The Finances Behind Viatical Settlements

Life insurance is a crucial expense that everyone should invest in wisely. In the event of your death, a life insurance policy will ensure that your expenses are handled appropriately after death and keep your family safe from any financial burdens. However, if you were to become terminally ill you may have the option to sell your life insurance. The viatical settlement process is similar to a life settlement. If you are terminally ill and need a lump sum of cash now, this may be the solution for you. Though there are some downsides to a viatical settlement, a terminally ill person may want to settle for a variety of reasons.

Serious Decline in Health

If you shop smart and do your research, it won’t be hard to get yourself a cheap life insurance policy. You will rest easy knowing that you and your family are protected from financial burdens in the event of your death. However, if you were to become terminally ill you may find that the money your family would receive from your life insurance policy after your death could be better used in the present. In the event of a dramatic decline in your health the money could be used for in home care or to manage your day to day life.

You Have No Need for Life Insurance

You may want to consider a viatical settlement if you find that you no longer have a need for your life insurance policy. If you have no one to leave an estate to, and beneficiaries, there isn’t any reason why you need life insurance. Instead, you may want to use the money to make your life more comfortable.

You Need Cash Now

The top reason people need viatical settlements is that they need money and can’t wait to collect on your insurance policy. For example, if you are ill and have a loved one caring for you, they are more than likely going to be held responsible for thousands of dollars worth of medical expenses that health insurance will not cover.

You may want the money now so that you can handle any outstanding debts before your death so that it does not become a burden to your family. Handling your financial affairs will bring you peace of mind and rid your family of any financial burdens.

If you share a home with your spouse, you may want to consider paying off your mortgage. Paying off your home before you go will give your spouse one less thing to worry about. Before making this decision, you should check in with a professional and see that it makes sense from a tax perspective.

Vacationing

Many people decide they want to live out the rest of their days vacationing and exploring the world but not all are financially stable enough to do so. A viatical settlement makes this possible. Instead of spending out the rest of your days on a sofa or bed you can choose to spend your final days cruising the world’s oceans, or taking vacations to see the wonders of the world.

Considering Different Types of Car Insurance

If you’re finding car insurance for yourself for the first time, or if it’s even just your first time trying to navigate the maze of different car insurance options, it can get pretty overwhelming. Legally required minimum levels of insurance vary by state, but then there are various types of car insurance beyond that, and finding the right ones for you and your car and lifestyle can be difficult and stressful.

It’s all about considering what you are most at risk for and contemplating how or if you would be able to handle hypothetical accidents without insurance. Think about what your personal insurance needs are, depending on your driving and life habits and your ability to financially deal with emergencies, and put together the perfect insurance policy for you. Here are the main categories of insurance you should understand.  

Liability Insurance

Liability insurance refers to insurance policies that pay not for damages that you sustain but or damages that you cause. It kicks in when you are at fault or held liable for an accident, and it will directly pay back the other driver or drivers for their damages and injuries. Insurance policies will have a specific dollar amount that they are able to pay out in these situations.

This category of insurance comes in two varieties. There is liability insurance for property damage, whether it’s their vehicle or some other part of their property that you hit with your car. Then there is liability insurance for personal injury, which will kick in to pay for any medical expenses they incur because of your actions in the car accident.

Collision and Comprehensive

Unlike liability, collision and comprehensive insurance pay for damages sustained by your own vehicle. If not paid by another driver’s insurance, collision coverage can compensate you for harm to your car from a car accident or even from a collision with something else like a fence or a telephone pole.

Comprehensive coverage often comes bundled with collision insurance, and it can help you to ensure against unexpected damage to your car that isn’t caused by any actual collision or crash. It should help you to repair or even to replace your vehicle if it’s stolen or if your vehicle is damaged during a storm or randomly hit by a falling tree.

Uninsured/Underinsured Drivers

Uninsured or underinsured motorist insurance is for just what it sounds like. If another driver causes an accident with you, their liability insurance should cover your costs. But if they’re driving without proper insurance, it may be difficult or even impossible to be properly paid back. It’s also possible that they’ll have insurance, but that their policy is not able to cover the entire cost of the damages they’re responsible for. This insurance kicks in to cover your costs in such a case.

Personal Injury

Personal injury insurance coverage is a category of insurance that can make things simpler by paying for medical costs without regards to liability or fault in the actual accident. It will help to reimburse you for medical costs for you or your passengers, and it can also cover other costs that come as a result of the accident like child care or lost income.  

Legal Requirements

Nearly every state in the United States requires liability insurance of some level for all drivers. Some states like Florida have a financial responsibility law that requires liability insurance for property damage and personal injury insurance for medical costs. Other states also require underinsured/uninsured driver insurance or other types.

5 Examples of What an Extended Health Care Plan Will Cover

Extended health care plans are designed to provide help with medical expenses that are not covered by provincial plans or traditional group plans. The nice thing about these plans is that it’s possible to set limits on each covered treatment and come up with the ideal combination between your insurance and your EHC plan. Toss in one of the options for HSA accounts by Benecaid and your employees have comprehensive health care that’s hard to beat. Here are some examples of what that EHC plan may cover.

Prescription Medications

It’s not unusual for the range of Benecaid extended health benefits to cover whatever expense for medications your other medical coverage does not cover. In some cases, it may cover medications that are not covered in your other plans at all. This provides more leeway in trying something your doctor believes is right for you without having to worry about how to pay for the medication.

Alternative Treatments Not Usually Covered by Traditional Group Plans

One of the great things about HSA accounts by Benecaid as well as Benecaid extended health benefits is that the plans can be used to help pay for alternative modes of treatment. While traditional insurance plans may not cover the costs of seeing a chiropractor, acupuncturist, naturopath or even a massage therapist, your EHC and HSA plans will help with the costs. Think of what it means to your quality of life if an adjustment by a chiropractor helps ease neck pain or seeing a massage therapist helps ease anxiety triggered by prolonged exposure to stress.

Private Duty Nursing

It’s great that you can go home to finish your recuperation after surgery or a severe illness. The problem is that your insurance has limited benefits for covering private duty nursing. Since you will need a medical professional who can be with you a good part of each day, it’s nice to know that the resources available through HSA accounts by Benecaid as well as Benecaid extended health benefits will help cover those costs. Instead of worrying about finances, you can concentrate on getting well.

Hearing Exams and Aids

It’s not unusual for people to lose some degree of hearing capability over time. It may be due to prolonged exposure to noise or a side effect of some other type of ailment. Whatever the case, you may find limited or even no benefits for hearing exams or hearing aids in your group insurance plan.

What you will find is that HSA accounts by Benecaid along with Benecaid extended health benefits typically do include benefits for hearing tests and any type of hearing device you need to compensate for a partial loss. That will go a long way toward allowing you to still enjoy all the sounds that have added to your life in years past.

Vision Exams and Corrective Lenses

Just as hearing tests and support are not always part of group insurance plans, eye exams and any type of corrective lenses needed may not be included. Thankfully, HSA accounts by Benecaid as well as Benecaid extended health benefits typically do have provisions for annual vision exams and access to glasses or contact lenses. You’ll be surprised at how much easier it is to see what’s going on around you once you have the right prescription to compensate for the loss of visual acuity.

Now is a great time to check into what adding an EHC or HSA to your employee benefits package would accomplish. All it takes is one covered event to see how helpful these plans happen to be, and why an employer who choose to make them available is more likely to enjoy a lower employee turnover.

Benecaid Health Benefit Solutions Inc
185 The West Mall #80
Etobicoke
ON
M9C 5L5
Canada‎
877-797-7448

Why It’s Important to Insure Your Cottage

Having a cottage can be one of your most prized possessions. With sites like Airbnb on the rise, you may find that you’re getting more use out of your recreational property than ever before. Since it isn’t your primary residence, you might assume that you don’t need property insurance for it. However, there are quite a few reasons why you do need the coverage.

 

Provide the Coverage When No One is There

When you’re not at your cottage, anything can happen. For example, if you only get up to your cottage every three or four months, it could be targeted by vandals who know you’re not going to be there. They could break in and steal various valuable possessions, damage various parts of the property, and more.

 

You don’t want to be out-of-pocket for all of the expenses involved with replacing or fixing what happened. Since you cannot be at your cottage all the time, you have to look at how cottage insurance can help you. As soon as you discover damage or vandalization, you can contact the insurance company to file a claim.

 

Cover the Various Incidents

All sorts of incidents can happen at your cottage. It might happen while you’re there, while it’s being rented to someone else or when no one is there. Particularly in Ontario, it’s not uncommon for the weather to be all over the board. You can experience significant amounts of snow in the winter, leading to frozen pipes, roof damage, and more. In the summer, rainstorms can result in flooding, leaky roofs, and other issues.

 

These incidents can create a significant amount of damage. Rather than paying thousands of dollars to fix the damage on your own, you can turn to your cottage’s insurance policy. You will be able to contact the insurance company to file a claim. They’ll investigate the damage and cover the repairs. The only thing you’ll be responsible for is paying the deductible that’s on your policy. This is a small expense to pay when you look at the total amount of damages.

 

Since it’s impossible to anticipate what will happen, you have to be prepared for anything. Having insurance on your cottage makes sense because you love your property. You don’t want to leave it damaged any longer than necessary. When an insurance company takes care of the damage, it allows you to focus on repairs without going broke.

 

Protect Your Investment

Ultimately, it’s important to have cottage coverage in place so that you can protect your investment. You spent good money acquiring a beautiful cottage to enjoy recreationally. Whether you rent it out when you’re not there or not, you need to have the protection over vandals breaking in, broken water pipes, storms, and more.

5 Secrets to Saving on Car Insurance

Some people buy car insurance from the first provider they find online, and others won’t rest until they’re paying as little as possible on this necessary expense. If you fall into the first category, consider these five secrets of people who save on car insurance – their tips just might put some extra cash back into your wallet.

  1. They regularly shop around for better deals. People who save money on car insurance aren’t settling for the first plan they’re offered; they’re shopping around to find the best deal possible. You can easily compare quotes online to find an affordable and comprehensive plan. Keep in mind, insurers change their rates regularly, so you should be comparing quotes at least once a year before renewing with your current provider.   
  2. They have an impeccable driving record. Besides keeping you safe, minding the rules of the road has a major upside when it comes to your insurance rate. Did you know that just one speeding ticket could increase your premium, and a few could more than double your rate? Or that in British Columbia, two distracted driving tickets in the span of three years could add $2000 to a driver’s premium? And more serious offences, like driving under the influence, could void your policy and make it hard to secure traditional coverage in the future.
  3. They take advantage of discounts. There are many discounts that could lower your premium, and smart drivers are regularly talking to their insurance providers to make sure they’re not leaving any money on the table. The easiest way to find out if you qualify for discounts is to give your insurer a call and ask. And always keep your insurer in the loop after a major change in your circumstances. For example, contact your insurer if you move, get married or retire – exciting milestones that could also lower your premium.
  4. They consider insurance when buying a new vehicle. Saving on your insurance starts with buying the right car. Contrary to popular belief, the colour of your car doesn’t affect your insurance rate, but the make and model of your vehicle will. Cars with a higher safety rating are cheaper to insure, and cars that are frequently stolen are pricier to insure. Also, cars that are expensive to repair or replace increase premiums.
  5. They carefully consider their payment and coverage options. Paying your insurance premium in one lump sum at the beginning of your term could save you up to 9 percent – a significant saving. Also consider whether you need all types of coverage on your plan. For example, collision coverage isn’t legally necessary – and might not be worth it if you’re driving an older car that costs more to insure that it would to replace.

Just because you have to pay for car insurance, doesn’t mean you should be handing over more money than necessary. If you think you’re paying too much for insurance, call your provider to see if you can lower your bill. If there’s nothing they can do to save you money, it’s time to shop around for a better deal.

7 Super Tips to Get Great Rate for Insurance for Your Car

Budget insurance is what you need for your car if you have a tight budget. You can not get a normal insurance these days because of the budget problems so it is better to have budget car insurance. We spoke to Insurance experts www.kniftrygghet.no who gave us some great advice here are 7 tips which may let you know how to get a budget car insurance:

Having Better Credit Score:

If your credit score is good then you can get a huge discount on your insurance. So the first tip is to boost up your credit score and you can have a better budget insurance.

Getting Car Protection Devices:

If you protect your car in a better way then you can get discount at your car insurance because the insurance companies like to save their money and they will love if you will protect your car from thieves so that they do not have to pay for the loss. For this they can give you a good discount.

Market Value of the Car:

If your car is not expensive then you may get discount at your car. If you are having a cheap car it may give you good discount.

More Than One Car:

If you have more than one car then you may get discounts on the second car from the same insurance company because the insurance companies love to have more and more costumers to make their market repute better.

Defensive driving:

If you are a good defense driver and you had not had any accident in your past then it may help you get huge discount at you insurance policy.

These are some tips which you should know if you want to have budget insurance and they can also help you get great budget insurance services. If you want to get insurance you have to follow them.

 

What A Life Insurance Means For Your Family

Above a person’s physiological needs – food, water, clothing, and shelter – lies the need for security according to Maslow’s hierarchy of needs (see reference). Although most people would understand this as physical and emotional security, to keep yourself away from harm’s way and to have people care for you when you do come across it, financial security is also a fundamental part of this category.

Being financially secured, ensures a brighter future for you and your family. You’re not just making enough to fend for your family’s daily needs; you have more than enough for the future that awaits you – be it good or bad. And to achieve this level of financial freedom, and completely free your family of anxieties and worries for the future, what you need is life insurance.

Why Life Insurance?

Rather than just saving up money on the bank that by the way, has a much slower interest growth rate per annum, investing in a life insurance is way more worth your money. Here’s why:

 

  • Life Insurances Are Packaged With Benefits

 

When most people hear the word “life insurance” they instantly think that it’s only for people who already have money to spare. However, the way I see it, those in the working or average class should prioritize life insurances more. People who can afford to get sick, lose a job, or suffer a natural disaster actually have less need for life insurances.

Am I saying they deserve it less? NO. Everyone deserves to get a life insurance. All I’m saying is that if people who have the money still seek to make themselves financially secured, how much more is life insurance really worth for those with average to low incomes?

Life insurances in Perth, for example, are packaged in a way that they’ll hold most relevance and purpose for the policy owner. The insurance company will consult you about your family’s way of life in order to assess what types of inclusions would benefit you most.

If you love to travel, consider getting a travel insurance package bundled in. If one of your children is sickly, get a health insurance packaged with your policy. Each family is unique. Life insurance agencies recognize this so they also try their best to make the most “unique” things possible.

 

  • Life Insurances Offer Support In Times Of Grave Need

 

Losing a loved one is hard enough as it is. On top of being emotionally and mentally tired, the bills keep piling up to add more to your troubles. If you’re income is that of an average salary guy, hospital bills as well as funeral bills will leave you financially incapacitated. This is doubly true when you’re already at the point of your life that you are raising your own family, paying for the education of your own children.

To better prepare for worse case scenarios, equipping your household with a life insurance is the best way to achieve financial security. Although we’re not really asking for it, unfavorable things happen – it’s like a package that’s bundled with the joys of living. We definitely cannot prevent unfortunate things from happening, but we can at least prepare for it. This way, we can lessen the damage and avoid consequential disasters.

 

  • Life Insurances Give Your Children The Security They Need

 

More than ourselves, our children’s futures takes utmost priority. Children, especially when young, cannot afford to raise themselves. They need parents not only to teach and guide through life, but also to take care of their needs.

As parents we would want the best for our children. And as much as we can, we want to be there for them as they overcome every milestone life has in store for them. However, it is the reality of life that makes child-rearing all the more challenging and unpredictable. We don’t know for sure how much time we have with our children. We do not know what the future holds. So the best we can do is to prepare them and prepare for them.

Getting a life insurance helps secure the future of your children – your beneficiaries – the most. When you have it, you feel like life can try all its tricks on you and still come out victorious. After all, your most prized (yet sometimes annoying) little treasures are insured.

Getting the Money You Deserve in a Personal Injury Claim

Sustaining an injury due to the negligence of another person or entity changes your life. Even if you eventually recovery fully, there is all that lost time and opportunity to consider. Those who lose something and never fully get it back will live with the consequences of the injury for the rest of their lives. In either scenario, you need help from a personal injury lawyer in order to get the money you deserve. Here are some of the ways the lawyer can determine what sort of settlement would be equitable.

Assessing Your Current Medical Bills

It’s not unusual for an Ajax injury lawyer to begin by taking a look at the expenses that the injury has already created. What have you paid in terms of out of pocket expenses for emergency care after the event, a stay in the hospital, surgical procedures, physical therapy, and maybe even home care? Those expenses often form the basis for the amount your legal counsel will seek to recover.

Replacing Income Lost Due to the Injury

Are you unable to work because of the injury? That means you are losing income. While some of your benefits through work may be temporarily making up the difference, the fact is that you would not be exhausting those benefits if the injury had never taken place. Most personal injury lawyers will factor in the money clients would have made if they weren’t sidelined by some time of injury.

Thinking About Future Expenses

Some injuries may require weeks or months to recover and then life gets back to normal. Others are so severe that you will need some type of ongoing care for the rest of your days. You can bet that the team of Lerners LLP personal injury lawyers will want to know what sort of ongoing care you will need. With the aid of medical and insurance professionals, it’s possible to project how much that future care will cost and include it in the settlement amount. The goal is to ensure the money is there when you need it to maintain a reasonable quality of life.

Protecting Your Credit Score

The combination of medical bills plus being out of work is a recipe for financial difficulties. When you begin to fall behind with things like mortgage payments, car payments, credit card bills, and other debts, the impact on your credit rating will be significant. You can bet that personal injury lawyers in Ajax will work to secure a reasonable settlement before your benefits run out and your credit score is adversely affected.

While it may be tempting to take whatever settlement the responsible party offers and run with the money, sign nothing before talking with a personal injury lawyer. The insurance provider for the other party wants to settle the issue and spend as little money as possible. By contrast, your own lawyer will be seeking a fair settlement that protects you now and in the years to come. Call today and engage the services of a lawyer. In the long run, you’ll be glad that you did.

7 Ways to Save on Your Car Insurance

Have you ever heard the term, “grudge purchase”? It refers to things that you don’t want to buy – but have to anyway. A classic example: car insurance. To take some of the sting out of this unwelcome expense, consider the following seven ways you can lower your insurance payment.

Be a Savvy Shopper

Your quest to save money on insurance should start before you even have coverage! Consider these tips when you’re shopping for your plan.

  1. Compare quotes. One of the top ways you can lower your premium is by shopping around for the best price before choosing an insurer. It’s easy to do: there are multiple sites that will allow you to quickly compare car insurance quotes online. Insurers change their rates often, so even if you’ve found a stellar plan, do another comparison before you renew each year.
  2. Pay upfront. When you’re researching insurance plans, ask providers whether or not you can pay your premium upfront in one lump sum; in some cases, you could earn up to nine percent off the total price of your coverage.

Capitalize on changes in your lifestyle

A lot of things in your life will change between the first and last time you get behind the wheel – and some of those milestones could save you money!

  1. Got married? If you recently tied the knot, give your insurance provider a call to tell them the good news – your new relationship status could actually qualify you for a discount. No, it’s not just a wedding gift from your provider – it’s a discount some insurers offer if their data supports the idea that married couples get less tickets and cause less accidents.
  2. Buy a house? Many insurers offer discounts to homeowners since they are rated as more stable and less risky. Plus, you could also save money by bundling your home and car insurance policies.
  3. Retired? As if you needed another reason to wave goodbye to the nine-to-five grind! Once you’re retired, you won’t be logging as many kilometres on your daily commute, and less driving could very well mean a lower premium.

Invest in your safety

Your insurance premium is all about how much risk you pose to your insurer, so anything you do to invest in your safety and lower your risk will potentially lower your payments.

  1. Install winter tires. Snow, ice, and cold weather can make winter driving dangerous, which is why many insurers offer a discount to drivers who install winter tires on their vehicles. Not convinced they’re worth the money? One winter tire test demonstrated that, when driving on ice, winter tires stopped 1.8 metres (six feet) shorter than all-season tires – space that could make all the difference between hitting the car in front of you and stopping safely.
  2. Purchase a security system. Installing an anti-theft system can lower the likelihood that your vehicle will be stolen – and that reduced risk could earn you a discount on your premium. Also, a stolen vehicle recovery system increases your chances of finding your car if it is stolen, another way you can lower your risk level with your insurer.

These are just some of the ways you can lower your insurance premium – so use these tips to start a conversation with your provider. If you’re not satisfied with the results, shop around for quotes to see if a better deal is out there.

Even if it’s not time for renewal, a significantly lower premium with another insurer might offset the cost of cancelling your current plan. Once you have that extra money in your pocket, you can end your grudge with your car insurance payments and put that cash towards something you’ll love buying.

Past Insurance Claims Impact Insurance Rates

When you apply for home or condo insurance, claims are shared among insurance companies in the Comprehensive Loss Underwriting Exchange, or CLUE in the United States. Canada’s claims will fall into the AutoPlus reporting database that is controlled by CGI Group.

AutoPlus has over 60 million policy records, and the records do not include homeowner records.

Records are kept on all claims that you make, and being shared, these records will have a major impact on your overall rates.

Depending on the database, you’ll even be able to request a personal property report to find out your own claims history.

What CLUE and AutoPlus Means to You

CLUE and AutoPlus log all of your claims, and if you have a tendency to make a lot of claims, this means that you’re a higher risk for the insurer. Insurance companies want to minimize their risks, and a claims  database does just that.

Past claims can harm you.

But these aren’t just your past claims. The previous owners’ claims can also cause you problems. Texas policyholders suffered this fate in 2002 and 2003 when insurers stopped issuing new policies. Mold and water-related claims led to insurers suffering severe financial burdens.

Homeowners were closing on homes and unable to secure an insurance policy because of the past homeowner’s claims.

Properties that are known to have a lot of past claims will cause your insurance to go up. Homeowners insurance isn’t the only insurance facing this problem. Condo insurance can also be higher if numerous claims have been made against the property.

Condo insurance is not to be mistaken with home insurance. As opposed to homeowners, condo owners do not have a backyard, basement, or shed. Instead condo owners pay a building fee to the condominium association, where a portion of the money contributes to building insurance – anything outside of the unit. This includes hallways, common areas and any amenities such as gyms, pools, hot tubs, saunas or others,” states Insurance Hero.

What’s the issue with claims if you have insurance?

Let’s say that you called the insurance company to discuss a broken pipe issue. At the time the call is made, a claim is filed even if you’re merely inquiring about the deductible. You decide to make the $400 repair yourself, and the claim is marked as “closed, no payment.”

When going to get insurance, the no payment claim will be listed.

Claims that aren’t paid out will even go against the property. Insurers may also fear that the work was not done properly, so there may be a higher potential of mold in the home as a result.

Investing in real estate or buying your first home means doing your due diligence on the property before closing. It’s vital to request the history of claims on the property. Insurers may not insure you, but there’s also a risk that you’re purchasing a property that has severe issues, such as routine mold problems or bad piping that needs to be replaced.

Past insurance claims help you protect your investment as well as ensure that you’re able to acquire an insurance policy.