Viatical Settlements Offer Comfort for Individuals Facing Terminally Illness

Terminal illnesses not only destroy lives, but they can also erode the financial stability of individuals and their families. A viatical settlement, however, can provide financial support and emotional comfort to those with serous diseases.

A viatical settlement is simply the sale of the benefits of a life insurance policy to a third party. Viatical settlements, also called “viaticals”, allow individuals facing a terminal illness to use the present day value of their life insurance policy to ease the financial burdens.

The viatical settlement business originated in the 1980s as a way to give terminally ill AIDS patients early access to their life insurance benefits. Since then, the use of viatical settlements has broadened significantly. Viaticals now include policy holders suffering from Lou Gehrig¹s disease, cancer, heart disease and other life-threatening illnesses.

The Importance of Viatical Settlements

Viatical settlements can provide an important source of funding for terminally ill people battling the high costs of medical care. An estimated 40 million Americans are not covered by health insurance, and many are often unable to earn a living because of their illness. These individuals must cover their medical costs out-of-pocked on top of daily living expenses such as food, shelter, utilities and transportation. Viatical settlements allow people in these circumstances to maintain a level of financial security during their final months or years.

Viatical settlements are completely legal transactions based on this concept: Investors buy life insurance benefits from insured individuals for a percentage of the face value of their policies. Then they collect the full amount of the death benefit on the policy when that person dies. For terminally ill people, viatical settlements allow them to receive a partial payment on their policies while they are still alive. They can use these funds to pay for their health care, to meet daily living expenses, or even take a well-deserved vacation with their families. The bottom line is: Viatical settlements enable individuals to take advantage of their life insurance benefits before they die and enhance the quality of the life they have remaining.

How Viatical Settlements Work

Viatical settlements are relatively common. Here’s how they work. The owner of the life insurance policy sells the policy for a percentage of the death benefit. The discounted price received is typically 60 to 70 percent of the policy’s face value.

The viatical settlement buyer becomes the new policy owner and/or beneficiary of the life insurance policy and is responsible for paying all future premiums. The buyer also collects the death benefit of the policy when the insured dies.
The original owner of the insurance policy, incidentally, may not necessarily be the individual with the life-threatening illness.

The approval process for viatical agreements is generally based on the nature of the illness or condition and a doctor’s review of the insured’s medical records. Usually the viatical settlement transaction is facilitated through a broker or a trusted insurance agent—without the buyer ever meeting the ill person.

Guidelines for the Sale of Viatical Settlements

Almost any type of life insurance can be sold through a viatical settlement as long as the policy doesn’t prohibit transferring ownership rights. Universal, whole, term, and even group life insurance policies are usually accepted.

However many policies include a “contestability clause” that allows an insurance company to cancel a policy if it discovers that the policy holder had a preexisting condition. Therefore, most settlement companies will only buy policies that are at least two years old.

There are generally two types of companies that purchase viatical settlements. The first type buys life insurance policies directly from ill people, using either private funds or proceeds from the sale of company stock. These companies, themselves, hold all the rights to the insurance policy and act as the designated beneficiary of the policy. These are considered to be “non-brokered” transactions because the viatical settlement provider purchases the policies directly.

The second type of viatical settlement company acts as a broker or intermediary—the category into which most settlement companies fall. They match a group of potential buyers with a life insurance policy available for sale, rather than directly purchasing the policy. As the broker, the viatical settlement company doesn’t own the policy. Instead, it is entitled to a percentage of the death benefit or purchase price—usually 4 to 6 percent—as compensation for its services.

You Need To Know About Health Insurance & How Quotes Are Calculated

We all hope to stay well and healthy all the time, but we all know that we are going to be sick or may even be unfortunate and have an accident at some point in our lives. We all have access to the state health services but if you want additional private cover then this is where taking out a private medical insurance comes in. This article explains about health insurance in general and how quotes are worked out in general.

Private medical insurance will cover the cost of your treatment when you are unwell, but the kind of cover and amount of the cover you get varies considerably from policy to policy.

Make sure that when you are considering which health insurance policy to take out that you carefully read the policy so that you can find out which illnesses you are covered for and which illnesses are not included in the policy cover. It can also be the case that your medical insurance policy may require you to use particular hospitals for your treatment.

So what are health insurance quotes calculated on? Well providers calculate your policy quote on several factors, the most important being your age, your health, your medical history, your occupation and they also look at whether you smoke or not. If you do smoke, then you are likely to get a more expensive medical insurance quote.

Some health insurance policies let you choose to have an excess which if you decide to have this option it will lower your insurance quote. Another important thing to take into account when taking out a private medical insurance policy is that no matter how much you decide to spend on your cover you will not get cover for certain illnesses. These illnesses include long term illnesses, alcohol abuse, AIDS, suicide attempts and illnesses that are related to old age.

It is very important that when you take out your cover that you advise your healthcare insurance company of everything that is relevant to your health insurance application. This means you must tell them about any pre-existing medical condition or illness that you may have and it is highly likely that they will not cover you for these pre-existing medical conditions or illnesses.

And finally it is worth mentioning that it is always a good idea that you shop around to find the most suitable and affordable private medical insurance solution for you.

The Five Key Steps in Medical Insurance Review

Medical insurance reviews provide results in a timely fashion. Filing a medical claim can be a lengthy process prone to miscommunication and breakdowns in the chain of paperwork. Bringing in an independent review organization can tap into deep reservoirs of medical expertise. The review on this level can determine an objective approval or denial of an insurance claim. The denial will be based on medical fact, however and not on anecdotal evidence.

The Five Key Steps in Medical Insurance Review

The following steps illustrate how a medical claim is reviewed.

· A patient is prescribed a treatment for a condition or injury. The medical opinion of the attending physician along with related charts and information may be submitted or requested in order to request coverage of the insurance claim.
· Medical and physician resources are provided the medical information and asked to review the treatment and prescribed recommendations.
· The medical specialist assigned to the case will provide an unbiased opinion with regard to the treatment.
· An insurance expert reviews the terms of the patient’s coverage as offered by the insurance company. They will offer an unbiased determination with regard to whether the patient is covered for the treatment in question.
· Finally, the two opinions are combined to return an objective recommendation for approval or denial.

On Time Decisions

This process allows for healthcare decisions to be made in a timely and expert fashion. The resource is invaluable for all aspects of the healthcare profession. Patients will receive approval for vital treatment that may be otherwise rejected by a large insurance company that handles its own medical reviews internally and without expert sources.

Anecdotal evidence is never used to deny a claim or pay for an unnecessary treatment. The use of third-party experts and medical specialists provides claim managers with the verification and authentication needed to do not only the right thing, but also the best thing. The medical insurance review process removes the factor of uncertainty that claim managers may face in a world of rising medical costs, complex specialization and treatments.

Avoids Ill-Informed Approvals and Denials

Healthcare costs skyrocket in an atmosphere where a claim manager must err on the side of caution to either pay for unnecessary treatment or deny one that is necessary. Without using an independent review organization, the insurance company may lack the resources to make a decision in a timely fashion.

As illustrated by the five key steps of the review process, experts from both sides of the equation are consulted. Complicated medical technology combined with equally complicated insurance policies and terms can make for a morass of misunderstanding without the right types of expertise. The process also reduces the amount of frustration felt by claim managers, patients and physicians by filtering the claims through the right hands to get the right advice and interpretations.

Fiscal Responsibility

The more approvals of unnecessary treatments, the higher insurance costs will soar. The medical insurance review process allows a claim manager to make an informed decision and eliminate unnecessary treatments. Patients and physicians rely on insurance coverage to underwrite potential treatments for a multitude of conditions.

An insurance expert understands the complex terminology of a coverage policy. Specialized physicians understand the nature of illness and treatment. The combination of expertise improves the process of treatment review and coverage approval. That means no lengthy waits for vital services and no funding for unnecessary ones.

This process has a dramatic impact in reversing the trend of rising healthcare claim costs. By dramatically reducing these riding costs, an insurance company can save money for their consumers, their shareholders and the healthcare community.

Want to know the 7 Things your auto insurance company should give you but doesn’t?

Do you think you have the best auto insurance coverage just because you’re with a “big name” company?

News flash, you’re probably getting less coverage than you think.

But first let’s talk about accident statistics in the U.S.…

The Facts:

There are about 3 million car-related injuries a year
• 2 million permanent injuries
• 40,000 deaths in the U.S. each year

About 40% of car accident fatalities are related to drinking and driving.
• 30% to speeding
• 33% from a car going off the road

Car accidents are currently the number one killer of people ages 1 to 37.
About 1 in 30 young drivers will be injured in an accident each year.
Young drivers are four times more likely to die in car accidents.
• much more prone to speed
• drive recklessly
• not wear their seat belts
• and drink and drive

There are Approximately 6.4 million accidents each year

Approximately 40,000 people die in auto accidents each year.

You may ask yourself what are the odds of me getting into an accident?
There were 48,366 Transportation accidents in 2002.
• One year odds of You getting in an accident are 1 in 5,953.
• Lifetime odds of You getting in an accident are 1 in 77. Are you the 1 in 77 to get into an accident this year?

Did you know?
Midnight to 3 a.m. on Saturdays and Sundays proved to be the deadliest 3-hour periods throughout 2003?

In 2004 there was a total of 38,253 Fatal Crashes.
• Over 26,756 Driver crash victims
• 10,304 Passenger Victims
• 4,641 Pedestrian Victims
• 725 Pedacyclist Victims

Let’s move on to Insurance Coverage.

Here are the 7 things your auto insurance company should give you but doesn’t!

1. Full replacement cost paid if your new car is totaled in the first year at no additional cost.

2. Towing and roadside assistance included with your policy at no additional charge and no reimbursement required.

3. Bilingual insurance representatives available 24 hours a day 7 days a week to provide policy service or take claim reports.

4. Extension of your policy coverage and limits when driving in Mexico within 100 miles of the U.S. Border.

5. Discounted rates for qualified members of certain occupational groups.

6. Temporary coverage for student children home on holidays at no additional charge.

7. Waiver of collision deductibles if both parties involved in an accident are customers of the same company.

What You Need to Know About Pet Health Care Insurance

Before you purchase a pet health care insurance plan for your pet, check the list of the companies approved veterinarians to see if your veterinarian will accept the companies check.
Ask your local veterinarian what type of pet health care insurance plan would best suit your family pet. Ask your local veterinarian to read over the plan and listen to their advice. Talking to your local veterinarian will also help you establish if the insurance company you are considering purchasing your pet health care insurance plan from is reputable.

If you have purchased a pet that is as of yet unaltered you’ll want to look for a pet health care plan that includes neutering and spaying.

Before you pay for a pet health care insurance plan you need to carefully read how the policy handles prescription coverage. Most companies that sell pet health care insurance do not include prescription coverage in their basic medical health care insurance plan. If you are concerned about the cost of any prescription your pet might need during the course of its life you should probably consider buying a prescription coverage rider to complement your pet health care insurance. Although this rider may appear expensive and unnecessary you’ll probably wish you had purchased it if your pet is ever given a prescription for anything. Just like the human counterparts prescriptions are very expensive.

One of things you need to take into consideration when purchasing a pet health care insurance plan is the deductible. The deductible is the amount of money you pay out-of-pocket for veterinarian services rendered that your pet health care insurance plan does not cover. Different pet health care plans require different deductibles. The higher a the deductible you choose the lower your monthly payments to the insurance company but the higher deductible the more out-of-pocket extension had each time you visit the veterinarian’s office/clinic.

Most pet insurance companies have “cap” or limit placed on each pet health care insurance plan. This cap varies from one procedure to the next a broken leg will probably have a different cap then cancer treatments will for your pet. Before you purchase your pet health care insurance plan talk to the company representative about waiting periods. Find out exactly how long it’ll take over the policy to be effective and how long the general wait for claims to be reimbursed is. Most companies have a ten day period between the time they receive the vet bill and when the check gets placed in the mail. Also find out how the refund is processed. Does the pet health care insurance company pay the veterinarian directly or do you have to pay the vet and the company mails the check to you when they receive the bill.

Why you have the company representative on the phone task about any and all exclusions that might be included with your pet health care insurance plan. Specifically ask about any and all pre-existing conditions and hereditary defects that might come up later in your pet’s life. Many pet owners especially, those that have dogs, discover that hereditary defects come into their particular dogs are not covered by their pet health care insurance plan. Some companies will allow you to cover these potential problems with an additional rider. In some cases your local veterinarian will be able to warn you about any exclusions.

If you are considering a comprehensive health care insurance plan ask if the plan covers teen veterinarian visits such as; dental care, immunizations, and heartworm testing. Also ask if the pet health care insurance plan also covers the office call.

What you need to know about insurance

Getting an insurance is one of those ‘life’ requirements that you should be looking into early in your career, especially now when you are still able to work and earn money. in addition to being better able to pay for the insurance, younger individuals also pay less. This is one of the principles of insurance. Since younger people are less likely to die, they are given cheaper rates as compared to older individuals.

Insurance protect financially you and your family in the future. Depending on the kind of insurance that you will choose to get, insurance can even provide for your health concerns, for your retirement and even for your death and burial.

But while it is important that we are protected against any unexpected eventualities, some people still shy away of availing insurance on their own, preferring their companies to do it for them. Like legal matters, all those insurance mumbo jumbo tend to confuse and sometimes even frighten people.

Here are some of he frequently asked questions about insurance.

What are the kinds of insurance?

There are two major types of insurance. The life and the non-life insurance. The life insurance, as the name suggests, protects the family of the person in case something happens to him. When a person who is insured dies, the money that he insured will be given to the beneficiary that he has chosen.

The non-life insurance is an insurance that protects properties. Under this category, there are several different types. There car insurances, which protect automobiles from wreckage in case of accidents; property insurance, which protects properties especially houses from fire and other forms of destruction; deposit insurance, which most banks have in order to protect their depositors from losing their money in case the bank suffers financial setbacks; and health insurance, which helps in covering for medical and hospital costs. Among the various non-life insurance, the most popular is the health and car insurance.

Some insurance also provide for the future. Some of the insurances are retirement plans and death plans, which covers for burial costs.

What is the difference between a premium and a face amount?

Premium refers to the amount that you have to pay every year for the insurance. Some insurance companies also offer to divide the premium into monthly installments to help their clients. The face amount on the other hand is the amount that you have insured yourself into. For example, if the face amount in your policy is set at $500,000, then your beneficiary will receive $500,000 when you die.

What do you mean by double indemnity?

Some insurance policy offer an accidental clause that would double the face amount in case death has been established as accidental. This is done to protect the insured’s family in case of an untimely death. Double indemnity means that the face amount will be doubled when death is accidental.

Is the beneficiary always the legal spouse?

No. Contrary to popular opinion, it is not always the spouse who is the beneficiary. It is up to the person to choose, who he names as beneficiary. It can be any member of the family as long as insurable interest is established. If in case, the children are named beneficiaries and are still not in legal ages, a ardian will be named to assume control of the money for them.

Ways To Save From Car Insurance California

Buying California car insurance is expensive. But with a little trick and dedication, you can find the right car insurance California that is both cheap and provides good coverage.

Here are the ways to save for your can insurance California:

Research
Check several sites that offer can insurance California. This is probably the best way to get the cheapest car insurance rate since each company follows its own rate. Make sure you know what type of coverage you are looking for so as not to dive on the first and cheapest car insurance you have laid your eyes on. Remember that cheapest might not be the best so make sure you weigh the claims and the price you have to pay.

Safe driving
It always pays to be a good driver. And what a better way to reap from this is to get a lower California car insurance rates. California can insurance companies reward safe drivers with special car insurance rates. To become eligible on this, you have to get a clean record both on traffic violation and insurance claim. If in case you only have one or two traffic violation, you can take the defensive driving course. This is to remove and clean your traffic record.

The only drawback is you have to wait for several years to enjoy the lower California car insurance rate. That means you have to stay away from traffic violations for a very long time! But if safety is already in your system, this would be easy for you to do. After all, it is you who will reap if you drive safely even without receiving any California car insurance discount.

Update on time
Many auto insurance companies in California and even in other states in the United States base their insurance rates on your history. Failure to update your policy even for one day could cost you additional dollars. Make sure you update on time so that you can avoid higher California car insurance rate.

Monitor your odometer
Don’t get it wrong. You don’t have to limit your driving. Well, if getting car insurance discounts means more to you, you can drive occasionally. But what we are trying to say here is that several car insurance companies in California base their rates on the annual mileage reading. If you love to drive for miles, you should not be surprised if you get high car insurance rate than those who drive less.

Capitalize on discounted auto insurance
Discounts on car insurance would be able you to save money. And there are several ways to get it. Here are the different ways to get discounted auto insurance:

1. Discounts on good driver. Yeah it is already mentioned but you have to know that everybody, regardless of the age could receive a good driver discount provided he/she maintains a clean driving record.

2. Discounts of multi-car owner or multi-driver. If you have two drivers with the same car insurance policy, you can get this discount. Much more if both of these drivers have clean records.

3. Discount on having safety and anti-theft devices. If you care enough for your vehicle, your can get a reward. Most car insurance companies in California give discounts on drivers who have installed safety and anti-theft devices.

Outdoor Activities for Your Summer Vacation

Many people look forward to vacations. Perhaps you head to the Gulf coast with your family or go to a forest to camp. There are so many outdoor activities you can be involved in wherever you are. Whether you go camping outdoors, swim at the beach, or fish on your favorite lake, you will likely enjoy your time.

Outdoor activities are often the reasons for planning for vacations all year long. Your kids might drag out the water toys, and you might get out your favorite novel. Many families plan vacations during the summer, but if you chose the right location, outdoor activities can be enjoyed all year round.

Camping is a great family activity. It is truly a bonding experience living off the land, whether you go camping for a long weekend, or decide to participate in a longer camping trip. If you have a favorite campground, or are looking to start a new tradition, camping and hiking are great family activities.

If you love to just enjoy the sun and to feel of sand against your skin then the Gulf of Mexico might be a great option for you. Just do not forget to bring your sunscreen! If you go to a smaller lake, you might enjoy wake boarding, tubing, or water skiing. If you choose to go to a beach, you could enjoy the sun, soft sand, and the various beach attractions.

If you love fishing, then you might want to head to the shore. You can spend your days with family and get up early to get the best of the fishing. Make sure to come up with a few fish stories just in case the catch is not as good as you thought it would be.

Whatever you choose for outdoor activities or even indoor funFree Reprint Articles, hopefully you will make the best of your vacation and family time.

Find The Best Car Insurance Estimate

Each state has money related duty law. That implies that you should either have obligation protection or demonstrate that you are monetarily ready to pay for harm that you cause in a mishap. One of the most ideal approaches to spare cash is to get a few insurance agencies to give you an auto protection gauge or quote before buying any protection.

There are numerous approaches to get accident coverage cites. You could stroll into a nearby specialist and request a quote. This might be the most exceedingly terrible approach to purchase protection. Once the operator gives you the quote, you are on the spot to settle on a choice. You likely have not different quotes yet, so you can’t look at the costs that you are being cited. Moreover, it is troublesome for a few people to say no when looking at the specialist without flinching.

A to some degree better path is to make a few telephone calls asking for auto protection gauges. More than likely the operator will request that get back to you with the last gauge. This can work in your favorable position, since it permits you to call different operators to request more quotes while the first is dealing with printed material. The thought here is to get three or four quotes being worked up in the meantime. At the point when an operator gets back to with their gauge, let them know you are attending to different quotes and plan to purchase the protection with the best cost. A few operators may consequently drop their cost when they hear this, however don’t buy protection until you have every one of the quotes.

A far superior path is to enter your own particular information in a web crawler for protection on the web. Sites are prepared to take that data and send it to a few organizations for quotes. You ought to get no less than three quotes for protection. Specialists will then either call or email you the quotes. Request email cites if conceivable with the goal that you have a paper record to audit and do a one next to the other examination. Pick the best organization and ring to set the protection.

Getting Car Insurance from Reputed Insurance Companies

Presently you have preference of looking at auto protection strategy of various organizations and you will have the capacity to purchase any protection arrangement for your auto from the solace of your home.

You will have the capacity to get auto protection cites from the sites of different insurance agencies yet these insurance agencies give just a few protection cites. Then again, there are sites that make correlation among auto protection quotes of first class auto insurance agencies. These sites may have an element that you can visit on the web and ready to find your solution by talking through organization’s administration officer. These sites gives every one of the components to your help so you get your best arrangement without applying much exertion. When you looking at the rates of top of the line auto insurance agencies, then you will see there is gigantic distinction among premium rates of insurance agencies. What’s more, it is nothing unexpected that in the wake of going to different sites on the web, you may discover shabby auto protection cite inside your financial plan.

Subsequent to getting one protection arrangement for your auto, you will have the capacity to check the general experience of the clients of your insurance agency that rates the insurance agencies as indicated by different elements, for example, clients general experience, benefits include with strategy and the rate of the approach. This site additionally give the contact data which you can utilize and check reality all alone.

Each state has Department of Insurance site that record dissensions against the auto insurance agencies and you may discover a protestation against a presumed insurance agency as well. Subsequently, by giving some more minutes in looking at the protection cites accessible from top of the line insurance agencies, you will have the capacity to spare immense measure of cash. You can likewise check the notoriety of your insurance agency with a specific end goal to profit is going in safe hands and at whatever point you discover any trouble, you will have the capacity to recover your cash. There is a site, which individuals know for giving auto protection cites on low rate,