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How to Select an Insurance Company

Caveat emptor - Let the buyer beware! Unfortunately, it's difficult area to be well informed in insurance for many consumers because of the number of insurance companies, kinds of coverage and similarity of names. Add to that the global aspect of the modern business climate, and the struggle can be even greater.
If you're looking for coverage for your home or car, chances are you're familiar with the companies you contact for quotes. Many insurance companies advertise in trusted areas and have long-standing reputations. You know them. When a consumer steps out in a new arena, it pays to be even more informed.
For example, one of the fastest growing industries is Medical Tourism, in which patients travel for health care.
Typically the patient travels overseas for cost savings, often to gleaming facilities with skilled surgeons and other healthcare providers. The cost savings can begin from the ground up, with state of the art facilities being constructed for 1/5 the cost for the same building in the US. Complications can arise from surgery performed anywhere. When patients travel for healthcare savings, they want to know that if a complication arises, they won't see their savings erode. Specialty insurance can cover trip cancellation, travel accident, complications of surgery and more to alleviate that concern.
Because they are specialty policies, they can vary widely. It's important for consumers to compare coverage to ensure they're getting coverage that truly meets their needs. A side by side comparison is important in this regard. Ask about exclusions, coverage periods, deductibles, taxes and fees, etc.
Further, new trends and industries create opportunities for unscrupulous offers from fictitious insurance companies. Because they can appear to be very official, and perhaps claim to be organized outside the US, consumers may feel that they fictitious company is real and legitimate. These bad apples don't spoil the whole bunch, but they can certainly leave a bad taste when they're chosen by mistake!
Insurance companies cannot be set up overnight in any country, and are either listed or reviewed by companies who rate insurers, such as Standard & Poor's or A.M. Best. Even foreign companies are rated, or at least listed (if they have not been in business long enough or otherwise don't meet the criteria to be rated.)
I recently came across a policy that was offered to medical tourists as a patient's version of Malpractice insurance. It is conceivable, but very unusual for a patient to be able to purchase malpractice insurance on a doctor (and I would add that a patient who experiences a complication of surgery would want coverage whether it was the result of malpractice or not.) It included a claim deposit that the patient had to pay if he needed to make a claim. Such requirements are highly unusual, and should prompt the consumer to investigate the validity of the company and the policy.
Consumers should always check insurance companies out, either through their trusted agent or by asking A.M. Best (www.ambest.com) or other rating companies directly. Also check with the Better Business Bureau and your state department of insurance for complaints. Consumers should also ask the insurance company who handles their product, so they know they're dealing with the right and authorized agent. An insurance company can be a victim of an unscrupulous person as well as can a consumer, when someone pretends to represent the insurance company. And unfortunately, if money is paid to a fictitious company, it can be very difficult to recover - if it can be recovered.
If in doubt, call on your trusted insurance agent to help you navigate the waters. Get quotes from several companies, check out the companies and agents, compare coverage forms, and move forward knowing that while no insurance policy is everything to everyone, you've made an informed choice for the best option for your needs.

5 Things to Know About Life Insurance

No matter how old you are, it is never too early to start looking at life insurance. This is a terrific way to start protecting yourself today while preparing for the future. It is vital you take the time to research the market so that you can get the best coverage at the most reasonable rate. Here are five things to know about life insurance.
1. Shop around It is amazing to see how much prices can vary from company to company. The premiums are going to vary greatly making it all the more important you take the time to shop around. Thanks to the internet it has never been easier than it is today to look at several different rates in a matter of minutes. You can find a wide array of information on the internet to help you compare rates, view different options, and purchase the best policy for you.
2. Stay healthy and get good rates There is no denying the fact that the healthier you are the better rates you are going to get. Anything that can potentially shorten your life expectancy will raise your rates. Things that will be taken into consideration include smoking, engaging in risky activities, and a lack of exercise in your daily life. Any lifestyle changes you can make to improve your health can lower your rates.
3. Review coverage frequently It is important you take the time to look over your coverage frequently. Typically you want to look at your coverage at the end of one year or the beginning of the next. In addition, you will also want to review your financial plan if you experience any life changes. It is vital your coverage still matches any changes you have made including marriage, having a baby, or retiring.
4. Review your options The great thing about life insurance is that there are a plethora of options to choose from. Each type has different characteristics and benefits for you to take advantage of. There are some that will provide instant benefits while others will offer benefits for your entire life. Take the time to look over all of the options available so that you can get the best coverage for your life.
5. Buy more, pay less With life insurance it typically costs less per thousand dollars at higher coverage amounts. If you opt to double your coverage your premium is not going to double as well. If you feel the need to increase your life insurance, it is vital you explore everything out there. Believe it or not, you may be able to get covered at a far better price than you originally thought.
W A Henderson: Would like you to visit arguably the Best Life insurance website on the internet today for your free quotes. Go to http://LifeQuotes4You.com
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