TheInsurancePolicy

The Growing Student: Sex, Drugs and ... Health?

Mon, 21 Jul 2008 15:21:18 -0700

With a busy schedule of partying, experimenting, disobeying their parents, further experimenting, and (of course) receiving a 4.0 grade average, a student tends to forget perhaps the most important aspect of living—health.

Taking into consideration the rising numbers of smoking, pregnancy, drug use, alcohol consumption, malnutrition and obesity among young adults, it seems appropriate now more than ever for a student to receive proper, quality health insurance. This demographic tends to live invincibly. Many believe themselves to be indestructible, as though nothing dangerous can happen to them, even while staring danger in the face. This vicarious attitude may add an intended flavor to their lives, but it's almost as if an overdose could lead to poison.

Debauchery in Numbers

So they wear the shortest skirts, drive the fastest cars, and eat the greasiest pizzas. What are the numbers saying about teens and young adults?

SMOKING: A third of all smokers began smoking at age 14. Almost ninety percent of all smokers began smoking at age 21.
PREGNANCY: In the United States, one in ten babies is born from a teen mother. Three-quarters of a million teens between 15 and 19 become pregnant each year.
DRUGS: On an average day in 2006, 586,000 adolescents used marijuana, about 49,000 adolescents used inhalants, 27,000 used hallucinogens (e.g., Ecstasy and other club drugs), 13,000 used cocaine, and 3,800 used heroin.
ALCOHOL: Among persons aged 18- to 22-years-old, 18 percent of full-time undergraduates were heavy drinkers compared with 12 percent of those who were not full-time undergraduates.
MALNUTRITION: About one out of every one hundred young women between ten and twenty are starving themselves, sometimes to death. Four percent of college-aged women have bulimia. One percent of female adolescents have anorexia. Researchers at Harvard University Medical School have new data that suggests that up to 25 percent of adults with eating disorders are male.
OBESITY: About 31 percent of American teenage girls and 28 percent of boys are somewhat overweight. An additional 15 percent of American teen girls and nearly 14 percent of teen boys are obese.

In the United States, approximately three-fourths of all deaths among persons aged 10-24 years result from only four causes: motor-vehicle crashes, other unintentional injuries, homicide, and suicide. There are several options of low cost student health insurance available, and it is much better to be safe than to be sorry.

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Money.co.uk is a Resource for All Things Insurance and Credit Related in the UK

Tue, 08 Jul 2008 17:15:36 -0700

If you live in the United Kingdom and are looking to find information and resources on many topics related to money and finances such as insurance, credit cards, mortgages, and the like, an excellent new online resource is available: Money.co.uk. This new site is a financial portal that offers thousands of articles and high quality content in many different formats. It really is a one-stop financial shop.

Money.co.uk is based in London, England, and is authorized and regulated by the Financial Services authority to provide information on insurance, mortgage, and financial products. As their site explains, “money.co.uk is a free, online comparison service allowing customers to compare a range of personal finance products and utility services. Our objective is to present information in a simple format, enabling initial comparisons to be made 'at a glance' so that customers can make informed financial decisions.”

The resources Money.co.uk offers are comprehensive and very accessible. The site is easy to navigate, quick to load, and very user-friendly. In the insurance section, the site provides information and comparison on many types of insurance, including home insurance, health insurance, travel insurance, car insurance, and more. You can compare various insurance deals in all these segments, as well as get quotes. You can sign up to become a member of the site to gain access to a larger range of services and resources. An individual user profile will help you get personalized insurance quotes. It is free to sign up.

A valuable element of Money.co.uk is that the site offers thousands of free articles on an exceptional variety of financial topics, along with all the latest insurance news. You can also get much of this content conveniently flowed to you on a consistent, real-time basis through the many available RSS feeds. Practically every major financial topic and sub-topic on Money.co.uk comes with an available free RSS feed. You can also sign up for the financial email newsletter.

OnlyInsurance.com Helps Find Best Life and Health Insurance in England

Mon, 14 Apr 2008 12:43:38 -0700

If you live in England and are looking for the best life or health insurance plans, coverage, and rates, one of the best resources to help you make your decision is OnlyInsurance.com. This site is a comparison website that allows you to compare insurance plans of about 87% of the insurance market. It helps you narrow down all the available choices in order for you to find the best plan for your needs.

On OnlyInsurance.com, you can compare life insurance between some of the major life insurance providers, including Standard Life, Norwich Union, Abby Life, BUPA, Provident, Aegon, and more. It also offers free life insurance articles and FAQs, as well as access to live insurance advisors via telephone.

The site’s comparison resources of health insurance is another one of its strong suits. You can evaluate health insurance from many providers and over 100 health plans, including Westfield Health, Standard Life, BUPA, BCWA, Patient Choice, and others. Again, you can access health insurance articles, FAQs, live insurance advisors, and also inquire about Dental Protection insurance plans.

Child Life Insurance through Gerber Life’s Grow-Up Plan

Tue, 08 Apr 2008 13:40:54 -0700

Do you have children? Have you ever considered purchasing child life insurance? In the world of increasingly sophisticated and diverse insurance and financial vehicles, the Gerber Life Insurance Company is offering an excellent child life insurance plan called the Grow-Up Plan®. With this plan, Gerber Life offers affordable, industry-leading child life insurance that will help provide families with a more secure financial future.

The Grow-Up Plan is designed for children from 14 days old to 12 years old. It is a whole life policy with low premiums that builds cash value over time. Here are some of the main features of the Gerber child life plan:

Low premiums with high coverage
Coverage automatically doubles at age 21
Cash value builds
Availability of additional insurance guaranteed

You can start a child with a $5,000 - $35,000 whole life policy, which will double when the child reaches age 21, though the premium payments will remain the same. Thus, the child is essentially getting twice the coverage for the same low cost. This is a significant benefit. Also, after 20 years of consistently paying the plan premiums, you will have build up a cash value that is equal to or greater than 100% of the premiums you have paid.

If you’ve never thought of child life insurance, I suggest you strongly consider it. The Gerber Life child insurance Grow-Up Plan is one of the best available.

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Florida Property Insurance Poll: No More “Quick Fixes”

Sun, 02 Mar 2008 01:00:00 -0700

A recent article on Insurance News Net talked about a statewide Florida property insurance poll conducted by The Property Casualty Insurers Association of America (PCI) indicated that many Floridians are tired of the “quick fixes” and want more long-term solutions.

According to the poll “homeowners insurance reform remains a top priority for Floridians and voters want the Legislature to revisit the changes made to the property insurance system in 2007.” The apparent “quick fixes” applied in the past are not up to par according to the poll. The CEO and president of PCI commented during a meeting about the poll “Any realistic long-term solution needs to include the private market. The state and federal government can and should pay important roles, but government cannot solve the problem on its own.”

PCI has issued a list of recommendations to improve the property insurance climate in Florida, which in part include:

“Fostering a more robust catastrophe bond market; providing guaranteed low interest loans to policyholders who opt to purchase high deductible policies; providing financial assistance to low income consumers; changes in the federal tax code to allow insurers to build catastrophe reserves on a tax free basis, and the creation of a well-structured public/private partnership between insurers and the state and federal government to provide liquidity in the event of catastrophic loss.”

Don’t Mess With Former CA Insurance Commissioner Chuck Quackenbush

Sat, 01 Mar 2008 01:00:00 -0700

The former California Insurance Commissioner Chuck Quackenbush (who is now a Lee County, Fla. deputy sheriff) shot a man this past Tuesday. The following description of the incident is from an article in the Los Angeles Times:

“Quackenbush was trying to handcuff Teodor Buda, 57, Tuesday afternoon when a scuffle ensued, said Tony Schall, spokesman for the Lee County Sheriff's Department. When Buda, who was suspected of battery and domestic violence, wrestled away Quackenbush's Taser and pointed it at him, Quackenbush shot Buda in the abdomen, Schall said.”

I had no idea that Quackenbush was now a deputy sheriff, that’s quite a cut in pay. I guess down in Lee County Florida being a previous insurance commissioner who resigned because of corruption accusations (that turned out to be correct) makes no mind to them.

GAO Report: Bleak Health Insurance Future For Government Workers

Wed, 23 Jan 2008 11:49:20 -0700

A recent report released by the U.S. Government Accountability Office (GAO) paints a depressing financial picture for local and state government “employees, reties and poor people” in respect to health insurance. According to a National Underwriter article about the report within the next fifteen years “GAO projections suggest that employee and retiree health coverage programs, Medicaid and other state health programs will start throwing state and local budgets out of balance.”

The GAO calculated the astonishingly large amount of local governments (87,525) and all fifty states to come up with the numbers for total taxes and fees and grants and loans “from the federal government.”

“The 50 state governments and 87,525 U.S. local governments collected a total of about $1.4 trillion in taxes and fees in 2006 and about $400 billion in grants, loans and loan guarantees from the federal government, GAO officials report.”

5 Most Commented Insurance Posts Of 2007

Wed, 02 Jan 2008 01:00:00 -0700

In the year 2007 I posted several hundred times on this blog while covering a wide array of topics. With the start of the New Year I though I’d take a look back at some of the more popular posts based on visitor comments with a dash of my own personal interest in the story thrown in for good measure.

See for yourself if any of these articles peek your interest and pass the links along to others who might benefit from them. The comments count does not include my own comments. Thanks for visiting my blog.

New Insurance Law Euthanizes Pit Bulls In Arkansas – 11 comments

Insurance Scam Review: Recent Insurance Fraud News – 6 comments

HealthyToys.org Offers Guide To Toxic Chemicals In Toys – 5 comments

Travel Insurance: Read The Fine Print Before Submitting A Claim - 5 comments

Mississippi Insurance Commissioner Approves 90% Rate Increase – 4 comments

Below are two of the most visited posts from 2007 regarding a very popular product, the iPhone.

Apple iPhone Insurance: Is The New iPhone Worth It Without Insurance Coverage? - 4 comments

Apple iPhone Insurance Revisited: Apple Warranty Only Option - 3 comments

My favorite post of the year was unrelated to insurance. I had a blast writing it and I hope you enjoy reading it.

Golden State Warriors Topple A Giant - 2 comments

10 Insurance Tips (Resolutions) For The New Year (2008)

Tue, 01 Jan 2008 01:00:00 -0700

With the beginning of a brand new year the smell of steadfast resolutions is wafting through the air. Many of us endeavor to lose ten or twenty pounds by utilizing a variety of diet and exercise routines while others have lofty financial or business goals for the New Year. With the thought of a clean slate and fresh perspective firmly in my grasp I’ve decided to throw my hat into the ring with some important New Years insurance resolutions.

Whether you are a homeowner, single, married or living in an apartment the following ten suggestions will help you start your finances off on the right foot.

Pull out your life insurance policy, dust it off and look to see how much coverage you actually have. If you have not looked at your policy in some time you may be surprised to find out actually how much coverage you do have.
Increase or decrease your life insurance coverage depending on recent changes (marriage, divorce, children, new home, debt etc.) to your financial situation. You should of course speak with a trusted insurance agent that will analyze your specific situation to see if you need more or less coverage.
Learn about renters insurance if you are currently renting. The cost is minimal and the coverage usually extends to property in your car while it is parked at home. This small investment could protect some of your more expensive items in the home.
Make an appointment with your homeowners’ insurance agent to discuss your coverage. Be prepared for the New Year by ensuring you have adequate coverage and find out about appropriate additional coverage (fire, earthquake, wind, flood and landslide insurance to name a few) for your situation.
If you are currently paying Private Mortgage Insurance (PMI) then find out when and if you can drop the coverage. You may be unnecessarily paying PMI coverage instead of redirecting that money to a better purpose.
Find out the maximum annual guidelines for your Variable or Universal life insurance policy and if you are not currently maxing it out do your best to contribute more. Every extra dollar you contribute will go towards either the sub accounts you have chosen or the separate universal life account.
Contact your human resources department and find out the exact amount and kinds of insurance coverage you have. Companies vary but many offer not just life but disability as well. Write down the coverage and keep it with your other important financial information.
Speak with you auto insurance representative about lowering your rates. Compare your current premiums with other companies and see if you can receive a better deal. That extra one hundred or more dollars saved in a year can be squirreled away for other purposes.
Consider purchasing Long Term Care (LTC) insurance. This type of insurance is often considered frivolous or unnecessary but if you are not on a path towards saving enough money for retirement it could be a solid back up plan. I highly recommend speaking with an agent that has many years of experience in the LTC market as this type of product is very different from many other personal insurance products.
Write down all of the insurance coverage you have on one piece of paper and put it in a file. List the coverage amounts and premiums you are paying. Make sure and update the list as you add or drop certain insurance coverage. Let your family know where the information is so they can access it if needed. This will come in handy for not just personal convenience but also in case the coverage is ever needed.

With a little planning, preparation and organization you can establish a firm foundation for the future.

Happy New Year and I wish you the best for your varied resolutions.

HealthyToys.org Offers Guide To Toxic Chemicals In Toys

Thu, 06 Dec 2007 10:36:44 -0700

A new website has launched devoted to testing the quantities of toxic chemicals in toys and posting the results online. Healthy Toys is a “project of the Ecology Center” and is also supported by numerous states, state organizations and non-profit organizations. The site lists results of tested toys by toy name, brand and type of toy.

I wrote a post in September of this year about some toy recalls and how businesses can purchase recall insurance. Considering that Mattel Inc. (MAT) “recalled more than 21 million toys”, according to a LA Times article, I’m sure many businesses are purchasing some recall insurance or increasing their current coverage.

With the Healthy Toys site now available consumers can have a chance to know what toys are returning negative results and in turn better protect their children. You can also submit a toy you own for testing if it’s not currently within the Healthy Toys database.

It seems to me that our desire for cheaper products has come full circle. The rules and regulations in other countries that produce the millions of toys consumed in the United States are turning out to be quite different. This is an issue that is not going to go away anytime soon and will affect many other products aside from toys.

Would you rather spend more money on a toy for your child knowing that the manufacturing process for that toy was safer or spend less money but take a risk with the safety of that toy?

Insurance Benefits Go To Family Of Washington Redskins Safety Sean Taylor

Wed, 05 Dec 2007 16:08:27 -0700

The recent tragic murder of Washington Redskins safety Sean Taylor has affected many people, least of all Taylor’s family. According to an ESPN article Taylor had a $600,000 life insurance policy that named his sister as the beneficiary.

Taylor was not married but he did have a girlfriend and a one-year-old child. His child will receive “a widow/children’s death benefit that pays $9,000 per month for the first 48 months, then $3,600 per month until the child is 19 years old (or 23 years old if in college).” I’m impressed with that child benefit, it should help tremendously to raise his child.

In addition Taylor’s family will receive the following benefits:

“Dependent medical insurance through the first game of 2008 through the ‘active player policy.’ and then five further years of coverage under the ‘continuing veteran policy’; $100,000 in a health reimbursement account for dependent health care after the expiration of the ‘continued veteran’ coverage; $103,560 in a 401(k) plan.”

Warren Buffett Will Testify In Gen Re. Case

Tue, 04 Dec 2007 17:36:32 -0700

The second wealthiest person in the world, Warren E. Buffett was on a rather lengthy “list of 30 witnesses federal prosecutors filed today with the U.S. District Court, in New Haven, Conn. according to a National Underwriter article. The fraud case involves General Reinsurance, which is a subsidiary of Buffett’s company Berkshire Hathaway.

This case is rather serious and involves quite a few past and current employees of Gen Re., American International Group (AIG) Merrill Lynch (MER), Bear Stearns & Co. (BSC) and Morgan Stanley. According to the article the five defendants “are accused in a 13 count indictment of conspiracy, securities fraud, false statements to the Securities & Exchange Commission, wire fraud and mail fraud.”

The details include “accusations that they engaged in a scheme involving bogus finite reinsurance arrangements designed to improve AIG’s financial picture to impress securities analysts and sustain its stock performance.”

Let’s see how much press this case gets because of Buffett being called as a witness.

Christmas Is Coming. Does Your Homeowners’ Policy Cover Electronic Products?

Mon, 03 Dec 2007 16:11:43 -0700

You might be disappointed to find out that your homeowners’ policy likely doesn’t cover damage to electronic products. According to a National Underwriter article, a poll conducted by Independent Insurance Agents & Brokers of America (IIABA) found that “60 percent of those contacted believe small electronic items, if stolen from their home or auto, are covered by their policies or don’t know if they are.”

Considering that many of us will be purchasing or receiving electronic gifts such as computers, Amazon Kindle or iPods loaded with songs it might make sense to understand the coverage limits of our policies.

The following is some general information about coverage but you should check with your specific insurer to be certain.

Digital downloads are not covered. Some carriers, the IIABA points out, are offering some coverage. The association said agents can suggest to clients that they back up information to multiple locations or purchase a portable storage device to secure and safeguard material against any disaster.

Don Imus Is Back With 3-Hour Radio Slot & TV Deal

Mon, 03 Dec 2007 15:06:25 -0700

What a shocker. The popular and now infamous Don Imus is back for more hearty laughs about female college basketball players. I for one am ecstatic about his return (can you tell I'm being facetious?) and can’t wait for more witty banter between him and his sidekicks. I’m sure there are plenty more gems for him to uncover that we’ve all been missing this past seven months since his exit from his previous show.

Funny thing is, I never even knew Imus existed before his comments about the Rutgers female basketball team. When he starts his radio show I’ll continue to not know anything about him or his show.

I truly doubt he will stop making sexist and racist comments on his new show because he’s too set in his ways. Do I think he should be given another chance to have his own radio show? I think the better question is why would anyone want to have him on their radio channel? The answer is probably because he brings in decent numbers and for some reason appeals to a certain demographic.

Below are the exact words that Imus and executive producer Bernard McGuirk said on that April 2007 show. Anyone else dreading Imus’ return to radio?

Imus: “That’s some rough girls from Rutgers, man they got tattoes, and…
Bernard McGuirk: Some hardcore hoes.
Imus: (laughter) That’s some nappy headed ho's there, I’m going to tell you right now. Man, that’s some, woo. And uh, the girls from Tennessee, they all look cute you know so. Kind of like a, I don’t know.
McGuirk: A Spike Lee thing.
Imus: Yeah
McGuirk: The Jiggaboos versus the wannabees. That movie that he had.
Imus: Yeah that was a tough uh.
McGuirk: Do the right thing.
Imus: I don’t know if I’d want to beat Rutgers, but they did.”

Which is worse “Jiggaboos versus the wannabees” or “nappy headed ho's?” Take your pick.

LIMRA: VUL & UL Insurance Policies See Spike In Premiums

Mon, 03 Dec 2007 14:27:51 -0700

Two of the newest kids on the block in the life insurance policy world, Variable Universal Life and Universal Life, received an influx of annualized premiums according to a LIMRA news release. The old tried and true duo of term and whole life saw a smaller growth in premiums in the first nine months of 2007.

“All products were up through the first nine months of 2007, especially universal and variable universal life, which were up 9 and 10 percent (23 and 55 percent for the quarter). Year-to-date, term life grew seven percent and whole life grew three percent.

The biggest portion of the sales increases seen through the third quarter stem from the brokerage channel. In fact, with the exception of WL, all products were up especially UL and VUL which were up 16 and 19 percent for the year and 28 and 110 percent for the quarter.”

As the stock market goes so goes VUL sales. Those underlying sub accounts of mutual funds are not too easily sold when the stock market is tanking or struggling. Just try and sell a VUL when the mutual funds are showing negative returns.

Of course most VUL products also offer bond and money market funds as an alternative to stock funds. With the added tax benefits of a permanent variable universal life insurance policy and the premium flexibility these policies can still fly off the shelves.