WHY WOULD I BUY LIFE INSURANCE OVER THE TELEPHONE?
Buying life insurance will never be exciting; however, it is becoming much easier and more convenient now that many companies are willing to allow their lowest cost products to be sold over the telephone. As a consumer you have the opportunity to deal with a real, and normally knowledgeable, representative who can provide you rates and information within minutes.
There is no longer the need to have an agent come to your home and spend hours trying to sell you something that won't fit into your budget. If you choose an agency that uses software designed to compare most the products available in your state, you will combine convenience with the lowest possible rate you are eligible for.
IS IT SAFE?
Yes, if you use common sense.
Applying for life insurance requires you to provide sensitive and personal information to the insurance company that will issue your policy. Use common sense in deciding with whom you share your Social Security Number, Date of Birth, and Driver's License Number with.
Here are some indicators that you are dealing with professionals:
• Have the people you have spoken with acted in a knowledgeable and professional manner?
• Have they asked you about your medical and personal habits history before they quoted you a rate?
• Have they clearly explained the application process and the procedures you must follow to obtain a policy at or near the rate you were quoted?
• Have they clearly explained that your policy may not pay a claim if you do not provide accurate answers on the application?
If the answer to all of the questions above is yes, then you have reason to be confident that you have made the right choice; however, if you have any lingering doubts there are a few more qualifiers you can look for:
• Have you been instructed to make your check payable to the insurance company and NOT the agent or agency?
• Have you contacted your state insurance department to confirm that the insurance company (NOT the agent or agency) is licensed to do business in your state?
• How did you find this company? Did they send you something in the mail; did you find their web site?
Again, if the answers are yes then you have found a winner. Let's face it: Very few crooks act like professionals.
HOW DO I FIND INSURANCE OVER THE TELEPHONE?
The internet has become the choice of many for fast and easy information. Type "Insurance by Telephone" or similar key words in the search field of your Internet Browser and you will get many pages of links to chose from. Look for toll free or other telephone numbers and begin calling. Ignore the sites that have only forms to submit your information. Most of them will have insurance calling you in an attempt to set up a visit to your home.
HOW DO I GET THE BEST RATE?
Finding the lowest rate that you qualify for is more about what you shouldn't do than what you should. Here is a list of things you should not do if you want to pay the lowest arte you are eligible for:
DO NOT provide false information about your health or personal habits during the quote or application process. Life and disability insurance rates are based on your actual health and personal habits, not on what you would like them to be. State insurance regulations require insurance companies to issue a policy at the rate you qualify for. There are no exceptions! This means you cannot negotiate, ask for a discount, or provide false information in the hope that you will get a better rate. Be honest during the process and you will receive the best rate offered by that company.
DO NOT deal with any agency that does not use rate comparison software to develop a quote. This new technology allows for the comparison of literally hundreds of different companies in order to provide you the best rate you are eligible for as long as you answer each qualifying question as accurately as possible. For example: five (5) pounds of weight might make the difference whether Company A or Company B is the cheapest. Give the representative the truth and they will find you the lowest rate.
DO NOT believe you are entitled to, or will receive, a discount or special price from anyone. Any licensed agent making such an offer is violating state insurance law. YOU ARE NOT AN EXCEPTION! Consider this: normally only greedy people get conned.
DO NOT delude yourself into thinking that a referral from your CPA, broker, lawyer, tax person, or a friend will get you the lowest rate. Remember, the object is to pay the lowest rate, not subsidize someone's drinking buddy. As previously stated, there are no discounts. You will have to decide whether to do business with anyone that considers violating the law to be an acceptable business practice. If you want to do business with a referral, use the qualifiers detailed earlier in this article. If the referred agent passes those standards, you should receive a competitive quote.
SUMMARY
It is now possible to make an unpleasant task easier and less expensive. If you combine the tools listed above and a little common sense, you have reason to be confident that you have paid the lowest rate you are eligible for.
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
Elements of Auto Insurance Contracts
Before signing an auto insurance contract, we are involved in understanding some basic terms related to the car insurance policy.The phrase "your covered auto" also applies to several other particular circumstances.
Usually, physical damage coverage will apply to newly acquired vehicles (whether additional or replacement vehicles) only if you request the coverage within 30 days of the acquisition. However, liability coverage for a replacement vehicle is automatically provided until the end of the policy period.
The liberalization clause states that if the insurance company makes a change to its policy form which provides broader coverage without a premium charge (for example, if it drops a policy exclusion), that change will automatically apply to your policy on the date the change goes into effect in the insured's state. This simply eliminates the need of the insurance company to endorse all existing policies when coverage is expanded without a change in premium.
Cancellation is an important issue. In most states, the reasons for which an insurance company is permitted to cancel a policy are limited-if the policy has been in effect for at least 60 days or is a renewal policy.
The general agreement is a very brief statement. It means simply that all of the remaining provisions of the contract (the policy terms) apply. The reason that the general agreement is so brief is that each coverage section contains a much more detailed insuring agreement.
Exclusions involve some of the most heated-and most often litigated-disputes over insurance language.Some exclusions exist simply to remove coverage for above-average risk factors which are not anticipated in average rates and premiums, and that the coverage is often available for an additional charge.
This is the case with respect to audio, visual and data equipment and the tapes, records, and other media used with such equipment. The basic policy form excludes coverage because these are items of value which have an above-average exposure to theft losses (they are easily removed and are often targets for thieves).
On the other hand, some people want specific drivers excluded from coverage. These special exclusions have become increasingly common in recent years.
Liability is probably the most important kind of automobile insurance. It covers moneys owed when one automobile driver causes bodily injury to another person or damage to another person's property.
Injury or damage suffered by a driver who causes an accident is not a matter of legal liability. Being liable means being legally responsible for damages suffered by a third party (someone other than the driver or owner of the vehicle).
If a driver who causes injury or damage suffered by another person can be shown to be at fault, that driver may be held liable for the accident.
In other words, if one driver is liable for an accident, then the other party may be entitled to compensation for injuries or damage or both. Compensation may be in the form of money paid to the injured party for tangible damages (such as a medical bill or the cost to repair a damaged vehicle) and/or money paid for intangible damages (such as pain and suffering).
Usually, physical damage coverage will apply to newly acquired vehicles (whether additional or replacement vehicles) only if you request the coverage within 30 days of the acquisition. However, liability coverage for a replacement vehicle is automatically provided until the end of the policy period.
The liberalization clause states that if the insurance company makes a change to its policy form which provides broader coverage without a premium charge (for example, if it drops a policy exclusion), that change will automatically apply to your policy on the date the change goes into effect in the insured's state. This simply eliminates the need of the insurance company to endorse all existing policies when coverage is expanded without a change in premium.
Cancellation is an important issue. In most states, the reasons for which an insurance company is permitted to cancel a policy are limited-if the policy has been in effect for at least 60 days or is a renewal policy.
The general agreement is a very brief statement. It means simply that all of the remaining provisions of the contract (the policy terms) apply. The reason that the general agreement is so brief is that each coverage section contains a much more detailed insuring agreement.
Exclusions involve some of the most heated-and most often litigated-disputes over insurance language.Some exclusions exist simply to remove coverage for above-average risk factors which are not anticipated in average rates and premiums, and that the coverage is often available for an additional charge.
This is the case with respect to audio, visual and data equipment and the tapes, records, and other media used with such equipment. The basic policy form excludes coverage because these are items of value which have an above-average exposure to theft losses (they are easily removed and are often targets for thieves).
On the other hand, some people want specific drivers excluded from coverage. These special exclusions have become increasingly common in recent years.
Liability is probably the most important kind of automobile insurance. It covers moneys owed when one automobile driver causes bodily injury to another person or damage to another person's property.
Injury or damage suffered by a driver who causes an accident is not a matter of legal liability. Being liable means being legally responsible for damages suffered by a third party (someone other than the driver or owner of the vehicle).
If a driver who causes injury or damage suffered by another person can be shown to be at fault, that driver may be held liable for the accident.
In other words, if one driver is liable for an accident, then the other party may be entitled to compensation for injuries or damage or both. Compensation may be in the form of money paid to the injured party for tangible damages (such as a medical bill or the cost to repair a damaged vehicle) and/or money paid for intangible damages (such as pain and suffering).
Brit girls go there to get ripped off
We all know that women make better drivers; that's why women's car insurance is so cheap. But did you ever wonder if a woman might make a better car mechanic?
Well, chances are, no, you didn't. For the majority of women, a career in car repair is about as appealing a prospect as one in plumbing, or refuse collection. It took a Frenchman named Herve Malige to do the wondering for us, and, following that, to recruit some women and find out.
His unique project runs at the Base 34 training centre, near Montpellier. This year's intake of 15 women, all aged between 22 and 38, includes former air hostesses, beauticians and a nurse. They expect to graduate in June 2007 and hopefully found their own repair business together.
That too would be unique; there are currently no garages in Europe run by an exclusively female staff. The nearest all- female car repair business to Mr Malige is in Montreal, Canada, and he wouldn't be able to get a service there: the mechanics insist that all their customers be women as well.
Herve explained why ladies are better under the bonnet, saying, "What is needed today [in mechanics] is rigour and methodical diagnostics. Women are strong at identifying the causes of breakdowns - they methodically check everything."
Finding the bonnet release
Herve's work demonstrates that women have the potential to outdo men in the field of car repairs in just the same way as we do on the roads.
But woefully few of us are living up to that potential.
In fact, one in ten female drivers in the UK admitted she couldn't even find the bonnet release in her car, let alone check the oil or change a tyre. It's no wonder that women drivers' failure to carry out basic checks has lead to almost a million breakdowns, according to motor insurance provider InsureandGo.
The problem isn't our ability - it's perhaps because most women just aren't interested in what goes on beyond the steering wheels and pedals. The vast majority of us leave repairs and maintenance up to someone else, even if it means a trip to the garage or a call to the breakdown firm.
But consider that we spend £4 billion every year in the UK on unsatisfactory repair work - that's based on an average £125 of your money wasted every time a job is botched, done unnecessarily or overcharged for - and all of a sudden there's a good reason for getting a bit better informed!
What we can do to prevent breakdowns
All too often, women leave car repairs to the men in their lives, when, as we've proved, they're capable of doing a much better job by themselves. And when dad, brother or boyfriend isn't around, we all too readily fork out expensive call-out fees for a breakdown mechanic; generally to do a job the average woman could do with her eyes closed if she just took a little interest in her car.
For the seven million female motorists who say they know nothing whatsoever about car maintenance, femalefirst.co.uk recommends your first port of call should be an often overlooked source of info - the car's manual. This tell you all sorts of dull but vital information about tyre pressures, fuses, fuel capacity, etc - stuff that'll get a whole lot more interesting as soon as you break down!
Most manuals have a log section at the back where you can make a note of fuel consumption and mileage, and when certain engine parts are due for replacement. Keeping this up to date takes care of the majority of preventable breakdowns; it also ensures you won't get caught short with the petrol dial in the red again.
Need an oil change, fan belt, windscreen wiper blade, etc? Sounds like a nightmare, but chances are replacing everyday consumables like these is a piece of cake. If you're feeling brave, get hold of the Haynes manual for your car (http://www.haynes.com), which explains how to do it all through straightforward language and easy-to-follow diagrams. After all - men can manage it...
The trouble with garages
No matter how well you maintain your car, sooner or later you're bound to end up taking it to a garage - whether for an MOT, a service, or a repair job.
Unfortunately, most of us find visiting the auto centre about as much fun as a trip to the dentist's. 57% of the women interviewed by InsureandGo said they felt intimidated in garages, and a whopping 84% expected to be ripped-off.
Sadly, both these fears are born out by a substantial body of consumer surveys and mystery shopper research.
In 2002, the Department for Trade and Industry (DTI) carried out a mystery shopper survey that involved putting test cars in for a service at 250 UK garages. It's shocking enough that, in 40% of cases, mechanics didn't bother to give the cars a full service before handing them back; but it's particularly alarming that the figure rose to 58% when the researcher was a woman.
So, besides breaking down far more often than other drivers, the seven million women who don't know anything about their cars are leaving themselves vulnerable to the botching and overcharging of unscrupulous mechanics.
The DTI figures prove garages target women for crooked mark-ups because they know they'll away with it - and that's why four out of five women expect to be ripped off.
Once again, the obvious solution for women drivers is to find out more about their cars. That way, you've a much better chance of getting the ten-point inspection you paid for rather than the three-point one they could only be bothered to do.
What we can do at the garage
Reports by the National Consumer Council suggests that two factors, specific to the car repair industry, mean motorists are at risk of being exploited when visiting a garage.
First of all, we don't know as much about the car as the mechanic does. If he says a job or replacement part is an essential, we have no choice but to pay for it; if he misses a fault or fluffs a repair, we have no way of knowing about it.
The other reason motorists make easy targets for an unscrupulous mechanics is that we're very often in a bit of a panic. You've heard of panic buying when there's a fuel shortage or a big storm coming? Well, having our cars break down elicits a similar reaction in most drivers; we just want the thing fixed, money-no-object - at least, not until the mechanic hands over your bill.
So the best advice for female motorists visiting a garage is to work against these factors. Always try and diagnose the fault before taking your car in for a repair. Even if what you say isn't the source of the trouble, it will show the mechanic you're a lot more savvy than the woman who turns up with no idea other than 'it makes a funny rattling sound'.
Also, turn back to your trusty manual and specify what brand of replacement parts you need. If possible, ask the mechanic to show you what's broken before leaving him alone with your car. That way, if you can't identify the part yourself, you'll at least be able to see if any actual work has been done in the area when he's finished.
To take care of the panic buying factor, spend as much time as you can afford shopping around for quotes on your job. Ask the garage you choose to confirm the estimate in writing so you avoid any unpleasant price-hikes once the work is done.
Above all, try to be calm and self-assured at the garage. If you suspect you're being duped, say as much. Even if the mechanic is charging a fair price, he won't begrudge you for questioning it. And don't be afraid to walk away from a garage. After all, with 26,000 car repairing outlets in this country, there's plenty more fish in the sea.
To recap...
We all knew women make better drivers; now we know they make better mechanics, too. It doesn't mean you have to put on overalls and invest in some nice spanners, but there's no excuse not to dust off the manual and find out a bit about your car.
Just a basic knowledge of car maintenance will dramatically cut down the number of trips you make to a garage - and it'll mean you get good service and a fair price when you do visit one.
Well, chances are, no, you didn't. For the majority of women, a career in car repair is about as appealing a prospect as one in plumbing, or refuse collection. It took a Frenchman named Herve Malige to do the wondering for us, and, following that, to recruit some women and find out.
His unique project runs at the Base 34 training centre, near Montpellier. This year's intake of 15 women, all aged between 22 and 38, includes former air hostesses, beauticians and a nurse. They expect to graduate in June 2007 and hopefully found their own repair business together.
That too would be unique; there are currently no garages in Europe run by an exclusively female staff. The nearest all- female car repair business to Mr Malige is in Montreal, Canada, and he wouldn't be able to get a service there: the mechanics insist that all their customers be women as well.
Herve explained why ladies are better under the bonnet, saying, "What is needed today [in mechanics] is rigour and methodical diagnostics. Women are strong at identifying the causes of breakdowns - they methodically check everything."
Finding the bonnet release
Herve's work demonstrates that women have the potential to outdo men in the field of car repairs in just the same way as we do on the roads.
But woefully few of us are living up to that potential.
In fact, one in ten female drivers in the UK admitted she couldn't even find the bonnet release in her car, let alone check the oil or change a tyre. It's no wonder that women drivers' failure to carry out basic checks has lead to almost a million breakdowns, according to motor insurance provider InsureandGo.
The problem isn't our ability - it's perhaps because most women just aren't interested in what goes on beyond the steering wheels and pedals. The vast majority of us leave repairs and maintenance up to someone else, even if it means a trip to the garage or a call to the breakdown firm.
But consider that we spend £4 billion every year in the UK on unsatisfactory repair work - that's based on an average £125 of your money wasted every time a job is botched, done unnecessarily or overcharged for - and all of a sudden there's a good reason for getting a bit better informed!
What we can do to prevent breakdowns
All too often, women leave car repairs to the men in their lives, when, as we've proved, they're capable of doing a much better job by themselves. And when dad, brother or boyfriend isn't around, we all too readily fork out expensive call-out fees for a breakdown mechanic; generally to do a job the average woman could do with her eyes closed if she just took a little interest in her car.
For the seven million female motorists who say they know nothing whatsoever about car maintenance, femalefirst.co.uk recommends your first port of call should be an often overlooked source of info - the car's manual. This tell you all sorts of dull but vital information about tyre pressures, fuses, fuel capacity, etc - stuff that'll get a whole lot more interesting as soon as you break down!
Most manuals have a log section at the back where you can make a note of fuel consumption and mileage, and when certain engine parts are due for replacement. Keeping this up to date takes care of the majority of preventable breakdowns; it also ensures you won't get caught short with the petrol dial in the red again.
Need an oil change, fan belt, windscreen wiper blade, etc? Sounds like a nightmare, but chances are replacing everyday consumables like these is a piece of cake. If you're feeling brave, get hold of the Haynes manual for your car (http://www.haynes.com), which explains how to do it all through straightforward language and easy-to-follow diagrams. After all - men can manage it...
The trouble with garages
No matter how well you maintain your car, sooner or later you're bound to end up taking it to a garage - whether for an MOT, a service, or a repair job.
Unfortunately, most of us find visiting the auto centre about as much fun as a trip to the dentist's. 57% of the women interviewed by InsureandGo said they felt intimidated in garages, and a whopping 84% expected to be ripped-off.
Sadly, both these fears are born out by a substantial body of consumer surveys and mystery shopper research.
In 2002, the Department for Trade and Industry (DTI) carried out a mystery shopper survey that involved putting test cars in for a service at 250 UK garages. It's shocking enough that, in 40% of cases, mechanics didn't bother to give the cars a full service before handing them back; but it's particularly alarming that the figure rose to 58% when the researcher was a woman.
So, besides breaking down far more often than other drivers, the seven million women who don't know anything about their cars are leaving themselves vulnerable to the botching and overcharging of unscrupulous mechanics.
The DTI figures prove garages target women for crooked mark-ups because they know they'll away with it - and that's why four out of five women expect to be ripped off.
Once again, the obvious solution for women drivers is to find out more about their cars. That way, you've a much better chance of getting the ten-point inspection you paid for rather than the three-point one they could only be bothered to do.
What we can do at the garage
Reports by the National Consumer Council suggests that two factors, specific to the car repair industry, mean motorists are at risk of being exploited when visiting a garage.
First of all, we don't know as much about the car as the mechanic does. If he says a job or replacement part is an essential, we have no choice but to pay for it; if he misses a fault or fluffs a repair, we have no way of knowing about it.
The other reason motorists make easy targets for an unscrupulous mechanics is that we're very often in a bit of a panic. You've heard of panic buying when there's a fuel shortage or a big storm coming? Well, having our cars break down elicits a similar reaction in most drivers; we just want the thing fixed, money-no-object - at least, not until the mechanic hands over your bill.
So the best advice for female motorists visiting a garage is to work against these factors. Always try and diagnose the fault before taking your car in for a repair. Even if what you say isn't the source of the trouble, it will show the mechanic you're a lot more savvy than the woman who turns up with no idea other than 'it makes a funny rattling sound'.
Also, turn back to your trusty manual and specify what brand of replacement parts you need. If possible, ask the mechanic to show you what's broken before leaving him alone with your car. That way, if you can't identify the part yourself, you'll at least be able to see if any actual work has been done in the area when he's finished.
To take care of the panic buying factor, spend as much time as you can afford shopping around for quotes on your job. Ask the garage you choose to confirm the estimate in writing so you avoid any unpleasant price-hikes once the work is done.
Above all, try to be calm and self-assured at the garage. If you suspect you're being duped, say as much. Even if the mechanic is charging a fair price, he won't begrudge you for questioning it. And don't be afraid to walk away from a garage. After all, with 26,000 car repairing outlets in this country, there's plenty more fish in the sea.
To recap...
We all knew women make better drivers; now we know they make better mechanics, too. It doesn't mean you have to put on overalls and invest in some nice spanners, but there's no excuse not to dust off the manual and find out a bit about your car.
Just a basic knowledge of car maintenance will dramatically cut down the number of trips you make to a garage - and it'll mean you get good service and a fair price when you do visit one.
Life Settlement
The life settlement industry was propelled into popularity by the viatical settlement industry. History has shown us that the early adopters of life settlement were those who were suffering from AIDS and who had only a couple of years to live. They sold their insurance policies assuming they would get immediate cash in return from the person who bought it. When medical breakthroughs found their way to fight the AIDS virus, these senior citizens lost out because they had to pay premiums for a long time. Some fraudulent companies also resorted to marketing this concept in order to make a fast buck by giving senior citizens the hope of further investment.
Life settlement occurs when the holder of a policy willingly sells the same for a price to the buyer, who then becomes the sole owner of the policy. The new buyer has to pay for the premiums from the date of purchase. It is common for senior citizens above the age of sixty-five to opt for life settlement, especially if there has been a negative change in their health situation. The immediate cash option is attractive because the seller is then able to fund his medical bills and take care of other responsibilities.
If you are planning a life settlement then it is best to take advise from experts who know the market. Accountants, Charitable Trust Officers, Financial Planners and Attorneys are just some of the people you can contact. Since they know the regulations and formalities involved, you will be able to make a more informed decision. The idea behind life settlement is to get a high bid for your policy. This could take a lot of work if you are working alone. A broker is sometimes arranged to find the right seller who can offer a fair market value. The benefit of hiring a broker is that you can get bids from different sellers. Thus you can choose the most favourable bid among the offerings. It sometimes becomes necessary to provide your medical history in order to secure a good bid.
Once the life settlement bid is accepted by the buyer, he then returns any confidentail papers that he might have taken for verficaiton. Change of ownership forms are then exchanged and the final deal is closed.
Some authorized life settlement agents are Action Advisors Inc, Advanced Settlements Inc, Allsettled Group Inc, Berkshire Settlements Inc, Brown & Brown Associates PC, Darrell L Tate, Don Karns Insurance Agency Inc, Fairmarket Life Settlements Corp, etc. To find an agent in your area there are several listings on the Internet. Brokers will also give you a free consultation so you can freely and confidentially discuss your financial situation.
To summarize, a life settlement is done when a person wants to sell his or her policy in return for cash. The reasons behind this could be high premiums, medical problems, employment changes, bankruptcy, etc. It is wise to be well informed about the process and even more important to find a broker or a financial advisior who can make your life settlement worth your while.
Life settlement occurs when the holder of a policy willingly sells the same for a price to the buyer, who then becomes the sole owner of the policy. The new buyer has to pay for the premiums from the date of purchase. It is common for senior citizens above the age of sixty-five to opt for life settlement, especially if there has been a negative change in their health situation. The immediate cash option is attractive because the seller is then able to fund his medical bills and take care of other responsibilities.
If you are planning a life settlement then it is best to take advise from experts who know the market. Accountants, Charitable Trust Officers, Financial Planners and Attorneys are just some of the people you can contact. Since they know the regulations and formalities involved, you will be able to make a more informed decision. The idea behind life settlement is to get a high bid for your policy. This could take a lot of work if you are working alone. A broker is sometimes arranged to find the right seller who can offer a fair market value. The benefit of hiring a broker is that you can get bids from different sellers. Thus you can choose the most favourable bid among the offerings. It sometimes becomes necessary to provide your medical history in order to secure a good bid.
Once the life settlement bid is accepted by the buyer, he then returns any confidentail papers that he might have taken for verficaiton. Change of ownership forms are then exchanged and the final deal is closed.
Some authorized life settlement agents are Action Advisors Inc, Advanced Settlements Inc, Allsettled Group Inc, Berkshire Settlements Inc, Brown & Brown Associates PC, Darrell L Tate, Don Karns Insurance Agency Inc, Fairmarket Life Settlements Corp, etc. To find an agent in your area there are several listings on the Internet. Brokers will also give you a free consultation so you can freely and confidentially discuss your financial situation.
To summarize, a life settlement is done when a person wants to sell his or her policy in return for cash. The reasons behind this could be high premiums, medical problems, employment changes, bankruptcy, etc. It is wise to be well informed about the process and even more important to find a broker or a financial advisior who can make your life settlement worth your while.
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