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Travel Insurance – A Need to Know guide?

Travel insurance protects holiday expenses against adverse events such as cancellation and interruption and also reimburses medical expenses, the loss or damage of property and transit delays.

Many millions of travellers and holiday makers purchase some form of insurance every year, but few people know really what it is and how it can be defined. If you know what is included, and what is not you will be able to make the most of your protection, and get reimbursed fairly.

There are four main categories of travel insurance:

1.Health and Medical reasons

Emergency evacuation: This garuantees emergency transportation to either a local hospital in the event that the traveller is unable to get there by themselves or back to a hospital near the traveller’s home town. If family members are covered on the same policy they can travel back home also.    

Medical reasons: This reimburses emergency medical and dental costs. Nearly all holiday insurance plans work by reimbursing the traveller after they have paid locally for treatment. Claims are usually paid within 7 – 10 working days. Pre-existing medical conditions are covered by most policies if the policy is purchased within (at the most) 21 days from the date the traveller made the first payment or deposit.

2. Delays and cancellation or curtailment

Cancellation: Re-imbursement comes into effect if travellers have booked and paid for a holiday, but are unable to embark because of personal illness or injury, death (of the individual or of a family member), adverse weather conditions, transport strikes, terrorism, bankruptcy, sudden unemployment, jury duty or by sustaining serious damage to their home causing it to be uninhabitable due to fire or flooding.

Delay : This reimburses travellers for hotel, food or clothing expenses in the event of a flight delay. Some plans also cover costs associated with catching up with a cruise should another delay cause the traveller to miss embarkation. Interruption: Insurance companies pay money to policy holders abroad if they have to cut short their trip due to illness, death (of the traveller or a family member), terrorism, weather, airline strikes, bankruptcy, sudden unemployment, and other adverse conditions which mean that, due to events outside the control of the holiday-maker, a trip has to be curtailed.

3. Death:

Accidental death – covers death or dismemberment at any time of your trip. Usually garuantees the lowest amount of coverage due to a higher risk Air Flight accident – this covers death or dismemberment during an air flight only. Usually garuantees the highest amount of coverage due to fairly low likelihood of this occurring.

Common carrier – Covers death or dismemberment while travelling on public transport such as a plane, ferry, train bus or taxi.

4. Loss or damage of property:

Baggage loss – reimburses travellers for lost, stolen or damaged personal items. This coverage is usually restricted to the duration of the trip and not confined to baggage damaged or lost by the airline. There are two policy limits, total claim and per item maximum. Some policies also place limits on the type of items that can be claimed for – such as precious jewellery, laptops and sporting goods

Hire Car damage – This reimburses travellers for damage or loss to a rental vehicle. It is designed to allow the traveller to decline collision damage waiver (CDW) coverage offered by the car rental companies. Liability coverage should still be purchased through the car rental company. Rental Car Damage coverage is also often included with the credit card used to pay for the car rental which is often matches the coverage provided in the policy.

Assistance services – garuantees a 24-hour collect telephone advice and assistance service to travellers. This service can be used anytime a traveller needs advice. Make sure you keep a copy of this number in several places in your luggage or on your person when you move around.

By Michelle Matlock, Life Quotes, Inc.

When you apply for life insurance, you will most likely have to take a medical exam.

Individual life insurance companies have a number of tools at their disposal when it comes to rating policies, and one of those tools is medical underwriting. Since the basis of insurance involves assessing risk, health status plays a critical role in the underwriting process.

Paramedical examiners are licensed health professionals that insurance companies hire to perform medical examinations on potential policyholders. When you apply for life insurance you will be required to answer a series of medical questions, or if you apply for a policy at an insurance website, you can fill out a questionnaire online. The second part of the application is a medical form that is completed by your examiner. Examinations are generally performed in the privacy of your home or place of business.

Most paramedical exams require examiners to collect a urine sample and blood draw. You will also be asked to provide your driver’s license and social security number. Typically an examiner will accept alternative forms of identification such as a military ID, passport or state issue identification cards with a photo ID. This information will be used to fill out the lab ticket. The lab uses your complete blood count (CBC), to rule out a number of conditions such as leukemia, cancer or HIV. You may also be required to take a liver function test, or a Carbohydrate Deficient Transferrin (CDT) test, which is used to rule out alcoholism, cirrhosis and other liver diseases. Lab technicians also check your cholesterol level, which will be used to evaluate your risk for heart attack or stroke.

In addition to urine and blood samples, examiners will check your blood pressure, pulse rate, and measure your height and weight. In some cases, you might be required to take an X-ray or treadmill test. Some exams might require checking your “timed vital capacity” (TVC). This is a breathing test that determines how well your lungs are functioning. They may also require some applicants who smoke or have a history of heart disease to have an electrocardiogram (EKG), a test that records electrical changes in the heart.

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Questions your examiner will ask you include:

1. Name and address of personal physician?

2. Date and reason last consulted?

3. What treatment was given or medication prescribed?

While some folks find paramedical examinations a little daunting, the extent of a paramedical exam varies by insurance company.

Also, some companies require less information than others and have a shortened version of a paramedical exam. But be warned— if you are a smoker, your mortality rate is often higher than nonsmokers, and insurance companies usually require a more thorough medical examination for tobacco users.

“If your agent isn’t prepping you for your exam then they are not doing the right thing,” says Ryan Pinney, a brokerage director and insurance risk specialist for Pinney Insurance Center, Inc. in Roseville, Calif. “There are so many things that can mess up your lab results that people don’t consider.”

Pinney offers some sage advice that will help increase your odds of doing well on an examination.

Don’t consume alcohol for 72 hours prior to your exam.

Don’t take your exam if you are dehydrated.

Don’t take ibuprofen or aspirin because this will create elevated liver function.

If you exercise or work out regularly, take a break for a day or two prior to the exam. “When you work out your muscles breakdown and that can tweak the outcome of your lab,” says Pinney.

Don’t eat fatty foods for at least two days before your examination. “If you have an exam coming up and you must choose between a triple cheeseburger or salad, go with the salad. Even if you don’t have high cholesterol, fatty foods will temporarily heighten your cholesterol levels,” notes Pinney.

Take your exam first thing in the morning don’t wait until later in the evening. “Your blood pressure is lower in the morning because you’ve been sleeping for 6 to 8 hours. It’s never a good idea to get stressed out at work, fight rush hour traffic and then take your exam,” Pinney recommends. In addition, Pinney says when you sleep your back compresses, so you are also a little taller in the morning. “This can help you when it comes to measuring your height and weight.”

Wear your tennis shoes. “When your height and weight is measured you don’t have to take off your clothes or shoes. But I discourage wearing steel-toed boots or a tool belt because depending on the item this could make you 35 pounds heavier. The examiner is not required to tell you to remove those items,” says Pinney. Pinney adds that you are also not allowed to keep your high heels on at a paramedical examination.

Never volunteer information. “Let the examiner ask the questions,” says Pinney. “When an examiner asks you if you’ve been diagnosed with heart disease this is not a good time to tell him you haven’t and then mention you’ve had chest pains lately. If the insurance company wants to know more details, the underwriter will contact you.”

When the examiner asks you a question, don’t lie. “Do not try to outsmart the insurance company,” says Pinney. “Any misrepresentations can be considered insurance fraud on a more serious level. If you omit information or lie, once the insurance company finds out, you will be denied coverage and your application will be rescinded.”

This article was originally published at Life Quotes, Inc.

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Article by Craig Thornburrow

When looking to invest in whole life insurance for your family’s future, you should be sure to spend some time checking out a universal for the best life insurance rate or two, as universal insurance can offer you some of the most comprehensive and customizable packages in the insurance industry, as well as some great benefits over traditional whole insurance. A universal policy is far superior in comparison to a traditional policy because it gives you the flexibility to change around various terms such as payout amount and how much you pay in premiums.

Finding that perfect universal policy is extremely important if you have even one single loved one in your life you care about even if they are no longer living at home. Enrolling in a policy will protect those in your family who depend on your financial support, people who you likely care a great deal for, people such as your spouse and your children. In researching for a low cost rate, be sure to think of those who will receive the benefits and not simply how much you will spend in monthly premiums. Remember that the policy is for your family and not for yourself, so try to be as selfless as you can.

The moment you log online and receive your first rate quote in your email, you will find that you are well on your way to becoming a part of a plan that is vastly superior to a traditional whole life policy. Although both universal and traditional policies are technically classified as whole life insurance, they really are two different entities.

Sure, you can enroll in either policy at any time of your life no matter how old or how young you are and the rate for both types are generally higher when you are younger, and they really only increase slightly the older you get, but you can do so much more with a universal policy than a traditional policy.

A universal plan means that you want a newfound versatility from your life insurance policy that most others could only dream of. With a policy of this type, you have been given the unique option to change your payout as many times as you like higher or lower, it makes no difference. All you have to do to qualify for payout changes is to undergo a health examination.

As long as your body is still going strong, the insurance company cannot deny an increase in the payout. Even better, if you have done your research properly and found a reputable company that has received high reviews,the best life insurance rate may not even increase when your payout does, now that’s an amazing deal from an insurance provider.

Life insurance is usually considered a low priority subject for many people. The fact is life insurance, whether it is term or whole life, really does require your understanding to use it properly. Take a moment to see how insurance can be a useful financial product for you and your family.

We will look at the two most common types of life cover, term and whole life.

Whole Life Assurance

The original concept of whole life insurance was to have monetary coverage for surviving partners in case of death, plus a long term savings plan.

What happens is part of your monthly premium goes into a savings account which is part of the policy. When you reach a certain age (usually over 60 years old) you can do a couple of things. You could either cash in your policy for the amount saved, or you could let the cash value continue to pay the premiums for the life portion of the policy.

Cash value is what the savings portion of this type of insurance policy is called. Many of these policies have a borrowing feature. To keep the policy enforced you have to continue paying the monthly premiums, but you still can borrow money against the cash value.

As you can see whole life policies have a lot of flexibility. They cost a little more, but for people who have trouble saving and need a moderate amount of life coverage it is a pretty good product.

Term Insurance

Term insurance is a type of life protection that you essentially rent. These policies can run for a term as long as 20 years. The younger you are the less it costs. Of course your medical condition plays an important role in the calculation of premiums.

Term insurance generally has a specific purpose. For example: You and your partner have a home with a mortgage. You both work and contribute to the monthly mortgage payment. If one person dies, besides the emotional loss there is a financial loss too. Term insurance fills the void in a case like this. The plan is as you pay down your mortgage the need for term insurance diminishes because your debt is less.

Some people who have a lot of money use term insurance to pay for estate taxes when they die.

Term insurance does not have a savings component to it. It is strictly a life policy that ends when the term is over or you quit paying the premiums. There is a form of term insurance where the premiums are higher, but at the end of the term you get all your premiums back in cash.

Recap

There are different variations of the basic term and whole life policies. You really need to assess your situation first, then find the right insurance product that fits your budget and needs.

Finding insurance is fairly easy for the elderly. There are specific policies cut out for their needs and the rates are attractive too. Life insurance is important for this group of citizens because it ensures comfortable living as well as a smooth transition after death. It will not only take care of your needs after retirement, it will also cover your funeral costs so that your family is left with no bills to worry about.

Some people mistakenly assume that they do not need life insurance because they have no dependents as all their children are grown and working. Still, it is good to take precaution just in case you suffer an illness that requires constant medical attention in old age.

You wouldn’t want to burden them with taking care of your bills. A life insurance policy can cover this and much more.

Anyone can qualify for elderly life insurance, provided they are of a certain age. Well, there will be other factors other than age that will be looked into but it is generally easy to get approved for this type of insurance.

Elderly life insurance rates are much lower than those of whole life insurance and premiums remain level throughout. Unfortunately, elderly life insurance does not build equity like other life covers. One will not have a cash value to borrow from.

You will not be denied elderly life insurance because of pre-existing conditions.

These do not really matter as they are unavoidable in old age. You will however increase your chances of getting a lower quote if you are not overweight and a non-smoker. Payout of the policy’s full value is guaranteed, except where a policy holder dies within the first year of the policy.

Increase in life span has contributed to the popularity of elderly life insurance because today, more people are living into their 70s and 80s. Search online for the best rates in insurance.