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Ordering Medical Tests While Applying For Insurance

It can certainly be tempting. You’re thinking about getting life insurance, disability insurance or some other type of health related insurance and while you’re thinking about your health, you decide to call up your doctor to get a full update of your health. Sometimes, for one of those policies, you are asked to get an updated health status so you go to see the doctor and decide to get a few additional tests. Why? Because it’s easy, you’re already there right? It’s A Terrible Idea That Can Cost You Big It can certainly be tempting, you’re already there. Don’t do

You’d Be Crazy To Lie When Buying An Insurance Policy

I’ve heard of a few people that have done it including a good friend of mine. I understand that it’s tempting. You apply for an insurance policy and get asked a question that you know the correct answer to. But it’s unclear what to do because the honest answer is different. In most instances, people know that it’s easy to verify the information. For example, when shopping for car insurance, it’d be stupid to say you’ve never had an accident if you have. Why? That information is incredibly easy to validate. Other Situations Are Bit More Tempting Take the case

Making Sure Your Parents Don’t Get Screwed Buying Insurance They Don’t Need

Today, I read a rather shocking story that happened in California. Basically, an insurance agent ended up selling an annuity to an 83 year-old man and it ended up being prosecuted. Why? Because the product was clearly not in the clients best interest. You can read the whole story here: http://www.insurance.ca.gov/0400-news/0100-press-releases/2010/release145-10.cfm This Happens A Lot More Than We Think I know of many kids that help their parents or other elderly members of their family with finances, things like investments, banking, etc. For some reason, we rarely think about monitoring insurance policies even though those can end up having just

Insurance Companies Hate Transparency

I’ll take you back a few years, when booking air plane tickets required going to each carrier’s website and trying to find the best possible deal. You would go from delta.com, to aa.com, usairways, etc. It was a lengthy and horrible process. Thank god for aggregators such as Orbitz and Kayak which have made the process a lot easier. Not everyone loved the idea at first. Why? Because you and I are now able to easily find the lowest rates thus putting a lot of pressure on pricing. Some companies tried to resist. At one point, American Airlines asked to

Increasing Your Deductible; You Should Consider Doing It

I tend to consider myself a safe driver. I’ve had one small accident 15 years ago, never had a close call since (knock on wood), and have been able to avoid speeding tickets or other things that insurance companies hate. That being said, I still think my premium is high and I was wondering about ways to take it down. Option #1 – Shop Around This is certainly the best option and one that we should all be doing once in a while. It can be done through an insurance broker, by shopping on the internet or even just by asking your

Too Poor To Buy Insurance?

It’s a sad reality. As important as insurance is, many of us simply cannot afford to buy it. I would caution anyone to simply stop paying insurance bills when money starts to become short. If you absolutely need to cut out some coverage, there is a better way of getting it done. It involves asking yourself a few questions: -Can I simply resume my policy when times get better (not necessarily true for policies such as life insurance but might work for car insurance if you stop driving) -What would be the consequences if something did end up happening (what

Never, Ever Make This Mistake When Buying An Insurance Policy

I hear it over and over despite having written about this in the past. It’s a common mistake but one that can end up costing you a lot of money. What is it? Never Buy Insurance In The Spur Of The Moment Buying insurance can often become emotional and good brokers or sales guys will be able to “scare you” to some degree into thinking that you need such or such insurance. Often they are right, sometimes they’re not. That is not the biggest problem about it though. Pricing Is Difficult To Judge No matter how good or bad you

How Much Data Would You Be Willing To Release To Diminish Your Insurance Premiums?

In the past few years, it has became increasingly easy to gather, share and use data which is exactly what most insurance companies are now trying to do. Today it got me wondering, how much would you be able to share or put yourself through if it meant having a lower premium? -Would you have a car that requires you to do an alcohol test before starting it up? -Would you mind having your insurance company tracking you with a GPS if it meant lowering your car insurance (since they would know how little you use it?) -Would you mind

Insuring Against Natural Disasters

Every few years, it seems like a major natural disaster strikes. For many, it’s a tragedy as they might lose loved ones, their car, their home, etc. For everyone else, it’s a reminder of what COULD happen. There’s no doubt that we can’t be entirely protected but insurance does exist to get some level of protection. It’s important to understand that in most cases, basic insurance coverage do not cover “acts of god”, or natural disasters. Getting insurance to protect you from massive flooding, hurricanes and tornadoes does exist but it’s something that you have to shop for separately. According

Wedding Insurance, To Use Or Not?

Weddings, they’re the best day of your life but also the most stressful. So many amazing and memorable moments to look forward to but it sometimes becomes difficult to start thinking about everything that can go wrong. There are a few things such as your significant one not showing up that you can usually (hopefully) get a sense of. Other factors though are much more difficult to control. Some weddings can end up costing tens of thousands and to have to worry about no hurricane making its way to the alter is certainly not ideal. What Is Wedding Insurance? There

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