There are many different forms of insurance available, and most people have the basics: health, life, and auto insurance. However, one important form of insurance that you may not have considered getting is funeral insurance. How will your loved ones pay for the cost of your funeral after you are gone?
The average cost of a funeral continues to rise. A funeral can cost upwards of $6,500 for a basic ceremony. This does not include the cost of the cemetery or a gravestone. It can be difficult for many families to afford this expense, and trying to come up with money while grieving for a loss is quite trying.
By taking out a funeral insurance policy, you can make sure that your loved ones do not have to worry about paying for the cost of your funeral. A good policy will cover the basic expenses associated with a funeral. In many cases, the premiums for such a policy will be quite reasonable.
If you are willing and able to pay a bit more, you can take out a more extensive policy that will cover virtually any and all expenses associated with a funeral. This way, you can feel confident that your family members will not have to worry about any of the expenses.
When you are considering funeral insurance, it is a good idea to take out a policy as soon as you can. As is true of life insurance, the younger and healthier that you are at the time of application, the lower your premiums may be. You may not want to think about paying for your funeral while you are still young, but it is a sensible course of action.
With a good funeral insurance policy, you can cover any costs associated with your funeral. This way, your family will not have any financial concerns.
No Medical Exam Life Insurance
Life insurance coverage with no medical exam can have many benefits depending on individual requirements and the overall purpose of the policy. To make the best choice when deciding which life insurance policy you need, it is best to research all the advantages and disadvantages.
One advantage of obtaining no medical exam life insurance is that the time to get coverage is not as long as those policies requiring an exam. The need to see a doctor and wait on the report to be sent to the insurance provider is eliminated resulting in quicker coverage. Essentially, the process for those who decide to get life insurance without a medical examination is much faster and easier. Once the paperwork is completed, the underwriting process begins. The policy cost or premium is then calculated and issued within a few days with the coverage starting right away.
Consumers who are concerned with medical issues or death have the benefit of a short wait with a no medical exam insurance policy. For example, if you have an existing medical condition, a life insurance policy with no medical exam requirements is the ideal choice because acceptance is guaranteed. On the other hand, life insurance policies requiring extensive medical exams, doctor reviews and reports, not only have a longer processing time, but also, depending on the medical results, the premium cost may increase or the policy could be denied.
When looking for the best life insurance policy for you and your family, you want to be sure to ask questions about the coverage options. Generally, consumers should inquire about the type of policy, is it whole or term coverage, premium costs, and whether or not the quoted price will change during the term of the policy.
Overall, life insurance is essential for those who want to plan accordingly in the event of death to ensure those left behind will be able to manage expenses. It can provide peace of mind for the whole family with a simple investment. The key to finding an adequate policy that fits your personal needs and budget is to research and review the terms offered.
A Guide To The Medicare Supplement Plan M
Medicare plans are designed to fill in some of the gaps within the main Medicare coverage. Many people consider the Medicare Supplement Plan also known as Plan M to be superior in comparison to its alternatives. The reason behind this is that participants will have almost complete coverage if they use the original plan in conjunction with Plan M. In many cases, patients will find that they do not have any out of pocket expenses when they make a trip to the doctors office or need to stay in a hospital.
To get a better understanding of Medicare supplement plan M, consumers will need to learn about how having this plan will benefit them in the long run. Listed below are some of the situations and procedures covered by Medicare and Plan M.
– 20% of medical expenses which are approved by Medicare.
– Three pints of blood per person on the policy per year.
– Hospice care.
– Care from a skilled nursing center.
– Deductibles for procedures covered by sections A and B of the Medicare scheme.
– Extra charges for Part B.
– Help for those who have traveled overseas and need emergency medical care.
Getting a supplemental plan will benefit anyone who is on Medicare. In the United States, medical care is very expensive. Those that do not have insurance could find themselves with a bill for tens of thousands of dollars. This can be avoided by having a good supplemental plan in place. The current Medicare scheme has numerous gaps which can be filled with a comprehensive supplemental insurance policy.
As there are many supplemental plans on the market, consumers should shop around. Taking the time to assess each option will allow buyers to select the best plan for their needs. The pricing and amount of coverage will play a big part in which plan buyers select.
Once a senior insuree is in the Medicare Part A and Part B coverage boat but suddenly realizes they need an additional plan for items not covered by Part A and B, they begin to look at options. About that time the direction arrow points toward a Medicare supplement or medigap policy to fill the needed “gap.” But this move, like Plan B noted above, isn’t free; there’ll be premiums to pay. Ergo, shopping around the Internet for rates and quotes is required.
Why shop around you may ask? Well per Medicare instructions all medigap benefits are regulated by the government; however such is not the case in medigap or supplement pricing. That caveat alone is worth your time to locate the best insurance company offering the best deal because the cost of medigap coverage might very well change your monthly budget. However most seniors seem to feel that getting the “gap” coverage they want is worth the added benefit of getting what they need when they need it.
When you received your Medicare & You Handbook, you may have set it aside as something you’ll read later. One important fact you missed on how you can lower your medigap insurance cost is purchasing your particular plan during Open Enrollment. See, you’ve already learned something; but wait, there’s more. Open enrollment is a six month “parachute” starting from the date you initially enrolled in Medicare Parts A and B during which time you can purchase any medigap plan that your chosen insurance company offers without having to apply through any medical company underwriting. Breaking that down into plain English, it means your “gap” insurer cannot consider your past medical history, or require you to take a physical exam, nor can they charge you a higher policy rate for any pre-existing health condition. You can enroll in Medigap Plan F, which covers almost all of the “gaps”, as a lifelong smoker, and pay the same premiums as someone who has never smoked a cigarette in their life. On the other hand if you choose to eschew this medigap “gift” you probably won’t be guaranteed the medigap policy you desire at the lowest price. Another thing about medigap policies is they determine cost via issue-age, attain-age, plus the zip code where you live.
Shopping For Low Auto Insurance Rates?
If car insurance is taking a huge bite out of your budget, it may be time to look around for a provider that can offer good levels of coverage at lower rates. Here are four easy steps for finding low auto insurance rates and making the switch.
- Conduct online research. View the websites of different insurance providers and ask for auto insurance quotes. Collect information from multiple companies.
- Get recommendations from people you trust. Ask friends, relatives and co-workers if they’re happy with their car insurance companies. Find out if those insurers have good reputations among policyholders who have had to file claims.
- Compare apples to apples. An insurance company may quote low rates, but make sure those rates are for adequate levels of coverage. One way to determine how much insurance you should be getting is to look at your current auto policy. Do this by reviewing the policy declarations page. It describes the types of coverage, limits and policy term.When you contact companies to learn their auto insurance rates, make sure they give you quotes for the same level of coverage, or more, if necessary.
- Notify your old company in writing. If you find a provider that offers lower insurance rates, and you’re ready to change, make sure you cancel your old policy in writing. If you don’t,
How to Save Money on Homeowner’s Insurance
Many homeowners spend a fair amount of time shopping rates for their mortgage and comparing lenders, but rarely do they put in nearly as much effort to finding the best rate on their homeowner’s insurance policy. The cost of homeowner’s insurance can vary by hundreds of dollars, depending on the type of coverage you purchase and from whom you purchase it. With the ability to shop online, it is easy to spend a few minutes shopping around and saving yourself some money.
First thing you want to do is get some quotes from different insurance carriers. This will give you a good baseline to start with. The easiest way to do that today is to shop around on the internet, but you can also pick up a phone book and start dialing. Once you have narrowed down some choices, based on the price, do some digging around about the insurance company itself. You want to make sure they provide good customer service and have an excellent reputation for settling claims. You can even call up the insurer directly and ask them about how they handle their claims. You will also want to investigate the companies’ financial ratings. Most people use an agency like Standard & Poor’s. You can obtain their ratings right online. You want to make sure the company is financially viable before you ask them to insure your home.
You can look at raising your deductible to save some money. Raising your deductible can save you a lot, but it is a bit of a gamble to raise it too much. Most people will never have the need to make a claim, so having a high deductible will save them a lot of money on premiums. However, if you ever do need to make a claim, a high deductible can wipe out your savings quickly.
Often times you can receive a discount by bundling insurance policies. Talk to the carrier that is currently handling your auto insurance. Often times they will give you a discount if you add additional insurance policies through them.
If you are in the process of moving, avoid flood zones. Your real estate agent should be able to tell you ahead of time if the home you are interested in is in a flood zone. Mortgage lenders will require that a home in a flood zone carry flood insurance. Flood insurance can be very expensive, often times ranking from $800 to $5000 per year.
Lastly, ask the insurance carriers what other discounts you might qualify for. For example, most companies give a discount if your family is smoke free because of the reduced risk of a house fire. Often times though these kind of discounts need to be inquired about.
Spending a few minutes to shop around can save you hundreds of dollars a year on your homeowner’s insurance policy.