What is the best health insurance and life insurance policies to go with? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
Answer
Best Answer - Chosen by Asker
You can compare the quotes of various company here:
For Life Insurance : http://free-best-life-insures-comparator-usa.blogspot.com/
For Health Insurance http://top-usa-health-insurance-comparator.blogspot.com/
What is the most affordable life insurance and health insurance? Where can I find Affordable Health and life insurance for me and my wife? What is the best web site with online quote? Any answer will be appreciated.
Answer:
You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did. http://top-usa-health-insurance-comparator.blogspot.com/
Can someone please help me understand coinsurance on health insurance plans?
I am trying to get a better deal on health care insurance but don't understand the point of 80% coinsurance. If it is only a few bucks higher with the same deductible, isn't it better to go for the 100% coverage? Does it mean that the insurance co will pay only 80% of the bill once the deductible is met? I don't understand. Please help!
Best Answer - Chosen by Voters
Someone's offering you a plan with 100% coverage, for hospitalizations, for only a couple bucks more? Sure, it makes more sence to pay a couple bucks.
Yes, that deductible means, they pay NOTHING until after you've paid the full deductible amount, in medical claims. AFTER the deductible, then you STILL pay 20%, if you've got an 80/20 plan.
or
Basically insurance will pay 80% of their contracted amount with the provider and you pay 20%. Here is an example:
$300.00 deductible (this typically applies before any benefits) Once your deductible is met this is what will happen: Doctor charges $150.00. Insurance discounts it to $80.00. They pay 80% of that $80.00, so that is $64.00. You will be liable for the balance of $16.00 (20%).
If your policy pays 100%, everything will go to your deductible first and then the insurance will pay 100% of the allowed amount and you pay 0%. Keep in mind you must follow their network to get the discounted amounts.
Source(s):
work for insurance company
or
The coinsurance on health plans is the % that you pay of your medical bill until you reach your MAXIMUM OUT OF POCKET amount, which for example on an Anthem Bluecross PPO plan typically would be $2500. Lets say your deductible is $500, which means you pay 100% up to $500, and thereafter you pay your % portion up till you reach the max out of pocket. After the max out of pocket has been reached, your insurance will pick up 100% of the bill. Note that this is during 1 year, so every year it starts over.
What is the difference between liability and full-coverege insurance?
What does liability cover and what does full converage cover?
Best Answer - Chosen by Voters
Liability means, you have at least the bare minimum coverage required by law, in your state. You could have more, but you have at least, the absolute minimum.
Full coverage means, you have at least the bare minimum, plus collision, plus comprehensive. It does NOT mean you are fully covered. It does NOT mean you have rental coverage, or lost wages, or medical, or any other coverage, which is OPTIONAL, in your state. You might have it, you might not.
If you buy a car, and have a loan on it, you might be required to carry "full coverage". BUT, that might not be enough coverage for your situation.
or
Liability covers damage you do to other people or their property...when it's your fault. "Full Coverage" is liability plus coverage for your vehicle, this includes collision coverage and coverage for theft, hail, fire, vandalism...etc.
The term full coverage usually includes Personal Injury Protection which covers a small amount of medical expenses for people in your vehicle....no matter who was at fault. It also usually includes Uninsured Motorist coverage...which I highly recommend you buy....1 in three drivers on the road in Texas are driving without insurance.
My kids? What did you needs from me? Yes.. Insurance.
One approach to determine how much life insurance one should carry is to analyze the various needs of the family in the event of the death of a wage earner. Life insurance satisfies a number of these needs by providing a fund that can be used to:
Pay off an individual’s last debts such as medical bills and funeral expenses
Meet estate taxes and other expenses in settling an estate
Provide life income for the spouse
Pay off a mortgage
Pay for the children’s education
Provide funds for retirement
Provide an income for the policyholder’s spouse to give the family time to readjust to a new standard of living
Draw interest to provide funds for some special purpose
Provide a monthly income until the children are grown and out of school
Your need for life insurance will vary with your age and responsibilities. The amount of insurance you buy should depend on the standard of living you wish to assure your dependents. You should consider the amount of assets and sources of income available to your dependents when you pass away.
Social security benefits, available cash and other sources of income and investments may not provide the standard of living you have in mind.
Life insurance helps bridge the gap between the financial needs of your dependents and the amount available from other sources, is the amount to be provided by life insurance. Your agent or other financial advisor can help you with these calculations. The Internet, as well as many financial magazines, books and articles are available to help you as well.
Many financial experts consider life insurance to be the cornerstone of sound financial planning. I can be an important tool in the following situations:
Hey! what are you doing? Don't jump...
Replace income for dependents
If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
Pay final expenses Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
Create an inheritance for your heirs Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
Don't worry my daughter, I buy already a life insurance. I don't leave you without money, I love you.
Pay federal “death” taxes and state “death” taxes Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.
Make significant charitable contributions By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.
Create a source of savings Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
Deliver?
As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
Boy? Girl?
To be a life policy the insured event must be based upon the lives of the people named in the policy.
Insured events that may be covered include:
Serious illness
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.
Needs insurance
