Unlocking the Power of Life Insurance for a Secure Retirement: 4 Strategies Revealed

Posted on May 29, 2023 by James Paul

The much-discussed retirement crisis has transitioned from mere speculation to a stark reality, as inflation and interest rates have surged to unprecedented levels in recent months. In June 2022, consumer prices experienced a staggering 9.1% increase, marking the largest surge in four decades. This alarming trend coincides with a growing elderly population relying on fixed incomes, a situation exacerbated by the early retirements prompted by the pandemic. Consequently, a colossal problem has materialized before us.

Many older Americans remain oblivious to the fact that their life insurance policy possesses substantial value as a liquid asset. Contrary to common perception, life insurance serves a purpose beyond providing for loved ones upon one’s demise through the death benefit. In reality, permanent life insurance policies can offer a means to access funds for retirement planning and healthcare expenses precisely when they are most needed.

Regardless of one’s age or financial status, comprehending the genuine worth of your assets becomes crucial for realizing the retirement you truly deserve. Consider the following three methods through which your life insurance policy can contribute to funding your retirement aspirations.

#1 Explore the option of liquidating your life insurance policy via a life settlement

For millions of Americans that own a life insurance policy, selling it through a life settlement can be a great way to access cash when it’s most needed. A life settlement involves selling a life insurance policy for lump-sum cash payment that is more than the cash surrender value, but less than the death benefit. Despite decades of industry innovation and growth, some 200 billion dollars in life insurance is lapsed each year that could have been sold as a life settlement.

While the life settlement process once took 2-4 months, AI technology has expedited the process, making it easier than ever the get a life settlement valuation. Policyholders can now use a free life settlement calculator to instantly see how much their policy is worth based on a few simple questions. Just as you track the value of your house on Zillow or your car on Autotrader, understanding the value of your life insurance policy is critical to make the best financial decisions for you and your family.

#2 Acquire the monetary worth from a permanent policy’s cash value

When you make payments for your permanent life policy premium, only a part of it is allocated to cover the life insurance cost. The remaining amount is invested in an account that allows the cash value to grow without immediate taxation. As you get older, you’ll have the option to access the interest earnings from this investment account, which can help reduce the amount you need to pay out of pocket for your premium, while keeping your policy in force. In essence, the funds in this account serve as tax-advantaged emergency savings.

#3 Utilize a policy loan to borrow funds from your insurance policy

Americans with whole life insurance that have accrued enough cash value to cover the debt can also use their policy as collateral through a whole life loan program. One major benefit is the interest rate will be much lower than what you’d see with credit card debt or an unsecured personal loan. This allows the policyholder to get a one-time, tax-free distribution that can be paid off with interest in life or be withdrawn from your life insurance policy’s death benefit. Retirees might be able to go through their insurance carrier if whole life loans are offered or utilize a third-party whole life loan program instead.

This is a great alternative for seniors considering canceling their whole life insurance policy. While forgoing your policy will get rid of premiums, it will also get rid of your coverage. Whole life loan programs are a great way to avoid paying policy premiums without losing the death benefit.

#4 Retrieve the cash surrender value of an insurance policy

If you’re nearing retirement and can’t afford your policy premiums, you can choose to surrender a permanent policy, which immediately ends your coverage. Individuals who surrender their policy will receive a check that includes the cash surrender value of the policy minus the surrender fees. Cash-surrender value is the amount of money a policyholder receives by surrendering their policy to the insurance company, typically equivalent to the current cash value of the policy minus loans, interest, and surrender fees.

While surrendering your policy is an option, a life settlement will yield a significantly higher amount. Policyholders will receive one “take it or leave it” offer from their insurance companies if they choose to surrender, and only get a small return.

Your life insurance serves as more than just a protective measure—it holds significant financial value as an asset

As the senior population in the United States experiences rapid growth and is projected to comprise 20% of the total population by 2050, the challenges associated with retirement funding will persist unless adequate measures are taken. Life settlements have emerged as an increasingly embraced solution, particularly in light of recent economic instability. By unlocking the full value of your assets, you can achieve the retirement lifestyle you’ve long aspired to, without straining your finances.

5 Key Benefits of a Whole Life Insurance Policy

Posted on March 14, 2023 by James Paul

There are two broad categories of life insurance – whole life and term life. Essentially, term life insurance runs for a specified period of time, say 10 or 30 years and can be renewed depending on the terms of the policy. A whole life insurance policy, meanwhile, runs for the rest of your life.

Recently, term policies have been attracting more attention with consumers seemingly convinced that whole life insurance policies offer little value. We aren’t going to take sides on this. However, we believe that it’s in your best interest to make an informed decision.

So, we want to bring your attention to several key advantages of whole life policies to help you make the right decision.

Enjoy permanent cover

As the name suggests, whole life insurance covers you for the rest of your life. Even if you buy the cover when aged 25 and live to 80 years, you will be covered for all those years. This is different from term life policies that cover you only for the duration of the term, say 20 years. Once the 20 years elapse, you’ll lose your cover and may be unable to obtain a new cover at a good price because of your age and health.

You’re guaranteed a fixed death benefit

As long as you pay your premiums in full, your listed beneficiaries are guaranteed a fixed death benefit upon your demise. This is a major advantage considering that benefits from other policies tend to change. Universal life insurance benefits, for instance, change over time depending on premium payments and personal choices made by the policyholder. Usually, this means that you’re not completely sure how much your beneficiaries will collect when you die. With whole life insurance, you live knowing what they stand to receive.

The cash value component is a major plus

In addition to a fixed death benefit, whole life insurance also comes with a Cash Value Component (CVC) that gives it a distinct advantage. This cash value component not only grows at a fixed rate but can be used as a source of savings or to finance short-term goals. Also, the CVC can be obtained as a cash withdrawal if you choose to surrender (terminate) your insurance policy.

Tax benefits

Whole life insurance is also famous for its tax benefits. The cash value component of the insurance grows tax-free, making it an excellent saving vehicle. If you’ve exhausted your tax-deferred investment options, for instance, you can turn to the CVC to pursue your investment goals. It gets better; you can even use the CVC to pay for your insurance with pre-tax dollars.

Whole life insurance can be combined with other investments

It’s a somewhat complicated process, but yes, whole life policies can be combined with other investment vehicles such as real estate, private lending, and auto financing to accelerate your wealth.

Hopefully these five advantages have tilted the scales in favor of whole life insurance policies. They are a great option.

Everything You Should Know About Auto Insurance Cost and Risk Coverage

Posted on January 11, 2023 by James Paul

Car Insurance coverage is legally an unavoidable plight for most car owners and drivers. In the USA, all road-going vehicles must have auto insurance to safeguard against accidents or other financial exposures. However, it comes at a cost not everyone can afford.

Many drivers avoid buying car insurance or filing minor or even major claims after an accident. The scenario can be broadly explained as follows – due to high insurance costs, 1 out of 8 motorists choose to drive uninsured, and many even consider canceling their car insurance in order to afford other expenses. Moreover, with fluctuating economic conditions, people are trying to keep their costs as low as possible.

It is essential to get the proper insurance before you get behind the wheel for the first time. Having auto insurance ensures that you are covered for any kind of damage. Investing in a car is a huge deal for many. It is essential that you protect your investment with the right insurance.

Look for Insurance along with the Car

If you are looking for your first car, it is a good idea to start looking for insurance simultaneously. New drivers will typically pay the highest fees to insure their cars, and this usually makes it unaffordable to insure certain cars at all. This means if you are searching for your ideal first car to drive, you should look for it in tandem with searching for insurance policies. The last thing you want to do is to buy a car and then discover you cannot afford to insure it.

Even When your car is Off-the-Road

Indeed, even if you own a car that you aren’t currently driving, you will still need to get it insured unless you have what is called a Statutory Off Road Notification. This is known as a SORN, and the idea is that it covers vehicles that are kept in a garage or other location off road, and thus do not need to be insured. You must make the notification though – if you keep your vehicle off-road and you don’t notify the authorities, you could receive a fine. Thus you should always make sure you go through the proper process. If you decide to get the car out and start driving again, it is time to get insurance.

When you Are Remodeling your car

Another example of a time when you need to think about insurance is if you already own a car and you are looking to do a lot of work on it. If you are going to radically change how the car looks, you will be changing its value too. This could in turn, have a knock-on effect on your car insurance UK policy, so if you want to style your car you should look into the insurance possibilities prior to doing so.

When you Need Peace of Mind

Accidents happen and it is not going to your fault all the time. Sometimes, the other person’s mistake can become your liability. Insurance coverage will ensure that you can afford to repair or replace parts of it without going broke. For peace of mind, you must get auto insurance coverage. For many people, buying a car can be one of the biggest investments of their life. So, it is important to protect that investment with the right insurance coverage. Get insurance and rest assured that you will be compensated should anything happen to your car.

Save Time and Money

As you know accidents can happen and your mind end up being the guilty party. The fall-out of an accident can mean you paying up compensation. With an insurance coverage you can ensure timely settlement of the matter. The insurance will also cover cost of the repair and replacement, which means you will not be left out to dry. With the right insurance coverage you can save a lot of time and hassle.

How to Choose the right car Insurance

There are so many car insurance companies and choosing the right one is not that easy. When looking for car insurance, you need to make sure that you choose the company that offers the kind of coverage you want. The insurance provider needs to have experience, reputation and affordable schemes to match your budget. Do a little research online and look for online reviews to see what the other clients are saying about the company.

Listed below are some of the things you can do to lower your auto insurance cost

There are several alternative options for low-income drivers and owners who are just trying to make ends meet. Insurance Trak offers the widest selection of auto insurance programs at greatly discounted prices to help people from hitting the road uninsured. We have many useful suggestions consumers can use to make their insurance premium more affordable.

Check the market value of your car against the amount you are insured for – Ask your insurer to adjust the premium cost in accordance with the market value of the car to account for depreciation.

Choose a higher Deductible – Being willing to pay a higher deductible reduces your monthly premium. But, keep in mind the repair cost of an accident or any physical damage can be very high and costly.

Installing safety equipment – Get your car a new tracking device or alarm system. This will improve your car’s security, and may get you a discount on your policy. Once the tracking device is installed, inform your insurer and request a revised quote.

Have a good driving record – Driving records count for a policyholder. Drivers who are younger and have less driving experience will be charged insurance fees. Get a certified driving training course to build your driving record.

Do not make claims too often – Auto insurance claims, if made too often, will result in higher premiums. Claiming minor damage on your policy will drive up your premiums.

Keep your details updated – If you have moved to a different location in the same state, update your personal details within 24 hours. This may assist you in dropping your insurance premiums.

Choose your car wisely – In general, buying a high-performance car means greater risk to the driver and the car. So, high-performance cars call for higher premiums and more coverage.

Compare Insurance Quotes – Car insurance premium costs vary from company to company, so it pays to shop around.

Combine your household and car insurance together – A joint insurance policy of your home and car insurance can offer many benefits. You may have lower monthly premiums and maximum insurance coverage. Buy your homeowners and car insurance from the same insurer.

Maintain continuous car insurance history – Too much disruption in your car insurance history might increase your premiums. Maintaining continuous auto insurance coverage may help lower your costs over time.

The key to saving money is now in your hands!

How to Get Low Auto Insurance Quotes with Bad Driving Records

Recent studies show that vehicle insurance rates are still reasonable across the USA and actually going down in California. There are even studies suggesting that auto insurers should increase their rates because they are not making enough money. It is fair to say that you would enjoy these great low rates if you are a good driver. On the other hand, motorists with less than a perfect driving history may struggle to find affordable premiums.

What Makes You a Bad Driver?

Automobile insurers can offer great deals, but they can be very picky as to whom they offer these special deals. Some companies may be lenient towards established drivers after one traffic violation ticket or small claim. For example, you may only see a slight increase in your premium if you had one speeding ticket or fender bender in the last ten years.

However, you would probably see a significant premium hike if you have had more than one ticket or incident in the last three years. They may be for minor violations or a couple of fender benders. But the number and frequency of the incidents will be enough to put you in the high-risk driver category. Those incidents are pieces of evidence that your driving has been slipping down lately, and the chance of you causing a big accident is now high.

In addition, you can go straight into the highest-risk drivers group if you get caught driving under the influence of alcohol or other substances. Being charged with reckless driving can have similar effects as well.

How Can You Still Find Reasonable Rates with Bad Driving History?

Experts at DUI Law Office explain that DUI charges are considered a criminal offence and can limit your eligibility for driving at all. Here are some of the tips to help you reduce the premium when you are facing increased costs due to driving records.

#1 You Can Still Qualify for Other Discounts

Luckily companies look at a few other factors when they are pricing the premium. Each discount works independently from the other; failing to qualify for one doesn’t prevent you from claiming the other. You can still claim discounts for having a great credit score, being a member of AAA (or other recovery service providers), being a member of an association that qualifies for discounts with some companies, having a private parking facility, being married, and living in a safe zip code. Those discounts will reduce the burden a bit. Actually, a great credit score can qualify you for 20% discounts with some companies.

#2 Going for a Safer Car

If you are considering changing your automobile, this may be a good time to pick a safer and insurance-friendly car. Vehicles insured are one of the most influential factors on premiums. Most insurers don’t like sports cars with large engines or ones with bad safety records. You will have to pay a lot of money for car insurance when you have a high-risk car and a bad driving record.

#3 Telematics Auto Insurance

Pay As You Go policies can be a great way of lowering your premium when you are young or considered high risk. A little device is fitted on your auto that transmits information about your driving to the insurer. If you make a few improvements on your driving, you could get large savings from the next renewal. And most companies offering these policies give immediate discounts for choosing to agree to be monitored.

#4 Shopping Around

Getting a high quote from one insurer should not discourage you. You should get a few quotes since each company will price the risks differently. A large company may have the luxury of demanding three times the normal premiums when they come across a bad driver. But not all companies have the luxury of turning away applicants. They may be keener to offer better rates.

Technology to Improve Your Car Insurance?

Advances in technology are making almost every aspect of our lives easier than before. For example, you can do all your banking online, watch your favorite television shows anytime, and order groceries to be delivered right to your door. You might not think about it often, but technology can also change how you approach your car insurance.

If you’re concerned about the amount you’re paying for your insurance coverage, new technology could be the key to unlocking a greater discount on your premium. Many insurers now offer Usage-Based Insurance (UBI) plans, which ask drivers to install a telematics device to track their driving habits. These devices can record information about your acceleration, braking, and distance driving and then relay that data to your insurance provider so they can get a clear picture of your driving habits. In return, you could be eligible for a lower premium. Many companies offer a discount just for signing up for UBI, and up to 30 percent in savings when it’s time for renewal. In addition, studies have shown that UBI can change your driving habits for the better.

Of course, providing this type of information to a large company could raise some privacy concerns, so the Financial Services Commission of Ontario lays out the rules that protect drivers who sign up for UBI. Based on these guidelines, any information collected by your insurance company cannot be shared with a third party without your express consent. In addition, the information cannot be used to increase your premium, only to set a discount, review rating criteria, detect and prevent fraud, and manage claims. That being said, data from your telematics device could be used as evidence against you in a claim if it reveals that you were speeding or braking suddenly before an accident.

If you are concerned about claiming your insurance company, a dash cam is another way to use technology to your advantage. Dash cams can record your journey and events when your vehicle is parked. This means that your dash cam can provide footage of a car that hit you or catch a vehicle’s license plate unlawfully leaving the scene if you need proof to submit a claim. Like UBI, dash cam footage only works in your favor if you do not have any fault in a collision. Otherwise, you’re dash cam could prove a case against you.

Each year before its time to renew your insurance, you should be comparing quotes between providers. A lot can change in a year – both with premiums and your life situation – so the great deal you got last year might not be your best option anymore. Technology also makes it easy to compare car insurance quotes online. When doing your research this year, consider how UBI could lower your premium, and ask your chosen insurer if having a dashcam would benefit the claims processes.

The Bottom-Line

As you can see it is always wise to consider all the angles when looking for the right insurance policy for your own vehicle. Make sure to choose the right auto insurance company that offers a great deal and is reliable. No matter what type of vehicle you have, the right insurance coverage is very important for protecting your investment from all sorts of damage.

What Are The Benefits Of Outsourcing Insurance Verification Services?

Posted on November 18, 2020 by James Paul

It is a very time-intensive and daunting task for healthcare practitioners to focus on clinical and non-medical obligations parallelly. Therefore, outsourcing insurance verification services is the right option for physicians and other medical care providers.

If your administration is not efficient at insurance eligibility verification then it could lead to costly denials, aging AR and reduced pay-outs. Poor administration systems can result in excessive time spent on claim resubmission and rework required to appeal claims.

Ultimately, it will cause healthcare providers to face reduced cash flow and experience huge revenue loss due to the old and less efficient revenue cycle management system.

More often, it happens because most of the time patients think that the services they have received are covered under their healthcare insurance plan. In this way, the front desk staff could not identify that they also have to collect copayments from patients right at the time of service.

If you are struggling with such areas of problem then it is the right time to think about outsourcing insurance verification services.

If you have identified that you lack sufficient resources or equipment that can help you manage increased administrative responsibilities when there is increased patient flow_ then outsourcing can help you overcome these hurdles in the following ways;

#1 Manage Patient Flow:

With more customer base, comes greater responsibilities. Luckily, if you have achieved to increase patient flow across your clinical, hospital or any other healthcare facility then you should also adopt strategic-savvy solutions to manage the responsibilities as well.

Verification of a patient’s insurance eligibility criteria is the first and foremost step in revenue cycle management. The front desk staff should carefully verify that the patient has an in-network insurance plan.

So this information would lead medical billers to reimburse medical claims from the insurance payers at the backend of your office.

If a third-party workforce will manage your front desk responsibilities then physicians can find sufficient time to focus on their core business capabilities_ patient care services.

When physicians get rid of the excessive burden of paperwork they become better able to focus on patient care services. In fact, outsourcing insurance verification services would give your clinical staff relief from chasing patients or insurance companies in order to follow up on medical claims.

#2 Optimize Revenue Cycle Management:

It is essential for providers to pay attention to their business operations. No business can ensure sustainability in the long run without responsible administration.

Therefore, physicians and other healthcare practitioners should opt for well-experienced management to drive optimized revenue in return of their hard-earned services.

Reliable offshore revenue cycle management companies also take responsibility for front desk services. Mostly, advanced billing agencies provide innovative solutions to automate repetitive steps in the process i.e. sending alerts and reminders to payers, following up with insurance payers.

As a result, you can closely monitor the payer’s policy details and payment dues. Outsourcing insurance verification services to professional healthcare finance experts would allow you to analyze quality metrics of each step during the execution of administration procedures.

Most importantly, it would help to smooth out the execution of your business operations. Ultimately, it would successfully save your time and effort while driving more profitable results. Hence, it will make your medical practice more efficient and less exhaustive.

#3 Eliminate Risk Factors:

It is wise to acquire professional assistance to accurately verify the insurance eligibility status of your patients. It will contribute a lot to reduce risk factors that can occur due to human-mistakes and affect your medical billing process negatively.

Do not let your business bottom line decline due to incorrect medical procedures that occur to poor insurance eligibility verification systems.

Because, if the front end staff would not sufficiently pay attention to the fine details then it will result in such information flow that will flow down to the process of medical claim preparation procedure without getting noticed.

In this way, when medical billers transfer these medical claims to the insurance companies then they ultimately deny it. That will hold you back to collect your right revenue.

When you prioritize to streamline your front desk staff responsibilities with reliable medical billing solutions then you can successfully make sure that you are getting paid more and faster.

In that case, you will also have not to invest your valuable time in denial follow-up and recovery services.

$4 Stop Claim Rejection:

Outsourcing insurance verification services lead you to consult with healthcare revenue cycle management experts. With greater expertise, they help you deal with red flags and drive optimized results in terms of increased revenue.

How?

Well, they provide reliable billing solutions that keep records of real-time information about patient’s data. So that you can never miss out on any update or changes in the patient’s insurance coverage plan.

In this way, they eliminate every error and mistake related to the patient’s healthcare information including insurance coverage. As a result, they reduce the claim rejection rate for your medical practice in order to ensure maximum cash flow across your organization.

#5 Accelerate Medical Billing Process:

When you outsource insurance eligibility verification management to a reliable medical billing company then you will experience a significant improvement in the overall medical billing system.

The professional medical billing experts know how to collect, verify and process important information to drive profitable results. That enables healthcare providers to improve their productivity with less stress.

In fact, once billing experts would monitor changes and collect up-to-date patient data then they would guarantee that none of your claims stays unpaid for long.

Hence, it’ll make healthcare practitioners better able to receive maximum revenue. In that case, patients would not also need to suffer from payment complications.

Because professional medical billing specialists would closely monitor revenue cycle management from data capture to reimbursement. It would also reduce the chance of abusive or fraudulent medical billing practices.

Conclusion:

Due to the rapid development in the healthcare industry, it has become necessarily important for medical practitioners to focus on better opportunities to improve financial stability.

They should adopt innovative and impactful medical billing solutions to streamline the revenue cycle management system. One of the useful solutions is outsourcing insurance verification services to well-experienced medical billing agencies.

Want to unleash the maximum revenue potential of your healthcare business? Medcare MSO is the most reliable medical billing company that provides all-inclusive medical billing solutions to streamline revenue cycle management and drive positive business outcomes.

Major Factors Affecting Rock Climbing Insurance Rates

Posted on August 4, 2020 by James Paul

Life insurance is closely related to the risk factors involved in human life. Rock climbing is also one of them. If rock climbing is your passion, you can go for a life insurance policy and take advantage of the related terms in case some unfortunate happens in the future.

While going through the process of underwriting some life insurance policies, related companies check various factors including health risks. Depending upon the types of rock climbing you are involved in, there are various types of insurances with different terms and conditions available in the market.

As rock climbing is a high-risk activity, the rates of premiums can be high, especially in the case of outdoor climbing. The installments and the actual amount you pay for such insurance vary from company to company. Some major factors that affect the rates of rock climbing insurance are:

Types of climbing:

A rock-climbing term can include all the important types of it. Mainly, it comprises – hiking, bouldering, alpinism, climbing unroped, etc.

Climbing alone or with others:

Mountain climbers can climb either alone or in a group. In a group, there is less risk to the life of climbers as other persons can help them in dangerous situations. But, while climbing alone the risk factors increase.

Frequency of climbing:

People like to climb a mountain frequently one after another year. This can be due to a hobby, challenge or to gain some awards. Some companies limit the times of certain climbings performed by a person annually.

Heights of mountains:

There are various types of mountains that a person would like to climb. Some of them are so high that their altitude can cause serious sickness to a climber.

There are several things an insurance provider needs to evaluate while underwriting the policy. Some of them are age, rock climbing excursion frequencies, the altitude of mountains, climbing experience, geographical conditions, etc. A health insurance policy has several terms with options for different individuals. Apart from covering a risk factor, a person can also explore other benefits related to health insurance. This can include things such as reasons, types, prices, savings, and the quoting process of a certain plan.

Often, the rates of indoor climbing are less in comparison to outdoor climbing performed in different parts of the world. To lower your rates of rock climbing insurance premiums, take care of the following things:

#1 Conditions of the policy:

Some insurance policy providers get ready to keep a person in the regular rate slabs on certain conditions. For example, many of them can do so if the benefits of death risk are excluded from the terms.

#2 Selection of a mountain:

Rates can increase or decrease according to the altitude of a mountain. If a person is going to climb a high mountain, the rates can also be high. This is because there is more risk to the life of persons climbing a high mountain.

#3 Time spent during mountaineering:

As much time people spend climbing a mountain, so the risks to their life increase. This is due to the low oxygen level in the air in a high altitude area. In such a condition where health risks are increased, the insurance companies increase their rates.

Keeping these things in mind, you can present your qualifications, credentials, knowledge, and experience of mountaineering to your selected policy providers. They can tell you the best ways such as using safety equipment at the time of climbing, choosing certain types of mountains to climb, deciding a proper number of climbing attempts, etc. Then, it will become easy for you to choose a specific policy term.

Car Accident During Pandemic- How To Keep Your Compensation Safe

Posted on July 16, 2020 by James Paul

The world is going through a major crisis right now, with the COVID pandemic being in full swing. The last thing you would want to get involved in is a road accident. But despite lesser traffic on roads, mishaps can happen anytime and anywhere. So you need to be well-aware of handling a car accident claim during this critical situation. If you happen to get injured, you have to do the best to keep your compensation safe with the right measures so that you get the settlement value you deserve. Here are some ones to take while filing a personal injury claim during the pandemic.

Maintain social distancing

Even as you do the basics after the accident, it is vital to maintain social distancing at all times. After all, you cannot get into a bigger fix by contracting the virus along with your injuries. Keep a safe distance as you interact with the other driver, policemen, and eyewitnesses. However, don’t miss out on vital pieces of information and evidence because they can make all the difference to the case. Jot down all the important details such as the registration number of the vehicle, contact details of the driver and eyewitnesses, weather and road conditions, the events that led to the accident, and any important facts. Considering the stress of the situation, you may forget them, and having things in writing is good. Take pictures and ask the police for a copy of their report as well. But make sure that you are at least six feet away and have your mask on all the time.

Seek requisite medical attention

Seeking prompt medical care after the crash is mandatory, even in the pandemic. Still, a telemedicine appointment may be a better approach in the current scenario if the injuries are minor and do not require immediate treatment. However, you will have to get a complete check and proper treatment if there are major injuries. At this time, it is better to seek treatment from an independent practitioner because of the local healthcare system constraints. In any case, you shouldn’t delay medical evaluation if you want fair compensation for an injury, whether major or minor. Only a doctor can provide you the documentation that is essential for proving the claim. Further, they will prescribe the appropriate treatment, which can help in the calculation of claim value.

Be prepared for delays

Needleless to say, COVID-19 has impacted the entire aspects of life. Obviously, you can expect delays in the process of dealing with car accidents as well, right from your medical treatment to negotiations with insurance companies and legal lawsuit formalities if the case goes into court. Non-emergency treatment procedures, such as elective surgery and physical therapy are at a lower priority in the prevailing overwhelmed healthcare system. Similarly, the timelines for insurance claim processing and personal injury lawsuits are delayed as well. You may expect to be coerced by the insurance company to settle for a lower offer. But make sure that you don’t give in and fight for what you fairly deserve.

Having an experienced attorney handling your case is all the more important in the pressure situation right now. They can keep all the aspects covered and give you all the confidence you need to navigate the tough journey.

Dealing With Road Rash Injuries In Motorcycle Accidents

Posted on May 26, 2020 by James Paul

Motorcycle accidents often lead to serious injuries like broken bones, traumatic brain injuries, and spinal cord injuries. Something that is more common and less threatening is road rash, which occurs if the rider is thrown from the bike and slides across the road or the pavement. The concrete rubs against the skin or thin fabric and ends up causing significant scrapes, cuts, and bruises. Although the injuries may not be fatal, they can still result in serious infections, which can lead to scarring and nerve damage if not treated properly. As a victim, you need to realize that getting compensated for road rash is as important as claiming it for any serious injuries in a motorcycle crash. Let us explain in detail how to deal with road rash injuries.

Understanding the types of road rash

Road rash may be much more than cuts and scrapes. Moreover, you can suffer from different types of road rash injuries at one time. These include:

Avulsion: The most common type of road rash, avulsion refers to scraping of the skin, potentially exposing the layers of muscle, fat, and even bone underneath. It can cause permanent scarring and may have to be treated with plastic surgery or skin graft surgery. Understandably, treatment is often painful and expensive.
Compression: In a compression injury, one or more parts of the body are trapped between the road and the motorcycle. The victim can suffer from extensive bruising, muscle damage, and even broken bones.
Open wounds: In yet another type of road rash, the victim can sustain an open wound. The wound may have to be treated with stitches or may even require skin grafts in more severe cases.

Treating road rash

Getting immediate medical treatment for road rash injuries can reduce infection, scarring, and disfigurement for the victim. Depending on the degree and extent of your injuries, it can be complicated and costly. While stitches and dressing may work for some wounds, you may require a skin graft or plastic surgery for others. Considering the impending medical costs, it is best to have a seasoned motorcycle injury lawyer to handle your claim and get you the compensation you deserve. Apart from the treatment costs, they can also help you claim for the pain and suffering and other typical damages like loss of income.

Knowing the emotional consequences of scarring

Although road rash may not be as serious and debilitating as spinal cord injury or traumatic brain injury, the impact may be lasting. In some victims, it may cause permanent scars or disfigurement that have life-changing emotional consequences in the long run. Altered appearance affects the self-confidence of the victim and the emotional trauma they suffer is often far more than skin deep. The victim may suffer from depression, stress, and anxiety for a lifetime. The pain and discomfort of procedures such as plastic surgery are lasting, while some may even experience social isolation. Obviously, anyone who goes through such trauma deserves much more than a basic compensation.

An experienced motorcycle injury attorney can help you prove your suffering and ensure that you don’t get anything lesser than what you deserve. After all, you cannot let the insurance company or the guilty driver use road rash to their advantage.

Getting A Better Understanding Before You Buy Insurance

Posted on May 23, 2020 by James Paul

Is it wrong to want to look after and take care of our family? Is having a plan of action in place in the event something unfortunate had to happen so unheard of, or are people just not that worried about it anymore, for me I’m all about being prepared.

This doesn’t go to say that I have all the answers or that I have a solution for every situation thrown at me, but I do try my best to be on top of things, and not just the ‘over’ sun screening when my kids are down the pools in the middle of summer.

My husband and I have many policies and protection plans in place to take care of and support our kids if one or both us, touch wood, were to pass away while they’re still young.

I dread the thought of them having to deal with something like that at any age, but to have the burden of how to take care of it financially thrown into the mix is unfair, and one I wouldn’t want for anyone who has just lost someone.

We don’t have all the answers, we can’t see into the future but we can try to be prepared for it, read up on PolicyReviews and see the benefits of having a safety net in place and the options you have available to you to get you started on your insurance journey.

How to choose insurance

To start you will need to think of and consider whose all involved, who will need taking care of and collaborate this with your available budget, this combined with your needs will give you insight into what features you should be looking for in specific companies.

A great option would be to speak to your employer, many companies have medical and insurance cover they contribute to employees as a tax incentive and as an added help for you, win-win.

If your firm does not offer such a perk there is still the option of going private, while this may increase your monthly contributions, can you put a price on the lives of your family? There are payment plans, high-interest investment options, and basic starter levels you can look into in the beginning, and build from there.

The plan you have in place may cover you for emergencies and any hospital trips that could pop up expectantly, but try not to use it for medicines. There are government-run clinics in most areas, and if you ask your local pharmacist they should be able to assist you with a generic, less-expensive version of the medicine you’re taking or needing. Save your money.

What to look for in an insurance company

Any reputable company will be on the first page of company search results, the features they offer will be many and of quality, they will be experienced with years in the trade and have the satisfied customer reviews to back them up.
Customer service. This was a big factor for me when we were opting for our cover plan, if the business you are looking to use can’t treat you as their most important client and listen to your needs, then how do you expect them to take care of your family if you aren’t there?
One reason why many people don’t have any cover, the companies they looked into were either unreasonably priced, did not offer an alternative arrangement to implement some sort of cover, or were too busy to take on someone who might not be a high-flyer but doing the best he can to take care of his loved ones.
Multi-discounts. Offering you a lower rate if you opt to choose added features or policies with them shows they are eager to keep you as a customer and that they have options for all situations you could benefit from.

Many people are going through the same decisions as you are, some of whom you can read their stories about here, and see you are not alone in this when it comes to being overwhelmed.

The key is to take your time and do your research, the fact that you have taken this step, to begin with, is one your family will appreciate more than any money could offer.

Here are all the Top LIC Policies to Invest in 2020

Posted on March 14, 2020 by James Paul

Life Insurance Corporation (LIC) is the most trusted life insurance brand in India. This public sector insurance company offers a high range of products to its customers. Formed in the year 1956, LIC enjoys a monopoly in the Indian insurance segment. It is known for maintaining a high claim settlement ratio and is the oldest insurance company in India.

LIC policies often act as a family’s guardian during the unforeseen circumstances. It offers a large variety of insurance policies that can fulfil the individual demands of the customers. Therefore, purchasing a policy that would serve ones needs can be time-consuming and difficult. The following are the top LIC policies in India that you can consider for investment in the year 2020.

Top LIC policies to invest in 2020

LIC Jeevan Anand

LIC Jeevan Anand is a whole life endowment plan that provides coverage until the insurer’s death, even if the plan matures by that time. As the name itself suggests, Jeevan Anand is a non-linked participating plan and offers the benefit of protection as well as savings. The following are the key features of LIC Jeevan Anand:

The policyholder must lie between the age group of 18 to 50 years.
The maximum age of maturity is 75 years.
The premium has to be paid for the whole tenure of the policy.
The policy term can be of 15 to 35 years.
The term for paying the premium is equal to its policy term.

The LIC Jeevan Anand policy also offers the provision of tax exemption on the premium that is paid and added top-up covers.

LIC e-Term Plan

The e-Term policy of LIC is a life cover policy that offers financial security to the family of the insured. No agents are required during its application as it can be done through the online mode only. In this policy, the insured pays a certain sum assured for the event of his pre-matured death. The following are a few features of a LIC e-Term Plan:

It is available in LIC’s official website.
The application can be done only for one’s own life.
There is no availability of loans in this plan.
The policy term should be within 10 years to 35 years.
The policyholder must fall within the age group of 18 to 60 years.
The premium has to be paid on a yearly basis.

LIC e-Term Plan offers coverage at quite affordable premium rates along with a flexible mode of paying the premium.

LIC Jeevan Akshay VI

LIC Jeevan Akshay VI is a policy that can be bought by paying a round sum amount. This pension plan is non-unit linked and provides for the payment of the annuity of a fixed sum which extends for a lifetime. The following are the major features of a LIC Jeevan Akshay VI plan:

It covers individuals from the age group of 30 years to 85 years.
LIC Jeevan Akshay VI includes a single premium policy.
There are no maturity benefits
There is no loan option available.
No medical examinations are required.

LIC Jeevan Akshay VI offers benefits such as annuity payment and tax benefits.

LIC Jeevan Saral

LIC Jeevan Saral is an endowment policy which is only available with insurance plans that are unit-linked. It is usually associated with a lot of flexibilities and double death benefits. The following are the main features of the LIC Jeevan Saral policy:

The policyholder must lie between the age group of 12 to 60 years.
The policy term can be from 10 years to 35 years.
Payment for this policy can be done monthly, once a quarter, half-yearly or yearly basis.
A loan can be availed on this plan.
There is a provision for loyal additions after completing 10 years.

LIC Jeevan Saral has excellent features and provides numerous maturity benefits too.

LIC Amulya Jeevan 1

LIC Amulya Jeevan is an insurance policy whose primary function is to provide protection. In this policy, the nominee gets the entire sum after the death of the insured. On maturity of the plan, nothing is payable. The following are the key features of LIC Amulya Jeevan:

The policy can be purchased for a term of 5 years to 35 years.
The policyholder must lie within the age group of 18 years to 60 years.
The policyholders can enjoy income tax benefits.
The minimum value for which the policy can be taken is Rs 25,00,000 but there is no maximum limit.

LIC policies suit the individual needs of the person and provides lifelong financial assistance to the insured. It is the most trusted insurance company in India. As it offers a varied number of options to the people, one must make sure that they go through the features associated with every plan before opting for one. It will help an individual to choose a policy that will completely cater to their requirements and therefore, stay secured.

SSDI – What You Should Know About Social Security Disability Insurance

Posted on February 19, 2020 by James Paul

The way our generation is going today, the chances that we will all be able to work until we hit retirement is quite low. The idea here is to not discourage you but to help you face the harsh reality of life that can often throw curve balls at us. Disability is one such curveball that no one prepares you for. On the bright side, you have got social security.

Now, you might assume that social security is a program to do with providing income for old and retired U.S citizens, but there is more to it. There is another side to this where you will be given disability benefits depending on your work History. This benefit then becomes one way of earning an income that is not affected by things like inflation if and when there comes a day where you cannot work anymore.

The types of SSDI to look out for:

Social Security Disability Insurance is specially designed for workers who become disabled. This program provides them income that they lose due to the disability.
The Supplemental Security Income is more to do with the need of the worker rather than work History. Disability is not the primary criteria for this program.

Eligibility criteria for Social Security Disability Insurance:

Qualifying for an SSDI is not very complex, except there are clearly stated criteria to be met to reap benefits from this program.
To begin with, the place you work at should have covered you (the employee) with social security for enough time.
There is a test that looks at the duration of your work period and the minimum requirement for each person depends on their age.
If you are below the age of 28 and have become disabled, then you are required to have worked for one and a half years.
If you are disabled after the age of 60, then the requirement of the employment period extends to nine years and more.
There is also an additional test that looks at your recent work. The requirement is that you need to have worked for a duration based on your age, as stated before, right before you became disabled for you to pass the criteria.
Needless to say, the most important criteria is that you must be disabled. Though the SSDI benefits are also given to employees who are not able to work due to medical complications that have lasted a year and more or have resulted in the employee’s untimely demise.
There will also be a verification to ensure that you are not able to work entirely because SSDI does not cover partial disability or disability caused by accidents that result in temporary disability.

How much monetary assistance to expect?

The way this works is similar to how retirement benefits are provided to employees who hit retirement. The average taxed earnings will be used to come up with the sum for your social security disability insurance benefits. Now, if you were to compare, the amount you would have received after completing retirement age would be more, however, the difference is not blaring. The only reason the comparison is even made and retirement benefits win is because employees have had the chance to earn up to the end of their employment, unlike with employees who became disabled midway.

For disabled employees, the disadvantage is that they pause work during the peak years of earning and that makes the SSDI benefit calculations lower. For an estimation of how much you might receive through SSDI, take a look at your latest social security statement. It has got enough information on Medicare and SSDI benefits and the latest updates as to what to expect each year.

The application process:

The disability claim process is not very intricate, applications can be found online but you will need to have a few documents and details in order.
You need to have your birth certificate, social security number, medical details with full History updates post disability (your standardized prescription, doctor and hospital names, lab results, scans and other relevant medical records.)
Concerning your work, you need to have your most recent tax return and proof of work history.
Apart from this main application form, there are a few follow-up forms that need filling as well. There might arise a requirement for your healthcare providers to also fill some forms for the Social Security Administration (SSA) to take a call on whether you meet their disability criteria.
The whole ordeal might take some time to go through. From the application to validating the proof of documents is a few months’ journeys, at best. The disability evaluation is a careful process and that explains the time taken. If you are disabled, ensure you exercise on your rights to the benefits as soon as possible by applying for the SSDI promptly.

Some additional benefits to keep in mind:

Family can also reap the benefits of the SSDI as well. It is not restricted to those who do not work only.
If you have a spouse who is required to be at least 62 years of age, they may apply.
If the said spouse does not meet the above requirement but cares for your child who is disabled and is below the age of 16 years, they may apply.
Children under the age of 18 may apply.
Disabled children above the age of 18 and below the age of 22 may also apply.

In cases where multiple family members fit the criteria of getting benefits, there is only so much money that will be paid out based on each employee’s record. It is important to keep this in mind while applying. SSDI benefits are valuable when one becomes disabled, but it is also recommended to still look at other disability income insurance to assure financial safety and that your family’s day-to-day needs are met.