Types of general insuranceGeneral insurance only pays out when an insured event occurs. It includes:home insurance (contents and/or buildings)car insurancetravel insuranceprivate medical insurancepet insuranceaccident, sickness or unemployment insurance to protect your income, mortgage or loan payments (also called ‘Payment protection insurance’)critical illness insurancelong-term care insurance
How to shop around for general insuranceWith so many insurance deals on the market it’s worth shopping around. Key points to compare include:suitability for your particular needscostflexibility: what happens if you miss a payment or wish to cancel or switch?terms: when does the policy pay out/are there restrictions?’Keyfacts’ documents to help you shop aroundWhen you contact an insurance provider, they will give you details of the service they offer. This can normally be found in the ‘about our service document’.Once you’ve discussed what you need and answered all the questions about yourself and what you want to insure, the intermediary, insurance company or the firm selling you the insurance will give you key policy information. This sets out the essential facts.
1. Buying insurance – learn more on Moneymadeclear from the FSA:
Getting helpYou can buy insurance yourself or with the help of a broker, but either way you’ll get key policy information about the insurance and what it covers.Generally, firms selling insurance and those providing insurance cover (underwriting the risk) have to be regulated by the Financial Services Authority (FSA), the UK’s financial services regulator, or be the agent of a regulated firm. There are some exceptions, for example the sale of extended warranties on non-motor goods (such as on electrical goods) where the person selling the insurance is also providing the goods.Regulated firms and their agents are put on the FSA Register and have to meet certain standards. Always make sure that the firm you use is on the FSA Register before handing over your money. If they aren’t regulated by the FSA, you won’t have access to complaints and compensation procedures if things go wrong – see If things go wrong. To find out if a firm is on the FSA Register, see Check the FSA Register.Your friends or family may recommend an insurance broker or insurance company or you can find one along your high street.
Alternatively there are organisations that can help you – see Useful links. But remember, always check that the firm you use is on the FSA Register.If the firm is not on the FSA Register, or if you have been contacted by or dealt with an unauthorised insurance firm or broker, it would help the FSA if you would provide some information on your dealings with that firm or individual. See its list of Unauthorised firms/individuals and report any dealings using its Unauthorised firms reporting form.Buying without adviceYou don’t have to get advice before you take out an insurance policy, and UK firms that sell insurance without advice still have to follow the FSA’s rules. But it is up to you to decide whether the policy is suitable for you. You may have less grounds for complaint if the product turns out to be unsuitable.Comparison websitesComparison websites will ask you several questions and then provide you with quotes from various brokers and insurers. None of the websites cover the entire market, and some larger insurers are not represented on any of the websites, so you may wish to contact them directly. The comparison website should contain a list of the brokers and insurers they search.Some insurance comparison websites may ask you fewer questions to speed up the process, and instead make a number of assumptions about you. Always check the assumptions made about you and correct them where necessary.Most comparison websites will automatically pass your information on to a broker or insurer.
Although this means you don’t have to provide them again, you should check that the correct information has been provided to the broker or insurer. If anything is incorrect you should either change the information on the broker or insurer’s website, or contact them and ask them to change it.The Association of British Insurers (ABI) has a voluntary good practice guide for insurers, brokers, software houses and insurance comparison websites when providing online price comparison quotes for insurance.This will mean that you’ll get information to help you understand more about the policy you’re being offered. It also says that insurers who are unable to provide a quote to a customer (for example due to age or health) should refer them to another provider who may be able to offer them cover.When using a comparison website make sure:adverts about the site don’t make misleading claims about their market coverage – none of them covers the whole market, so if they claim to, this is unlikely to be true;you fully understand what savings you can make if the firm is advertising what looks like an attractive rate;the assumptions made about you are accurate and the same as the ones on the insurer’s quote; andyou understand what excesses you might have to pay.See our Shopping around guide for more information.What information will you get?When you contact an insurance broker they will give you:details of the service they are offering you – see Step 1; andinformation about the insurance policy being offered to you – see Step 2.Step 1 – Getting the KeyfactsWhen you contact an insurance provider, they will give you details of the service they offer. It may be in a about our service document, but doesn’t have to be.
They will tell you:whether they’re offering you advice or just information about the product;whose insurance policies they offer – it may be from one company or many; andhow much you’ll have to pay for the service.Use this document, or information to shop around to get the service you want at the price you’re happy with.Step 2Once you’ve discussed what you need and answered all the questions about yourself and what you want to insure, the intermediary, insurance company or the firm selling you the insurance will give you key policy information. This sets out the essential facts. Ask questions if you don’t understand anything as misunderstandings could lead to the insurance company refusing to pay out when you claim.The policy information will set out:what the insurance policy actually covers;what it doesn’t cover;any limits or restrictions; andother important features you need to know before you make up your mind.Make sure you get this and that you read and understand it. Ask the provider or insurance company to explain anything you don’t understand.Use this document to shop around and compare like with like. Another policy may be cheaper but does it offer the same cover?
2. How to check if a firm is FSA authorisedYou can check whether a firm or individual is FSA authorised by using the FSA online ‘Check our Register’ service.Find out how to use the FSA Register and what to consider when looking for a firm or individual.
Firms are put on our Register once we have given them permission to carry out a particular activity. Firms that work as ‘agents’ for other firms are also on our Register and are also known as ‘Appointed representatives’ or ‘Tied agents’. After that we monitor that they follow our set standards, known as being ‘regulated’.
Always make sure that the firm you use is on our Register before handing over your money. If they aren’t regulated by us and things go wrong, you won’t have access to complaints procedures and compensation schemes, for example the Financial Ombudsman Service and Financial Services Compensation Scheme (FSCS). Some payment services firms do not have to be on the FSA register until May 2011, but you can still take complaints against them to the Financial Ombudsman Service.
3. The difference between information and adviceYou can buy insurance after getting advice, or based on information after shopping around. Read our related article to understand the difference between buying with or without advice and the relative pros and cons.
The difference between advice and informationWhen you get insurance advice, the broker or adviser looks at your individual circumstances and needs and recommends a policy to meet them. This often involves a face-to-face meeting, but you can get advice in other ways, for example by telephone, email, or through the post. Under FSA rules, if the advice turns out to be unsuitable you have the right to complain and, in some circumstances, may be able to claim compensation.Buying without adviceUK firms that sell insurance without advice still have to follow FSA rules, for example by providing you with certain information about their service and products (see next section). But if you buy this way it’s for you to decide whether or not you think the policy is suitable for you. If things go wrong it may be harder to complain.Information the insurance broker must give youFSA authorised firms must follow certain rules and standards when dealing with you, including giving you certain information.Information about a broker’s serviceWhen you contact an insurance provider, they will give you details of the service they offer. It may be in an ‘about our service document’, but doesn’t have to be.They will tell you:whether they’re offering you advice or just information about the productwhose insurance policies they offer – it may be from one company or manyhow much you’ll have to pay for the serviceUse this document, or information, to shop around to get the service you want at the price you’re happy with.Information about the insurance policyOnce you’ve discussed what you need and answered all the questions about yourself and what you want to insure, the intermediary, insurance company or the firm selling you the insurance will give you key policy information. This sets out the essential facts.For investment-type insurance they must give you a more detailed key features document which includes an illustration of how your investment might perform over time.
Insurancematter.co.uk is a categorized and easy to use directory of the best online insurance sites available for British Customer. Each insurance site in our directory has been reviewed and placed in a proper category to make it easier for online shoppers to find at home or at the office and buy their desired cheap insurance online. In addition, for your convenience and in order to have more choices when buying online, we have added some great international insurance web sites that are mostly located in the USA & Canada and they deliver insurance service to the UK.
In order to help British Insurance Shoppers to shop at home and buy their favourite products online, we’ve also added some popular Comparison website that offer best deal like Gocompare.com, confused.com, moneysupermarket.com etc. In fact, you can use this site as an online Insurance mall with a variety of online and high street insurance providers.
We have done our best to make this directory the best online insurance source for British shoppers who want to buy cheap and best affordable deals at home or at work. you have any suggestions about how to improve our website, please do not hesitate to contact us. We would be happy to hear from our visitors.
Watch the video related to insurance
This highly-regarded three wheeled side-by-side two seat commuter car combines striking good looks with a low aerodynamic drag body. Aptera’s aerodynamics draw inspiration from natural forms that embrace the wind instead of trying to fight it. Composite body structures provide an impact-resistant exterior that is lighter than steel but three times as strong. The Aptera aims to provide an energy efficient luxury driving experience. Team name: Aptera Location: Carlsbad, Calif. Car name: 2e Class: Alternative Side by Side No. of wheels: Three Passengers: Two Drive type: Front-wheel-drive Power source(s): 110-hp electric motor Fuel type: Electricity, 20 kwh li-ion nano phosphate Charging: 110v-overnight Range: 100 miles For more information: progressiveautoxprize.org GET INVOLVED! Watch Awards Show Live 9 progressiveautoxprize.org Blog autoblog.xprize.org Facebook facebook.com Twitter twitter.com Flickr flickr.com
It's always wise to buy health insurance before something happens to you that could cause you to be declined.
It doesn't matter who wins the election. Any major changes to health care in the U.S. will be several years in the future. To do so otherwise would destroy the system and the economy and they all know that. For example, in July the democrats pushed through a bill that will effect the Medicare system, causing the senior population to pay more for their healthcare, but the major changes won't go into effect until 2011.
Visit a local agent that works with all the major companies in your area. The agent can find the best plan for your situation and budget. The agent can explain what you get and, more importantly, what you don't get with the plans. There is no extra charge using an agent.
First avenue I would pursue is to check with the group carrier that has been providing your health insurance. They often have an individual conversion plan. These types of plans usually do not have the level of benefits that you currently have but if you are dealing with preexisting health conditions it might be the way to go.
Second, I would contact the agent that writes your home and auto insurance. A local agent is going to know what the options are available in the private market or through your State.
Sal, I think you should do a more detailed life insurance example incorporating the fact that if you die, you stop paying premiums
thanks
Another one on the way? Congratulations!!
"is this ethical"
NO. Who the hell are they to define what is "affordable". If I don't want it and they fine me I will not pay the fine. They can come put me jail. They are approaching this from the wrong angle. The problem isn't that people don't have health insurance, the problem is that the cost of treatments and medicines are ridiculous. Health insurance is the CAUSE not the SOLUTION. The reason medical treatment is expensive is because an army of seat shiners has to get a cut.
sal, can you do a time value adjustment version?
i try to write the answers your problem in my blog http://www.mystructuredsettlement.co.cc you can see any problem in my blog or in my business blog http://www.mysecuredloan.co.cc
One of the best ways to find a cheap health insurance plan is to compare rates from multiple companies.
Stick with a reputable company like a Blue Cross, United Healthcare, Aetna, Kaiser Permanente, Humana, etc. and you will be fine.
Here is some more information on finding health insurance if you have low income and also some information specifically about finding health insurance in California:
i <3 actuarial
Actually, no it doesn't
States still have the ability to regulate the insurance programs sold in their states, even allowing policies to be sold across state lines.
What it means, is that the policies sold across state lines, would have to meet each states currrent regulations.
IE: A policy sold in Nevada and California would still have to meet californias state regulations.
But what it would do , is expand the policy holder base, IE: the risk base, so premiums would be cheaper.
The more policy holders a specific insurance plan has, the more the risk is spread.
IE: the more young people who do not use thier benefits will be in the plan, sibsidizing the older people who do use the benefits.
2. Thats what happened with the Wells point plan in Cali, that they wanted to increase the rates 59%.
So many young policy holders in Cali, dropped thier coverage, it left more older, sicker people in the plan, without enough younger people to help subsidize the cost.
And since the law states, no cross border policies, Wells Point could not very well, subsidize that specific plan, with premiums from policies sold in other states.
That plan, has to be self funding, so with less young policy holders, that meant the older policy holders had to pay more, for the same coverage.
3. And thats the crux, States want insurance companies to write state specific insurance policies, but then want the insurance companies to spread the risk, to policy holders in other States, to benefit thier States citizens.
And insurance companies are not going to charge people in Nevada more for thier policy, to help subsidize the policy holders in California.
4. just as large corporations can get discounted insurance premiums by the shear volume of thier risk pool, allowing cross state insurance policies, would allow the insurance company risk, to be spread to more policy holders, thus keeping cost down and premiums down.
No chance you are going to get an individual health insurance plan with those pre-existing condtions. (sorry)
You will need to get a job with benefits, or if your income allows, go on a county/state sponsered program.
Hey Sal, even I found listening to this a bit morbid. It flashes not so pleasant pictures in my mind. May be you can do another similar video with some different analogy and not talk of your death. But really informative video. Always a pleasure listening to you! Thanks.
They don't care, it makes them feel good. There is NO doubt that if medicine is socialized in the US quality will suffer……
Nice and easy, clear as always. Though this really needs to take discount rate in account. Though that would be complex. Wouldn’t you also need a distribution of when during those 20 years there would be one less Sal’s among come think of it? It would be more likely during the last years after all. maybe a good reason not to do it more advanced I guess:D
There are several online websites such as http://www.humanatampa.com that allow you to quickly quote prices and compare coverage of various health insurance plans here in Florida. Use a site like this to quickly see what your health insurance options are.
very interesting.
Doesn’t make sense to me