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Life Insurance - Why Should I Buy Life insurance?

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If you have dependents or other people with whom you share your life, life insurance can play a vital and valuable role at virtually every stage of your life. Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

1. Replace income for dependents - If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
2. Pay final expenses - Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
3. Create an inheritance for your heirs - Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
4. Pay federal “death” taxes and state “death” taxes - Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.
5. Make significant charitable contributions - By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.
6. Create a source of savings - Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

 Source: The Insurance Information Institute …www.iii.org

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Health Insurance - Latest News

 Michigan: Health Care Fraud Accusations (New York Times) A woman who was fired from a job working for Macomb County after less than 10 days was kept on the government-paid health insurance plan for eight years, billing $230,000 for treatment of cancer and other ailments, a prosecutor says. The prosecutor, Eric Smith, of Macomb County filed four counts of health care fraud against the woman, Jackie Youhanian, 38, who now lives at Prattville, Ala. 

Massachusetts Health Insurance Law Focus Of Debate Among Presidential Candidates (Medical News Today) The recently implemented Massachusetts health insurance law, which requires all state residents to obtain coverage, “is now at the center of disputes” in the Democratic and Republican presidential campaigns, the Washington Post reports. The law, signed last year by Republican candidate and former Massachusetts Gov. [click link for full article]Louisiana Governor-Elect Health Care Transition Committee Meets To Discuss Proposals (Medical News Today) The 10-member health transition committee for Louisiana Gov.-elect Bobby Jindal (R) on Monday in Shreveport, La., met to discuss proposals to expand health insurance to more state residents, as well as plans to address a shortage of physicians and nurses and improve preventive and primary care, the Baton Rouge Advocate reports. [click link for full article]

Health Insurance Scams Targeting Small Businesses, Individuals Increasing (Medical News Today) The Wall Street Journal on Sunday examined the increasing number of small employers and individuals “searching for affordable health insurance” who fall “victim to scams and misleading offers.” According to Mila Kofman, a Georgetown University associate professor who has studied the issue, more than 200,000 small businesses and U.S. [click link for full article]Health Insurance Cancelled (WTVM 9 Columbus) The majority of us have health insurance in case we get sick and require medical care. But, be careful how you fill out your application. If you don’t come clean or, in some cases, even if you make mistakes, your insurer can go back and cancel you… retroactively.

Older U.S. Adults Often Cannot Obtain Affordable Individual Health Insurance Policies (Medical News Today) U.S. adults ages 50 to 64 often cannot obtain affordable individual health insurance policies as they reach a “prime age to start developing health problems,” the San Francisco Chronicle reports. According to the AARP Public Policy Institute, more than seven million adults ages 50 to 64, or about 14% of U.S. residents, did not have health insurance in 2005. [click link for full article]Prosecutors: Woman was fired after 10 days, but used health insurance for years (KJCT 8 Grand Junction) MOUNT CLEMENS, Mich. (AP) - She was fired from her county job after less than 10 days. But a Michigan prosecutor says a woman was kept on the county health-insurance plan for eight years, and billed $230,000 for treatment of cancer and other ailments.

Finding Affordable Health Insurance Is Easy (Benton Evening News) (ARA) - Having health insurance gives us piece of mind. But have you ever thought you might be overpaying for your coverage? Or what if you find yourself without health coverage and need to find something affordable fast? The answers to these questions can easily be found on the Internet. Fewer Small Businesses Offering Workers Health Insurance, According To Study (Medical News Today) The cost of providing employer-sponsored health insurance this year rose by 6.1%, roughly the same rate of increase as in 2006, according to highlights of a nationwide survey conducted by Mercer, Reuters reports. The survey, released on Monday, included about 3,000 private and public companies with at least 10 employees (Kenen, Reuters, 11/19). [click link for full article]Colorado Commission Recommends Health Care Plan Similar To Massachusetts’ (Medical News Today) The Colorado Blue Ribbon Commission for Health Care Reform on Monday voted 20-2 to approve a set of recommendations that includes requiring state residents to obtain health insurance or pay a tax penalty, the Denver Post reports. The panel also will recommend expanding eligibility for state health programs. The panel’s recommendations will be presented to state lawmakers on Jan. 31, 2008.

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Auto Insurance - Latest News

Mass. Auto Insurance Getting Overhaul (AP via Yahoo! Finance) Most drivers can look forward to a drop in their car insurance rates under the state’s new competitive system, but insurance officials couldn’t say how big the average decrease would be statewide.

Auto Insurance Rates in MA Drop 7.7 Percent After Switching to New System (The Tech) By Bruce Mohl THE BOSTON GLOBE Massachusetts auto insurance premiums will drop an average of just under 8 percent in the first year of the state?s new competitive insurance system, less than what some analysts had forecast would happen if regulators continued to set the rates.
 
Auto insurance rates will drop for good drivers in 2008; Companies to offer many types or discount plans (Eagle-Tribune Online) BOSTON - Auto insurance rates will fall by at least 10 percent next year for about one quarter of the state’s drivers, under plans unveiled by insurance companies yesterday.
 
Drivers Put New Auto Insurance System To Test (WBZ Boston) Massachusetts drivers will know soon if they will pay less for auto insurance next year. Car insurance carriers are releasing their proposed rates today, and drivers are finding out whether the new system will save them money.
 
The Hanover Introduces Multi-Variate Pricing Capabilities for Commercial Auto (PR Newswire via Yahoo! Finance)The Hanover Insurance Group, Inc. , a leading super regional property and casualty company, today announced the introduction of new multi-variate pricing capabilities for Avenues Commercial Auto, which cover a broad spectrum of risks and deliver the competitive prices that the company’s agent partners need to gain a competitive edge in today’s marketplace.
 
Cut in auto rates to average 7.7% (Boston Globe) Massachusetts auto insurance premiums will drop an average of just under 8 percent in the first year of the state’s new competitive insurance system, less than what some analysts had forecast would happen if regulators continued to set the rates.
 
Insurance bills coming down for good drivers (The Daily News of Newburyport) NEWBURYPORT - Independent auto insurance carriers are working hard to prepare consumers for the state’s new competitive auto insurance system, but they should have good news for most local drivers.
 
Rate filings put auto insurance system to the test (North Adams Transcript) BOSTON ? The state’s auto insurance market will get a glimpse of greater competition Monday when carriers disclose their proposed rates, but the big unknown is whether motorists honk for joy or hit the guardrail.

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Health Insurance - Latest Health Insurance News

Fewer Small Businesses Offering Workers Health Insurance, According To Study (Medical News Today) The cost of providing employer-sponsored health insurance this year rose by 6.1%, roughly the same rate of increase as in 2006, according to highlights of a nationwide survey conducted by Mercer, Reuters reports. The survey, released on Monday, included about 3,000 private and public companies with at least 10 employees (Kenen, Reuters, 11/19). [click link for full article]Older U.S. Adults Often Cannot Obtain Affordable Individual Health Insurance Policies (Medical News Today) U.S. adults ages 50 to 64 often cannot obtain affordable individual health insurance policies as they reach a “prime age to start developing health problems,” the San Francisco Chronicle reports. According to the AARP Public Policy Institute, more than seven million adults ages 50 to 64, or about 14% of U.S. residents, did not have health insurance in 2005. [click link for full article]

Louisiana Governor-Elect Health Care Transition Committee Meets To Discuss Proposals (Medical News Today) The 10-member health transition committee for Louisiana Gov.-elect Bobby Jindal (R) on Monday in Shreveport, La., met to discuss proposals to expand health insurance to more state residents, as well as plans to address a shortage of physicians and nurses and improve preventive and primary care, the Baton Rouge Advocate reports. [click link for full article]Michigan: Health Care Fraud Accusations (New York Times) A woman who was fired from a job working for Macomb County after less than 10 days was kept on the government-paid health insurance plan for eight years, billing $230,000 for treatment of cancer and other ailments, a prosecutor says. The prosecutor, Eric Smith, of Macomb County filed four counts of health care fraud against the woman, Jackie Youhanian, 38, who now lives at Prattville, Ala. She …

Prosecutors: Woman was fired after 10 days, but used health insurance for years (KJCT 8 Grand Junction) MOUNT CLEMENS, Mich. (AP) - She was fired from her county job after less than 10 days. But a Michigan prosecutor says a woman was kept on the county health-insurance plan for eight years, and billed $230,000 for treatment of cancer and other ailments.Massachusetts Health Insurance Law Focus Of Debate Among Presidential Candidates (Medical News Today) The recently implemented Massachusetts health insurance law, which requires all state residents to obtain coverage, “is now at the center of disputes” in the Democratic and Republican presidential campaigns, the Washington Post reports. The law, signed last year by Republican candidate and former Massachusetts Gov. [click link for full article]

Finding Affordable Health Insurance Is Easy (Benton Evening News) (ARA) - Having health insurance gives us piece of mind. But have you ever thought you might be overpaying for your coverage? Or what if you find yourself without health coverage and need to find something affordable fast? The answers to these questions can easily be found on the Internet.Colorado Commission Recommends Health Care Plan Similar To Massachusetts’ (Medical News Today) The Colorado Blue Ribbon Commission for Health Care Reform on Monday voted 20-2 to approve a set of recommendations that includes requiring state residents to obtain health insurance or pay a tax penalty, the Denver Post reports. The panel also will recommend expanding eligibility for state health programs. The panel’s recommendations will be presented to state lawmakers on Jan. 31, 2008. [click …

Health Insurance Cancelled (WTVM 9 Columbus) The majority of us have health insurance in case we get sick and require medical care. But, be careful how you fill out your application. If you don’t come clean or, in some cases, even if you make mistakes, your insurer can go back and cancel you… retroactively.Health Insurance Scams Targeting Small Businesses, Individuals Increasing (Medical News Today) The Wall Street Journal on Sunday examined the increasing number of small employers and individuals “searching for affordable health insurance” who fall “victim to scams and misleading offers.” According to Mila Kofman, a Georgetown University associate professor who has studied the issue, more than 200,000 small businesses and U.S. [click link for full article]

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Health Insurance - What Kinds of Health Insurance Are There?

The rising cost of medical care and the resulting pressure on health insurance premiums makes health insurance top priority if you want to have your health expenses covered at a reasonable cost. The current health insurance system is quite complex and constantly changing. The information below may help answer your questions: What kinds of health insurance are there? There are essentially two kinds of health insurance:

• Fee-for-Service; and
• Managed care;

Although these plans differ, they both cover an array of medical, surgical and hospital expenses. Most cover prescription drugs and some also offer dental coverage. Fee-for-Service – these plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient. Managed Care – more than half of all Americans have some kind of managed-care-plan. Various plans work differently and can include: health maintenance organisations (HMOs), preferred provider organisations (PPOs) and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.Source: The Insurance Information Institute …www.iii.org

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Auto Insurance - Latest Auto Insurance News

Auto insurer to return to Massachusetts amid market reform (Boston Herald)
 An insurer is returning to Massachusetts as the state opens its auto insurance market to greater competition. Boston-based Liberty Mutual Group says one of the companies…
 
 State Auto Declares Regular Dividend (AP via Yahoo! Finance)
 State Auto Financial Corp. said Friday its board declared a regular quarterly dividend of 15 cents per share. The insurance company said it would pay the dividend on Dec. 28 to shareholders of record on Dec. 13.
 
 Savings Achieved Through Scanning System At Hastings Mutual Insurance (EnterpriseContentManagementConnection-ECM)
 Technology Underwrites ROI for HMIC Mutual Hastings Mutual Insurance Company (HMIC) has a $300 million direct written premium and is licensed to write in Michigan, Indiana, Ohio, Wisconsin and Illinois. HMIC has a nearly 120-year history of success in the competitive insurance industry. Their top five lines of business are Commercial Lines, Homeowners, Workman’s Compensation, Auto Physical …
 
 Peerless Insurance Returning to Mass. Auto Under Managed Competition (Insurance Journal)
 Liberty Mutual Group today announced that one of its companies - Keene, N.H.-based Peerless Insurance - intends to return to the Massachusetts private passenegr auto insurance market next year after a
 
 Wissinoming man charged with auto-insurance fraud (Philadelphia Daily News)
 Some people shop around for the best car-insurance quote. Keith Lewis just ripped the companies off, investigators with the district attorney’s insurance- fraud unit said yesterday.
 
 How to Save on Auto Insurance in Five Minutes (The Bradford Era)
 (ARA) - Did you know that most people are not getting the best price for their auto insurance? Procrastinating switching companies could be costing you hundreds of dollars. In only a couple minutes, you can find out your options and prices so you can determine the best option for you.
 
 Managed Competition Attracts First New Auto Insurer to State; Peerless Insurance to Return After 20-Year Absence (PR Newswire via Yahoo! Finance)
 Managed competition in the state’s auto insurance system is delivering another key consumer benefit: more companies for people to choose from when buying a policy.

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Insurance - Latest Insurance News

Universal Insurance Holdings, Inc. Reports Third-Quarter and Nine-Months 2007 Financial Results (Marketwire via Yahoo! Finance)

TFN NEWS BRIEFING: Banking and insurance highlights to 09:15 GMT (Sharewatch)
2007-11-14 08:52:08 BROKERWATCH GIMV rating upped to ‘buy’ vs ‘accumulate’ at KBC on new deals BRUSSELS (Thomson Financial) - Belgian venture capital group GIMV NV was upgraded to ‘buy’ from ‘accumulate’ at KBC Securities on a flurry of new deals and a more aggressive push to expand in Europe.

EHealth’s Web Site Tries To Take The Stress Out Of Health Insurance (Investor’s Business Daily via Yahoo! News)
If you want to give most Americans a scare, sneak up behind them and say, “health insurance!”

(AFX UK Focus) 2007-11-14 09:30 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 09:15 GMT (Interactive Investor)
2007-11-14 08:52:08 BROKERWATCH GIMV rating upped to ‘buy’ vs ‘accumulate’ at KBC on new deals

TFN NEWS BRIEFING: Banking and insurance highlights to 15:45 GMT (Sharewatch)
2007-11-14 15:41:25 WestLB Bank ratings cut on profit warning - Moody’s MUMBAI (Thomson Financial) - Moody’s Investors Service said it downgraded WestLB’s bank financial strength rating to ‘E+’ from ‘D-’ and its unsecured deposit and debt ratings to ‘A2′ from ‘A1′.

Sign Up For Health Insurance By Thursday Or Else (WBZ Boston)
Most Massachusetts residents are now required to have health insurance, and they have to sign up for it by Thursday. Officials say in order to guarantee you have insurance by the December 31, 2007 deadline you have to sign up by November 15. More Health News

(AFX UK Focus) 2007-11-14 16:00 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 15:45 GMT (Interactive Investor)
2007-11-14 15:41:25 WestLB Bank ratings cut on profit warning - Moody’s

More claim they have bad insurance policies (Lake County News Sun)
Police received numerous calls following a News-Sun story Tuesday about people who bought insurance coverage from a local firm that in numerous cases turned out to be fraudulent. The Police Department set up a hot line after arresting Reuben Collier, owner of Collier Insurance Co.

Finding Affordable Health Insurance Is Easy (Benton Evening News)
(ARA) - Having health insurance gives us piece of mind. But have you ever thought you might be overpaying for your coverage? Or what if you find yourself without health coverage and need to find something affordable fast? The answers to these questions can easily be found on the Internet.

Workers Mull Private Health Insurance (AP via Yahoo! Finance)
For years, if an employer offered health insurance to a worker, the worker generally took it. Now some workers are for the first time entertaining another option: private health insurance.

Sign Up For Health Insurance By Thursday Or Else (WBZ Boston)
Most Massachusetts residents are now required to have health insurance, and they have to sign up for it by Thursday. Officials say in order to guarantee you have insurance by the December 31, 2007 deadline you have to sign up by November 15. More Health News

(AFX UK Focus) 2007-11-13 16:01 GMT: EU says Irish Voluntary Health Insurance Board must comply with EU rules (Interactive Investor)
BRUSSELS (Thomson Financial) - The European Commission has asked Ireland to abolish the exemption of the Irish Voluntary Health Insurance Board (VHI) from certain EU rules on non-life insurance.

Wal-Mart Provides Health Insurance For More Employees (Medical News Today)
Wal-Mart Stores over the past three years has improved health plans offered to employees and has expanded enrollment in the plans to 100,000 additional workers, according to new data available for the first time, the New York Times reports. [click link for full article]

Health Insurance Industry in Saudi Arabia Booming (MENAFN)
Health Insurance Industry in Saudi Arabia Booming

School board approves health insurance plan (The Star Press)
MUNCIE — The Muncie Community Schools Board adopted a new health-insurance package for all non-bargaining employees at the regular board meeting on Tuesday. The measure passed by four votes. Board member Michael Gorin, a retired principal, abstained.

Study Examines Hispanic, White Employer-Sponsored Health Coverage Gap (Medical News Today)
“Why Do Hispanics Have So Little Employer-Sponsored Health Insurance?” Center for Studying Health System Change: The study examines the reasons why Hispanics, despite their increasing population in the U.S., are less likely to have employer-sponsored health coverage than whites. [click link for full article]

EHealth’s Web Site Tries To Take The Stress Out Of Health Insurance (Investor’s Business Daily via Yahoo! News)
If you want to give most Americans a scare, sneak up behind them and say, “health insurance!”

Rising Health Care Costs Spur Policymakers, Business Leaders To Consider Shift Away From Employer-Sponsored System (Medical News Today)
The number of U.S. residents who receive employer-sponsored health coverage “is continuing to shrink, raising anxiety among workers and invigorating a debate about whether insurance should be tied to jobs,” USA Today reports. [click link for full article]

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Insurance - Research

Would you like to Research an Insurance Issue?

Source: The Insurance Information Institute …www.iii.org

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Insurance - Auto Insurance

What is auto insurance? If you own a car, auto insurance is not just an option - it is a legal necessity. And you wouldn’t want it any other way. If you are involved in an accident or have your car stolen, owning the right kind of auto insurance can help to ease a difficult situation. The information below will provide some answers and help you ask the right questions in order to find the most appropriate solutions.Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.Auto insurance provides property, liability and medical coverage:

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, not all, of these coverages. If you’re financing a car, your lender may also have requirements.

Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.

Source: The Insurance Information Institute …www.iii.org

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Insurance – Which Insurance Company Should You Choose?

There are very many insurance companies so choosing among then can be a daunting challenge. Here are some basic points to consider when making your selection:

Is the Company financially sound? You should check independent and other rating agencies to ensure that the companies you are looking at are financially sound. Make a short-list of companies you are interested in.

Is the Price Competitive? – Prices can vary greatly from one company to another, so you need to shop around. As a minimum, you should get 3 quotes from the companies on your short list. Some consumer associations or websites may publish a comparative guide that shows what different insurers charge for similar policies.

Sometimes price is not the only issue you should consider as some companies offer different benefits which are often difficult to value in $ terms. Also, you should look at the stated terms and conditions usually found in “the fine print”.

Does the Company Have a Good Customer Service Record? Your insurance company and its sales representatives should answer any questions and handle your claims fairly, efficiently and quickly. You can get a feel for whether this is the case by talking to friends and other customers who have used a particular company or agent. You may aso want to check consumer associations and/or websites to see what complaint information it has on a company. 

How Easy is it to Contact the Company? You should feel comfortable with your insurance purchase, whether you buy it from a local agent, directly from the company over the phone, or over the Internet. Make sure that the agent or company will be easy to reach if you have a question or need to file a claim.

Is the Company Registration Form Easy to Understand and Complete? Make sure that you understand all the questions to which you need to give answers, to avoid any future problems if a claim is later made.

Is the Claims Form Easy to Understand and Complete? Make sure that you fully understand what documents are required if and when you make a claim so as to avoid any delays or disputes in receiving payment or invalidation of your claim.

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