Life Insurance - High Risk: High Cost
Life insurance is a requirement for anyone with a family, to ensure that when you are gone they are not left destitute and relying on government handouts. If however your job can be classed as ‘dangerous’ then life insurance is a must from the outset. Who decides whether your job should be classified as taking you beyond ordinary risk levels? Well, it seems reasonable that the insurance company who are going to provide your cover should be the ones to decide, and that is the usual case.
However, different insurers will have different ideas as to what constitutes danger, but they all have one thing in common. If your job does appear to them to have factors which take the danger level beyond what they consider to be ‘normal’, then your premiums will also be taken beyond normal. In fact whilst they will do their best to provide you with cover and will need to increase the cost accordingly, there are areas into which they will not go
For example a member of any of the three armed forces could normally expect to get cover, albeit at a surcharged cost. They can expect though that their policy will carry a clause that in the event of their being posted to a war zone, their cover will be suspended.
A spokeswoman for Standard Life made the point that whilst cover may be given for a particular occupation, it is likely that any increase in risk would result in increased premium cost or even refusal of cover. She gave an example that a tightrope walker could expect a refusal if they intended some action outside their usual parameters with a heightened risk factor, like an attempt to break a record.
Contemplation of risks taken in doing a job are very likely to lead to thoughts of Steve Irwin, the Australian crocodile hunter and general animal lover and investigator, who spent his working life taking chances with a variety of creatures. He died as a result of an encounter with a sting ray, a fish not usually closely associated with undue risk; that the apparent danger of his work with crocodiles did not cause his loss of life is a source of surprise to most people.
It is reported that he had told his wife that he expected to die young; with his penchant for dangerous situations his need for insurance cover as support for his family was obvious. Would cover have been available for such a dangerous occupation, and if so at what price? Would any underwriter have been prepared to provide cover? The answer is more than likely ‘yes’. A look at the insurance market shows that cover has been provided in the past for some extremely hazardous enterprises, and the level of premiums can account for this. High premiums for high risk are a temptation for any underwriter with a ‘calculating gambler’ mind who can collect huge returns if the enterprise in question is successful.
Despite his showmanship, Steve Irwin must have been a very careful type, more than likely taking only calculated risks, and fairly certainly a company could have been found who would provide cover. It is not likely to have been provided by a ‘conventional’ insurance company, and an Association of British Insurers spokesman is of the opinion that such a specialised policy would have been obtainable from an Australian company with the outlook and the experience to handle this. In fact what would have been needed is a firm similar to Standard Life or Lloyds of London (although most likely based in Australia), both being insurers with experience of specialised policies.
Such insurers have to keep very much up to date with new technology, to ensure that they ask the right questions and are well able to assess the risks involved. With new job titles being coined as technology advances, they cannot depend on those to provide them with an accurate picture. Instead they have to evaluate the materials used and the working conditions, to enable them to arrive at an answer.
It is no surprise then that different insurers produce different quotations, when the basis for the decisions probably has to be based more on instinctive reaction than intimate knowledge of the job proposed.
So as always it pays to shop around, more so in this case than in the ‘run of the mill ‘ jobs. Finding a broker on line may be an easy start in your enquiries, but you must ensure that he is absolutely clear with regard to your needs; your dependents will not appreciate finding that an unnoticed or overlooked clause renders the cover invalid.
Michael Challiner
http://www.articlesbase.com/finance-articles/life-insurance-high-risk-high-cost-669098.html
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Texas Health Insurance Has Alternatives
People who have an employer sponsored health insurance plan in Texas and then lose their jobs do not have to go without health insurance. The bad news is that it will cost you more since your employer will not be covering part of it. Health insurance in Texas for people between jobs is covered by COBRA. COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. This insurance is controlled federal government and must be offered to employees that lose their jobs so that they may have continuous coverage while they look for a new job.
Basically, the employee keeps their same insurance, but now has to pay the entire bill, whereas before the employer was paying half of it. With this health insurance in Texas you and your family remain covered while you are unemployed. COBRA can be used for up to18 months for the employee and 36 months for your spouse and children. Losing your job does not have to mean losing your insurance.
Insured persons are eligible for COBRA when they leave the employment of a company with more than 20 employees. If the employee is on disability and gets Medicare their spouse and children may still qualify for COBRA coverage. You must choose to extend your health care coverage with COBRA within 60 days of leaving your job or you will forfeit these benefits entirely. Those that opt for this health insurance in Texas will pay the entire insurance premium along with any additional fees.
Continuing your HMO health insurance coverage is an option when you choose COBRA after terminating your employment. You must check your policy and be sure to use only the doctors in your network or you may only get emergency treatment covered.
Texas has a law about health insurance coverage that calls for a continuance period which is usually about 6 months. This continuance period begins after the COBRA coverage ends. If you are eligible for the continuance, but prefer COBRA your coverage may last for up to 2 years.
According to Texas law most health insurance carriers must allow for a group continuance period for people who no longer qualify for the other plan. This applies to people who should have been covered under the group plan. When using this health insurance in Texas, the group insurance coverage continues as long as payment is made on time.
COBRA is not the only option for people who lose their jobs. Texas has what is known as the Health Pool. People who don’t qualify for new health insurance coverage due to a pre-existing condition may qualify for this kind of health insurance in Texas. This will allow for the most vital medical needs to be taken care of, although the coverage may not be as extensive as a regular health insurance plan. There are several factors that will determine whether you qualify for the Health Pool; Medicaid or Medicare: or perhaps using COBRA is the best option for you. You may wish to discuss your options with a social worker to see which would work for you.
Jordan FeRoss
http://www.articlesbase.com/finance-articles/texas-health-insurance-has-alternatives-708040.html
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Affordable Health Insurance for the Unemployed
Being unemployed can be a financial downside to say the least. You perhaps be dependent on a someone else to cover your day-to-day expenses such as as a home to live and food to eat. Health insurance policy is something that everybody needs and not enough people have available because of these additional financial loads. Any emergency such as a car accident or broken bone will call for sufficient medical assistance. What do you do when you don’t have insurance policy and cannot afford costly medical bills? If you’re out of work, you need to find out health insurance policy to forbid this from happening.
COBRA is a law in which many people could be entitled to remain on an employer’s health insurance policy even after they lose their employment. The most idealistic individual for this insurance coverage is someone who is between jobs and is not in need of long-term help. It can hold up at least a year to those who qualify, but the insurance premium money is still an expense that some unemployed persons may not be capable to take care of with their lack of income. If you are able to pay off the premium and are eligible, COBRA will also cover your spouse and kids who are dependant on you for insurance. The best way to find out if you could receive health insurance is to contact your local employer’s benefits department and fill out the required forms.
You could also shop around for distinctive health insurance policy. A lot of free Internet services are proven dependable by the Better Business Bureau Online. By talking with one of these insurance policy experts, you will be able to get assistance in finding the most inexpensive health insurance policy that will fit your specific needs. They know the rates of thousands of insurance companies and can fix you up with suitable coverage for your specific needs. If you have a spouse or kids, getting health insurance coverage is a necessity. Life is full of unpredicted events and you cannot guarantee that everybody will stay completely healthy until you have insurance policy again because accidents do happen. Getting an inexpensive insurance coverage rate on one’s own can be bothering. The experts at these companies are offering their assistance to you, often as a costless service. Whether you need to find out something short-term or for an extended period, they are qualified and committed to helping you.
If you find yourself unemployed at any time in your life, you are likely without health insurance. This can be a nightmare whether you have got a family or not because medical expenses can put you into debt rapidly. Fortunately, there are techniques of getting inexpensive coverage providers that can keep your health, as well as your funds, safe. A simple doctor visit can cost you significantly a lot of money than it would with insurance policy. Do not let yourself become one of the many people who are unluckily living life without appropriate insurance policy.
Lauren Rose
http://www.articlesbase.com/insurance-articles/affordable-health-insurance-for-the-unemployed-670745.html