Sunday, 26 February 2012

Will Insurance Companies Start Demanding Your DNA?

As bio technology and science advance, the likelihood of insurance companies starting to use DNA to form policies and quote premiums is high. Of course there will be privacy concerns and public debates, but in the end, this could become a reality.

Currently insurance companies use questionnaires and medical records to determine insurance eligibility. If genetic information could be used it could provide a more accurate quote and outlook into your future.

Knowing your DNA will allow you to gain additional insight and start taking measures to counteract potential health related threats. Let’s say you’re 27 years young and super healthy and run five hours a week, but your family has a history of a rare heart disease that you were previously unaware of. This rare disease was noticed from your DNA and resulted in a high premium. Initially you feel angry and upset that you’re paying more and have a known probability of suffering a rare disease. However, the higher premium will result in a higher level of care, should you suffer this fate. Because of your young age, you can also take preventative measures to lower the probability of suffering this disease. It’s a win-win situation for both you and the insurance company.

Since insurance companies know these preventative measures lower probabilities, they may even subsidize activities such as swimming and gym memberships. The money they’ll fork out for gym memberships will return ten-fold in potential medical expenses.

Tuesday, 4 October 2011

Used Car Dealership Insurance: Are You Covered?

If you are the owner or operator of a used car dealership in Canada, you need flexibility and other coverages which are typically not available through generic insurance policies. Luckily, there is a company which offers a customized policy specifically for pre-owned auto dealers!

Custom Used Car Dealership Policies
TEN STAR is a Canadian insurance company which introduced a new approach to used car dealership insurance. The custom dealer’s insurance program includes comprehensive key coverages which other companies are typically unable to provide.

Key Pre-Owned Car Dealership Coverages include:
·         Garage Automobile Dealer Plate & Inventory
·         Open Lot Theft
·         False Pretense
·         Conversion Coverage
·         Auto Dealers Errors & Omissions Liability
·         Odometer & Prior Damage Liability
·         Business Interruption
·         Umbrella Liability
·         Pollution Clean Up
·         Commercial Property
·         Commercial General Liability
·         Installment Payment Plan
·         Legal Assist Service

Finding Used Car Dealership Insurance
When discussing insurance options with your broker, prepare a short list of questions before arriving. Finding a knowledgeable broker with experience dealing with the type of insurance you need can help you in the long run, so remember to take your time when finding the most appropriate broker for your needs. It is very important that your insurer completely understands your operations so they can stand behind you at the time of a claim. Be sure to thoroughly review your operations with your broker when requesting a quote to insure you receive adequate coverage. Remember, insurance brokers are there to answer your questions. So be prepared to ask questions, and be prepared to receive answers.

Sunday, 2 October 2011

Travel Insurance Canada: Only Get the Policy You Need

When you leave home, you shouldn’t have to worry about anything. If you are planning a trip this year, you need to protect yourself and your loved ones with a travel insurance policy. What do you need to know when finding a policy?

What Do Travel Insurance Policies Cover?
Travel insurance policies in Canada often cover the ticket amount for your journey, lost luggage should you happen to lose anything during your trip, and cancellation of your ticket. The cost of travel insurance in Canada often varies according to the travel distance, risks associated with traveling to the destination, and the items you bring with you. Some travel agencies may offer travel insurance as an additional fee when booking the trip, however many travelers prefer getting their travel insurance policy directly from a brokerage.

Types of Travel Insurance Policies
There are two main types of travel insurance policies in Canada: single trip policies, and annual or multi-trip insurance policies. If you are a frequent or avid traveler, obtaining a multi-trip travel insurance policy is likely the most cost effective solution. This is especially helpful for those who travel a few times a year for business. If you are a recreational traveler, who is only planning to travel once in the year, your most cost effective solution is likely to find a travel insurance policy for the single trip.

Finding Travel Insurance in Canada
When discussing travel insurance options with your broker, prepare a short list of questions before arriving. Finding a knowledgeable broker with experience dealing with the type of insurance you need can help you in the long run, so remember to take your time when finding the most appropriate broker for your needs. Remember, insurance brokers are there to answer your questions. So be prepared to ask questions, and be prepared to receive answers.

Wednesday, 28 September 2011

Segregated Funds: Canada’s Unique Insurance Option

Canadians across the country are inquiring more and more about savings plans and mutual fund alternatives. Many look to RRSPs and TFSAs, but have you considered the unique option of a segregated fund? Take advantage of this insurance product for Canadians, and see its big advantage over mutual funds and how it is protected from potential creditors.

What is a Segregated Fund?
Segregated funds are an insurance product, only offered to Canadians. Very similar to mutual funds, segregated funds are when a large pool of money is invest in stocks, bonds, and other securities with the goal of growing the entire value of the pool. Segregated funds are structured more like insurance contracts, in that they have the same benefits as a mutual fund (excluding maturity and death benefits), but also offer creditor protection.

Segregated Funds and Creditor Protection
If you are concerned with protecting your money against a possible case of bankruptcy, despite how unlikely this may be, you should consider the protection a segregated fund may be able to offer. Under provincial laws, the interests of insurance beneficiaries may override the claims of creditors.
If the beneficiary you have named on your policy qualifies, your segregated funds are generally protected against seizures by your creditors. If you are a business owner or a professional wanting protection against an unexpected lawsuit or bankruptcy, a segregated fund can be a big advantage.
What Is the Main Advantage of a Segregated Fund?
The main advantages of a segregated fund are the guarantees! Segregated funds guarantee 75% to 100% of your contributes (less your withdrawals) when the contract matures or on your death.

Thursday, 22 September 2011

Mutual Funds: Canadians Can Make More Annually!

You can make more money this year, than you did last year! Consider investing with mutual funds and begin to see the dollars in your accounts grow. Investing can be easier than you think, and to get started, all you need to know are a few basics.

What are Mutual Funds?
Mutual funds are professional managed investment strategies which pool money together from a number of investors, often whom do not know of each other. Pooled money is then invested into stocks, bonds, and other investment securities, building a diversified investment portfolio. Mutual funds are purchased by a professional investment company on the behalf of the investor with the goal of obtaining a return on investment.

Why Choose A Mutual Fund?
Mutual funds are generally considered lowered risk and more stable than traditional stock investments. As mutual funds are solely handled by professional investment companies, there is also less decision-making required by the investor. Mutual funds typically offer a greater return than interested generated from bank accounts, and this is a common advantage discovered by investors new to mutual funds and financial planning.

Where Can I Find A Mutual Fund Advisor?
When you need to find a mutual fund broker, there are a few ways to find an efficient and friendly broker who will find the most cost effective solution for your needs.
·         Recommendations: Ask around and see if your friends or family members have spoken with a mutual fund broker recently

·         Proximity: If you pass by a brokerage near your home, or workplace, they may offer the type of services you are looking for. Walking in and asking questions are great first steps with deciding.
·         Online reviews: Just like restaurants, products, and movies, you will probably be able to find a review of a mutual fund broker nearest you