It is possible to get critical illness insurance policies which cover different people. You could have a joint policy with your spouse, but be careful with the small print; a policy might only pay out for the first of you to become critically ill. If you want cover for one of you, then you probably want it for each of you. You can also have policies that automatically cover your children when they reach a certain age. If you want this, make sure that your policy has it kicking in as and when you want it to. As always, read the small print.
Combined critical illness and life insurance policies: Often you will find critical illness policies which are bundled in with a life insurance policy. There is nothing necessarily wrong with this, even though it doesn't really follow the 'keep it simple' approach.
However, if you go for one of these, make sure that it covers exactly what you want it to. You might find that a bundled product is cheaper than two individual ones but it might mean that the bundled policy only pays out once. So, if you contracted a serious illness and then died after two months, you, or rather your dependants, would find that a bundled policy, having paid out for the illness, does not pay out on your death. Separate policies would, of course, pay out for both and are probably preferable.
Total and permanent disability cover. Many critical illness insurance policies will also include cover for 'total and permanent disability'. This pays out if you become unable to work due to permanent disability arising from any illness or injury, regardless of whether it is listed in the policy or not.
Whether or not it is a good idea to include one of these clauses is debatable. Effectively it overlaps with income protection insurance. However there are small differences. First of all, critical illness insurance pays out a lump sum whereas income protection pays an income. No doubt you would rather pay off your mortgage instead of being given the income to pay the premiums?
However, income protection insurance has one big advantage. It pays out for as long as you're off work. You don't need to be permanently disabled, just unable to work. It is therefore possible that income protection will match your requirements better than a total and permanent disability clause in a critical illness policy.
A lawyer friend of mine once said that a sudden death was a family’s worst nightmare. Close behind it is the scenario when a when a family member is hospitalized. The family is plunged into a nightmare of uncertainty. What will happen if…? A seemingly small ailment turns overnight into a major illness. And when that member of the family is the breadwinner? This is when a sound health insurance policy proves to be worth every penny spent on it.
‘Health is Wealth’, says the adage. At the same time health care costs are spiraling with no end in sight. Make sure your health insurance policy covers hospitalization and all other associated costs, such as operating theatres, radiology, anesthetics, after- care, etc. Don’t set yourself up for unpleasant surprises because you didn’t read your health insurance policy.
As your age increases so does the frequency of visits to the doctors and the number of tests. Make sure your health insurance policy is active and covering everything. Don’t let these medical costs become a major burden in your pension or low income years. If you were wise when you acquired your health insurance, this is the time you will enjoy the benefits that have lain dormant all those years.
The print company of the various online insurance related journals, MyNewMarkets.com, InsuranceJournal.com, and ClaimsJournal.com, Wells Publishing, has achieved the position of being among the best publishing companies to work for, ranking in popularity only second to Publishing Executive Magazine, for publishing companies operating within the United States of America.
Wells Publishing Chief Executive Officer, Mitch Dunford, responded to the news by announcing to the press that his companies views the award as a genuine testament to the working environment and company culture that his company has created. He said that Wells Publishing sees their employees as being a major asset to the company in fact their most important. He also added that the company places great importance and a high value on allowing employees free reign to express themselves and their opinions, as well as the autonomy that they need to do their jobs well. Dunford explained to the press that this has been the company’s formula for succeeding and represents the number one reason why Wells Publishing has continued grow and to so quickly expand as an organization.
Dunford added that their receiving this high ranking of employee popularity comes at the same time as the company is experiencing record-breaking sales for the fiscal year.
Mark wells, the Publisher and Chairman of Wells Publishing added that the company’s goal has always been to attract uppermost levels of talent and to then provide that talent with the tools necessary and the opportunities needed to excel. He adds that their employees have clearly responded well to this approach.
The rankings are based on a survey of employees of various companies in which Wells Publishing received a ranking of 93.3 out of a possible 100. The open ended management style by which the company operates earned it particularly high marks along with the degree of autonomy that is allowed to each of its employees. All of this is complimented by the provision of a flexible work environment.
Editor and chief of Publishing Executive, Noelle Skodzinski, writes that their survey was amazingly well received this year and that in addition to that it was in actual fact competitive. She points out that any of those companies ranked on the list of the top 20 companies preferred by their employees truly excels in certain areas, the most obvious one being that of maintaining respect and support for its employees and maintaining a balance between the work of the employee and his/her personal life.
The state of Massachusetts is set to install a competitive auto insurance system that is designed to create data regarding the activities of auto insurance agents. This represents a challenge for the state’s independent agents if they want to maintain the extraordinary 86 percent market share that they now hold for personal lines.
At its recent convention, the association for Massachusetts insurance agents held a special discussion to help its members proper for this new reporting system. Several tips and bits of information were drawn from the discussion by experts and agents, among them Jeff Foy, CEO of Foy Insurance, Charles Walsh, president of Boston software and criteria of a program for tracking insurance data, and Hal Belodoff, Plymouth Rock’s president and chairman.
Included in the tips are the following:
1. Understand that the system leads to the management of competition.
This is good when compared with such states New Hampshire and Maine where there is no management of competition and it's everyone for themselves. A major advantage of the system is that it restricts entrance by groups like GEICO and State Farms, the large-based direct writers.
2. You need to set up an efficient flow of work.
The biggest challenge will be managing the additional work that is going to be needed to acquire the multiple quotes for each risk. Foy says that from their experience each individual quote if done right, can take up to an hour to acquire.
3. Make the effort to operate in real time.
Only the independent agent can make real time quotes happen. This means that agents need to fight the tendency of their carriers to not want to accept electronic files from other carriers for establishing quotations.
4. Include other auto insurers in your package.
Over half of the independent auto insurance agencies in Massachusetts represent only one auto insurance company. This is not good. It is necessary to add carriers in order to be able to present several quotes.
5. Don’t belittle the advantages of being an independent agency.
It is important to stress the advantages of being an independent agency to your customers. This means that you are in the position to present multiple quotes and therefore present your clients with the best alternative. Foy points out the clear advantage of being able to present a range of prices.