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Archive for the ‘Accidental Death Insurance’ Category

Since no individual can accurately predict the future, it can be a wise and sound option to hedge yourself from financial ruin. One of the easiest ways to do this is to purchase insurance. There are many types of insurance policies, one for each potential catastrophe. Some of the more common forms are life, auto, health, marine, accidental death and earthquake insurance. Within these types of insurance there are sub-categories for specific insurance protection. There is an insurance category specific to your needs. While there are many carriers for insurance, there are equal amounts of premiums. Researching before you purchase a policy can find you the best coverage for your need as well as the best price for your budget.

Within the life assurance category, you will find options such as term life, whole life and accidental death and dismemberment (AD&D) policies. Term life is a straight life insurance policy. You purchase the policy at a certain age and typically the premium remains the same as long as you keep it current. You will pay a monthly premium which when you stop paying, the policy expires. Whole life coverage is basically a term life policy in addition to some sort of savings plan. You pay your monthly premium, which is higher than a term policy, but a portion of your premium is set aside into a savings account. Typically these savings vehicles are a mutual fund. AD&D is often what employers will provide their employees at no cost. It is a policy where the beneficiary is paid only when the policy holder dies or loses one or more appendages within the policy’s strict guidelines. It is not a standard term policy.

Other common types of insurance policies are health insurance, auto insurance and marine insurance. Health care coverage comes in a variety of plans. You can have low deductibles with higher co-pays or high deductibles with low co-pays. There are many options among health care insurance and there is certain to be one that will meet your individual budget. Auto and marine insurance are straight forward. Auto insurance covers your motor vehicles while marine covers your watercraft.

Thinking about your own death, especially while in the prime of life, may seem morbid, but it is actually the perfect time to put your affairs in order. One way to ensure your wishes today are carried out tomorrow is with a funeral insurance policy. The subject may seem intimidating but it’s preferable to the possibility of leaving your family members alone and vulnerable should you die without making plans. Review these questions and answers for a good idea of how to start:

• Why is funeral insurance important?
• Your loss will change your family’s financial situation; funeral insurance, which is also called burial insurance or death insurance, will help get them through the urgency of a funeral without undue financial burden.

• Do healthy people really need death insurance?
• Healthy Australians die unexpectedly every day. A sudden and unexpected death is shocking enough, without the added expense an unplanned funeral will generate.

• What’s the value of a death insurance policy?
• Plans vary, with benefits peaking at $15,000. When death is accidental, the benefit amount paid to beneficiaries triples.

• Does inflation affect coverage?
• Yes, and you’ll be notified each year at policy renewal time. Expect an increase of 5% each year but you may choose to decline the increase in writing if you’d rather not opt in to it.

• Who’s eligible?
• Every Australian between 18 and 79 years of age is eligible, regardless of health status. No one is denied and no pre-enrollment medical examinations are required.

• Any exceptions?
• The only exception is when death happens during the first year the plan is in effect. During this first year, death cover applies to accidents only. After that, death from any cause is covered.

• What happens if a policyholder goes overseas?
• Overseas travellers need not fear gaps in coverage. Every policyholder is covered 24/7, no matter where in the world death occurs.

• What about family cover?
• Your family can be covered, too, if that’s what you choose. Death insurance is available to the individual; the individual and a partner; and the individual, partner, and every child in the family until he or she reaches the age of 21.

• Will rates to go up over time?
• Premium rates are adjusted every year to reflect the age of the oldest family member covered. Premiums must be paid until this policyholder turns 90 but, after that, no more premiums are required no matter how long the policyholder lives.

• Will coverage ever expire?
• No, coverage will not expire or be dropped as long as premiums are paid. Renewal is guaranteed every year.

• Who gets the benefits when the policyholder dies?
• Every policyholder can nominate as many as five beneficiaries per policy. If no beneficiaries are named, benefits will be distributed in accordance with the Life Insurance Act of 1995.

Making your own final plans means that loved ones are well protected from financial loss that can be as painful as a broken heart.

Riders are additional conditions and benefits you can add to your life insurance policy for a fee to tailor the policy to meet your specific needs. You need to evaluate each rider based on the cost and benefits of the rider in your specific situation. Some common riders available are listed below.

Accidental Death and Dismemberment Rider for Life Insurance Explained

An accidental death and dismemberment rider is a low cost rider which is available with most term and whole life insurance policies. The rider increases the amount your beneficiaries receive if you die in an accident and pays out a set amount to you if you lose an eye or a limb.

Many consider these riders unnecessary. The increased death benefit is only available if you die in an accident and the dismemberment portion will only cover loss of a limb or eye and not a debilitating disease that prevents you from earning a living. If you are looking for insurance to cover your family’s expenses if you can no longer work you are better off purchasing a comprehensive health insurance policy or a separate disability insurance policy. These policies provide better coverage than a dismemberment rider and offer a better value for most individuals.

Family Income Benefit and Disability Income Riders for Life Insurance Explained

The family income benefit rider pays the death benefit and a monthly income to the beneficiary for a specified duration if the insured dies before the end of the specified term. For example, a fifteen year rider will pay the beneficiary a monthly income or a lump sum equal to the monthly income specified if the insured dies before the fifteen year period for the remainder of the fifteen year period. This rider may be useful if you are providing a substantial portion of the family’s income in providing a regular income for a transitional period after your death in addition to the death benefit.

The disability income rider guarantees a specified level of income for as long as the disability lasts or for a specified time should the insured become totally and permanently disabled. These riders usually also waive the premiums due on the life insurance policy for a period of time. The income payments are generally limited to a percentage of the face value of the policy; often the payments are limited to 1% of the face value so the disability rider is not as beneficial to the insured as a separate disability policy which provides a larger monthly income in the event of disability.

Renewability/Guaranteed Insurability and Convertibility Riders for Term Life Insurance Explained

If you are purchasing a term life insurance policy and considering renewing the policy in the future a renewability or guaranteed insurability rider is a good idea. These riders guarantee the policy’s renewability at the end of the term without additional proof of your insurability. In order to take advantage of this provision, you are often required to renew your policy within a set number of days and failure to do so will void the guarantee. Some of these riders expire at a certain age so read the rider carefully to make sure it covers your specific needs before purchasing the rider.

A convertibility rider allows the insured to convert a term life policy to a whole life term or annual renewable term policy if desired before the end of a specified time regardless of your medical history or condition. Converting your term policy to a permanent policy means never having to worry about outliving your insurance protection as long as you are able to make the required premium payments to keep the permanent policy in effect. If you are at all interested in converting your term policy at a future date to a whole life policy this rider would be useful.

Travel Accident Insurance Programs usually cater to those individuals who want some kind of insurance for themselves while traveling both inland as well as out of the country, to try and secure their financial risks in case of an accident or any untoward incident.

Travel medical insurance protects your health and covers most health risks while you are traveling. The coverage covers you ‘Travel Medical’ and’ Evacuation’ that insures you in case of an emergency during traveling. Short term plans to immediate ones, from even 5 days to a year and it generally covers accident, illness and emergencies.

Insurance provides accidental death and dismemberment for eligible individuals traveling on business and pleasure. One of course has to be eligible for insurance coverage. In case of business travel coverage, it is usually the company he/she is working for which acts as a guarantor for the individual.

Insurance coverage is always a matter of concern for most travelers.

All eligible individuals are covered for 24 hours a day, through out the world against accidental death and dismemberment. Most coverage spans start from the time an eligible person leaves his/her residence or work place or whichever is the place of origin of the travel.

The continuity of a trip apart from what has been specified will not be covered by the insurance. An insurance coverage does not include any loss, which occurs during that particular time period other than what has been specified. All travel procedures and conditions must be in accordance with what has already been agreed upon by both parties.

At times the travel accidental insurance does not cover certain activities, which might be designated as dangerous or hazardous by the insurance companies.

There are certain conditions under which the travel accident insurance does not cover, these being, both fatal and non-fatal incidents, incidents like suicide, attempt at self-destruction, and disease of any kind, bacterial infections except those which occur through accidents or wounds.

Most of the Travel Accident Insurance Plans pay according to the amount agreed upon to the beneficiary you have chosen for yourself. In case of an accidental death during traveling or unforeseen accidental circumstances, the sum will be paid to you or your benefactor depending on the circumstances.

After completing the insurance formalities and naming your beneficiary, you may change it whenever you want to with prior notice period. Usually accidental death reimbursements are normally compensated in a lump sum amount of cash.

Though if, your beneficiary chooses he or she may deposit the entire amount or fraction of the death benefit to any personal account established by the insurance carrier. Funds may be withdrawn as and when necessary by checks written against this account.

There are of course several benefits of an insurance coverage for travelers, more so if the nature of travel is unfamiliar or unknown. In such cases all hazards and inconveniences may be duly provided for by the insurance companies depending on the type of insurance coverage one has applied or opted for.

Mid-West National offers several different plans in each state with many modifications available on each plan. There are many different options available to the primary plans and there are some options that are not available through Mid-West. The bulk of the health insurance plans offered are PPO’s and HSA policies. Chosing a CareOne or CareChoice policy, you will find health care coverage with the lower cost premiums that will easily meet your budget.

The benefits of joining include: HRA Tax Savings Programs, Business Consultant Advice Line, Identity Theft Restoration, Legal Club of America Membership, Roadside Assistance, Accidental Death Benefits, Discount Dental Plan, Emergency Helicopter, Emergency Room Benefit, Hospital Confinement and Accident Emergency Room Benefits. You plan options available include: your choice of deductibles that range from $0 to $10,00. Extended Accident Coverage, Air Ambulance Coverage, Prescription Medicine Dental, Vision, Income Protection, Term Life, Cancer, Critical Care and Worldwide Coverage.

With Mid-West National you may have to become a member of The Alliance for Affordable Services (in some States this membership is required). The benefits of joining are numerous, but here is a small summary of your benefits for joining: You will find HRA Tax Savings Programs, Business Consultant Advice Line, Identity Theft Restoration, Legal Club of America Membership, Roadside Assistance, Accidental Death Benefits, Discount Dental Plan, Emergency Helicopter, Emergency Room Benefit, Hospital Confinement and Accident Emergency Room Benefits.

How much does a Health Insurance Plan from Mid-West Cost? Pricing your premium may be a complicated process and if you want to buy a health care plan you will have to do it through a local licensed agent. Your premium will be determined by several criteria, this is how Mid-West determines your rates: by your age, your spouses age, number of children and their ages, your zip code and the health history of you, your family and your families medical history.

Once Mid-West National has your personal information to determine the actual price or your premium. your price for your health insurance will depend on the results of the data you submit. Your costs will be higher in some states depending on the state requirements. Your current health stats, previous illness or health care, whether you are taking medications or if you have been denied coverage for heath care, may result in a denial of coverage.

What If You Have a Serious Health Risk, or Pre-Existing conditions? Most States allow health insurance companies the ability to impose a pre-existing condition limitation on their policies. Generally the plans underwritten by Mid-West National will usually have a 12 month pre-existing condition clause. This clause allows them to deny claims for the first 12 months you have your policy, for any condition that they determine you already had at the time your policy was underwritten. Although this is a long time to have to wait for coverage for a pre-existing condition, this is only fair to the companies which are helping you with your health insurance needs.

How do I apply for Mid-West National Health Insurance? Simply fill out the form for your free no obligation health insurance quote. You will be contacted via email and phone once you have submitted your information to our agents. The local licensed agents will call you and you can ask them for more information so you can purchase your low cost plan from Mid-West National.

We don’t hear much about getting an accidental death dismemberment insurance quote as no one is really pushing or promoting the coverage as agents make very little money on it and is not worth promoting. They are looking for the larger ticket items with high commissions that being regular life insurance instead of offering you accidental death dismemberment insurance quotes.

Generally speaking regular coverage is better to satisfy most of your needs as the probably of accidental death is very low. Typically the rate per 1,000 is as little as .08 cents per thousand. Being that inexpensive tells you very few claims are paid thru the accidental feature.

Planning your family’s future on such a low probably would be unfair and a real gamble. Chances are you wouldn’t want to gamble with your family’s future. As a supplement coverage this feature may be the right thing to do. Many people travel a lot and the exposure increases significantly.

If for example you purchase a $100,000 policy from natural causes you could add a $100,000 of ad&d for around $8.00 per month more. The dismemberment feature pays various lump sums for different limb losses.

Most agents in presenting various quotes to you normally include the feature. If you go online to get your quotes remember to add the feature(s) you want as the coverage is normally not automatically included. You can also purchase an entire ad&d policy by itself.

Shopping on the internet gives you unbiased views without prejudice and may be the best way to get an accidental death dismemberment insurance quote.