My Personal Finance Journey

Category Archives for Insurance

Life Insurance Considerations for the Over 50 Crowd

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The following is a guest post. Enjoy! 

Life Insurance Considerations for the Over 50 Crowd

Once people begin to enter the advanced stages of their life, mortality comes into view and various decisions have to be made that will impact not just the rest of their own life but also the lives of those left behind. 

Many individuals, particularly those with spouses, children, and loved ones, need to think about a world in which they are gone and how their dependents will cope without them. This can put a huge strain on the last few years of an individual’s life. The best way to ensure peace of mind in your last few years is to invest in over 50s life insurance – a policy which will provide a pay-out once you have passed away so as to ensure your loved ones are okay.

What is Different about Life Insurance for People Over 50 Years Old?


For those who are not well-versed in the intricacies of over 50s life insurance, the whole process can seem rather puzzling. However, the whole process is rather simple once a few areas have been studied. 

The first thing that should be known about over 50s life insurance is that anybody can apply for it regardless of their current health; no test is required. Another aspect of note is that over 50s life insurance is usually purchased not in one lump sum but in smaller increments spread out over the year; this duration often lasts from fifty through to the age of ninety. Once ninety has been reached and payments have stopped, coverage continues. The end of payments does not necessitate the end of coverage.  

If individuals would like to top up their policy upon hitting ninety, they are able to do so although this will usually mean paying much larger increments. Between the ages of fifty and ninety, a policy may ask an individual to make payments of £10 per month with the aim of accumulating £100,000 by the end of the accumulation period. If, however, the individual decided that they would like to make a payment for one month of £50 rather than their scheduled £10, they would be able to do this.

Remember to Read the Fine Print of Your Policy


Another point of note is that it is worth checking the specifics of every individual policy. 

So, for example, an individual may find that some contracts he is offered will only pay out in the event of his or her death if it is as a result of natural causes whereas other insurance packages may have policies that will only pay out if a death is caused through accidental means. This means much diligence and due care should be taken in selecting a policy which can be taken to fit a set amount of requirements.

Finding a Policy that Best Fits Your Needs


There are a couple of ways to find a package which best fits your needs.  The first of these involves utilizing an insurance professional, such as a broker, to conduct research on your behalf. The second is to use online resources to customise searches which allow you to add or remove requirements. Whichever of these two you use, it is essential to remember to do your homework in selecting the proper policy. Once you hit 50, insurance will allow you to have great peace of mind.

How about you all? Do you currently have life insurance? If so, what type of policy do you have? Term or whole? 


At what point in your life did you decide to take out the policy? Do you think it is wise to wait until you’re over 50 to purchase insurance, or should you get it earlier?


Share your experiences by commenting below!

Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.

  • Interesting post here! 
  • Since I decided that life insurance wasn’t needed for my current personal situation, I don’t have a ton of experience in this area. As such, it’s always good to bring this topic to the forefront of the discussion.
  • When someone hits 50 years of age, I would not imagine that their life insurance needs and/or considerations would change all that drastically. 
    • For example, you would still follow the same advice for purchasing a term life insurance policy, avoiding whole life insurance policies since they are generally not worth the money. 
    • In addition, you would pay premiums on a policy that would be enough to cover your funeral expenses and to support your family for the lost income.
    • If you don’t have anyone that relies on your income, you would still want a small term life policy and/or use your investments to cover funeral expenses once you pass on.
  • In fact, I would probably argue that most people should have their life insurance policy plans figured out before turning 50, since by then, most people are either married or have had children and hence, have people that depend on their income. 
    • pre-existing medical conditions you have, which could increase after the age of 50.
  • In reading the post above, one thing I was not aware of was that some policies have restrictions for paying out, depending on whether or not your death was caused by an “accident” or “natural causes.” I would imagine that you would want to make sure that the policy you decide on provides coverage for both of these possible outcomes. 

***Photo courtesy of http://farm3.static.flickr.com/2610/4117033888_c1d5a23fac.jpg

Five Common Life Insurance Mistakes and How to Avoid Them

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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Click here to enter my free $205 giveaway for a chance to win 5% of My Personal Finance Journey blog income and give another 5% to a charity of your choosing! Deadline to enter is October 31st, 2011.

The following is a guest post by Philip J. Reed. Enjoy!

Five Common Life Insurance Mistakes and How to Avoid Them
Many people look at life insurance as a necessary evil that’s expensive and hard to understand. Others view this purchase as a bad omen that could doom them to an early end. Neither view is particularly helpful, but they do highlight the overall lack of understanding insurance faces in the world today.

The truth is that if you take a few minutes to review the various types of policies and obtain several life insurance quotes to compare prices, this valuable safety net isn’t nearly as complicated or intimidating as it sounds. To help you make the best choice, and to help you to better understand the many ways life insurance can benefit your family, here are five common life insurance mistakes, and how you can avoid them:

1. Thinking It’s Too Expensive


The economy is tough right now, and most families are watching every penny. However, this is not an area you should completely eliminate from your budget. Without this financial safety net, what would your family do if they lost the primary breadwinner? The fact of the matter is that, without life insurance, your family could be left adrift in very uncertain financial waters.  You don’t want that to happen to them, so you need to plan today.  Policies may indeed get expensive, but to find a policy you can afford, review several life insurance quotes.

2. Believing It Can Wait


 If you’re young and healthy, it’s easy to just avoid this issue altogether. After all, nothing could happen to you, right? Wrong. Tragedies happen every day, and because we can’t predict them, the only thing we can do is prepare ahead of time. Even if you’re single and without children, you should have enough life insurance to pay your burial expenses. Of course, your responsibilities and your level of coverage need to significantly increase with a marriage or children. Make sure your coverage will provide for them.

3. Underestimating Your Needs


 Many people underestimate how much life insurance they really need. They may see a policy that adds up to a year or two’s salary and think that must be enough. To choose the right amount of coverage, factor in your current debts, and also the living expenses for your family for a number of years, and college tuition for your children.  


Providing for your family after you’re gone might not be the way you imagined things going, but if it comes down to that, you need to make sure they will be well taken care of.  Insurance can give you that peace of mind, and it can give your family some much needed financial security at a time when they will need it the most.

4. Assuming You’ll Be Able to Afford Bigger Payments in the Future


 Some companies offer “teaser” rates that balloon over time. Many policy holders allow their coverage to lapse when the premiums escalate, leaving them without that precious coverage. Try to choose a policy with fixed rates, so that you don’t end up spending more on insurance than your family can afford, which will have the opposite of life insurance’s intended effect of keeping you financially afloat!

5. Ignoring the Details


 Never buy a life insurance policy without understanding the details. Some have tight restrictions on when and how they will pay. This is especially true with cash-value policies that usually include complicated payment and return structures. We understand that details can get confusing.  That’s why it’s important to work with an agent that you trust, and one that will have the patience and understanding to help you make an informed decision.

Conclusions


According to one of the top insurance research firms, LIMRA, life-insurance ownership has dropped to the lowest point in 50 years. This means that 35 million Americans, or 30 percent of the population, have no coverage at all. Don’t let your family go unprotected in these hard economic times. Compare life insurance quotes, and find the correct policy for you and for your family.  After all, ignoring life insurance totally can easily turn out to be mistake #6.

How about you all? Do you currently have life insurance? If so, how did you go about figuring out how much coverage to obtain? If not, why do you feel it is unnecessary? 


Share your experiences by commenting below!

Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.

  • Personally, I have not yet in life had to deal too much with the considerations involved in obtaining a life insurance policy. This is due to the fact that I am not yet married, have no children, and I am confident that while my relatives are not rich by any means, they could no doubt pay to have me buried if the need arose. Because of these considerations, I do not feel that I need life insurance currently.
  • In my first job out of undergrad, there was a default, no-charge-per-month life insurance policy that was equivalent to one year’s salary (likely to cover burial expenses) that I had while working there, but that’s the extent of my experience (sorry to say). 
  • @ The question of if you actually need life insurance?
    • While I think that all of the mistakes and corresponding considerations listed above are very logical and well thought out, I would first encourage readers to take a good hard look at their situation PRIOR to jumping quickly in to buying life insurance. You should ask yourself very seriously, “Is life insurance something I need?”
    • If your situation is similar to mine, despite how low-cost a policy would be, I simply don’t think that I need to have life insurance until I have children. 
    • I explored this topic of if I should buy life insurance earlier than required in life at the following link, if you’re interested in reading – Should I Buy Life Insurance Even Though I Don’t Need It?

***Photo courtesy of http://www.flickr.com/photos/dullhunk/4406032433/sizes/o/in/photostream/

Contents and Building Insurance – Are These Coverage Types Necessary and What Do They Include?

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following is a guest post. Enjoy! 

Contents and Building Insurance – Are These Coverage Types Necessary and What Do They Include?

Just how important is home insurance? Are contents and building insurance really necessary? Home insurance is vitally important and must include contents and buildings insurance if you want your home to be fully protected.

Home insurance should be a central part of your planning for the future. Should your house be severely damaged by storms or fire, or robbed and vandalized by an intruder who steals valuable items, how would you financially cover repairs and replacement costs without the assistance of your home insurance coverage?

Home insurance protects your property, but also your financial stability. Facing the costs of repairing extensive damage or replacing stolen valuables without any help from a home insurance payout would be a daunting prospect and one that must be avoided. The simple answer is to secure strong home insurance which incorporates both contents and building insurance.

What do contents and building home insurance cover you for?

Contents insurance provides important cover for all of the valuable items in your home, from your top of the line TV to your expensive jewelry. Sadly, burglaries are a common crime, particularly when the early dark nights of winter draw in.

You’ve worked hard for your home and property, why wouldn’t you cover everything contained within its walls with contents insurance? Contents insurance provides cover for your valuables against storms, fire, theft, attempted theft, and vandalism.

Should you be an unfortunate victim of a natural disaster, accident or crime, your contents insurance will pay money towards repairs or replacements. Be certain not to underestimate the worth of your valuables. It makes sense to pay for more expensive contents insurance that provides the strongest possible cover for your property.

Buildings insurance is equally important. It covers your house and all outbuildings like sheds, garages, and greenhouses against damage caused by severe weather conditions like heavy snowfall or storms.

It also covers accidents like fires and crime and vandalism. Likewise, the bursting of water pipes, leaking of gas pipes, broken roof tiles and chimneys, and the accidental breaking of windows are also usually covered by buildings insurance. Check each considered policy carefully for what is covered.

Conclusions

Needless to say, house repairs can be quite expensive. Buildings insurance is the best way to ensure you are covered for all those accidents and emergencies that are impossible to foretell and which would otherwise be a huge financial drain. Home insurance incorporating contents and building insurance provides peace of mind and protection for your home, family and finances.

Note from Jacob: It’s important to realize that even with home insurance coverage, you should still maintain an adequate emergency fund and home maintenance account in order to cover your home insurance deductible, other expenses that would endanger your earnings ability, and routine house maintenance that does not require tapping in to your home insurance.

How about you all? Do you have home insurance currently on your house? Do you feel it’s worth the cost? Have you ever had to tap in to your home insurance? Were fewer repair and replacements covered than you anticipated? 

Share your experiences by commenting below!


***Photo courtesy of http://farm1.static.flickr.com/189/471545870_f1a5f1346d.jpg

Cavalcade of Risk # 136 – Riskiest Sports Edition – July 27th, 2011

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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Welcome everyone to the July 27th, 2011 edition of the Cavalcade of Risk. The Cavalcade of Risk, as is implicated by the name, is a bi-weekly blog carnival that features the top articles regarding risk management.

My Personal Finance Journey is honored to be hosting the Cav again this week. The last time we hosted (on March 23rd of this year), we featured a bunch of very interesting articles and centered the Carnival around the theme of the riskiest jobs in the United States. What we saw was that fishing and logging-related jobs weighed in as the riskiest occupations, with MANY more deaths per 100,000 workers than the other top-ranking riskiest jobs.  


Continuing on with this theme of exploring high risk activities, the theme of this week’s carnival is the top 3 riskiest sports in the world. But, without further ado, let’s get on with the Carnival.

Listed below are this week’s Top 3 Editor’s Picks! Enjoy!

1. Jason Shafrin presents Does Physician income increase from treating more complex patients? posted at Healthcare Economist. 


This article presents a very interesting aspect about the ever-changing economic landscape of medical care. And, it was something that I could relate to since several members of my family are physicians as well. 


From what I’ve heard from my family members, more and more doctors these days are getting paid based on the number of patients they see, not the complexity or time each case takes to treat. Even though this doesn’t make total sense and I don’t understand the thought process that the hospitals/payers employed to arrive at the strategy, it seems to be the reality of what is occurring. Jason’s article seems to support this trend as well.


2. Russell Hutchinson presents The History of Life Insurance posted at Chatswood Consulting Moneyblog.

It was no surprise to me to learn that the concept of insurance is not new. However, I didn’t realize just how “not-new” it really was until I read this article. Russell’s article at the link above gives some very interesting accounts of insurance being seen 5000 or more years ago! Pretty cool stuff!


3. Henry Stern, LUTCF, CBC presents Risk Management and Cell Phones posted at InsureBlog.


Cells phones have really become a universal item for people to carry around with them. In fact, it’s becoming more and more prevalent for people to not have a home phone at all and just use their cell phone for all of their calling needs. 


While this does streamline a person’s life quite a bit, it also can create significant distractions – especially for people that get cell phone calls while they are driving. Henry’s article shares some interesting results from a comprehensive study showing that even hands-free cell phone calling while driving is not any safer than using a regular cell phone. This is definitely food for thought…

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3rd Riskiest Sport – Horseracing
Personally, I would never have expected that this activity would rank so high on the list. But, I suppose that any time you combine high speeds with beasts weighing in at close to 800 lbs that could run over the riders, you have some danger that could happen! 
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And, listed below are the best of the rest!

Stefan presents Calculate the risk of investments using the Altman Z-score posted at Skuzet, saying, “Always wanted to know how you can calculate the risk you take with your investments? Use the Altman Z-score to calculate the investment risk of your investments. Better though, use the Altman Z-calculator to calculate the risks on several selected stocks.”

Nancy Germond presents Most Exit Interviews Are a Waste of Time posted at Risk Management for the 21st Century.

Jaan Sidorov MD presents More On The Impact of Health Information Technology on Medical Practice: Errors of Ommission posted at The Disease Management Care Blog.


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2nd Riskiest Sport – Cheerleading
Before putting this list together, there was no doubt in my mind that cheerleading was dangerous. Cheer leaders often have to perform on an unforgiving mix of hard surfaces – grass, concrete, streets, running tracks, etc. Falls happen frequently, especially with cheerleaders being thrown up in the air.
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David E. Williams presents Is FDA getting ready to stifle innovation in diagnostic software?, saying “In regulating mobile health apps, the FDA seems to be heading down a path of requiring perfection in diagnostic software to eliminate the risk of error. If so, this will keep all such software off the market. That will stop the risk, but prevent the reward,” posted at Health Business Blog.
Van R. Mayhall, III presents Form F and Enterprise Risk: NAIC Expands Regulatory Authority under the Model Insurance Holding Company System Regulatory Act posted at Insurance Regulatory Law.
Julie Ferguson presents High hazard highway work zones: risky for workers and motorists alike posted at Workers’ Comp Insider.

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# 1 Riskiest Sport in the USA! – Cave Diving
All right risk experts – I’ve got a great idea for a sport. Let’s take a safe activity like scuba diving in open water (**wink wink**) and make it a little more exhilarating. Instead of being able to see a straight line up to the surface, let’s explore underground caves filled with ice cold water and even possibly, sea-dwelling animals! Sounds like a blast!!!! I’m in Jacob! 
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Well – that concludes this edition. Thanks for tuning in!

You can submit your blog article to the next edition of Cavalcade of Risk (scheduled for August 10th and hosted by Jason @ Healthcare Economist) using the handy carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Also, if you are interested in hosting the Cavalcade of Risk in the future, just send Henry (the organizer) an email by clicking here.

    ***Photo courtesy of http://search.creativecommons.org/?q=dangerous
    ***Riskiest sports ranking source – http://bet-grand-national.com/dangerous-sports.html

    Are Extended Auto Warranties a Scam?

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    Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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    Click here to enter my free giveaway for 5 copies of H&R Block At Home Premium Edition


    The following is a guest post from Bailey Harris. Bailey writes about online car insurance quotes for www.insurancequotes.org. 

    Are Extended Auto Warranties a Scam?

    When you buy a new car you will more than likely be offered the opportunity to purchase an extended warranty, which is intended to protect you over and above the manufacturer’s warranty. 


    In theory, these warranties sound like a good idea, but many people consider them unnecessary–some even call them a scam. It’s a debate that will probably go on for a while because the answer is subjective. 


    Are extended auto warranties a scam? The truth is that it depends on the buyer and the situation.


    What Is an Extended Warranty?


    An extended warranty is basically an insurance policy. It is designed to provide you with financial protection after the manufacturer’s warranty expires. The standard in the automotive industry is a three-year, 36,000 mile warranty. There are exceptions, but that is the most common. 


    An extended warranty will kick in after that and provide coverage for whatever length of time you choose. You will also have to decide exactly what is and isn’t going to be covered. Of course, the longer the period of time and the more detailed the coverage, the bigger your payments will be.


    Is It Necessary?


    The decision on whether or not to buy an extended warranty is totally up to you. No one can force you to, but car dealers and manufacturers would like to make you think you’d be sorry if you didn’t. In fact, they seem to try very hard to sell them, which would lead you to believe they’re extremely profitable–for the dealer and manufacturer. Following that thought to its obvious conclusion, the amount of repair work done under the extended warranty doesn’t measure up to how much you pay for them, otherwise they wouldn’t push them so hard.


    Are They Simply Selling Peace of Mind?


    Since those who are selling the warranty wouldn’t be doing so if they thought they’d lose a lot of money on it, it stands to reason they don’t think they have much to fear. Is what they’re selling you peace of mind? This is what makes it a subjective proposition–some people consider peace of mind extremely important; others would rather take the gamble. After all, isn’t any type of insurance designed to give you peace of mind?


    Decisions, Decisions


    As with any other type of insurance, the decision to buy an extended warranty should be approached pragmatically. Is the protection you receive worth the cost? In order to make an intelligent choice there are a number of things to consider. The more you know about an extended warranty and about the vehicle you intend to buy, the easier it will be to make an informed decision.


    Repair Record


    Research the repair records on the type of vehicle you’re going to purchase. There are a number of consumer reporting agencies that keep track of that sort of thing. If your vehicle has a fairly good record of reliability, then you may want to forego an extended warranty. On the other hand, if it is prone to certain problems after a lot of miles, the warranty may not be such a bad idea.


    How Long Will You Keep the Car?


    If you don’t plan to keep the car much past the time the manufacturer’s warranty will expire, then you probably don’t need the extended warranty. However, if you plan on driving the car until the wheels fall off, an extended warranty may well pay for itself over the course of your vehicle’s life.


    Understand What You’re Getting


    Before buying an extended warranty, make sure you understand exactly what it covers and how much the deductible is going to be. As with any type of service contract, you will probably have a choice in what is covered. Does the warranty pay for electrical problems? Is the drive train covered? How about labor? How much will you have to pay out of pocket before the warranty kicks in? These are all valid questions that you should consider before deciding whether or not to get the warranty.


    Is it a Scam?


    This is something you’re going to have to decide for yourself. It really comes down to two basic questions: Will you sleep better with an extended warranty? If so, is it worth the cost? Do as much research as you can, understand your options, and then make a decision. There is one other piece of advice that applies to this situation (and a lot of things in life)–once you’ve made a decision, don’t second guess yourself.


    How about you all? Have you ever purchased extended warranties for your car or other assets? If so, was it, in your opinion, worth the added cost? 


    Share your experiences by commenting below!

    Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.

    • Great article here Bailey! I very much enjoyed it, as it is not a topic that often gets posted about on My Personal Finance Journey.
    • @ Are auto warranties scams? Personally, I believe that they are not scams (regardless of how expensive they are), unless they mislead the purchaser to believe that they are buying a certain type of coverage, when in reality, they are not.
    • @ Are extended warranties worth the cost? The answer to this question is slightly more complex. However, I believe that the answer in most every case is “no,” they are not worth the added cost. Most of the time, these warranties are just ways for the dealer or selling party to make more money. 
      • Instead, I prefer to keep a sizable emergency fund to enable me to have the reserves needed to cover costs of unexpected occurrences.

    ***Photo courtesy of http://www.mediabistro.com/agencyspy/files/original/scam.jpg

    Cavalcade of Risk # 127 – Riskiest Jobs Edition – March 23, 2011

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    Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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    Click here to enter my free giveaway for 5 copies of H&R Block At Home Premium Edition

    Welcome everyone to the March 23rd, 2011 edition of Cavalcade of Risk. The Cavalcade of Risk, as is implicated by the name, is a weekly blog carnival that features the top articles regarding risk management.

    The theme of this week’s carnival is the top 5 riskiest jobs in the United States. It is truly amazing to me that the #1 riskiest profession has SO many more deaths per 100,000 workers than any of the others! Wild stuff!

    Listed below are this week’s Top 3 Editor’s Picks! Enjoy!

    1. Sustainable PF presents Local Insurance Brokerages – A Dying Service? posted at Sustainable Personal Finance, saying, “While you may think a local insurance broker is reducing your risk, the only risk you’ll encounter by using such deprecated services is a throttling to your bank balance.”


    2. Consumer Boomer presents Should You Buy Divorce Insurance? posted at Consumer Boomer, saying, “Starting over after the devastation of divorce may not seem so daunting if there is a bit of a safety net to fall back on. Here’s what you need to know about divorce insurance.”


    3. FMF presents How to Prepare for a Major Home Disaster posted at Free Money Finance, saying, “What you should do in advance to prepare for a major home disaster like a fire, flood, tornado, etc.”

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    5th Riskiest Job – Farming – 38 deaths per 100,000 workers
    Many farmers’ duties include operating heavy machinery, the biggest sources of hazards on the job.
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    And, listed below are the best of the rest!

    Bank Guru presents Is Lending Money Worth the Risk? posted at Bank Nerd.


    BIFS presents Are 2 Roth IRA’s, Stocks, and a Pension Enough for Early Retirement? posted at Budgeting In the Fun Stuff, saying, “I’m questioning if our current investments are enough to cover the risk we will be assuming for early retirement.”


    Julie Ferguson presents Are nurses and health care workers facing more on-the-job violence? posted at Workers Comp Insider, saying, “Are nurses and other health care workers at increased risk for on-the-job violence – and is this emblematic of a dysfunctional health system or just a sign of the times?”


    Henry Stern, LUTCF, CBC presents Show some CLASS, man! posted at InsureBlog, saying, “One of the risks of aging is the potential need for long term care. InsureBlog deconstructs the new federal long term care insurance program.”


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    4th Riskiest Job – Iron and Steel Workers – 45.5 deaths per 100,000 workers
    Most work at great heights, with the greatest cause of injury or death coming from falls. The majority wear harnesses and most job sites provide safety nets.
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    Jason Shafrin presents Japan’s Nuclear Fallout: The Health Impact posted at Healthcare Economist, saying, “The Healthcare Economist addresses the health risks inherent in Japan’s nuclear crisis.”


    David Williams presents Malpractice defense: Midgut Volvulus Following Gastric Bypass and Ventral Hernia Repairs posted at Health Business Blog, saying, “The last line of defense for a surgeon in risk management is to prepare a visual strategy to defend the case before a jury. Here’s how it’s done using a case study of gastric bypass and hernia repair”


    Nancy Germond presents Recent Earthquakes May Be Enough to Shake the Property Insurance Market | Risk Management for the 21st Century posted at AllBusiness.com.


    Mike Ross presents Home Insurance Meltdown: Is Nuclear Radiation Covered? posted at Insurance, saying, “Would your home insurance cover radiation damage from a nuclear meltdown?”


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    3rd Riskiest Job – Pilots and flight engineers – 67 deaths per 100,000 workers
    Full crashes are relatively rare. Conditions and risks are most acute for test pilots, who check equipment for new, experimental plans, and crop dusters, who are exposed to toxins and sometimes lack a regular landing strip. Helicopter pilots often engage in dangerous rescue.
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    Russell Hutchinson presents Commentary on Life Sales Numbers posted at moneyblog, saying, “Hutchinson talks about how the recent Christchurch earthquakes have affected life product sales – but not as much as tax changes and regulation.”


    The Amateur Financier presents Don’t Let Feelings of Safety Make You Take More Risk posted at The Amateur Financier, saying, “A guide to the risk of letting feelings that your financial situation is secure (without true knowledge of where you stand) cause you to take more risk than you can afford.”


    Jim Yih presents Caution before you cancel life insurance policies posted at Retire Happy Blog, saying, “Before you cancel life insurance make sure you’ve covered all the angles because you have one chance to make the right decision. Once you cancel, it’s really tough to get it back and in many cases, you won’t be able to get it back.”

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    2nd Riskiest Job – Logging – 86.4 deaths per 100,000 workers
    Highly concentrated in Alaska and Maine, loggers are susceptible to high winds, falling branches and hidden roots or vines that present great risks around chain saws and other heavy equipment.
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    Louise presents Does Colorado’s New Maternity Law Impact Underwriting? posted at Colorado Health Insurance Insider, saying, “My understanding of HB 1021 was that it didn’t change anything with regards to medical underwriting.  The bill states that pregnancy is still considered a pre-existing condition, which I would interpret to mean that carriers can use whatever underwriting guidelines they already have in place.  In the case of an applicant applying for a new policy, the “pre-existing condition” of pregnancy results in a decline, and I see nothing in HB 1021 that would prohibit this action.”


    Outlaw presents How Much is Renters Insurance posted at Outlaw Finance, saying, “Don’t leave it up to chance. Get renters insurance. It’s cheap and easy to get.”


    Susan Howe presents Why won’t Californians buy earthquake insurance? posted at Insure, saying, “If you think Californians’ reluctance to buy earthquake insurance is just about high deductibles and premiums, think again.”

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    # 1 Riskiest Job in the USA! – Fishers and related workers – 111.8 deaths per 100,000 workers
    Commercial fishers work in all kinds of weather, often hundreds of miles from shore with no help readily available. Crew members risk falling on slippery decks, which can result in serious injuries or even going overboard. There are also potential hazards of malfunctioning fishing gear and becoming entangled in large nets.
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    Well – that concludes this edition. Thanks for tuning in!

    You can submit your blog article to next week’s edition of Cavalcade of Risk (hosted by Money Blog) using the handy carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

    Also, if you are interested in hosting the Cavalcade of Risk in the future, just send Henry (the organizer) an email by clicking here.

      ***Photo courtesy of http://lh4.ggpht.com/goldhck/R-cc1RWn15I/AAAAAAAAAqg/2fQBIpLESBo/wm-Hi-Voltage+Job.jpg
      ***Source for riskiest job rankings – http://www.forbes.com/2008/08/25/dangerous-jobs-fishing-lead-careers-cx_mk_0825danger.html

      Using Your Tax Refund to Pay Premiums Is Like Getting Free Life Insurance!

      Today’s guest post comes to us from Denise. Enjoy! 

      Using Your Tax Refund To Pay Premiums Is Like Getting Free Life Insurance!

      Thanks to the Recovery Act, Americans are enjoying an average tax refund that is up nearly 10 percent! The average tax refund in 2010 was a record $3,036.00, up $266.00 from the previous year. Among provisions that have boosted refunds are tax credits for first-time homebuyers, increased child tax credits, and a deduction of state and local taxes on purchase of new vehicles. Unexpected income, no matter how small or big, is always welcome.

      Generous or small, there is a way you could put your tax returns to good use. Before you go out and splurge, think before you spend! You can make your money go a long way if you think first and then part with your money. The last thing you want to do is blow it away on something you would easily forget. At least make a memory that will last and possibly provide you with a good return on your investment.

      Although a tax refund is surplus money we paid to the government as our advance taxes, we tend to view a tax refund as if it is not our own hard-earned money. When money comes back to us in the form of a tax return it’s as if we received an unexpected gift!

      An online poll of how people will be spending their tax refunds reveals 58 percent will use it to pay down debts or use the money to pay bills; 31 percent said they would put it into savings and 11 percent said they would splurge it.

      What will you spend your tax refund on stemming from the 2011 tax changes? Coming out of the recession, it may be practical things like groceries, paying up your credit card balances, etc. While these are fine goals to keep, they should not come at the cost of leaving your loved ones bereft of a life insurance policy. In fact, a good way to put this money to work is by purchasing a life insurance policy or renewing your existing policy.

      While you are renewing your life insurance policy, you should check the beneficiaries as well. One of USA Today’s top five financial resolutions that could save you big money includes updating your beneficiaries on your insurance policies and retirement plans. Experts say that people often forget to do this. When they die unexpectedly, the money does not go where they want it to go.

      Think about this. With dwindling disposable incomes, many people have had to either stop payments on their insurance policy or take life insurance completely off their budget. If you’re one in this category, put your tax refund to good use by re-activating your life insurance policy or purchasing a new one.

      Times are hard, which is why it is more important now than ever, that you protect your loved ones against unexpected calamities that may jeopardize their future. All it takes is a little planning and putting the priorities of your family first.

      A professor of behavioral economics at Duke University, Dan Ariely says, “Very few of our decisions are based on independent, rational decision making. They are based on habits — if you’ve done something before, there’s a good chance you’ll do it again and again and again.” Here’s a good habit you could begin this year: Start using your tax refund to pay off your annual life insurance premium. In fact, paying your life insurance premiums annually, will work out to be cheaper than paying monthly premiums. And if you use your tax rebate to pay your annual life insurance premium, you might even feel as if you got a free life insurance policy since nothing from savings is being spent.

      Paying premiums on a life insurance policy is not as expensive as one might think. And having some insurance that you can afford is better than having no insurance at all. If you’re looking for a bargain, term life insurance works out to be more cost-effective than a permanent life insurance policy.

      Take for example, a 49-year old male, in good health, and living in California. A $1 million term life policy for level monthly premiums would work out to just $160. The same coverage for a permanent life policy would cost around $760.00. Because of this, you’ll definitely want to shop around before committing to purchasing a policy.

      How about you all? What are you planning to spend your 2010 tax return money on? Do you currently have sufficient life insurance coverage?

      Share your experiences by commenting below!

      Jacob’s Thoughts – Listed below are some of my random thoughts as I was reading through this post!

      • First and foremost, it is crucial to identify if indeed you need life insurance at all. If you are like me, and have no dependents (children) and are not married, it is really not necessary for me to have this form of insurance policy.
      • I absolutely cannot believe that the average tax return from 2009 taxes was over $3,000. Unbelievable! This is an interest free loan to the government! Wow!
        • Of course, I am no exception to this trend, as my tax return last year was ~$2,500.
      • @Paying your life insurance premium annually – I would be cautious about doing this. You want to make sure that it actually will be cheaper to do it this way, taking in to consideration the time value of money (a.k.a the potential interest you could be earning if your money stayed within your control).

      ***Photo courtesy  http://www.assetprotectionlawjournal.com/uploads/image/Happy%20picture.jpg

      Regulation 60 in the Life Insurance Industry

      My Personal Finance Journey Homepage

      Today’s guest post comes to us from Denise Manchini. Denise is a manager with AccuQuote.com, a leading Life Insurance Quotes company, providing free term life insurance quotes from some of the top-rated insurance companies in the United States. To learn more about her website, please visit the link above.

      Regulation 60 in the Life Insurance Industry
      Insurance companies are regulated both by the federal government and the state government. These regulations are designed to protect the integrity of a company as well as consumer rights.
      Regulation 60 is a consumer protection law in the State of New York that pertains to the replacement of life insurance and annuity contracts. Regulation 60 requires that insurance companies give out specific information and disclosure to consumers wanting to replace their existing policy with a new one.

      Agents are required to submit a “Definition of Replacement” form for every life insurance or life annuity sale. When a replacement is proposed that would cause the buyer to surrender, lapse or change the status of an existing policy, the replacing company must prepare a comparative analysis of the existing and proposed life insurance policies for the buyer. The process usually takes about three weeks. The agent and policy holder must review the form and both parties must sign the disclosure to verify that all parties have understood the requirements and have signed off in agreement.
      Regulation 60 Protects Consumers

      The main goal of Regulation 60 is to make sure consumers understand why they are replacing their existing policy for a new one. Life insurance jargon is, typically, difficult for the average consumer to understand. Regulation 60 enables consumers to make a side-by-side comparative study of the features of the existing life insurance product against the features of the proposed policy, in a format that is easy to read and understand. Regulation 60 includes projections and additional disclosures that include the main reason why the policy is being replaced and why the existing policy does not meet the applicant’s needs.
      With recent cases of abuse of investors’ interest being reported, Regulation 60 protects buyers from making an unwise decision choice. It protects the consumer from misrepresentation of a policy, misleading sale tactics, ambiguous terms, and falsified comparisons. Regulation 60 forces insurers to inform their clients about the pros and cons of a life policy so that consumers are able to make an informed decision.
      Before You Replace Your Old Life Insurance Policy

      While it is good to review your life insurance policy periodically, frequent changing of life insurance policies is not usually recommended since insurance products incur heavy upfront expenses. Very often, your existing life insurance carrier may be able to incorporate the changes you desire into your existing contract. In any case, you should consult your tax advisor to check if there are any unfavorable implications associated with the replacing of your existing life insurance policy with a new one.
      Get Great Life Insurance Quotes Online and Compare

      With that said, there may be life insurance products that can offer you significantly better benefits than your existing policy. With online life insurance quote providers, you can easily check out multiple life insurance quotes from the best life insurance carriers, for free and without any obligations. Comparative studies make it easier for you to review product features and make an informed decision.
      Replacing your existing life policy with a new one may be a good decision, or it may be a bad one. Make sure you understand the facts and study carefully the disclosure statement to comprehend the advantages and the disadvantages a change in policy would entail.

      How about you all? Were you aware of this regulation in the life insurance industry? Are you satisfied with your current life insurance provider/policy? Share your experiences by commenting below!

      Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

      ***Photo courtesy of http://www.godirect.co.uk/images/life_policies.jpg
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