Even If You Have Health Insurance Millions More Uninsured Will Impact Your Coverage

Even If You Have Health Insurance Millions More Uninsured Will Impact Your Coverage

Much has been written lately about how individuals’ health could suffer if they become uninsured under the health insurance proposals circulating in the U.S. House and Senate. But there is another consequence: creating millions more people without insurance could also adversely affect the health of people who remain insured. “We know that communities with higher rates of uninsurance have worse access to care for those with Medicare or private insurance,” said John Ayanian, director of…

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Flood Insurance Program Nearly Underwater and Drowning In Red Ink

Flood Insurance Program Nearly Underwater and Drowning In Red Ink

Flood insurance in America is under scrutiny, and most of the effort is aimed at dealing with what the federal government calls the “severe repetitive loss property.” Those are homes which have cost taxpayers cumulative payouts which exceeding what those structures are actually worth – and often by many thousands of dollars. It’s thought that across the nation there are more than 11,000 properties – mostly in coastal or low-lying areas – which are under…

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What Taxes Apply To a Life Insurance Death Benefit?

What Taxes Apply To a Life Insurance Death Benefit?

The common misconception is that life insurance is not subject to taxation, which is half-true and half-false. Life insurance is almost always not subject to income taxation; however, under current tax law (2003), it is still subject to estate taxation. As a general rule, life insurance death proceeds are excusable from the beneficiary’s gross income (IRC Sec. 101(a)(1)). Death proceeds from single-premium, term life insurance, periodic-premiums, or flexible premium life insurance policies are received income…

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The Reasons You Were Declined After Your Life Insurance Application

The Reasons You Were Declined After Your Life Insurance Application

Not all insurance companies think the same way when it comes to risks in insuring you for the future. Guaranteed life is available today without a medical exam for those who have health concerns. However, if you are in the process of purchasing a policy and are preparing for an exam, the following can result in a declined or postponed life insurance application, meaning they will look at your application again if the problem is…

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Murder for Life Insurance – The Black Widows

Murder for Life Insurance – The Black Widows

On April 18, 2008, Helen Golay 78, formerly of Santa Monica, California, and Olga Rutterschmidt 75, formerly of Hollywood, California, were convicted of the murders of two homeless men—Paul Vados in 1999 and Kenneth McDavid in 2005. According to reports, Golay and Rutterschmidt staged Vados and McDavid’s deaths to appear as hit-and-run accidents in order to collect on multi-million dollar life insurance policies they had taken out on the men and became The Black Widow…

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When Chatbots Turn Ugly – the Story of Tay and How Insurtech Could Go So Very Wrong

When Chatbots Turn Ugly – the Story of Tay and How Insurtech Could Go So Very Wrong

Would you buy your life insurance from a profane, insane, hateful conspiracy-spouting teenaged chatbot? Probably not, unless you’re into that sort of stuff. With more and more insurers embracing insurtech solutions and implementing ‘chatbots’ to market their policies to customers, the potential for things to take a horrific turn into the Twilight Zone ramps up as well. As a particularly bizarre example, consider the experience of software giant Microsoft. Late last year the company introduced…

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How Your Age Affects Your Life Insurance Premiums

How Your Age Affects Your Life Insurance Premiums

Age is the single biggest factor that affects your life insurance premiums.

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What Should I Consider When I Replace My Life Insurance Policies?

What Should I Consider When I Replace My Life Insurance Policies?

Consumers should consider several things before replacing their life insurance policies such as their current insurability. In fact, the Illinois Department of Insurance provides a detailed list of considerations to take into account.

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Report: Consumers Stuck With Outdated Life Insurance Information

Report: Consumers Stuck With Outdated Life Insurance Information

Many are basing the purchase of life insurance on old assumptions. Some, as they age, feel it is a waste of money, thinking they have enough assets and they are healthy. But life happens all the time and unfortunately, we better be prepared for it. Inevitably, true stories bubble to the surface and there are many of them to share.

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4 Things Only Wealthy People Know About Insurance

4 Things Only Wealthy People Know About Insurance

Businesses are finding out it’s now a sucker bet to underestimate how long someone will live these days, and it can prove expensive to governments and pension funds, but it also provides individuals with an opportunity. “In a multi-stage life, the idea of hitting a cliff-edge retirement at 65 and then living off an annuity is outdated,” Alistair Byrne of State Street Global Advisors told The Economist. “It’s not at all obvious that the traditional pension industry,…

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