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CABINET APPROVES NATIONAL HEALTH INSURANCE BILL

June 11, 2018 0

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JOHANNESBURG - Cabinet has approved the long-awaited National Health Insurance (NHI) Bill, which aims to provide universal healthcare to every citizen.</div>
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The bill, which was approved by the Cabinet last Wednesday, has yet to be published in the Government Gazette.</div>
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Talk Radio 702's Bongani Bingwa spoke to Simon Hlungwani, the president of the Democratic Nursing Organisation of South Africa (Denosa) about how nurses will be affected by the bill.</div>
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Hlungwani says for the NHI Bill to be successfully implemented, government needs to address the challenges facing the public health sector in the country in general, such as stuff shortages first.</div>
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CABINET APPROVES NATIONAL HEALTH INSURANCE BILL

JOHANNESBURG - Cabinet has approved the long-awaited National Health Insurance (NHI) Bill, which aims to provide universal healt...

Don’t lie on your car insurance application

June 11, 2018 0

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Car insurance lies</div>
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Insurance rates are based on the risk you represent. For example, according to DMV.org, high-risk drivers can be people with a DUI or DWI conviction, involved in serious accidents or a new driver.</div>
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Companies will check your driving record, claims databases and use other resources to make sure you are the risk that you say you are.</div>
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" If you're paying less money than your actual risk that means other people are being overcharged," said Kristine Zewe, the Underwriting Quality Manager at PEMCO Insurance. "A lot of people just think that it's the insurance company's money, but it's really not. Those premiums come from all of our policy holders, so these are your friends and neighbors that are being impacted by this."</div>
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There's a lot more information insurance companies can find out about us online.</div>
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If you get caught in a lie, there are consequences. In a survey by cars.com, people said a claim was denied.</div>
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"Other people had their policies cancelled," said Zewe. "For a small few about 8 percent, they suffered more serious consequences including lawsuits from their insurance company as well as criminal charges because misrepresentation on your application is in fact insurance fraud."</div>
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If you don't know what to put on your car insurance application, just ask your insurance agent. They can give you advice on how to get the information you need.</div>
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Don’t lie on your car insurance application

Some people lie on car insurance applications to get a cheaper rate, but that can get you in a lot of trouble. According to PEMCO Ins...

IRDA mulls 5-year third party insurance for vehicles; what it will mean for you

June 11, 2018 0

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Do you know that more than 60% of the two-wheelers on roads are uninsured and close to 30% Cars? In case of an unfortunate accident, the uninsured vehicle owner may not be able to compensate the victim or his family, thus it is very important for every vehicle owner to have at least third party insurance.</div>
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The Supreme Court committee on road safety is of the view that insurers should give an option of 3 years & 5 years Third party Insurance for cars & two wheelers respectively. In this backdrop, IRDAI has asked insurers to file these products & offer these options to the customers.</div>
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Animesh Das, Head of Product Strategy - ACKO said that this is a welcome move as it will directly help to increase the Insurance penetration. For a vehicle owner, it reduces the hassle of renewing the policy every year. The customer can buy policy once and get a peace of mind for 3-5 years. In addition to this, customers will get the flat rate for 3-5 years Insurance and thus they will save money against the inflation. If we look at last 5 years, the Third-party Insurance premium (which is decided by IRDAI) for two-wheelers has been nearly doubled & has increased to 2.5X for cars. So, opting for long-term policy will save the customer against these premium hikes as well.</div>
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An important point here is that long-term policy for 3 years for car & 5 years for two-wheelers will be offered only for third party insurance and not for the comprehensive cover (which includes vehicle damages). Currently, maximum one-year comprehensive policy for car & three years comprehensive policy for two-wheelers can be offered by insurers.</div>
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Also, one should not compare the third party insurance with the comprehensive cover. Third Party insurance is for the damage caused by you to any third party whereas comprehensive insurance policy covers own damage and third-party insurance both.</div>
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Tarun Mathur- Chief Business Officer, General Insurance, Policybazaar.com said Third Party insurance and comprehensive insurance policy are two different categories of motor insurance because TP insurance is mandatory by law whereas buying a comprehensive policy is purely a customer' choice to give 360 protection to your vehicle and any damage to other vehicles. “The premium for own damage is charged to cover the cost of repair (basis depreciation) for your own vehicle in case of an accident, fire, theft etc.,” he said.</div>
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Given, third-party insurance has low ticket size, usually, intermediaries were promoting comprehensive cover vs third party only. Now with 3-5 years option, Intermediary may find the third party as a lucrative option to offer and thus the availability of these products will increase for consumers which will further result in higher penetration of Insurance.</div>
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Devendra Rane, Founder & CTO - Coverfox.com said that long-term policies from the insurers will thus lock-in lower premium rates. At the same time, it removes the hassle of remembering the impending due dates for insurance renewals. This will also motivate vehicle owners to secure their vehicles with a proper insurance, thus increasing the penetration of insurance and thereby bringing the premium rates further down. “IRDAI has recently motivated the people to get their vehicles insured by reducing the third-party premium rates for cars with engine capacity less than 1000cc to Rs 1850 and for two-wheelers with an engine capacity less than 75 cc to Rs 427,” he added.</div>
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IRDA mulls 5-year third party insurance for vehicles; what it will mean for you

Do you know that more than 60% of the two-wheelers on roads are uninsured and close to 30% Cars? In case of an unfortunate accident,...

Perth punters 'shafted' as super funds charge for unwanted insurance

June 11, 2018 0

Perth punters 'shafted' as super funds charge for unwanted insurance

The stories of two ordinary West Australian men, whose super funds took their money for insurance policies they didn’t even know they h...

How to Decide If That Life Insurance Rider Is Worth It

June 11, 2018 0

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A vital part of any financial plan is making sure loved ones would be OK if you died while they still depended on you.</div>
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For most people that means buying life insurance. Term life insurance is the most affordable and simplest kind, and it’s sufficient for most families. It covers you for a certain number of years — in contrast to permanent life insurance, such as whole life, which covers your entire life.</div>
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But even with a simple term life policy, you can trick out the coverage with extra features, called life insurance riders. They enhance your coverage, but usually add to the cost.</div>
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First things first</h2>
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You want to understand the options, but don’t let the extras distract you from your main goal.</div>
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“Lead first with getting the proper amount of coverage with the correct length of policy at the most competitive price,” says Scott W. Johnson, owner of Marindependent Insurance Services in Mill Valley, California.</div>
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Only then consider the extras. “I don’t typically recommend them unless the additional cost is easily affordable and there is a clear need for the additional coverage,” says Chris Huntley, president of Huntley Wealth & Insurance Services in San Diego, California.</div>
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Here’s a look at common term life riders you may run into:</div>
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Accelerated death benefit</h2>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What it does:</span> Lets you spend some of the policy’s death benefit while you’re alive if you have a terminal or serious chronic illness.</div>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What to consider:</span> Many policies automatically include this feature; you can add it onto others for a small cost. The purpose is to ease financial hardship at the end of life, but it’s not a replacement for health or long-term care insurance, according to the American Council of Life Insurers. Anything you spend will be subtracted from the payout to your beneficiary.</div>
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Accidental death</h2>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What it does:</span> Increases the payout if you die from an accident.</div>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What to consider:</span> If your dependents would need a bigger payout, buy more coverage to cover death from any cause. The cost of life insurance per $1,000 of coverage gets cheaper the more you buy. Accidental death coverage is cheap because it covers only death by accident and rarely pays out.</div>
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“The accidental death benefit rider seems more like a game of two-card monte than a useful financial tool,” Johnson says.</div>
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Coverage for children</h2>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What it does:</span> Adds <a href="https://www.nerdwallet.com/blog/insurance/debate-over-life-insurance-for-children/" style="background-color: transparent; box-sizing: border-box; color: #005fb9; margin: 0px; padding: 0px; text-decoration-line: none;">life insurance for children</a>.</div>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What to consider:</span> This commonly increases your monthly price by a few dollars and provides $5,000 to $10,000 of coverage for a child, Huntley says. “A lot of people like the idea of having something in place to cover funeral expenses and, perhaps more importantly, time off work while grieving.”</div>
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Shop around if this is important to you. Most companies charge for each child, but some have a single charge for unlimited children, Huntley says.</div>
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Conversion option</h2>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What it does:</span> Lets you convert some or all of your term coverage to permanent life insurance.</div>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What to consider:</span> Most term life policies are automatically convertible, but with some you pay extra for that ability. If you might want permanent coverage later, understand the rules. There are usually deadlines for converting the policy, and they may be years before the term ends.</div>
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Disability waiver of premium</h2>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What it does:</span> Pays the life insurance premium if you become disabled and can’t work.</div>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What to consider:</span> This rider might be worth a look if you have health issues; it typically increases the premium by about 10%, Huntley says.</div>
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But the price varies by company, so get a quote with and without the rider to decide if it’s worth the cost. Johnson tells of recently helping a client with a medical condition find an affordable 20-year term policy. Adding a waiver-of-premium rider would have boosted the price by 70%, so the client decided against it.</div>
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Return of premium</h2>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What it does:</span> Returns the money you paid for the coverage if you’re alive at the end of the term.</div>
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<span style="box-sizing: border-box; font-weight: 700; margin: 0px; padding: 0px;">What to consider:</span> You get the money back, but that doesn’t mean the coverage is free. As a general rule, this rider doubles or triples the price, Huntley says. You could come out ahead by buying coverage without the rider and investing the price difference.</div>

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Life Insurance Quotes Comparison Engine Released by Life Ant

June 11, 2018 0

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Insurers look at past medical history, not weight record, when deciding premiums

June 11, 2018 0

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<b>I had bought my policy about 3 years ago. But my medical conditions have changed—I was obese, but have managed to bring down my weight to within reasonable limits. If I bring this to the notice of my insurer, will they re-examine my case and change the premium? If they don’t reduce my premium, can I go to another insurer? If I go to another insurer, will only the current conditions be considered or the past facts will also matter? </b><i>—Akshat Mehta</i></div>
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Life insurance policies are long term in nature. The conditions of these policies cannot be changed mid-term. So, your improving health will have no bearing on your existing policy. It is likely that at the time of underwriting of your first policy, you were charged a loading on standard premium. If you approach another insurer now, they will not charge you that additional loading. A new insurer would do fresh underwriting, and look at your new medical reports. They will not look at your past weight record. Only your past medical history, if any, will be considered.</div>
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If the premium charged to you 3 years ago was the standard premium, then there may not be substantial benefits of going to a new insurer. In fact, with age, the premium for a term life policy increases.</div>
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<b>Recently I took out quotes from an insurer who offered a lower premium for 10 years and a higher premium for a 5-year term. Is that logical? Shouldn’t the premium increase for a longer horizon?</b><i>—Bidisha Ganguly</i></div>
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Yes, you are right. I’m assuming this is a term insurance that you have described. Premiums in a life insurance policy are fixed for the term of the policy. So, when the duration of the cover increases, generally premiums will go up. A longer term would command a higher premium. However, there may a few exceptions to this depending on the insurer’s pricing assumptions. There are several costs associated with a policy, including sourcing, underwriting and administrative costs. These are fixed costs, generally incurred upfront, and do not change much with policy term. Insurers tend to amortize these costs over the term. Now, for a smaller duration policy, these costs may inflate its premium to be more than that of a slightly longer term policy.</div>
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From a policyholder’s perspective, this has no implication. All other things remaining the same, you should opt for a lower cost policy. You can buy a 10-year term insurance and then discontinue the insurance after 5 years if your coverage requirement is met.</div>
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<b>Why should I buy a group term life insurance for my employees if they already have an individual term life insurance policy?</b><i>—Rajiv</i></div>
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If all your employees have an individual term life insurance, then there is no substantial benefit to buying a separate group term life insurance policy. However, in practice a substantial number of employees do not have a personal coverage. Several of them may have bought an endowment life insurance policy with low sums assured. The aggregate death benefit may not be sufficient to even cover one year’s salary in such policies. In such situations, a group term policy ensures that everyone has a minimum threshold coverage. When you buy in a group, you are able to get substantially lower rates than individual term life insurance policies. Also, your employees will not need to undergo medical tests for this insurance.</div>
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Insurers look at past medical history, not weight record, when deciding premiums

I had bought my policy about 3 years ago. But my medical conditions have changed—I was obese, but have managed to bring down my weig...