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Archive for June, 2011

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When you are looking for insurance on the vehicle you drive, everyone accepts you could change to a different vehicle tomorrow. It’s the same with a rental home. People who do not own their own homes often move on a fairly regular basis. Put the other way around, many people feel able to change their insurers more or less at will. If one insurer hikes their premium rates, many shop around and find another insurer with lower rates. That’s the way the world works. But, when it comes to buying cover for your life, there’s a big change.

The first policy you are looking to buy may be for a fixed term, making it unlikely you will cancel. If you buy a whole life policy, this is an even more permanent commitment. Given the policy depends on you building up the cash value, you are not expecting to change insurers unless there’s a crisis that requires you to surrender or sell the policy. This means both sides of the proposed bargain are going to look more carefully at each other. You want to feel confident you are buying a policy with the right terms for your particular circumstances. You also want to be reasonably sure the company is financially sound and likely to be around to pay out in thirty or more years from now. On their side of the fence, they want to ensure you are not going to die tomorrow – that means a medical exam.

If all you want is a policy with a short term for a small amount of money, a young man will be waved through with only a nominal check on your health. But if you are older and/or you ask for a larger amount of cover, the checks will get more real. The first rule to understand is that you cannot rely on your regular doctor to provide a medical report. You will always either be seen by an employee of the potential insurer, or referred to an independent person with medical expertise. Depending on the level of protection demanded by the insurer, you may find the exam will come to you. Many life insurance companies operate with mobile testing facilities that will visit your office or home. This provides an opportunity for a detailed questionnaire on your medical history and a basic set of samples for testing. But the more comprehensive tests will always require you to go to a clinic or hospital where you can be put on a treadmill for measurement of your breathing capacity, heart performance, and so on.

Remember you will be subject to a standard range of tests to determine whether you are currently taking any drugs. This ensures your honesty in disclosing existing medical conditions and also looks at your lifestyle to confirm you are not currently taking anything illegal. If any problems are detected, you may be asked for further tests or time may be allowed for you to take remedial action, e.g. to quit smoking, eliminate street drugs or lose weight. Life insurance rates are based on your health as it is. A healthy young person will be offered a low rate. Anyone with lifestyle or health issues will either be offered a high rate (as a deterrent) or refused outright.

In a sense, this is the easiest of all the questions to answer because it all comes down to a choice between two basic types. Term life is what you might call a pure form of insurance. You agree a fixed amount payable in the event of your death during the term set. If you die, the company pays that amount. If you are still alive when the term expires, you are now without insurance cover. Because the majority of people are finding their life expectancy rather better than they had thought when young, the insurers do not pay out on many term policies unless there’s an accidental death. No one can predict a traffic accident. So the premium rates are low, offering potentially very good lump sum payments to your family for a relatively small outlay.

The second major type offers permanent protection while accumulating a cash value. The so-called whole life policy offers a basic minimum lump sum plus a bonus from investments. In the majority of cases, the management of the investment is delegated to the insurer but, if you think you can do better, there can be options for you to guide the investment. We then get into a small jungle in which you have to judge how much risk you want to accept. In a variable life policy, for example, you can abandon the fixed lump sum in favor of greater returns from the investment account. Universal life gives you the right to borrow from the insurer or actually withdraw some of the accumulated cash value should an emergency arise. This also has greater flexibility, allowing you to vary the amount of premium you pay. The maximum control comes to you through a universal variable policy. This has separate accounts and you can manage where your money goes as between stocks, bonds and the money market. If you make good decisions, there are good tax free returns.

When you are young, a term insurance policy can give you low-cost protection during the first years of your adult life. The question you have to ask is whether this represents the best long-term value. Should your health not hold up, renewing the term or switching to whole life may become impossible unless you bought a convertible term policy. The other factor is inflation. If you buy a whole life insurance policy early, the premium may start off higher but, over time, it becomes more affordable as your pay rises. If you delay, the cost of the whole life cover rises as your life expectancy falls. What you may find a slight struggle when you buy during your twenties, will cost you significantly more if you ask to buy the same amount of cover during your forties. Equally important is the question of a medical. As a young buyer, the insurer is likely to wave you through without any comprehensive medical exam. But as the years pass and your weight rises, the risk of different diseases and disorders increases. You may find it more difficult to buy whole life even if you can afford it. Life insurance is all about taking the decisions at the right time. In reality, all this should be discussed with a knowledgeable advisor before you make any commitments. Early mistakes can lock you into unfortunate policies.

First, a Warning

Don’t confuse the cost of insurance alone with the cost of owning a car. Rather, paying more for insurance could actually save you a lot of money. Someone who pays a lot might have better coverage, which saves you a financial crisis if you should get into a bad collision. One of the reasons some states have such high rates is because they mandate a higher level of coverage than other states. They do this for a reason: to protect their citizens from being bankrupted by a crash.

In Michigan, costs are partly so high because the state requires that medical coverage be unlimited for life, meaning that if someone is permanently disabled in a collision, the insurer could wind up paying their bills for tens of years. Companies charge more to take on that risk, but Michigan legislators believe it is an important protection for people in their state.

Louisiana has problems with its legal system that send insurance prices through the roof. Claims resolutions are simply too expensive, and it hits consumers in their premiums.

The 10 Most Expensive States and Districts

1. Louisiana (the most expensive state in the country)
2. Michigan
3. Oklahoma
4. Montana
5. California
6. South Dakota
7. Washington, D.C.
8. Georgia
9. Illinois
10. Connecticut

The 10 Most Affordable States

1. Maine (the least expensive state in the country)
2. Vermont
3. Ohio
4. Wisconsin
5. New Hampshire
6. Iowa
7. Massachusetts
8. North Carolina
9. Arizona
10. Tennessee

The Influence of Cities

Insuring a vehicle is a whole lot more expensive in big urban areas. There is more traffic, more pedestrians, and more stress-meaning a higher risk of collisions. The statistics back this up, which is why people living and working in the big city pay more for coverage. In stark contrast, rural areas are always in the lower section of costliness within states. Things tend to be cheaper in the country, because there are fewer cars and fewer opportunities for devastating collisions.

The 5 Most Expensive Cities

• Detroit, MI
• Philadelphia, PA
• Newark, NJ
• Los Angeles, CA
• Hempstead, NY

Other Costs to Consider

As far as the expense of owning a vehicle, insurance is only one factor in the equation. You have to add in taxes, fees, the cost of depreciation, financing and interest payments, fuel costs, maintenance prices, and repair fees. These prices vary by region, state, and city. Of course, most crucially, they vary by individual situation.

No matter how high the average cost of owning a vehicle in one place is, there are always some people who go about things super smartly and save a lot of money. Good credit? Loans wont’ be as expensive, and neither will coverage. Have a handyman in the family? Don’t worry so much about maintenance costs! If fuel is expensive, get an electric vehicle.

People with great driving records and who pick extremely safe vehicles will save a lot on car insurance. There are hundreds of ways to go about saving money, so don’t be discouraged by state averages.

Who knows what it will cost next year?

A couple years ago, Washington, D.C. was the cheapest place to get car insurance. Politics change a bit each year, as do mandates and car insurance rates.

When it comes to writing insurance policies, the decision is all about risk. Based on what you tell the insurer, the actuaries estimate the chances you will have an accident the next time you drive, or that your home will be flattened by a tornado, or that you will catch the H1N1 brand of influenza. It’s the most scientific form of gambling our society has been able to develop. If all the sums work out right, you are protected financially should any of the risks occur and the insurer will make a profit. So when it comes to insuring your life, the actuary needs to call in different professionals. Although you may give completely honest answers to questions about your own health and the health of your immediately family, there are many things you do not know. Sometimes, families are not honest with each other when it comes to health problems. Sometimes, you may not have been to see a doctor recently and so be unaware your own health is less than good. To protect everyone, a medical examination will usually be a condition when the amount of cover requested is high, or you are older, or you admit possible health problems.

Some insurance companies employ paramedicals who can bring a mobile service to your home or office. Others will give you the name of a specific doctor or a clinic and wait for you to make an appointment. Note that, almost without exception, when something more than a token amount of insurance has been requested, no reference will be made to your regular doctor. The insurers only accept evidence from independent medical personnel.

Let’s say you are still young and there are no untoward signs in your own or your family’s history. The exam is likely to be fairly straightforward, going through lists of questions about your current health and lifestyle. In this remember you may be tested to ensure your answers about not smoking and no abuse of drugs are truthful. If you appear heavier than you admitted on the proposal form, there may be more tests for diabetes and other diseases that can affect the overweight. If you have admitted to health problems, the tests can be fairly intensive if you are older and asking for significant amounts of cover. This is not just measuring pulse rate and blood pressure. You can find yourself supplying a range of samples, submitting to an EKG and getting up on a treadmill to prove lung capacity, stamina and a healthy heart. Only those who pass with flying colors will be offered the larger amount in cover.

In one sense, the whole experience of a medical exam is something of a deterrent. It takes up time and can be intrusive. Yet we have to advise you to go through several exams. The reason is simple. Life insurance companies approach risk assessment in slightly different ways. What some may consider significant is more routine to others. To get the best deal, you have to get as many offers as possible. This means being prepared to go through as many medical exams as it takes. Only when you have all the offered life insurance policies in your hands can you judge which one represents the best deal for you and your family.

So here’s a question for you. If you live in a big city like Detroit, do you feel pressured to move out if the cost of insuring your vehicle is too high? State Senator Virgil Smith, whose Democrat credentials are pure, suggests Detroiters face tough decisions when the premium rates drop as they move from the inner city ZIP codes, to the suburbs to the smaller towns just a short distance away. The difference can be two or three times the rate. So how do citizens decide? Well, judging by the statistics, some 17% decide to drive without insurance. Yes, this breaks the law but, when the cost of complying with the law is unreasonably high and it’s not economic to sell a home at the bottom of the market to move outside the city, what’s a driver to do?

So the good Senator is proposing a bill to change the law. It all stems from the no-fault system used by Michigan. This is one of these great theories that can work well when the culture is supportive, but gets expensive when the culture is more selfish. In foreign countries where there’s a socialist approach to life, people support a system in which they insure themselves against loss and injury. Rather than fight each other in courts, arguing over who was at fault, everyone claims on their own policies and gets on with life. In the US, the number of no-fault states is falling. The main reason is cost. Michigan mandates its drivers to carry an unlimited amount of medical cover. With everything costing more from the humble aspirin to the cost of major surgery and rehabilitation to mend broken bodies, the premium rates have spiraled out of control.

Virgil Smith is proposing to introduce a stripped-down policy for Detroiters who earn less than $30,000 a year, drive a low-cost vehicle and have never had a serious accident. He estimates that eligible drivers who buy this basic cover will cut their auto insurance rates by half. The problem, however, is that capping medical claims, say to $75,000, may work very unfairly. Whatever limit is set, treatment bills could quickly use up the amount. What then happens to the victim? In a no-fault state, the “victim” is not supposed to sue the driver “at fault” to recover additional costs. Nevertheless, this does seem a good first step to reform. Indeed, anything encouraging low-paid drivers to buy insurance improves the situation for everyone. As it stands, law-abiding motorists pay more for their cover. If more drivers pay into the no-fault fund, there’s more money to pay the medical expenses. Over time, this drives down the premium rates for those in the big cities like Detroit – the most expensive city in the US for vehicle insurance. It also forces an increase in the rates for those who live in smaller cities, but that’s why this is to be debated by lawmakers representing the whole state. If the politicians can forget their party ideology for a short time and reform the law for the benefit of all, we could see this test program rolled out across the state and cheap auto insurance for most drivers below the poverty line.