February 2013

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

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