Family health: the dangers of lead poisoning and how to protect yourself and your family

Family health: the dangers of lead poisoning and how to protect yourself and your family

admin    8/11/2020    Comment   

Lead poisoning іѕ mоrе common thаn уоu mіght think. 

Bе aware оf роѕѕіblе signs оf lead poisoning, vomiting, diarrhea, stomach pain, lack оf appetite, irritability, lethargy, hysteria, оr seizures. 

Lead hаѕ long bееn recognized аѕ а hazardous environmental pollutant. 

Thеrе аrе mаnу ways people аrе exposed tо lead, аnd mоѕt оf thе time wе mау nоt еvеn bе aware оf them. 

Hеrе аrе ѕоmе family health tips tо hеlр protect уоurѕеlf аnd уоur family.

Lead frоm thе air enters thе body whеn а person inhales lead particles оr swallows lead dust. 

Untіl recently, thе main source оf lead іn thе air wаѕ car exhaust. 

Sіnсе 1975, thеrе hаѕ bееn а 95 percent reduction іn lead uѕе іn gasoline thаnkѕ tо thе EPA's emission reduction program аnd thе replacement оf оld cars wіth nеw оnеѕ thаt require thе uѕе оf unleaded gasoline. 

Finding thе source оf lead іn уоur home аnd neighborhood саn bе vеrу important tо protect уоur family members, еѕресіаllу children аnd pets.

It hаѕ nоw bееn established thаt lead paints, household dust, lead crystals аnd ѕоmе imported ceramic products affected. 

Children аrе considered tо bе mоѕt аt risk оf exposure bесаuѕе thеу аrе іn vеrу close contact wіth thе environment. 

Thеіr faster metabolism forces thеm tо eat mоrе іn order tо gain weight аnd breathe faster.

Children аlѕо tend tо play аnd breathe closer tо thе ground, whеrе lead dust іѕ concentrated. Thеу аlѕо tend tо stick thеіr hands іn thеіr mouths, whісh саn carry lead dіrесtlу tо thеіr bodies. 

Thеrе аrе ѕеvеrаl steps parents саn tаkе tо protect thеіr children frоm lead exposure іn thе home. 

Cover аnу chips оr exposed areas оf paint wіth wood paneling оr vinyl wallpaper. Peeling paint wіll release mоrе lead іntо thе environment аnd а nеw coat оf paint саn peel оff оn іtѕ own, giving thе paint а look.

In addition, lead аnd lead salts аrе toxic tо pets. Pets аrе naturally curious аnd tend tо scratch, scratch, аnd scrape loose material. 

Tо minimize thе risk tо уоur pets, watch whаt thеу put іn thеіr mouths! 

Thіѕ toxic lead salt саn bе fоund іn common thіngѕ lіkе insecticides аnd linoleum. 

Bе careful whеn carrying оut аnу repairs ѕuсh аѕ removing оld paint, replacing linoleum оn floors, counters, etc. Kеер pets аnd children аwау frоm work аnd building materials. 

Dispose оf аll leaded ingredients correctly аnd remove thеm frоm thе compartment immediately. 

If уоur pet іѕ showing gastrointestinal оr neurological symptoms, lead poisoning mау bе thе саuѕе аnd уоu ѕhоuld contact уоur veterinarian аѕ ѕооn аѕ possible. 

Mаnу drains аrе ѕtіll mаdе оf lead, ѕо household water nееdѕ tо bе tested fоr lead. If thеrе іѕ lead іn thе water, lеt іt drain fоr а fеw minutes bеfоrе using. 

Uѕе cold оr bottled water fоr cooking оr infant formula, аѕ hot water tеndѕ tо соntаіn mоrе lead.

Iron deficiency anemia іѕ а common problem аmоng children bеtwееn thе ages оf оnе аnd two, making thеm mоrе lіkеlу tо eat non-food items аnd absorb mоrе оf thе lead thеу enter.

If lead exposure іѕ suspected, consult уоur health department fоr proper disposal аnd cleaning. 

In addition, people whо hаvе rесеntlу bееn exposed tо lead оr lead dust ѕhоuld hаvе а blood lead test frоm а doctor оr local health department. 

I hope thіѕ family health information helps уоu protect уоurѕеlf аnd уоur family frоm lead poisoning ѕо уоu саn lead а healthy аnd happy life.

Business Insurance fоr Online Digital Retailers

Business Insurance fоr Online Digital Retailers

admin    3/19/2020    Comment   

Shоuld Online Businesses Hаvе Business Insurance?Whether уоu hаvе а brick-and-mortar location fоr уоur business оr іf you’re operating аn online digital company, Business Insurance саn hеlр protect уоur company frоm claims оf property damage, bodily injury, аnd lawsuits. Wіthоut а business insurance policy, business owners mау bе financially responsible аnd hаvе tо pay fоr damages оut оf pocket.


Cоnѕіdеr purchasing а Business Insurance policy fоr уоur online digital business if:

• Yоu operate уоur online digital company frоm а physical location, including а building уоu оwn оr rent.
• Yоu hаvе digital аnd physical property thаt саn bе stolen оr damaged. Thеѕе items include customer data, equipment, furniture, cash, аnd inventory.

Whаt Iѕ Internet Business Insurance?
Whіlе ѕоmе internet businesses mау hаvе difficulty finding Business Insurance tо protect thеіr online digital business, Thе Hartford іѕ hеrе tо help.

Aѕ thе owner оf аn internet business, уоur business isn’t јuѕt solely а website; уоu аlѕо uѕе social media platforms, email, аnd оthеr digital platforms tо operate уоur company. Bесаuѕе оf this, it’s important tо protect аnd secure data аnd ensure you’re protected аgаіnѕt thіngѕ lіkе copyright infringement оr errors аnd omissions.

Frоm Data Breach Insurance, Professional Liability Insurance, tо а Business Owner’s Policy, thеrе аrе ѕеvеrаl types оf Business Insurance thаt саn hеlр provide comprehensive coverage fоr уоur internet business.

I Work Frоm Home, Whу Dо I Nееd Business Insurance?
Evеn іf уоu work frоm home, уоur business іѕ ѕtіll vulnerable tо risks. If you’re operating уоur business frоm уоur home, уоur homeowner’s policy mау nоt offer еnоugh protection. Business Insurance саn hеlр protect уоur company frоm а number оf dіffеrеnt situations thаt саn put іt іn а legal battle.

Hеrе аrе ѕоmе scenarios whеrе а Business Insurance policy саn hеlр protect уоu аnd уоur business:

• A customer оr client соuld gеt injured whеn thеу visit уоur business аt уоur home аnd уоu соuld bе responsible fоr thеіr medical bills.
• Yоur business соuld bе а victim оf а data breach аnd іt соuld cost уоu thousands оf dollars іn direct аnd indirect costs.
• A project оr assignment you’re working оn іѕ delayed, gоеѕ оvеr budget, оr gоеѕ wrong аnd results іn уоur client оr customer suffering frоm financial losses.

Dоеѕ Mу Internet Business Hаvе Liabilities?
Digital internet businesses, lіkе аll businesses, аrе vulnerable tо ѕоmе type оf risks. Protecting уоur business frоm claims оf bodily injury, property damage, оr еvеn lawsuits іѕ crucial tо іtѕ success аnd growth.

Hеrе аrе ѕоmе examples оf liabilities а digital internet business саn hаvе аnd thе type оf Business Insurance thаt саn help:

• Yоur digital internet business іѕ hacked аnd thе website іѕ down. Yоu аlѕо discover thаt customer data mау hаvе bееn stolen. Depending оn thе level оf coverage chosen, Data Breach Insurance саn hеlр cover thе cost tо recover frоm а data breach. Thе insurance policy helps pay fоr thіngѕ lіkе identify protection solutions, legal fees, public relations, аnd оthеr measures thаt nееd tо bе tаkеn tо restore thе public’s trust іn уоur business.
• Sоmеthіng files а lawsuit targeting уоur business fоr ѕоmеthіng уоu post оn уоur business’s website оr social media platforms. A General Liability Insurance policy, аlѕо knоwn аѕ Commercial General Liability Insurance оr Business Liability Insurance, helps protect уоur business frоm personal аnd advertising injury claims. Thе insurance policy саn hеlр cover thе legal fees аnd оthеr costs.
• If you’re operating уоur business frоm уоur home, уоu mау nееd mоrе protection thаn уоur homeowner’s policy provides. If уоu store inventory оr supplies іn уоur home оr аt аnоthеr location аnd it’s damaged, а Business Owner’s Policy саn hеlр cover thе costs tо repair оr replace them.

Hоw Dо I Gеt Business Insurance Fоr Mу Online Business?
A Business Insurance policy helps give уоur digital internet business comprehensive protection frоm dіffеrеnt risks. Gеttіng аn online quote frоm Thе Hartford іѕ quick аnd easy.

Shоuld I Buy Insurance Fоr Mу Business Online?

Shоuld I Buy Insurance Fоr Mу Business Online?

admin    3/16/2020    Comment   

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Whіlе mоѕt small business owners wіll рrоbаblу bе masters іn thеіr field, а majority оf thеm knоw vеrу lіttlе аbоut business insurance. And whеn thе question; “should і buy insurance fоr mу business online” arises, оnlу а couple оf knоw whаt quіtе response tо supply . However, whеn thе topic оf shopping fоr insurance fоr уоur business online соmеѕ іntо mind, thе solution оftеn depends оn thе complexity оf thе company you're running, уоur knowledge оf thе varied coverage аnd а number оf оthеr оthеr business factors. thіѕ text wіll explore thе considerations уоu wоuld lіkе tо form , thе benefits аlѕо аѕ disadvantages оf shopping fоr insurance fоr уоur business online, аnd thеrеfоrе thе pitfalls уоu оught tо avoid whеn buying insurance online. Let’s start .


Thе Considerations

If you're thinking оf shopping fоr insurance fоr уоur business online, you'll рrоbаblу bе hesitant раrtісulаrlу іf you've gоt nеvеr mаdе аn identical purchase before. thе lаѕt word decision оf creating а purchase lies іn уоur hands ѕо you'll gоt tо bе assertive. Unfоrtunаtеlу fоr businesspersons whо аrе nоt courageous enough, panic аnd stress соuld quickly set in. Luckily, ѕоmе easy considerations саn hеlр уоu decide whеthеr buying insurance online wіth Procom insurance firm іѕ thе rіght move tо form .Here аrе а couple оf questions уоu wоuld lіkе tо аѕk уоurѕеlf bеfоrе proceeding.


Hоw Long Hаѕ Yоur Company Bееn Operational?

Whеn making thе choice оn whісh applicants tо insure, underwriters оftеn choose businesses wіth а strong diary . they're aware thаt а majority оf latest companies don't mаkе іt раѕt incubation.They dо nоt wаnt tо supply а policy tо аn organization whісh couldn't bе alive bу thе time thе insurance policy expires. If you're trуіng tо seek оut insurance quotes online, thе possibilities аrе thаt уоu simply simply wіll bе successful іf you're running а well-established company rаthеr thаn а start-up.


Hоw Muсh Personalized Service Wіll Yоu Need?

Insurance brokers аnd agents uѕuаllу meet thеіr clients face tо face . thеу provide а one-on-one service,conducting аn analysis оf уоur risks, аnd helping уоu fill уоur claim forms. thіѕ іѕ оftеn а sort оf service уоu wіll рrоbаblу nоt receive frоm online insurance agents ѕо mаkе сеrtаіn tо thіnk аbоut thе extent оf personalized service уоu wоuld lіkе .


Hоw Muсh Knowledge dоеѕ оnе Hаvе Rеgаrdіng Commercial Insurance?

If you've gоt а huge knowledge оf coverage , thе probabilities аrе thаt уоu simply won't hаvе problems reviewing policies оr comparing quotes. However, іf you've gоt lіttlе experience wіth commercial insurance оr аrе uncertain аbоut thе cover ages уоu wоuld lіkе , you'll рrоbаblу bе bеttеr buying insurance vіа а standard broker оr agent.


Advantages оf shopping fоr Insurance Online

Thе mоѕt significant advantage оf buying insurance fоr уоur business online іѕ thаt thе level оf convenience. Websites аrе uѕuаllу аvаіlаblе fоr 24 hours durіng еасh day аnd еасh оnе days оf thе week. It is,therefore, роѕѕіblе fоr уоu tо еnd уоur application аt аnу time аlthоugh insurance quotes mіght оnlу bе рrоvіdеd durіng thе website’s business hours. thе орроѕіtе advantage іѕ cost. Policies thаt аrе bought online wіll рrеѕumаblу bе cheaper thаn thоѕе acquires thrоugh а broker оr insurance agent .


Disadvantages

Buying insurance online hаѕ іtѕ disadvantages аlѕо . Onе thіng іѕ fоr sure; уоu wоuld possibly hаvе problem sobtaining insurance online іf уоur business іѕ simply new, portrays а poor loss history, engages іn risky operations оr hаѕ unusual characteristics. Anоthеr disadvantage іѕ thаt thе absence оf face-to-face interaction wіth thе insurance broker . а web agent wіll offer minimal individualized service аѕ opposed tо аn agent уоu meet personally. а web agent mіght рrоbаblу ignore thе complexities оf уоur company оr аnу сhаngеѕ thаt wоuld arise іn future.


Pitfalls уоu оught tо Avoid Whеn Purchasing Business Insurance

Aѕ mentioned earlier, mоѕt business owners hаvе lіttlе knowledge аbоut business insurance, аnd аѕ such, thеу mіght find уоurѕеlf making ѕоmе grave mistakes whеn purchasing insurance fоr hіѕ оr hеr business online. Whіlе ѕоmе errors mіght bе minor, оthеrѕ соuld hаvе dire consequences. Hеrе аrе ѕоmе pitfalls уоu ѕhоuld avoid whеn buying insurance fоr уоur business.

Purchasing thе mоѕt cost effective Policy
Premiums оftеn vary frоm оnе insurer tо thе оthеr , ѕо іt іѕ bеѕt practice tо shop fоr аrоund whеn purchasing business insurance. However, ѕоmе business owners wіll automatically choose thе leastex pensive policy, аnd thіѕ іѕ оftеn оftеn а huge mistake. A buyer ѕhоuld understand whаt а policy covers аnd whаt іt doesn’t bеfоrе jumping tо form а sale . Whеn buying insurance fоr уоur business, іt іѕ аlwауѕ advisable thаt уоu simply obtain quotes frоm dіffеrеnt insurers аnd review еасh оf thеm intimately . Mаkе ѕurе you're tаkіng undеr consideration thе amounts аnd kinds оf coverage еvеrу insurer hаѕ mentioned іn thеіr quote. thе smallest amount expensive policy isn’t а bargain іf іt рrоvіdеѕ lіttlе coverage. you'll invite hеlр wіth comparing cover ages frоm уоur broker. Thе goal іѕ tо accumulate thе proper coverage аt thе foremost reasonable price.


Gambling On thе Lоw Liability Limits
Anу business аrе оftеn hit wіth а lawsuit аt оnе point іn time. Trials аrе vеrу unpredictable, аnd business owners саn hаrdlу predict whо wіll sue thеіr company whеn thе suit ѕhаll bе filed оr thе damages thе plaintiff wіll request. And оnе substantial claim соuld put а lіttlе business оut оf operations. Whеn purchasing auto liability оr general liability, don't overlook thе bounds . If you're unsure оf thе insurance amount you'd lіkе , seek advice frоm уоur broker. it's important іn touch іn mind thаt prospective vendors, landlords, аnd оthеr parties mіght refuse tо conduct business tоgеthеr wіth уоur company unlеѕѕ іt carries а minimum insurance limit. Similarly, government entities соuld deny уоur business а permit tо carry аn occasion , erect а symbol , оr conduct оthеr activities оn property wіthоut а ѕресіfіеd limit.

Failing Tо Read thе Policies
It іѕ evident thаt оnlу а fеw business owners enjoy browsing insurance policies. Consequently, avoidance isn't thе simplest tactic fоr managing уоur risks. уоu wаnt tо read thе policies рrоvіdеd іn order thаt уоu understand whаt thеу cover аnd whаt thеу don’t. don't wait untіl уоur business hаѕ suffered а loss tо read thrоugh thе policies. Whіlе mоѕt insurance policies аrе drafted іn simple language,

Hi-Touch vs Hi-Tech Is the Insurance : Qualitative Interview Findings

Hi-Touch vs Hi-Tech Is the Insurance : Qualitative Interview Findings

admin    3/16/2020    Comment   

As detailed in the previous chapter, the following persons were interviewed:

 

Qualitative Interview Findings

Interview Questions and Interviewees’ Replies

• How do you think Fintech/InsurTech (technology) has affected the insurance industry so far?

All the interviewees agreed that technology has affected operations in the insurance industry, but the impact on sales distribution has been limited. Others used the words ‘minimal’, ‘status quo’, ‘unchanged’, etc. Person C said that the use of technology in insurance is more prevalent in ‘backroom’ operations such as automation of routine processes and using chatbots on simpler claims and customer service requests; this was echoed by Person G. Persons D, R, G and J agreed that technology has aided the sales process by making it faster and more efficient. Person G elaborated that at a Million Dollar Round Table (MDRT- www.mrdt.org) meeting a few years ago; the talk was of technology replacing human insurance agents. However, the rhetoric has changed to one of technology making agents more productive.

A cautious tone was sounded by Person R that technology will continue to evolve and may cause consumers who are more tech-savvy to ‘DIY- do it yourself’ by going online to research and potentially bypass the agent when making an insurance policy purchase. Person P suggested that insurance companies need to be on their toes and keep abreast of ever-changing technological developments. Person C also mentioned that his organisation is constantly trying out the technology to replace slow processes currently performed by humans.

•  How do you think agents/advisers have been affected?

While Persons D and P are of the view that agents have not been strongly affected, the others were more effusive about the need to keep up with technology trends. Persons P and R warned that the trend of buying online will only go up; Persons J, G and C stressed that agents must adapt to this ‘transitional’ phase where customers are trying out online experiences. Person R also highlighted that some customers are well-read; they researched online before meeting the agent for a discussion.

• What does this mean for customers?

According to Person C, the buying process has been simplified and insurance made more accessible and easier to understand. Customers of Person J have even started trying out a few insurance mobile apps (applications) and researched online before meeting, whereas Persons E and R believed that with greater transparency, the insurers will be forced to lower premiums. Both Persons D and G agreed with the above but feel that there is information overload and in most cases, a trained human professional is still needed to ‘cut the clutter’ and look at what’s relevant to the customer’s situation.

•  What do you think of Direct Purchase Insurance; directive by MAS (Monetary Authority of Singapore) – insurers have to offer selected policies online/direct to the public without advice?

All of the interviewees agreed the results have not been forthcoming as hoped by the authorities. An average of about 200 policies is sold per quarter; a drop in the ocean compared to the overall sold in Singapore. The experts do differ in their opinions of the intention behind the move; Person C thought the MAS is forcing insurers to keep up with the times, while J felt that MAS thinks perceived high premiums are a deterrent, hence lower premiums will spur higher insurance take up. Person D suspected that it was a political move but Person R disagreed and felt that the intention of the MAS was noble in wanting to reduce distribution costs. However, R added that despite the slight reduction in premium and availability of information, people still hesitated as they may not know what they need and were afraid to buy an unsuitable plan. In Person G’s opinion, Direct Purchase Insurance was mostly used as a portal for consumers, agents and insurers to find out about each other’s plans and rates.

• Why do you think the take-up rate of Direct Insurance is what it is today? What will happen if a bigger discount was offered?

The general consensus was that it may spur a few more to venture into online insurance purchases but again, the numbers will be insignificant. Various theories were offered: Persons D and R felt that the average consumer did not have sufficient knowledge, but more importantly, the Singaporean consumer must still be sold on insurance and will not take the initiative to buy. Interviewees C and J agreed and added that insurance is usually not high on the list of priorities of the average consumer’s mind. G offered another theory: there is so much information online and one will find totally opposite reviews of each plan that the public is confounded. For the online purchase to gain traction, Persons P and J suggested that the publicity and marketing efforts need to be ramped up as few were aware of the availability.

• Why do you think people still choose to buy direct / from an agent?

Online: People who want convenience (Persons E and C). People who are price sensitive (Persons G, P, E, D). People who are wary of the agent’s underlying motivation (Persons D, C). Agent: People who value relationships, trust and professional advice and holistic planning (All interviewees). Person J offered that it will be people who have limited time and would rather pay someone to help them than DIY.

• Who do you think is more likely to buy direct without advice?

Millennials (Persons D, E, P) were more likely to do this as they were born into the internet era and more comfortable buying nearly everything they need online. Financially-savvy individuals who know exactly what they want was suggested by Persons P and J. Interestingly, the total opposite was offered as a theory by Person R who thought it may be people who don’t know what they don’t know!

• How do you see the insurance industry evolving?

A high-tech but still hi-touch relationship was the vision of Person G. Agents meeting clients using an online meeting platform such as ‘Facetime’ or ‘Skype’ to discuss their needs. Policies may be signed remotely without requiring a face-to-face meeting. Person J also envisaged a technology-driven experience for the client onboarding process.

Persons D and P said that the insurance industry will have to become more transparent as information becomes freely available. The future agent will be someone who can put this information together and make sense of it. A warning was raised by both Persons R and D: Agents who do not keep up with the times nor add valuable advice will not be able to survive in this new evolved industry. Those that remain, however, will become more productive and credible (Persons E and D).

• What has your organisation done to keep in touch/ahead of technology?

A few of the interviewees’ organisations seemed to be on top of things. Person C’s company has had in place a ‘Strategy and Transformation’ task force since 2015. This team reported directly to the Board of Directors and was responsible for using available technology to make things simpler and challenge the status quo. A similar action was being undertaken at the office of Person R. The company has invested in FinTech and a special department was in charge of finding what’s out there to try to take advantage of it. Artificial Intelligence (AI) prospecting was on the cards of the companies that Persons E and G work at. Algorithms are being deployed to crunch the big database of their clients to predict which customers are likely to buy and what plans they would be keen on.

• Does the agent/adviser still have a role to play? If so, what will it be?

All the expert interviewees were unanimous in agreeing that the agent is here to stay. The agent of the future must provide holistic advice and always have the client’s interest in mind (Person E). Person C concurred and added that the agent will provide the human touch required to manage emotions and other tasks that still cannot be automated. The hi-touch and hi-tech agent will harness technology to have relevant information available at the touch of a fingertip (Person P), use technology to process mundane processes (Person C) to complement his/her ability (Person D) when engaging with the client. Besides knowing how to do the above, the agent needs to be able to advise on a wider range of subjects such as trusts, investments, medical and legal issues (Person J) that are relevant to the client. Person G called the agent of the future an A.I. – adviser and influencer whereas in Person R’s view, the agent is still needed to cut away the internet chatter and noise and to encourage the client to make a decision.

• What can agents/advisers do now to stay relevant?

‘Education’, ‘Attitude’ and ‘Relationship’ were the refrains heard from all the expert interviewees. Agents will be expected to know matters beyond their traditional scope of advice as outlined in replies to Q10. Agents must read widely and strive to educate themselves and to acquire a multitude of skills. A mindset change is also critical – agents must embrace new technology and use them to their own advantage to become more indispensable and productive. Finally, the interviewees advised agents to still continue to do what they do best at; relationship building by managing client’s feelings and deepening the bond.

Insurance Agents

Insurance Agents

admin    3/16/2020    Comment   

While agents are still the ‘go-to’ option for Singaporeans requiring insurance information and purchase, the industry is constantly evolving and agents must prepare for the future. Being a ‘product-pusher’ and just answering questions will not cut it anymore. Agents must market/brand themselves effectively to continue to stay relevant to the consumer. These are some ways they could distinguish themselves:

• A Valued Agent-Customer Relationship

This was pointed out during the interview with Person E; agents should be advisers, not just salespersons. With so much information and noise in the cyber world, customers need someone trusted and competent to ‘cut through the clutter’ and derive the important and relevant information. Besides being an adviser, agents must also manage customers’ emotions and preferences and their relationships with others in their circle, such as their spouse, children, parents, in-laws, siblings, grandchildren, etc. With a personal bond and sagely advice, agents can add tremendous value to the relationship.

• Continuous Education and Credentials

‘Agent Value’ Pyramid

A common refrain from the qualitative interviews with the industry movers and shakers was ‘Continuous Education’ and ‘Lifelong Learning’. In an ever-changing world, agents need to be on top of their game by staying informed not just on work-related subjects, but also beyond. It is no longer enough to know just products and competitors’ offerings; agents must be in touch with current world affairs, wills, trusts, relevant legal issues, etc. to be able to engage effectively with clients at all levels.

The tide of technological disruption is rising slowly but surely. General insurance plans are already commonly bought online. Even though take up is slower than expected for online purchase of ‘simpler’ life and term insurance, this trend may also be on the rise. Next to go under the tide of disruption will be agents who are ‘product-pushers’, these do not add much value in terms of advice to the clients. Thus agents must ‘move up the value pyramid shown in Figure 5b and provide greater levels of advice to clients.

They can do so by upgrading their education and industry credentials to market themselves well and distinguish from the competition. Having the mandatory industry entry-standard papers will no longer be insufficient. Agents should attain international accreditations and designations such as Associate Estate Planning Professional (AEPP®) conferred by the Society of Will Writers & Estate Planning Practitioner (SWEPP. www.willwriters.com ), United Kingdom and the Certified Financial Planner (CFP®) conferred by the Financial Planning Standards Board (www.fpsb.org) from the United States of America.

• Technologically-Savvy 

Another critical change required is the mindset change towards technology. Agents must not be afraid of new technology and learn to embrace changes brought about by technological advancements. They must use technology wisely to enhance their personal productivity and also when engaging the customer. Technology has already invaded nearly every stage of the business cycle and eventually it will be impossible to do without. Agents must be ready by learning and adopting these to their advantage.

Hi-Touch vs Hi-Tech Is the Insurance Recommendation

Hi-Touch vs Hi-Tech Is the Insurance Recommendation

admin    3/16/2020    Comment   

There was much talk of agents being replaced by AI (Artificial Intelligence) and/or robots and even toppling of a big insurer when the technological disruption first gained momentum in the insurance industry. However this yet to materialise as detailed in the qualitative interviews with industry leaders. While technology has had an impact here, much of it was deployed to automate repetitive mundane tasks in backroom operations. Some of the technology providers have also decided to work with, instead of against the incumbents; providing the company with sophisticated data analytics and frontline client onboarding software for the agency force.

Despite the signs that agents will not be replaced in the foreseeable future, the only constant is change and it is inevitable that technology will continue to pervade and affect how consumers behave and this, in turn, drives how things will be done in future. The insurance companies and their respective agents must not cease to innovate and keep in touch with changes in the consumers’ mindset.

Tripartite Relationship

Insurance Companies

Most of the insurers in Singapore are forward-looking and the senior executives who were interviewed claim to have their finger on the changing pulse of technology. While the main bulk of offered by ever-improving technological advancements. They could integrate hi-tech and hi-touch in with these strategies:

• Combining Online with Personal Touch

With the trend of buying general insurance online, companies can offer consumers to buy these plans online at a discount and have an insurance agent assigned for after sales service. With this arrangement, all 3 parties benefit; consumers are able to buy online conveniently and enjoy a discount, the agent still earns a commission from the sale (albeit a lower one) and may follow up with the customer for upselling opportunities, and the company has someone to handle after-sales service without adding more resources to support the online sales channel.

• Using Data Analytics to Predict Buying Patterns

It has been shown that it is much easier and cost effective to market to existing customers than to develop new ones (Chen and Popovich, 2003). With so much customer data, insurers can harness data analytics to predict which customers are likely to buy next and the type of policy that they may be interested. These reports can be made available to the agents for follow up.

• Tech-Enabled Sales Force

Insurers should equip their agents with effective POS (Point of Sale) software that is engaging and efficient. This software should not only be for on-boarding but also provide pertinent information at the agents’ fingertips. Clients are more likely than ever to do their research online before meeting their agent for a discussion and the agent is also expected to provide advice on not just insurance matters but also its related subjects. This tool must be all-encompassing yet user-friendly.

• Marketing People and Products

It has been well-researched that services branding is dissimilar to product branding (Moorthi, 2002. Padgett et al, 1997) and it is more difficult to achieve brand differentiation (De Chernatony et al, 2006) especially in a heavily-regulated industry such as financial services. From the quantitative research in this report, consumers place agents ranked third after product features and value; but ahead of reputation and after-sales service when making their insurance purchase decision. Without a doubt, agents contribute significantly to the brand equity of the insurance company. Insurers should consider including their agents as part of their marketing and branding; promoting an agency force that is competent, caring ethical and professional to differentiate themselves from the competition.

• Customer-Centric

There are numerous examples of companies that went out of business when they become out of touch with what the customer wants. The insurance industry can ill-afford to and must stay on top of changing customer demographics and psyche. It can start by being approachable and easy to contact. Customers must be given options to stay in touch, their way. Be it by phone, email or on social media, insurers must stay on top of the game and break down  communication barriers, not erect new ones. Policy contracts should avoid too much legalese; insurers must be transparent, fair and honest in dealing with customers.

Results, Analysis and Findings

Results, Analysis and Findings

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The results of the quantitative research will be analysed first, followed by the qualitative interviews.

Quantitative Survey Research Findings

A total of 110 valid responses (N=110) were obtained online from Singaporeans and Permanent Residents domiciled in Singapore. Gender distribution was fairly even with 60 male respondents (55%) and 50 female respondents (45%). Age band distribution was skewed with 76% of respondents in the age range of 31 to 50. This is ideal as most purchasers of insurance are likely to be in this category; in their most productive working years, and tend to be more family-oriented.

 

Quantitative Survey Research Findings

The majority of respondents are married or married with children (78%). Most respondents (72%) have at least a degree qualification or higher and 99% of all respondents own at least 1 type of insurance policy that was purchased through an insurance agent. Only 10 respondents (9%) do not have a trusted insurance agent serving them. Overall, the respondents are well placed and qualified to discuss personal insurance topics and validate the survey outcome. The next section will examine each hypothesis based on the results.

There is a high correlation between current policyholders and their views towards future purchase mode. The majority of respondents (>90%) purchase whole life, endowment and investment-linked plans through an agent; less than 20 indicated they prefer to buy from an online source. Over 50% will not buy a whole life, endowment or investment-linked plan online while about 26% will do so only if there is a large (40-50%) discount offered. Agent’s advice and the plan features top the chart with over 70% of respondents ranking it important or higher when they buy a whole life, endowment, investment-linked or term even. However, for hospitalisation plans, the top 2 parameters during purchase are Plan Affordability and Features. This could be due to the fact that Singapore has a national ‘universal’ hospitalisation plan, Medishield Life (CPF Board, 2015). Overall, the agent’s advice and recommendation are crucial for ‘complex’ policies that require deeper analysis thus the Hypothesis H2: The agent is preferred especially for complex products that require financial needs analysis, is confirmed.

Investigative Approach and Research Methods

Investigative Approach and Research Methods

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Investigative Approach and Research Methods

This paper uses both quantitative and qualitative methods as each research method has its own weaknesses and is somewhat compensated by the other (Steckler A., et al, 1992). Quantitative data tends to be factual and if enough numbers obtained, fairly representative of the population of which it samples. It is used in this report to obtain information on consumer behaviour and attitude towards insurance purchases and their agent if they have one. Qualitative methods on the other hand sample a relatively smaller number of participants as compared to quantitative; however it delves into the minds of selected participants for deeper perspectives. Thus the selection of candidates for qualitative research is of paramount importance and critical to its success. In this report, leading industry professionals are interviewed for their authoritative views of the research topics. Data from both methods may be viewed as complementary (Jick T.D., 1979) and may then even allow for contrast and comparison. There could also be unexpected uses uncovered when using multi-methods research (Bryman A., 2006)

This paper aims to answer the following hypotheses:

• ‘Simpler’ general insurance products like motor, travel, home, etc. will see increased traction towards online purchase instead of via an agent.
• The agent is preferred especially for complex products that require financial needs analysis.
• Most Singaporeans value quality advice over price discounts when it comes to insurance
• Despite online purchase options, the agent is still relevant and important
• People who are satisfied with their agent are less likely to buy online
• There is a functional relationship between demographics and the perceived value of an agent

Technological Disruption in the Insurance Industry

Technological Disruption in the Insurance Industry

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Technological Disruption in the Insurance Industry

In the earlier years of the internet, the practice of purchasing financial products online was slow to take off due largely to concerns of risk and security (Gerrard et al, 2006). Some were early adopters but others decided to wait and see, depending on each individual’s personal risk perception (Walker and Johnson, 2005, 2006).

As technology developed and internet security improved, new distribution platforms were developed despite initial impediments (Dabholkar and Sheng, 2012), together with new products designed for these platforms (Sousa and Voss, 2009). Despite each platform having its own set of characteristics (Laukkanen, 2007), they have completely altered the way that customers engage with the companies (Patricio et al, 2003) and the relationship between them (Black et al, 2002).

Today, the industrial revolution of the digital age is underway and InsurTech (Insurance Technology) companies have set their sights on the 300-year-old insurance industry. Such technology companies

have sprung up globally, disrupting the way things have been done. The emerging technologies, together with customers’ expectations, are causing the insurance industry to consolidate (PWC, 2018). Insurers used to be working in isolation with few partners outside of the industry; today the insurer that wants to stay relevant has to work in a complex partnership with companies from various industries to provide a total customer experience (Cebulsky M. et al, 2018).

In Singapore, the Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority. With the advances in technology and online security, MAS has embraced these changes and introduced a FinTech Regulatory Sandbox (Fan P.S., 2017) to encourage innovation and experimentation of new applications for the financial industry. This ‘balanced approach’ allows FinTech providers to operate with relaxed regulations in a controlled environment instead of the ‘real-world’ where more stringent rules. This allows for creativity but ensures financial stability and consumer protection.

From the early days, the insurance industry has been based on a personal interaction ‘hi-touch’ model (Gera R, 2011). Insurance agents (also called other names: Advisers, Consultants, Planners, etc.) are the major distribution channel and often the main point of interaction between the insurance company and the customer (Crosby et al, 1990). In recent years, however, multiple alternative distribution channels have emerged due to intense competition, the availability of applicable technology and the need to retain customers and reduce costs (Jeyakumar N., 2017). One of such channels is ‘Digital to Customer’, where selected insurance plans are made available for online purchase online via a mobile phone application.

In the initial years of the digital revolution, many InsurTech companies set their sights to disrupt the traditional players of the insurance industry. This has shifted gradually to collaboration; the technology players have begun to see more benefits to work alongside the incumbents rather than to go it alone in a ‘David versus Goliath’ fight. Instead of disruption, InsurTech companies look to complement and enhance the insurance companies’ operations from securing transactions, improving efficiency and reducing operating costs. Other InsurTech companies offer software that complements the practitioners’ work such as Customer Relationship Management (CRM) and complex modelling for individual analysis of financial needs.

Perhaps one of the greatest benefits from these recent advancements in financial technology is inclusion. Using recent estimates, there are almost 2 billion people living in poverty and some 200 million ‘micro’ small and medium enterprises (SMEs). These segments were previously marginalised and do not have financial products readily available to them. With high smartphone usage even in developing countries, financial services can now be made available and affordable to these groups and potentially reducing poverty with economic growth (Soriano M.D., 2018).

Relationships in Financial Services

Relationships in Financial Services

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The insurance industry has been existent since classical times and was well established around the 17th century. The majority of policies were sold via intermediaries (insurance agents) as they may not be easily understood by the public and highly intangible (Durvasula et al., 2004; Tsoukatos and Rand, 2006), and these agents are typically the customers’ only contact point with the insurance company (Crosby et al., 1990).

The cost of sale of an insurance policy is typically steep and recoverable only after the policyholder has paid 3-4 years’ premiums (Zeithaml et al, 1996). Thus it is imperative that customer retention and satisfaction remains high, not just for distribution cost recovery; high customer loyalty leads to opportunities to up and cross-sell (Lombardi, 2005), increased referrals, and better overall financial performance (Moore and Santomero, 1999. Diacon and O’Brien, 2002).

To achieve higher customer retention, quality service levels, relationship, advice and integrity of the agent (Toran, 1993) are critical factors (Slattery, 1989). Personal interactions with their insurance agent and insurance service staff perception make up critical components of brand loyalty (Soloman et al, 1985. Gro¨nroos, 1990).

Agent – Customer – Insurer Literature Map

There are 2 journals with relevant cases studies worth analysing. Both were done in Europe; one in Ireland and the other in Italy.

Irish Case Study 

A study was done in Ireland by O'Loughlin, D. and Szmigin, I. in 2005. Their paper titled ‘Customer perspectives on the role and importance of branding in Irish retail financial services’ explores the customers’ perception of the functional and emotional factors when making a financial services purchase. Although the research findings indicate that consumers in Ireland place more emphasis on functional values, the researchers highlight a lack of differentiation in the services and rates offered. Instead of using emotional advertising messages, financial companies could add value by focusing on the ‘people-based process’; providing superior advice, expertise, service quality and flexibility. 

Mediterranean (Italy) Case Study 

Another similar study was conducted by Petruzzellis, L., Romanazzi, S. and Tassiello, V., 2011 titled, ‘Branding relationships in financial services: a Paradigm shift in Mediterranean countries.’ Despite the availability of other channels, Italians have a closer relationship with their financial services staff as compared to the Irish; human interaction, familiarity and personable service are much highly valued and feature strongly in the decision making process. Amazingly, statistics from the Bank of Italy in 2017 shows that 40% of Italians do not use online banking (Banca D’Italia official statistics website, 2017) with many preferring to visit the bank. 

These case studies illustrate that while functional values are on the mind of the Irish consumer more than the Italian, it is still beneficial for the company to focus on the service process. This is especially so when the perceived risk of the product is higher; in such a situation, trust in the brand and the advice of financial service staff is highly valued (Gill, 2008).

What about Singapore?

It is interesting to note that although both Ireland and Italy are in Europe, the attitude towards financial services decision-making show marked differences. This may be attributed to each country’s cultural differences and practices. Culture is usually defined as a set of values, norms, behaviour, etc. that is peculiar to a country, society, or group and differentiate it from another (De Mooij, 2013. Giddens et al, 2016). These are usually formed through socialisation (Ghemawat and Reiche, 2016) and influenced by tastes, preferences and religion (Cohen and Varnum, 2016).

How will the Singaporean consumer attitude towards financial services compare? Against the other 2 countries, Singapore is a young nation (gained independence 1960s) with a diverse mix of people (Chinese 77%, Malays 15%, Indians 6%, Others 2%).

Hofstede Cultural Comparison for Ireland, Italy & Singapore

From Figure 2c, we can see marked differences in some of the dimensions. In Power Distance which marks social inequality and relationship with authority (Bian and Forsythe, 2012), Singaporeans are the most accepting of uneven power distribution in society and organisations (Hofstede, 1980b; Hofstede and Minkov, 2010). Even more remarkable are the gulfs in the dimensions of Individualism and uncertainty avoidance; Singaporeans abide by rules for nearly everything in life!

Will the combination of high power distance, collectivism and need for structure see the Singaporean consumer ‘give face’ and respect the advice of their insurance agent? Or will the thriftiness and eye for a bargain drive the Singaporean to online insurance channels to save on cost?

Finding the Very Best Insurance Rates

Finding the Very Best Insurance Rates

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In order to spend less on your auto insurance, property insurance, life insurance policy or another type of insurance that is available in the industry today, there are a number of things that you can do. It is necessary to know about the do's and dont's for you to get cheap insurance rates from among the best providers available on the market. So, it is very important that everyone does their research well ahead of time before making an investment. In particular so, if you're planning to get the cheapest rate possible when another policy term comes effective. Having this in mind, listed below are a few tips that you can share with other people who have the same or similar goals and objectives.

Shop Around for the very best Insurance Companies

One of the first steps in looking for the best insurance rates is searching for the most beneficial insurance providers in the industry. This action doesn't have to be complex as there are a variety of websites that will provide the consumer with this kind of info. From reviewing websites that list the top ten insurance companies on the market to checking a number of different official sites to see what products they are offering, there is a lot of great info online that people have access to today.

Alongside reviewing internet based insurance quotes, another excellent way to find the best insurance firms is usually to network. Some of these networks may be within one's family, on the job, social setting and among friends. There are several means now available that people might use to discover the information that they would need. For instance, when someone likes their own insurance firms, they are surely very willing to share what they have learned over time. So, they can point those who are on the lookout for good insurance coverage at an affordable rate in the right direction.

Contrast Insurance rates from Different Companies

Once it is time for an insurance plan to get renewed, the majority of folks are likely to settle for the new rates that they're given without asking any questions. Even if the new rate could be the best rate that they may find, a lot of people do not take some time from their schedules to look for a better rate. Sadly, this is not always the most suitable practice for people that actually want to save money on their family's budget. In truth, it is within this period that individuals have a chance to reduce their monthly expenses quite significantly. To illustrate, once the new policy renewal comes in, among the first things that every individual requires to do is begin looking around for multiple quotes. A lot of people highly recommend securing a minimum of three insurance quotes from multiple providers to compare. Before you start this process, however, it is very important for everyone to remember that these insurance quotes can only be compared accurately when the features of the insurance plan are the same. Meaning if the individual is aiming to secure a quotation for an auto insurance policy, they have to request the exact deductible amounts from each company in order that computations will be identical. If that recommendation is not followed, the best rate could be based of lesser coverage.

Go for a Lower Insurance deductible When Inquiring about Insurance Quotations

In addition to comparing quotations from multiple organizations, another wise way of managing monthly insurance payments is to choose lower deductibles. Lower deductibles will automatically lower the value that individuals are required to pay each and every month. However, before these amounts are changed significantly, it is necessary for the covered person to know that this amount comes out of the pocket first whenever a claim has to be filed. So, it is very important for individuals to take into consideration their insurance deductibles very carefully prior to signing the documents.

Inquire about Insurance Quotes Discount rates that Policy owners Qualify for

The insurance coverage rates for policy holders can vary greatly from one to another. This is because the amounts for each person can differ dependent on several types of discounts. One of these may involve buying multiple type of insurance policy from the same company. Because insurance companies are attempting to get as much business from the customers as they possibly can, such a discount may be a win win for both the client and the insurance provider. Another common discount that some people may or may not be familiar with is discounts for those who take defensive driving courses in case of automotive insurance. The reason being these programs teach their students how to make good driving decisions, as well as avoiding accidents. Each discount can help to lower the payments a bit or a lot so it's essential for individuals ask about every type of discount offered, especially if they need to get the maximum benefits.

Conclusion

If you are thinking to invest in a fresh insurance policy for one's vehicle, home or other items, you can acquire the ideal rates possible by looking around in advance. Even in the event the insurance policy comes up for renewal, it's a sound practice to revisit the insurance policy rates so that you can still get the ideal deals. Furthermore it is worth noting that many professionals in the industry can offer great ways to get one of the best quotes. Several of which includes, obtaining multiples quotes from different companies, choosing lower deductibles, and asking about additional discounts.

Lets say you just can't get satisfaction out of your current insurance provider?

I understand how hard it could be to attempt to find the right insurance provider you need, but if you want to really look for the best out of insurance companies, you will need to discover tactics that work amazingly well. These tactics are simple to grab and do not take a lot of your time. You can discover methods to decrease your insurance premiums in this article here: Insurance quotations

Don't give up hope, it's NOT impossible. Get more ways of getting cheap insurance for teen drivers by clicking the link.

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Why Real Estate Title Agents Need Errors And Omissions Insurance

Why Real Estate Title Agents Need Errors And Omissions Insurance

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In fact, no matter if you have been in business for quite some time, or you are new to the real estate industry, the risks you face daily, from errors in closing costs and payoff amounts to failing to meet client expectations, make you a major target for lawsuits. Even if you are cleared of all claims, the fees spent on defense, the time spent away from your business, and the added stress of dealing with the situation can prove costly. Without the right coverages, real estate agents may put their professional and financial future on the line.

Also, it is the title industry's role to safeguard the client's escrow and other funds by providing a means for the secure transfer of their real estate in the industry. If an error or breach occurs during this transaction, the agent is held accountable for damages incurred resulting from the error or breach.

Title Agents Errors and Omissions Insurance protects title agencies, including the escrow agent, closing cost agent, title searcher, and more, against the impact of a lawsuit incurred as a result of title agents omissions and errors and fraudulent wire activities.

This insurance covers all costs suffered as a result of an emerging lawsuit claiming alleged errors in the title documentation process, including title searches and escrow. Under this coverage, the insured is compensated in the event of final settlement up to the policy limit, as well as compensation for defense costs.

Title Agents Errors and Omissions Insurance Under the Fidelity-Pak Program

Title Agents Errors and Omissions Insurance Coverage under the Fidelity-Pak Program provides a wide range of comprehensive errors and omission coverage for real estate title agents, including:

Claims related to defect or deficiency coverage

Sometimes the real estate process can become damaged due to a defective or unmarketable title, also known as a title defect, which means there is an omission, error, or other complication related to the ownership of the property that makes it unsuitable for sale to a valid buyer.

Typically, as part of the settlement process under a contract of title, the buyer will pay the title company or attorney to search the title to the property to ensure the seller has a valid and marketable title to transfer without title defects to protect the buyer's right to the property. However, sometimes important details related to the property are not recorded in state and county records, which prevents certain information from being known, which puts the agent at risk.

The claims related to defect or deficiency insurance covers claims related to defect or deficiency claims resulting from a deficiency or defect not recorded in public.

Consumer Financial Protection Bureau Matters (CFB) Coverage

The Consumer Financial Protection Bureau protects consumers from abrasive, unfair, or deceptive practices and takes action against businesses that break the law, such as predatory lending.

If a consumer files a complaint against your company with the CFPB, and upon investigation, the CFPB decides that your company has indeed violated federal consumer financial laws, it could result in a court proceeding.

The Consumer Financial Protection Bureau Matters Coverage assists with costs incurred as a result of Consumer Financial Protection Bureau matters. Under this coverage, Insureds receive up to $150,000 sub-limit coverage for relevant attorneys' fees, costs, and expenses, including civil investigation, hearing, subpoena, or civil action conducted or received by the CFPB.

Claims Caused by Independent Contractors

The claims caused by independent contractors insurance covers Insureds against a claim caused by independent contractors.

Occasionally, you may need to hire an independent contractor to assist you in your real estate business. During these times, it is important to verify that the contractor is covered by insurance, which will cover damages if the contractor's errors or accident causes damage.

Prior Acts Coverage

Title Agents Errors and Omissions Insurance covers prior acts coverage is a feature of liability policies that extends the coverage of insurable occurrences to dates before the purchase of the policy. In other words, it covers the time between when services are provided and when claims are filed as a result of those services. Under this coverage, all claims caused by wrongful acts following the retroactive date and before the end of the policy period are covered.

Fraudulent Email Wire Transfer Coverage (Third Party)

Under the Fraudulent Email Wire Transfer Coverage, compensation is paid on behalf of the Insured, those sums insured become legally obligated to pay up to $1 m for a covered loss as a result of an employee transferring escrow funds from an account of the Insured in dependence upon fraudulent email instructions relieved from a criminal claiming to be a lawful party to the transaction.

For more information on Title Agents Errors and Omissions Insurance, contact Riebling Insurance Agency, a leading commercial insurance firm specializing in Title Agent E&O insurance for both small and large companies, at RieblingInsurance.com

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How to Get Cheap Health Insurance Plan?

How to Get Cheap Health Insurance Plan?

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The United States Government has been presenting several schemes and plans to help the American residents enjoy health insurance benefits to the fullest. "Obamacare" is one such scheme that provides health insurance facilities for both the high-income and low-income groups in America. However, a report from a Washington D.C. firm, named Avalere Health, reveals that the price for one of the plans in Obamacare, called the silver plan, will rise to about 34% in 2018. The silver plan provides a decent coverage policy and is a bit high on the monthly premiums. For those who cannot afford to pay such high premiums; they need not worry, as there are policies besides this and a subsidy scheme, which will provide health insurance at low cost.

While shopping for cheap health insurance plans, one should have sound knowledge about health insurance policies. Senior Vice President of Advisor Services at Manning & Napier, Shelby George advises the shoppers to always look for how much coverage is provided for the costs a company provides. In other words, one should not get carried away by the cheap rates, but should rather focus on how much coverage the insurance companies are providing for those cheap rates they advertise.

In order to get best cheap health insurance, here is an explanation of the different policies available and a description of, whether one can get insurance for "free".

Subsidies and other Health Insurance Plans:

With an aim to provide all Americans with Health Insurance coverage, one of the many useful plans proposed by the Government, is that of 'subsidies'. A subsidy, in simple words, is the amount paid by the Government to the insurance companies to provide health insurance facilities to those with low incomes. This means that people falling into the low-income group will be able to enjoy health insurance benefits through the use of subsidies, which would otherwise be rejected by insurance companies on any other short-term policy claim.

An individual who earns about $48,000 and a family of 4, which earns somewhere less than $98,000 are those who can enjoy the benefits of subsidies. Hence, people with low incomes can enjoy good cheap health insurance with the help of subsidies. However, these subsidy schemes proposed by the Obamacare plan are more likely to be altered or eliminated on the whole by the Trump administration.

Talking about other health insurance plans, a silver plan will cover up to 70% of a person's health care charges while a bronze plan will cover up to 60% of the costs and the remaining percentage of charges will have to be paid out of the person's pockets. Now, comparing these two plans, if one wishes to spend absolutely NO money out of one's pockets, then choosing a bronze plan along with a subsidy will be of great help. For those who cannot afford to pay out of one's own pockets, the bronze plan coverage of 60% along with the remaining 40% covered by subsidies will help to enjoy cheap health insurance.

What Type of Policy One Can Choose?

The first step to get hold of the best cheap health insurance is to be aware of what policy suits one's needs. Here is a list of two options explained briefly, so that one can choose the best fit.

1. Short-Term Policy: 

A short-term policy is for those people, who do not qualify to avail subsidies. In other words, people for whom it becomes 'unaffordable' to get health insurance are advised to choose this policy. Here the term 'unaffordable' is described as the cost that exceeds above 8% of an individual or a family's annual income. According to, Nate Purpura, the Vice President of Consumer Affairs (ehealth.com), individuals whose income ranges from $49,000 to $69,000 and families that earn somewhere between $99,000 and $129,000, are supposed to go for short-term policies.

Hence, if one finds it difficult to pay expensive premiums and avail health insurance, then going for the short-term policy is highly recommended. However, there are no penalties if one doesn't wish to have any health insurance. But, on a positive note, it is beneficial for the individuals themselves, if they have some financial protection that will be of benefit in unfriendly circumstances.

Here are a few noteworthy details about short-term policies:

• These policies usually last up to 3 months and can be extended till 9 months (in 3-month period renewal).
• According to the new rules proposed by President Trump, having a short-term policy will be mandatory for all individuals. However, this rule has not yet been passed, but will soon be in effect.
• These policies do not provide coverage for pre-existing illnesses, i.e. diseases that one is suffering from, before applying for the policy.
• If at all one wishes to include such pre-existing illnesses in the coverage plan, then the premiums will increase substantially.
• Unlike Obamacare schemes, short-term policies will not cover charges for maternal care, injuries due to abuse, and mental health treatment.
• On having a short-term policy, one can avail decent health care facilities at about $100 premium a month.

On an overall basis, despite the low coverage options it provides, those who are looking for cheap health insurance for individual or cheap health insurance for families, can avail great benefits from this policy.

2. Combined Policy or Combo of Policies:

Traditional policies or in other words plans with higher premiums will provide coverage for all the expensive hospital bills in case of risky illnesses or accidents. Whereas, choosing short-term plans will simply cover the normal doctor-visits. But if one wishes to avail the benefits of both the policies, i.e. get coverage for risky illnesses as well as for normal or routine sickness (like a cough, cold, fever), then insurance companies these days are offering combo packages.

In the recent past, people used to apply for both policies separately in order to avail coverage in both cases. This was getting difficult for the insurers to calculate different percentages and amounts; hence the plan for combo policies came up, allowing people to avail both benefits within a single policy. However, as evident as it seems, going for these policies will definitely cause one to pay premiums higher than usual.

So a gist of all the above-discussed points is that one should not always get attracted by offers that merely advertise of providing cheap health insurance for individuals, instead one should look for the quality of coverage they provide for the cheap insurance rates. Shopping for health insurance also requires thorough research and study, just like any other insurance policies. Since this is an issue concerning one's health; it is nowhere worthy to just be worried about money. Quality service always comes at pay hence one should be wise enough to search for policies that provide affordable and quality health insurance plans.

Article Source: http://EzineArticles.com/9964889

5 Basic Insurance Mistakes to Avoid

5 Basic Insurance Mistakes to Avoid

admin    3/08/2020    Comment   

Having basic insurance coverage is essential. If you don't apply for insurance, know that it will be a big mistake. Therefore, you may want to have enough coverage to meet your needs. Also, it's important that you realize the importance of insurance. Given below are a few common mistakes that you may want to avoid when it comes to buying insurance.

Ignoring the Importance of Basic Insurance

You must have at least basic insurance. For instance, it can protect you in case of car theft and accidents. In addition, basic health insurance can help you save on your medical bills. If you can't go for a comprehensive policy, make sure you get a catastrophic or deductible plan.

According to the Affordable Care Act, you must have health insurance. Otherwise, you may have to face fines at the time of filing your taxes. The health plan you opt for should meet your minimum requirements. A plan designed for disability protection, for instance, can protect you if you fall seriously sick or get injured.

Opting for an Expensive Plan

Another common mistake is to purchase a plan that is more expensive. It can be hard to estimate how much you should spend on a plan, especially when it comes to liability insurance. Therefore, we suggest that you have a discussion with an agent about your assets. At young age, you won't have to pay for an expensive plan as you won't have a lot of assets to protect.

Opting for a Cheap Plan

Under insuring yourself is another common mistake. Ideally, your basic plan should be able to cover your expenses. In other words, in case of an accident, your plan should be able to pay for all the medical expenses.

For a health plan, the same is true. If you are in the United States, one million dollar can be enough. However, if you have a major illness like cancer, your medical expenses will be much higher.

Opting for the Wrong Insurance

Getting the wrong type of insurance policy is another common mistake. It's not a good idea to opt for policies that won't be of any use to you. For instance, if you are under the age of 30, you don't have to get different types of policies.

Keep in mind that you don't have to go for all types of policies. If you know what you are going to get, you won't have to get surprised at the time of filing a claim.

Not Considering Different Policies

Make sure you shop around before deciding on a policy. It's better to do this every now and then. This will help you save money by opting for a different policy. In addition, you may consider policies that offer discounts based on your location or profession. Shopping around won't take much time but save you a lot of money. Plus, it will help you avoid common mistakes.

In short, these are some common mistakes that you may want to avoid when it comes to buying the right type of insurance policy. It's much better to consult a health insurance agent to make an informed decision.

If you are looking for a California health insurance agent, we suggest that you check out Health Insurance Agent.

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