of the pay out of your insurance as well.
  6. You should try to shrink your credit and not fall into the traps again.
  7. If you can, pay your mortgage off earlier by paying more than the premium if you can. Some banks have a linked savings account to which you can transfer these savings.
  8. Credit always comes with interest and you should avoid this at all costs, because you are spending more than the initial cost of things.
  9. It is important that you ensure that you take serious steps to prevent credit traps. If you can help yourself at all, do not make use of credit cards at all.
  10. It is important that you draw up a will as well. This will ensure that your assets will be made available to your family immediately and not have a long waiting period.

These are only a few ways in which you can secure your family’s future. There are many other simple daily tips that would assist you to ensure that your family have all they need when you are no longer around to help them. It is never too late to start managing your own finances in such a way that it would benefit you as well as your family. If you are not able to do so, many business companies are available that would be able to help you do so. The importance is that you have a plan in place for the future.

The Advantages of Insurance Processing Services

Insurance processing services offer many facilities from loss adjusting or assessing to end-to-end claims processing, and deliver them via a partnership approach. It is a massive undertaking to deal with the various insurance claims, policy documents and other issues. There are a variety of functions involved in insurance processing that may become complicated or confusing at times. Sometimes it is difficult to decipher exactly what procedures are covered, how much the insurance company will pay, the deductible amounts, the coverage periods, the co-pays and other such legalities and provisions.

Systems Policies Procedures and Services

There are an enormous number of procedures, systems and policies in insurance processing, and insurance processing services can make sense of it all. Services provided include new business promotions, such as inbound and outbound sales, initial setup, case management, underwriting, risk assessment and policy issuance. Policy maintenance and management services provided include policy record changes such as name, beneficiary, nominee, address, collateral verification, surrender audits, accounts receivable, accounting, claim overpayment, customer care and other such services.

Outsourcing your insurance processing will prevent your customers from having to directly work with your insurance company. They will handle all the necessary claim paperwork as well as taking care of everything for your insurance claims. Additionally, they can offer and process the direct insurance billing.

Efficiency Gains of Outsourcing

Outsourcing your insurance processing services allows your company to reduce the costs incurred by policy and claims management. There is also the reduced indemnity spending as well as increased customer satisfaction, which result from speedy claims and policy management with an overall improvement in insurance operational efficiency. Through business processing services your operations are simplified by the reduction of the complexity of operations, which enables the insurers to deploy resources for best results. This means that insurers get the right level of support through the insurance process.

Cost and Accuracy and Time Efficiencies

Insurance processing can also provide claims adjudication along with a policy database maintenance service. These services ensure that insurers’ costs are lowered as a result of the elimination of repetitive administrative functions as well as providing consistent policies of security, privacy and regulatory compliance. An processing service is important in helping reduce the stress of contacting the insurance company directly to verify your coverage. Great effort is taken to make sure that insurance estimates provided are as accurate as possible and that they are received in a timely manner.

Insurance claims processing needs to be quick and efficient. Worthwhile solutions to handling health insurance claims processes can reduce time to completion as well as to provide high levels of claim accuracy.

It is understood that the world of insurance can be complicated and confusing, and that putting aside the time to understand the process can be out of the scope or beyond company limits. However, with insurance processing services, an insurance company can place their claims processing in the hands of those individuals who are knowledgeable on insurance policies, procedures and systems; therefore you will save time and money and have greater confidence in the insurance process.

5 Reasons Why Business Fleet Insurance May Benefit Your Business

In most instances a business will have two or more vehicles that belong to the company and each will be insured through a separate policy. What many business owners don’t realise is that this costs them more money in the long run.

If they were to combine the vehicles and place them under one business fleet insurance policy, they could enjoy a host of benefits that could help them save time, money and effort.

1. Having only one policy is very advantageous. With a number of policies you have to remember when each policy is due for renewal, you need to remember which company to call if there is an accident and you have a number of premiums to pay each year.

This can end up confusing, often resulting in policies lapsing and wasting valuable time searching through mountains of paperwork to find which vehicle is insured by which company so you can make a claim.

2. The biggest advantage to having a business fleet insurance policy in place is the premium payable. Having separate policies for different vehicles is an expensive exercise and as a business owner, you should be working to reduce costs wherever possible to maximise profits.

3. Being able to put all your vehicles under one policy can save you money in the long run. By including all the vehicles under one cover the cost is dramatically reduced.

4. Another reason why every company should choose business fleet insurance when they have more than two vehicles is that it’s versatile, enabling you to add and remove vehicles as and when needed.

5. Having to add another vehicle to your fleet isn’t an issue, all you do is call your broker and add the vehicle for immediate cover. These policies are designed for companies that need that essential cover for their vehicles on the road.

Whether you’re updating your current vehicles or adding a number of new vehicles to your business, this level of cover is an easy way to ensure each vehicle has the legal cover required.

This also means that having a business fleet insurance policy you only have to go through one simple claims process. You aren’t left working your way through mountains of paperwork to determine which insurer has covered what vehicle.

Have this type of policy can save you so much time, you know exactly when the policy is due for renewal, you can pay one simple premium and you know what number to phone in the event of an accident.

Over and above saving money on an annual basis, you can give all your drivers or staff that have the advantage of a company vehicle the same insurance information. There is only one policy and phone number you need for all the vehicles, which means should they be involved in an accident, they have all the information they need on hand.

It is risky letting staff drive company vehicles on the road and you need to ensure you have the right level of business fleet insurance cover to keep all the vehicles safe at all times.

In order to meet legal requirements, your vehicles must have a good level of cover to drive on the roads. In most cases the accident is not the staff members fault, but without the right level of cover, repair or replacement costs can be through the roof.

Always ensure the company you choose for your business fleet insurance cover has the experience needed to understand your requirements and tailor the policy to suit your specific requirements. It’s also essential to ensure that you have immediate cover so the vehicles can go out on the road without any fuss.

How to Purchase the Best Cheap Travel Insurance

Many of the unscrupulous companies attempt to lure prospective customers with offers of astoundingly cheap travel insurance. While many affordable packages are approved by independent bodies such as ABTA, there are still regular reports from people who opt for the cheapest deals, only to discover they aren’t covered for certain eventualities. Some leading experts claim some single trip travel insurance policies aren’t worth the paper they’re written on. The trick is to buy from a reputable company and always read the fine print.

Finding Policies that Meet Your Requirements

It is worth pointing out that some basic packages may only cover short holidays to relatively local destinations. They may be ideal for travellers who are planning on spending a few days in the Scottish Hebrides or the Channel Islands, however they won’t be much good if you’re jetting off on holidays to far flung destinations in America or Africa. If you’re in any doubt about the suitability of a cheap policy contact the company direct to clarify.

Ascertaining the Suitability Of Your Policy

The vast majority of providers will include comprehensive medical cover with even their cheapest policies. They will offer protection against the costs of medical transportation and treatment, in most instances. However, the insurers will expect you to declare any pre-existing medical conditions prior to departure. If you fail to take this step then you may discover that your single trip travel insurance policy is invalidated. You should also remember the insurers who specialise in budget deals may only be prepared to cover short breaks, as mentioned above. They might also not pay out in the event of injuries that occur as a consequence of participation in extreme activities. We’ll say it again: read the fine print.

Taking Account of Policy Exclusions

It may not surprise you to hear that many single trip travel insurance policies are generally very basic – and it is for this very reason they are so cost efficient. There may be a number of exclusions and stipulations. For instance, you may discover that your package doesn’t include cover against injuries that may happen while you’re working abroad; for many, this won’t be an issue, but if you do plan on working, you must be covered. The insurers may also be unwilling to cover those travellers who are injured while using specific types of transportation in foreign countries. If you want to be assured of complete peace of mind it is always advisable to check for policy exclusions prior to your holiday. It may even be worth paying a little extra for a comprehensive single trip travel insurance package.

4 Tips To Ensure Travel Insurance Claims Approval

So, exactly what happens when you need to make claims on your single trip travel insurance policy?

First, the good news: according to the most recent statistics, only about 2% to 3% of claims are denied every year. So, chances are, you will most likely be able to claim your losses and expenses and, one hopes, claim them fully. Still, there is that 2% to 3% chance that you won’t. If you need to make claims for substantial amounts, especially if it involves continuing medical care, this can be a big problem, and worse, wipe you out in terms of finances.

How can you increase your chances of making sure your claim is approved, preferably in its entirety? Let us examine the reasons they get disapproved and what you can do to ensure it isn’t something that will happen to you.

Make sure all the information on all your forms is correct and complete

Inaccurate information – a wrong year of birth, even a missing middle initial – can cause problems when it comes to making claims on your single trip travel insurance. But nothing can cause more problems than not fully disclosing health issues with the insurer.

For instance, if you have a pre-existing condition, such as hypertension or a heart condition that was not disclosed, you may not be able to claim emergency medical expenses on your trip – even if that was for a sudden bout of stomach flu.

Always check the inclusions on your policy

Another one of the most common reasons for denial of claims, whether it’s for single trip travel insurance or annual cover, is that simply, the expenses being claimed are for events that aren’t covered. The time to check what’s included in your coverage is before you need it, so always make sure you read your policy carefully before signing. If you’re getting it through a travel agent, make sure it is sufficiently explained, and if you’re getting it online, be sure to read through it carefully. Make comparisons before you buy, and remember, the least expensive isn’t always the best option.

Always get pre-approval prior to medical treatment

One of the most important things to remember is the assistance phone number for your insurers. This is often a toll-free number marked in big bold type on the envelope your policy is in- some even provide bookmarks and stickers you can put alongside your tickets so you can find them easily. Should you need to get medical treatment or service, this is the number to call so you can be directed to a pre-approved facility or doctor. You’ll then be assured of easy reimbursement- or in some cases, not need to outlay any cash.

Always get receipts and other documented proof of your expenses

Whether you have single trip travel insurance or annual cover, remember this: documentation, documentation, documentation! In case of hospitalisation, you will need to ask for an itemised list of materials and services, as well as addresses and phone numbers for confirmation, to ensure easy reimbursement.

Insure Your Adventure – The Single Trip Travel Insurance Checklist

When preparing for an amazing journey there is plenty of preparation required. But perhaps the most important item on your checklist is the purchase of a good single trip travel insurance policy. While it may not be the most exciting thing in the world, you’ll have enough excitement later that will more than make up for the drudgery of reading through the fine print of a policy.

So, what exactly are you looking for? Even a simple single trip travel insurance policy can cover every aspect of your adventure, but you will need to choose wisely and make sure it has everything you need.

Here are just a few things you might need to look for in a policy to make sure your fun and excitement won’t come at a cost you haven’t bargained for.

Delay and Cancellation. Many of the most basic single trip travel insurance policies include coverage should your flights get cancelled, or a flight delay causes you to miss a connecting flight. In those cases when airports suddenly have a rash of cancellations, you can at least have some of your expenses (such as airport hotel stays and food) covered by your policy.

Medical Insurance. This is usually the primary reason to purchase a policy before going on holiday. Should the water in, say, Mexico disagree with you and you need to be rushed to a hospital for intensive rehydration, or you find yourself suddenly having an allergic reaction to peanuts in America where medical care is pricey, this provision can make sure your medical expenses are covered and that they will fly you back home if necessary.

Sports Injuries. Even if you’re a breath away from being a professional skier, or do lectures on hiking back home, accidents do happen, regardless of skill level. If you do plan on doing any adventurous sports, ensure your single trip travel insurance policy covers any activities where there is even the most remote possibility you may need to be helicoptered to a hospital!

Luggage and Equipment. After all that time spent polishing up your equipment and buying expensive cases to make sure it never gets scratched, imagine how it would feel if something suddenly disappeared in transit? If you have expensive gear, you will want to check your coverage includes all your stuff or if you need to take out extra for more expensive or specialised equipment. You should also check for conditions that apply to high value items and be aware of any exclusions that might apply.

While part of the fun of a holiday is the occasional surprise, it’s not pleasant when it involves hospitals or police reports! With an appropriate policy in place, at least some distress from those unpleasant surprises can be alleviated.

The Process of Selecting Travel Insurance for Family Holidays

Right after securing a dog-sitter and having your mail collected, travel insurance for family holidays is one of the most important things you should organise before you go away. No matter where you are heading, or for how long, if you are leaving your home country, a good policy should be considered an essential purchase.

Here is a guide to the process for finding one that is appropriate for you and your family.

Why Is It So Important?

Back in your home country, you are probably used to a level of healthcare either provided privately or by the state. When you go abroad, the situation may be very different. For example, if you live in the UK, your healthcare is covered on the NHS. However, when you travel to another country, you may have to pay for your own healthcare, and this can be very costly. That means if you break your arm while on holiday, you could end up with a bill of thousands of euros. Even relatively minor problems can cost a lot of money.

Even if you have the EHIC (European Health Insurance Card), this only covers you for the same level of care as a national of that country would receive from the state. This may be inferior to the standard of care you are used to. In addition, the EHIC does not cover repatriation costs should you need to be transported home.

These are some of the key benefits of travel insurance for family holidays, all without even mentioning the other factors that may be covered such as cancellation costs, lost property, delayed flights and more.

So, how should you go about choosing your policy?

1. Find a Recommended Provider

Always start by looking for a provider that comes recommended. You can do this by looking for reviews online or by using a company that a friend or relative recommends to you.

2. Consider the Various Types

Look at the different types of travel insurance for family holidays provided and decide which is the best option for you. For example, you can often choose between single-trip and multi-trip, and there may also be a special family cover option.

3. Enquire About Any Extras

Always find out about the extras that you may need to get covered by paying an additional premium. For example, this is often the case for winter sports and other activities.

4. Decide Which Level of Cover You Require

You may also be presented with a range of cover options, such as medical cover only, or medical cover with cancellation cover. You should always get medical cover, but consider the extras that are available and decide whether you really need them or not.

5. Ask Any Questions

Finally, make sure everything is covered that you can think of and ask any questions if you need to. Never take any risks by assuming that something is covered, and always ask if you have even the smallest doubts.

Travel insurance for family holidays abroad is something that you should seriously consider a necessity. Of course, everyone hopes nothing will go wrong, but it is good to know that you have protection in place should anything go awry.

Choosing the Right Insurance Plan for Smokers

If you are fond of the pipe, you should be aware of the consequences as well. Smoking was never a healthy option. There have been ample amount of medical researches that prove smoking to be a bad habit. Whilst giving up smoking is an effort that you will have to take individually, we can surely recommend you to plan your insurance policy more effectively.

What is the policy?

According to insurance companies, smokers are not classified into different categories. So, whether you are an occasional smoker or a die-hard addict, your policy will hold the same amount of risk and therefore a higher premium when compared to a non smoker.

Don’t hide details

If you are a smoker, don’t try to hide the details from your insurance agent else this could lead to dire consequences in the future. Also, most of the times the insurance companies will insist on a full body check wherein these details are clearly indicated in the reports and therefore you have no way to hide it.

Look for options

For smokers wanting a budget friendly policy, the easiest way to start is to look for all possible options being offered by insurance companies in and around your neighborhood. Whilst many of these details can be traced through the medium of internet, we would strongly recommend you to interact with the respective agents to understand the policy more efficiently.

Compare quotes

Once you have the details, the next obvious step is to weigh the pros and cons. Compare the quotes of different agencies against the risks that they are covering and accordingly plan your options. You can also do this comparison on the websites of insurance firms that specialize in providing free online guidance. This will help you save time in a big way.

Maintain a healthy quality of life

Smoking is a bad habit and addicts are always advised to maintain a healthy lifestyle in terms of practicing regular exercise. This keeps the body fit and a better health report can always help you to negotiate the premium of your insurance policy.

Don’t be late in applying

Most people ignore the need of an insurance policy and wake up to the urgency only when it starts to bother them. This is a mistake because with age your health deteriorates even more, making it very difficult for insurance companies to cover you. Therefore, even if you are a smoker, get yourself a good insurance policy as soon as possible.

Compare Term Plans, Buy the Best

You are working so hard to meet the needs and desires of your family. You have high hopes for their future. All your efforts are sincerely driven so that they lead a good life and occupy respectable positions in the family. But as we all know about the uncertainty of life in this mortal world, things don’t seem that bright once we are not there with them. They would miss our care, our guidance and of course the money that we bring in to sustain them. There comes the role of life insurance, specifically term insurance. Term plans are designed with the intension to replace your income and make your loss to your family easier to some extent. A fixed sum is agreed to be paid by the insurer at the commencement of the plan, which is in fact a considerable amount of money and proportionately very huge compared to the premium paid.

Why compare term plans? This question is very important. The answer is not just difference in premium or different claim settlement ratios of companies. But different companies provide various other features that add to the basic term plan. Be it monthly income or extra coverage for some critical diseases, some companies hire a specialist team to provide claim assistance to the nominee etc. Thus, when purchasing a term plan one must be aware of the different features or riders (added benefits) provided by the insurer. Each person has a different type of requirement. Thus, one must be clear which company provides those features in their term plans that suit their requirements best. Thus, comparing term plans before just buying is a wise thing to do and all experts recommend it.

Now another question comes, how to compare? This is a very relevant question because nowadays you find insurance companies in every nook and corner. LIC is no more the sole player selling life insurance. With so many companies offering term plans with different features, it is havoc to even dare to think of comparing. These agents would do anything in their capacity to make you believe that only their company’s plan is the best. So, you don’t get the right information. We cannot expect you to study websites of all the insurance companies and chart out the best plan for yourself.

That problem is now addressed to a great extent by the rising capacity these insurance web aggregators are assuming in the insurance space. They intend to provide unbiased comparison in a very consumer friendly way. Thus, it is a good initiative taken by IRDA to promote Insurance Web Aggregators that provide healthy comparison in the best interest of the consumer.

How to Find the Best Insurance Agency

When you need coverage, you should look to your insurance agency to find the right policy. You might not be aware of some of the policies available to you. While you might think your traditional insurance will cover everything, you might be surprised to find out where traditional homeowner’s, rental, medical, and car coverage fall short.

Different Types of Coverage

If you should determine that you need any of these supplemental options, you should check with your insurance agency to find out whether they offer the coverage in question. Not all underwriters offer these policies. You may have to get these supplemental offerings from other agents.

If you have a dog, then you might want to purchase a dog bite or “pet liability” plan. While you might think that your four-legged friend would never harm anyone, there is always a chance that it could happen. According to the Insurance Information Institute, half of all incidents happen on the owner’s property. While homeowner’s liability may cover the medical costs, there can be complications, such as when incidents happen away from home. Having a specific dog bite policy will handle any unforeseen problems.

Those who live in coastal areas will want to get flood insurance. This protects your belongings from damage due to floods. What most homeowners don’t realize is that traditional homeowner’s plans do not cover this damage. That is why it is important to purchase these policies separately.

Burial coverage gives your surviving family members money to pay the cost of your funeral and burial. The cost is nominal, totaling only a few dollars a week or month. This policy is not often sold through a traditional insurance agency. You will either have to go to a broker or purchase from a funeral home.

Personal electronic equipment policies give you more protection than the standard homeowner’s plan. A traditional plan does not cover damage caused by installation errors. These programs offer repair or replacement of electronics such as computers, stereos, and televisions.

If you have valuable items like jewelry or high-end electronics, then you want to have supplemental coverage. While your homeowners plan does cover some items in the event of fire or theft, it does not cover everything.

Some businesses offer their full-time employees short-term disability. However, if your company is not one of those groups, you should look into having short-term disability added. Medical plans will help to cover bills from doctors and hospitals, but it will not help to cover normal monthly bills that can pile up if you have to miss work. While not all short-term disability programs are the same, it is something you should check into to ensure that you don’t fall behind on your bills.

You need to research and understand the different types of coverage available to you. If you are unsure, an insurance agency can assist you in finding the information you require.