Top Financial Questions

Can you keep health insurance after being fired?

Probably, yes. You'll probably be eligible for either COBRA continuation (if your employer has 20+ employee) or state continuation coverage. Essentially, this means that you will keep the same benefits as you had while working, but you'll have to pay the premium yourself. If you're healthy, though, you may want to consider buying your own, individual health insurance plan, because doing so will probably save you money.

Individual plans are, for most folks, less expensive (because they don't have to cover things like maternity, etc., they don't have to "take" everyone, & they are, typically, not subject to as many state & federal "mandated" benefits). Also, you can choose a plan that "fits" you better than the more common "one size fits all" of a group plan. Here's some tips: 1- Stay with "brand name" insurance companies, like Blue Cross, Aetna, Humana, etc.

There are a lot of plans around that look good & cost less, but remember - you get what you pay for. You don't want to be "stuck holding the bag" because you tried to save a little money. 2- Consider a plan with a higher deductible ($2,500 - $5,000); you'll really lower the monthly cost (which is a "fixed" expense you have to pay) but still get the 2 benefits you'll use the most: doctor and drug copays (for example, $35/doctor visit and $15/generic Rx). 3- Find a local broker to help you.


Legally speaking, is there anything I can do about a former employer botching my insurance coverage?

You want a civil lawyer. Having a claim due to lack of coverage, due to a mistake on the employer's part, is called "employment benefits liability". It is actually an optional insurance coverage on most business insurance policies. Can you collect? Maybe, if your former employer isn't broke. But definately see a lawyer.


Seeking good pet insurance (for a dog). What pays the most and fastest if there is emergency? Serious only.?

Seriously - ask your vet. Pet insurance isn't true insurance, and it doesn't pay your vet FOR you - you still pay the vet, and then submit the bill for reimbursement. Me, I have a dog and three cats, and do rescue work, and *I* don't think pet insurance is worth it.


Do you have to tell your spouse if you took out LIFE INSURANCE on yourself?

No, you don't. But you should tell SOMEONE, so that when you die, they know to file a claim. Insurance companies have no idea you've died, until/unless someone files a claim with them.


Does my employer have to provide health insurance to me if I work 40 hours a week?

No. No employer in any state is required to provide you with anything besides workers compensation coverage. "Several people" have no idea what they are talking about. There is no such law - not in any state, and not on the federal level, either.

Student Insurance

Student Secure

There are many countries that are becoming more popular destinations for Study Abroad programs. For example, Finland, Spain, Italy, France, and the UK are hot spots for international studies and health insurance is also requirement for most of these counties.

The Student Secure plan has become an ideal solution for many these students. Student Secure comes in two levels, budget and select. The plan provides comprehensive inpatient and outpatient medical coverage up to $250,000 (budget) or $300,000 (select).

The plan also includes maternity, mental health, prescription drugs, sports coverage, emergency medical evacuation, repatriation, doctor office visits, etc. You have the option to pay for it all at once or on a monthly basis.

After you purchase this plan, you will immediately receive a confirmation e-mail. In this e-mail, it will contain your insurance card, letter of coverage, receipt and policy details.

You will also have access (Client Zone) to what is called a "Visa Letter" that outlines what the plan coverage is, confirms the insured is covered and provide other information about the plan that you have purchased. You can just simply print out these documents to show proof of coverage.

Health and Travel Insurance for Russia

If you are planning to travel to Russia, whether for work, school or fun, you should purchase adequate health and travel insurance. For some, insurance is mandatory - for instance, travelers from the European Union are required to have medical insurance for their visa (due to reciprocity for the insurance requirements of the Schengen Visa). According to the Russian Embassy, there are no specific requirements for the insurance, except that it be valid in Russia.

The US State Department has stated that "western medical care in Moscow can be expensive, difficult to obtain, and not entirely comprehensive." Although US citizens are not required for their visa to have insurance before traveling to Russia, the State Department "strongly urges all travelers who visit Russia to purchase travelers' medical insurance which includes coverage for medical evacuation."

The Atlas International plan, health and travel insurance offered by International Student Insurance, provides comprehensive international coverage for inpatient and outpatient services, prescription drugs, emergency medical evacuation, repatriation, doctor office visits, etc. With this travel medical plan you can select the days of coverage to match your trip, ranging from 5 days up to one year, renewable for up to 3 years in total. Visit the Atlas International page to learn more, or to quote or buy online.

If you will work or live in Russia for a year or more, you should purchase long-term major medical insurance with Russian coverage. The Citizen Secure plan provides coverage for all medical providers in Russia and is a comprehensive annually renewable plan with $5,000,000 of coverage. Visit the Citizen Secure page to learn more or to quote or buy online.


Italian Visa Insurance

As many of you might know, the Italian Embassy requires non-European citizens to have proof of health insurance. The policy needs to provide coverage specifically in Italy. In order for you to be eligible for the Italian visa, the Italian Embassy has set forth specific requirements in regards to health insurance.

Italy is part of the Schengen Treaty countries. Thus, your health insurance plan must meet Schengen visa requirements. You will need to provide a visa letter from your insurance company that states you are particularly covered in Italy. You will also need to show proof that you have coverage for medical expenses, hospitalizations, emergency medical evacuation and repatriation. Coverage for these benefits must not be less than 30,000 euros. When you go to your visa consulate appointment, make sure you bring your visa letter from the insurance company. The visa letter must show that you are covered for all the above benefits as well as the particular dates you are requesting the visa for. We offer two policies that meet and exceed the visa insurance requirements for Italy.

The Atlas International plan provides coverage for inpatient and outpatient services, prescription drugs, emergency medical evacuation, repatriation, doctor office visits, etc. This plan allows you to choose your maximum coverage limit (from $50,000 to $1,000,000) and your deductible (from $0 to $2,500). This plan provides worldwide coverage excluding your home country. To be eligible for this plan, you do not have to be a student but you must be outside of your home country.

The Student Secure plan is for full time college students. Student Secure comes in two levels, budget and select. The plan provides comprehensive inpatient and outpatient medical coverage up to $250,000 (budget) or $300,000 (select). The plan also includes maternity, mental health, prescription drugs, sports coverage, emergency medical evacuation, repatriation, doctor office visits, etc. You have the option to pay for it all at once or on a monthly basis.

You can apply directly online for these plans. After you purchase the plan, you can receive all of your insurance documents immediately via e-mail. This e-mail will include your visa letter, receipt, insurance card and policy details. You can simply print these documents out, particularly your visa letter, and provide them to the Italian Embassy.

Health Insurance Requirements for German Visa

In order to obtain a visa to travel to Germany, all non-European citizens must have a travel/medical insurance policy that meets particular requirements. The policy also must show that you are specifically covered in the country of Germany. There are many worldwide policies that cover you outside of your home country. So, it may be wise to purchase one of these policies in case you might be traveling to one of the other European Union countries.

Health insurance requirements for the German visa are that your policy provides at least 30,000 euros (or $37,500) in coverage. The policy is to provide benefits for emergency medical evacuation, medical expenses and repatriation (return of your mortal remains to your home country). Most domestic, U.S. health insurance policies do not provide this coverage in countries outside the U.S. Typically, they will provide emergency only type coverage. This will not be sufficient for the consulate. In addition to meeting the above requirements, you also must submit written proof of coverage to the consulate. It must state that you have coverage in Germany and show that you have coverage up to the required amount for the necessary benefits.

It can be difficult finding policies that meet these requirements. I would recommend either the Atlas International or Student Secure policy. Both of these policies meet and exceed the visa requirements. In fact, many students and travelers have purchased them and have had no issues in meeting the consulate’s requirements. You can apply directly online for these plans using a debit or credit card. After you purchase the plan, you can receive all of your insurance documents immediately via e-mail. Specifically, you will receive access to a visa letter. It will state which country you are particularly going to, how much you are covered for and will have your name and passport on it. It is also signed by an insurance representative. Once you’ve downloaded it, you can print it out and provide it to the consulate.

The Atlas International plan provides coverage for inpatient and outpatient services, prescription drugs, emergency medical evacuation, repatriation, doctor office visits, etc. This plan allows you to choose your maximum coverage limit (from $50,000 to $1,000,000) and your deductible (from $0 to $2,500). This plan provides worldwide coverage excluding your home country. To be eligible for this plan, you do not have to be a student but you must be outside of your home country.

The Student Secure plan is for full time college students. Student Secure comes in two levels, budget and select. The plan provides comprehensive inpatient and outpatient medical coverage up to $250,000 (budget) or $300,000 (select). The plan also includes maternity, mental health, prescription drugs, sports coverage, emergency medical evacuation, repatriation, doctor office visits, etc. You have the option to pay for it all at once or on a monthly basis.

Summer Study Abroad Insurance

For all of those students that are about to embark on their summer study abroad trip you are about to have a life changing experience. Some of you may be going to Europe and some may be going to China, Japan or South America but whether you know it or not you all have something in common. You will all be studying outside of your home country and out of your comfort zone. You will also be exploring a whole new world out there with new and different cultures.

When you are thinking about all the great adventures you are about to have, you may forget to have adequate health insurance that will provide coverage for you while you are studying outside of your home country. Fortunately, most schools require students to have this type of insurance. We have two excellent plans that will satisfy your school requirement for study abroad insurance - the Student Secure plan and the Atlas International plan. Both of these plans offer comprehensive coverage and great rates, especially when you are outside of the U.S. The Student Secure plan offers coverage for inpatient, outpatient, maternity, sports coverage, emergency medical evacuation, repatriation, etc. and you must be a student to qualify. You can purchase from 1 to 12 months of Student Secure coverage, and can continue to renew as long as you are studying outside of your home country.

The Atlas International offers similar coverage for those outside their home country, but you do not have to be a student.You can purchase as little as 5 days of coverage, up to a full year, and you can renew the plan for up to 3 years. One nice feature of the Atlas International is that you can choose a deductible as low as $0. Since there is no co-insurance on claims outside the US, you can reduce out of pockets costs for medical claims.

If you are like most students, health insurance is the farthest thing on your mind. You may have waited till the last minute to purchase it and you need proof of insurance by tomorrow or even today. Well, with these two plans we offer a great benefit: online fulfillment. This allows you to receive all of your insurance documents via your e-mail. You will receive a confirmation e-mail after you purchase the plan online and it will include your visa letter, explanation of benefits, receipt and insurance card. You can simply print these items out and bring them with you when you go abroad.

For lots of study abroad information, including program listings, a study abroad blog, etc. visit the Study Abroad section of InternationalStudent.com. You may also want to make sure you have an international phone card or sim card. Your cell phone provider may offer international calling but usually you will see they have very high rates and you can end up with an extremely high bill at the end of the summer. These services and products are all found through a great site: iCallAbroad.com. They offer excellent products with great rates and a “Print n Go” facility.

Life Insurance

Life Insurance

Life Insurance is protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.

The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.

Term Life Insurance

Term Life Insurance is a policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, in which duration extends until the policy owner reaches 100 years of age (i.e. death). These types of policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation.

Life Insurance Policy

Life Insurance Policy is a form of whole life insurance, variable life insurance provides permanent protection to the beneficiary upon the death of the policy holder. This type of insurance is generally the most expensive type of cash-value insurance because it allows you to allocate a portion of your premium dollars to a separate account comprised of various instruments and investment funds within the insurance company's portfolio such stocks, bonds, equity funds, money market funds and bond funds. In addition, because of investment risks, variable policies are considered securities contracts and are regulated under the federal securities laws; therefore, they must be sold with a prospectus.

The major advantage to variable policies is that they allow you to participate in various types of investment options while not being taxed on your earnings (until you surrender the policy). You can also apply the interest earned on these investments toward the premiums, potentially lowering the amount you pay. However, due to investment risks, when the invested funds perform poorly, less money is available to pay the premiums, meaning that you may have to pay more than you can afford to keep the policy in force. Poor fund performance also means that the cash and/or death benefit may decline, though never below a defined level. Also, you cannot withdraw from the cash value during your lifetime.

Adjustable Life Insurance

Adjustable Life Insurance is a type of life insurance that combines features of term and whole life coverage, giving holders the option to change the characteristics of their policies as their needs change over time. Adjustable life insurance policies allow holders to manipulate the period of protection, increase or decrease the face amount, raise or lower the premium amount, and change the length of the premium payment period. These policies also incorporate an interest bearing side fund (cash value). Adjustable life insurance is also known as "flexible premium adjustable life insurance".

Adjustable life insurance differ from other life insurance products because there is no requirement to cancel or purchase additional policies as holders' circumstances change. Adjustable life insurance policies are best suited for individuals who want the protection and cash value benefits of whole life insurance along with an increased measure of flexibility. With the ability to modify payments, coverages and terms, holders can customize their coverage as their incomes and family responsiblities grow and change through the years.

Second-To-Die Insurance

Second-To-Die Insurance is a type of life insurance on two people (usually married) that provides benefits to the heirs only after the last surviving spouse dies. This differs from regular life insurance in that the surviving partner doesn't receive any benefits after their spouse dies. Thus, second-to-die insurance is used for estate planning. Parents who take out this type of insurance are thinking of their children, not themselves. For example, it could be designed to pay estate taxes or support any surviving children. It is also called "Dual-Life Insurance" and "Survivorship Insurance".

Choosing Insurer That's Last

It is hard to know for sure whether any insurance company or any company for that matter - will still be around in five to 10 years, so how can you tell if an insurance company will exist to service your contract in the years to come? Let's take a look at a few simple actions you can do to figure this out.

First, make decisions about your choice of insurance provider one year at a time. Before you think about renewing your policy each year, check financial ratings, read current news about the insurance industry, and watch trends in the stocks of insurance companies you are thinking about choosing.

Checking Financial Ratings

You can check financial ratings on your state's department of insurance website. Ratings generally range from 'A++' down to 'F'. Similar to report cards, 'A' and 'B' are good, but as you go down the scale you can bet that a particular insurance company isn't currently the valedictorian of financial stability in the insurance world. There is also one rating for companies that are no longer financially rated, which is 'S'.

Before choosing a company based on financial rating for homeowners insurance, check with your mortgage company to make sure your lender will accept your insurance company as your homeowners insurance carrier. Your mortgage company technically owns your house until you pay off your home loan, so it's in the lender's best interest to protect its investment by ensuring that you are insured by a financially secure insurance provider.

Current News About the Insurance Industry

Even if the news you read is about general insurance industry problems, this is a sign that you need to be researching your insurance company or any company you are considering. Conduct internet searches with insurance company names in conjunction with key phrases like "financial problems" and "failure to pay claims".

Watching Stock Trends

Look up the stock prices for your current or potential insurance company. This can easily be done through many investing websites including Investopedia's Stock Search. This is also available through an online brokerage website or your financial advisor's website. You will want to check for trends in stock price over the last six months to five years. If the trend is consistently going downward, it's time to take a harder look at the financial rating - an 'A' rating can quickly became a 'B+' or a 'C-' if the company's financial position worsens.

Red Flags About Payouts

Even if your insurance company is financially stable, it doesn't mean payment on a claim will come easily. Use state agency websites to view all metrics, not just financial metrics, to determine the likelihood of a proper payout in the event of a claim. Pay special attention to the number of complaints listed for any insurance company you currently use or may use in the future. This will give you an idea of the difficulty others have had in receiving payment on their claims.

Throwing in Your Insurance Towel

It's tough to know when the exact right time it is to bail on your insurance company. After all, even investing legend Warren Buffett doesn't always know the right time to dump a stock. You must use your judgment and ask yourself the following questions about your level of satisfaction with your insurance company.

Common Mistakes in Life Insurances

There are many good reasons to consider buying a life insurance policy. As we can say such as a recent marriage, a new baby born, or a large debt purchase like a mortgage that loved ones would have trouble paying if something happened to you. Or, perhaps you have witnessed first-hand the impact a death has on a surviving family's finances. If you're in the market for life insurance or have recently bought a policy, make sure you don't put your family's finances in jeopardy by making these mistakes.

Mistake No.1 - Waiting to Buy Insurance

Regardless of the reason, it's important to take action as soon as you feel a policy is required. Life insurance rates generally increase as people age or their health deteriorates. And, in some cases, illnesses or health problems may make you ineligible for coverage. The longer you put off the buying decision the more the insurance will probably cost - if you can buy it at all.

Mistake No.2 - Buying the Cheapest Policy

While it is important to shop for a policy that's priced in line with the rest of the marketplace, that should not be the sole consideration in your decision-making process. Life insurance policies can be a bit complicated, so it's a good idea to learn about policy features and benefits.

Many people mistakenly believe that price is the only differentiator for term life insurance. However, there are important policy provisions that you should investigate before going with the lowest price.

Most term policies are "convertible," meaning they may be exchanged for a permanent type of life insurance policy at a later date regardless of your future health. Some policies also offer more generous conversion privileges than others. Get an understanding of how long the conversion option is available; the most generous conversion privileges are available for as long as you pay term policy premiums or to a specific age, such as 70. Also, make sure to find out if there are any restrictions on the type of policy available for purchase under the conversion privilege. Some policies offer just one type of permanent policy at conversion, while others offer several.

Mistake No.3 - Making Late or Missed Payments

If you're considering buying a universal life policy with secondary guarantees - low premium guaranteed death benefits for life or for a specified period of time - a late payment can have an impact on policy benefits.

Universal life is a special type of permanent policy that has been marketed as having long-term guaranteed protection at the lowest possible rate - it is very different from term insurance. While many of these types of policies have cash surrender value, universal life with secondary guarantees focuses on maximizing the amount of insurance available per dollar of premium.

Some of these policies can be sensitive to the timing of premium payments. For example, if you happen to miss a monthly payment - or are more than a months late sending in your check - your guaranteed policy may no longer be guaranteed. A policy purchased with guaranteed coverage to age 100 might only provide protection to age 92 if one premium payment is late or missed. Be sure to check with your company if you think you're going to be late on a payment; many will allow 30 to 60 days without changing the policy's guarantee.

Mistake No.4 - Forgetting Insurance Is an Investment

The Financial Industry Regulatory Authority (FINRA) considers a variable life insurance policy an investment, so it is important for you to treat it as one too.

A variable life insurance policy is a permanent type of policy that provides life insurance protection with cash value. Part of the premium goes toward life insurance, and part goes into a cash value account that is invested into various mutual fund-like investments you choose. Like mutual funds, the value of these accounts fluctuates and is based on the performance of the underlying investments. People often look to these policy values in the future as a source of funds to supplement their retirement income.

You must fund a variable life policy sufficiently to maximize its cash value growth. This means continuing to make adequate premium payments, especially during times of poor investment returns. Paying less than originally planned can have a big impact on the cash value available to you in the future. It's also important to monitor your policy's performance and periodically "rebalance" your accounts to your desired allocation, just as you would with any investment account. This will help ensure you're not taking on more risk than you had planned when you set up your account.

Mistake No.5 - Borrowing From Your Policy

The cash value of a permanent policy can generally be used for any reason you see fit, including tax-free withdrawals and loans, if done properly. This is a great benefit, but it must be carefully managed. If you take too much money out of your policy and your policy "lapses", or runs out of money, all the gains you've taken out will become taxable.

If you have taken too much money out and your policy is about to laps, you may be able to maintain the policy by making additional premium payments, assuming you can afford them. When accessing your life insurance policy's cash value, be sure to monitor it closely and consult your tax advisor for guidance to avoid any unwanted tax liability.