Consumers to Benefit From State Regulator & IMSA Collaboration

I just read this article, Check it out: http://www.marketwatch.com/news/story/Consumers-Benefit-From-State-Regulator/story.aspx?guid=%7B3488E597-B0E0-41F4-AEBD-F7E89976B621%7D

“We believe the IMSA report is an important first step toward the goal of ensuring that all annuity sales to consumers are suitable,” said Roger Sevigny, NAIC President-Elect and New Hampshire Insurance Commissioner.

IMSA

State and Federl regulators are looking to understand more about the current practices companies use to comply with the supervison and monitoring requirements of the NAIC Suitability in Annuity Transactions Model Regulation. Tomorrow, the IMSA is going to co-host a summit and hopefully go over some of the issues. I am glad that they are doing it in a forum type lecture so that the actual questions of the guests get answered. I’m really excited to see how this thing turns out.

Life Insurance Settlement Association Announces 2009 Legislative Forecast: Consumers First

http://www.marketwatch.com/news/story/Life-Insurance-Settlement-Association-Announces/story.aspx?guid=%7B485C8270-1DCC-4151-A369-5DCE247097A6%7D

The Life Insurance Settlement Association (LISA) announced the organization’s forecast and priorities for state and federal legislation in 2009. “In 2009 LISA will focus attention on life insurers’ anti-consumer market conduct that impairs policyowners’ access to life settlements and other secondary market transactions.” They seem to have the customers interest at heart. They know that selling policies will be the best bet for people who need the money. I am hoping to see that their interests do head in this direction.

Insurance firm fined over sales to seniors

A life insurance firm was fined over selling annuities to seniors. They were selling them policies that used most if not all of their money. This kind of scandal is the worst. These people have worked in this country and are the ones that need life insurance the most to protect their spouses and children. Because most senior citizens no longer generate an income, this company was stealing the only money they receive from either their retirement or social security. It is just so wrong to trick people out of their money, especially when they have so little income. Check out the article, its a good read. http://www.tmcnet.com/usubmit/2008/11/03/3756744.htm

The Latest on Healthcare reform

Well, it happened. It looks like if you don’t have health care, there will be a fine. So we have no universal health care at this time, but we do have the possibility of a fine for those who don’t have health care? Doesn’t that seem like we took a step backward? These people already don’t have health care. Now we are claiming that they don’t have health care because they can’t afford it so what do we do? Let’s fine them if they don’t have it, that should help the problem.
Yeah right is my opinion. How can someone who can’t afford health care be expected to pay a fine? This just sounds like the government trying to make some money. They know these people cannot get health care, so then they also know money will be coming to them. In the end, its less about the people, more about the money.
Maybe if we weren’t in a recession it would be different. I just don’t see how it could ever be beneficial to make someone have health care or else. There has got to be a better way.
I just read this article, let me know what you think. Update 2
Now as always, for those who cannot afford insurance, surely you can afford this insurance. It is inexpensive and would get you out of a fine if you think you might be the target of a government money scam.

Obama’s plan for health insurance?

“We are held hostage at any given moment by health insurance companies that deny coverage or drop coverage or charge fees that people can’t afford,” President Obama told a crowd of some 1,000 people in Montana. (Taken from this post, Business Insurance
I just wonder how he is going to fix our health care problems. He may have bitten off more than he can chew with this issue. I mean, yes, as a new public face, its his job to make the big changes, but this is too big even for him. He should have started smaller.
This is how I would have done it. I would have polled the public first, then I would have done a test site. So I would choose one state where the people are for the public health care and test it out. Now, no one has to switch their insurance if they don’t want to, but they have the option. Also, anyone without health care would suddenly have health care. There would obviously be a flood of people hitting the hospitals to get check ups that they were never able to get before. It would cause less problems for emergency room doctors and fill up the roster for doctors with their own practices.
The only issue will be supply and demand, because there will be a very high demand. There will need to be an increase in doctors, in government money(kind of hard to do with the deficit and all) and in taxes I am sure. I just don’t know if the government will be able to afford the procedures that are done for preventative measures and surgeries for those who aren’t in dire need yet. I’m just all around worried.

Mike- My Favorite Life Insurance Site

AIG bailed out then sells?

AIG, according to this article I just read, has sold some of its assets away. I may be wrong, but I don’t think that after we have bailed out this company, we should let them sell. Why not give in, declare bankruptcy and let the government sell the rest of the assets? This way, we all get the money, well the government does anyway. Why let the rich get richer? We save their butts so to speak so they can get away with faulty loans and bad payments and still make the big bucks and insure a nice, happy retirement? If we keep bailing people out, what is going to happen to MY retirement? Down the pipes I assume?
I vote that if we are bailing companies out, they have to work with what they have for the good of the people, not sell everything as fast as they can and fade into the distance. Otherwise, why should we keep bailing them out? It is becoming fairly obvious to me that they just spend the money. Anyone else with me?

Insurance, a fraud?

“Columbia, S.C. – July 15, 2009 – Sherry Arrington, 37, 121 Grafton Lane in Lexington, pled guilty Tuesday in Richland County General Sessions Court to Presenting False Claims for Payment of more than $1,000 but less than $5,000 and Forgery of less than $5,000, both punishable by up to five years and/or a fine. The original charges were Presenting False Claims for Payment for $5,000 or more, punishable by up to 10 years or a fine and Forgery of more than $5,000.

Judge Alison Renee Lee sentenced Arrington to 30 months suspended to five years probation and ordered her to pay $11,850 in restitution to Colonial Life and Accident Insurance Company.

On or about August 8, 2007, Arrington presented an insurance claim to her insurance company and employer, Colonial Life and Accident Insurance Company. The claim alleged injuries, treatment, and hospitalization of her son at a hospital in Virginia and Ms. Arrington presented documentation, allegedly from the hospital, to support the claim. Colonial Life and Accident Insurance Company paid $4,350 for the claim. Several anomalies in the paperwork led Colonial Life to confront her about the validity of the claim. When confronted, Arrington admitted the claim was fraudulent and she had created the false documentation. She also admitted several other claims she made were fraudulent and included false documentation. Payment for the fraudulent claims totaled $11,850. Arrington consented to pay that amount in restitution.”
Quoted from: http://www.scinsnews.com/newsroom_detail.php?newsID=432

My question is this; Do you think this person is a bad woman for doing what she did? She used her son in order to get money from her insurance company that she was not allowed legally. She did something against the law by taking money from them without presenting an actual claim. Doesn’t this sound familiar? This is what we do every time we pay the insurance companies and they go broke on us. We give them our money, and they don’t take care of us. We trust them to be truthful and do the right thing, but they look for loopholes and give you the least amount of money possible.
Don’t get me wrong, she should not have taken matters into her own hands, but is she really all that bad?  Every day millions of people get ripped off. Whether at a department store, a roadside vendor, or an insurance company it still doesn’t rub me the right way. I agree that what she did was wrong, but I just want to point out that what we are punishing her for, we let them get away with every day.
What you need is an insurance company that you can trust. Preferably a smaller, more personal company like this. Something big, like say AIG for example,  has more potential to ’screw the little guy’ in the long run.

Tour insurance coverage- Is it worth it?

Traveler’s insurance and Tour insurance may seem like a far away idea used mostly by high up business men and people in the performance business, but is it worth it for the every day person? Recently we have all heard of the death of one of our most ingenious musical minds, Michael Jackson. After passing a physical exam in which he was tested to see if he would be able to perform safely during his 50 show tour in London, Jackson was given insurance on his whole tour. Insurance that will now cover the money owed from Jackson to the venues. Without this, he would not have been able to leave such a hefty fortune to his mother and children.

It seems like kind of a stretch to use Jackson’s case as a reason that you should get tour insurance, but is it? Think about the last vacation that you took. Everything went off without a hitch right? Wrong. Something always goes wrong whether it is the rental car or the room reservations or the boat breaking down, something is bound to happen. When it does you curse the fact that you took off of work for the customary five minutes that is usually necessary before you remember that a vacation is a vacationa and make new plans. The worry free vacation you had hoped for rarely happens on its own.

I am not trying to say that tour insurance should be used on every trip taken, but wouldn’t it be nice if cancelations in rooms or cars was covered and your time was valuable? Wouldn’t it be worth it once in a while to plan out a vacation, take out some insurance on it, and really be able to relax? Someone else can make sure you get new reservations and a taxi cab to a new hotel that doesn’t have a broken shower. Someone else could be in charge of rescheduling you for the cruise you missed due to bad weather. I think that considering the other alternative, sometimes, it might be nice to be covered. Especially if something were to happen while you were gone. What then? Costs that you had owed to the different places you might have been staying would be covered. This is not something to do every time you take some time off of work, but the next time your anniversary rolls around, it might be something to consider.

Enjoy my favorite insurance site if you have the time

Florida and Foreclosure

Many of the banks in Florida have given out mortgages to people who cannot afford to pay them back at the time that they requested the money, so there are more and more foreclosures in Florida. The other day on the television I watched a man walk through many houses and talk about the deals you could get from buying a foreclosed house. Never once did he mention the families that were thrown out with no money and no idea where they will live.

It seems so wrong for someone to be able to purchase a house, sign an agreement to pay over time, then lose their house, all the money they have put into it, and in some cases, their prized possessions. Yes, money isn’t everything and nice things do not make happiness, but having a roof over your head can definitely increase happiness in my opinion.

In the economy right now, buying a house is black listed because there is almost no market for re-sale. If you are looking to own this is the best time that you could buy. Many people seaze this opportunity without thinking about the concequences. For example, where will the funds for this magical home come from? Also, what will you do if the basement springs a leak or a tree falls on the roof during a thunderstorm?

Even if you think that you may have the means to support a mortgage on the house of your dreams, home owners insurance is still an important part of any housin agreement. Without it, you are powerless to defend yourseld should something happen. Foreclosure happens alot when people think that they can take on a “fix-r-upper” and bite off more than they can chew. Yes, it is great that you want to do the repairs yourself and make the house your own, but without insurance, you could end up on the same path as these poor, unfortunate florida residents who are now homeless. I urge you to consider the consequences and if you are going to buy a house, make sure that you buy a home owners insurance. If you want any tips on the best type let me know and I’ll tell you about soem companies I like. : )

What can we do to help?

With all of the hype in the media revolving around whether or not health care will be universal. Whether or not we will be out of the war within the next two years, and whether or not there will be enough water/food/ice to get us through another year without catastrophic results; Obama sits on a very precarious pedal stool. He has to solve all of our problems without ever hinting at the fact that he doesn’t know what to do. he has to be prepared for every scenario, but never once screw up. We need him to be perfect, so that is what he has to be. With so much already on his plate, maybe it is time for us to take matters into our own hands. Why should we let our fate depend solely on the acts of government officials?
I think that it is time that we start doing some things for ourselves. Obama is a great man, and I’m sure that he will do great things, but he could use a little help. With recycling, monitoring emissions, and trying to conserve our water supply, we can get pretty far, but we also need to do things to insure our safety in our current economic state.

Insurance may not be something that you worry about at a time like this, but it really should be at the top of your list. With prices on the rise, you need someone to have your back and help you out if something happens to you and your family.  Medical bills could get more and more expensive and there aren’t many people with spare change running in the thousands. With Globe Life Insurance you are putting your trust in a company who cares. They stand by their customers through hard times like this. Investing in a private company can do you a world of good when prices are skyrocketing and big companies are going in the whole. Private companies can choose their customers and know them by name. they can be the compan that you need. If you are looking into getting insurance, check out their site.

Swine Flu

Can you get the medicine you need?

So everyone has heard about the swine flu. We all know how to protect ourselves, if possible, from contracting the illness. We stay in as much as possible, cover our mouths and noses when we sneeze and cough, and stay away from people exhibiting symptoms.
They say that they have a number of cases found in different parts of the world as well. What I wonder is, how many cases have gone unreported because of lack of insurance and inability to go to the hospital. It would be very bad indeed to be without insurance and also suffering from what could be the next pandemic illness. It is similar, but not as extreme, as the strain that took everyone by surprise in 1918. The only difference is that this time we should be more prepared with all of our health care advances. Unfortunately, the uninsured are in the most danger. Most age ranges are accounted for when looking at the spectrum of uninsured here in America.

If you are one of those unisured, please, i urge you to take the initiative now and get yourself some protection. Especially if you have families. My best advice is to go through a smaller insurance company. They will be more willing to work with you and understand your personnal needs because they have a more intimate relationship with their clients. They will care about your sick daughter or son and will know you on a level that would never be attained by the do-it-yourself, over the internet insurance. It is also easier to misunederstand, or be confused about your policy with a bigger company because they spend less time trying to win your business. In most cases, they don’t need you, and they won’t care whether you stay with them or go elsewhere. Smaller companies will be better for you in the long run.

Please, during this flu season keep your family healthy and protected, and if they should become ill, make sure that they can get the care they need. Here is to wishing you and yours the best.

-Mike

Funny Insurance Videos

Hey, I thought you might enjoy these videos, I know I did.

http://www.youtube.com/watch?v=Btb4_b-U_EM&feature=related

http://www.youtube.com/watch?v=uqWd4D-GXAc&NR=1

http://www.youtube.com/watch?v=Vo3AtOPNiYo&feature=related

http://www.youtube.com/watch?v=1jSloiG2uUA&feature=PlayList&p=B9DA3C257995BD19&index=50&playnext=3&playnext_from=PL

Broken Ankle Insurance?

This is pretty funny.