Canadian Insurance Brokers

Posted on June 18, 2011 by admin

Most of us have met with an insurance broker to help secure a policy. But have you ever wondered about the career of a broker?

According to Human Resources and Skills Development Canada (HRSD), the insurance industry is currently worth about $66 billion and growing. The Canadian government has indentified the need to train and develop capable and well-educated people as insurance brokers for the future.

An insurance broker buys various types of insurance from companies on behalf of their client. Types of insurance include property, life, disability, or even long-term care insurance. Many brokers also sell mutual funds or other securities. An insurance broker has the knowledge to help their client manage risk. They also have the skills to calculate the appropriate type of insurance for their client and the expertise to monitor possible claims.

Insurance brokers come from all sorts of backgrounds. Most often, they have an aptitude for business and finance, are highly motivated and have excellent interpersonal skills. They are also business savvy, have great communication skills and like to work with people.

Many brokers learned about the industry on the job. However, most insurance brokers have a diploma in insurance and risk management. This educational background includes courses in business, management, communication and finance. Those who graduate from college programs have an excellent chance of employment. Studying for a diploma is particularly helpful in preparing for the required licensing exams. In fact, many college programs incorporate the licensing exams into the educational program so that students are ready to work upon graduation.

The Canadian Accredited Insurance Broker (CAIB) certification is the designation provided to insurance brokers in Canada. Each province and territory administers the series of exams to soon-to-be insurance brokers. This certification represents an insurance broker’s expertise and professionalism in the field.

Most brokers work for brokerage firms or large companies or agencies. However, a small number of brokers are self-employed. Interesting, two thirds of Canadian professional insurance brokers are women. The industry offers both full and part-time work.

The career path of an insurance broker generally involves one to five years learning the industry and completing certification. Many move up into managerial roles as they gain experience. With forecasted growth in the industry, insurance brokerage is an excellent career choice for those seeking a challenging and rewarding career.

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Pre Existing Condition: 3 Alternatives To Health Insurance

Posted on June 4, 2011 by admin

Health Insurance companies are able to decline an applicant for individual under 65 policies based on the individual having too many pre existing medical conditions. Such concerns could include high blood pressure, high cholesterol, Type II diabetes, any form of cancer, depression, sexually transmitted diseases and so on. If you are one of the millions Americans that has a pre existing condition stopping you from obtaining an affordable health insurance policy, you have some alternatives available.

 Medicare and Medicaid

 One alternative is looking into your state’s Medicaid program. This is the Federal Governments sponsored assistance program to the States. To qualify for Medicaid, you need to prove you are at or below your states poverty level, set by Federal Government guidelines. The current income level to be considered for Medicaid is $18,310 for a family of 3. If you are at this income level, this is probably the best and only option available to you and your family.

Self Insuring

A second option to consider is “self insuring” your family. You are basically willing to take on the risk of your families medical needs with no other assistance. You have agreed to yourself that when a family member needs any type of medical attention, you are willing and capable of negotiating and paying the bill. That includes all routine doctor office visits, scheduled lab procedures, specialized tests (MRI, CT Scans, EEG, ECG,), all hospitalization. An advantage to this method is most medical and dental providers are more than willing to accept cash at time of service rather than submitting claims forms to insurance companies and waiting up to 90 days for payment.

Discount Medical and Dental Plans

A third option would be joining a discount plan. These plans are not insurance. These plans are exactly what they sound like. You agree to pay a monthly membership fee to have access to the discount plans pre approved provider list. Some provider lists are regional and some offer nationwide access. When your family member needs medical attention, you select a provider from the plans available list. Call to schedule an appointment. After services are rendered, the provider has agreed upon discount percent off the regular “cash price” (the price normally charged to a patient not using insurance). Once you pay the agreed upon discounted price, your service transaction is completed. There is no need to complete any claims forms, submit for approval, have service denied, or request a pre authorization for service.

Several of the discount plans available in America offer additional discount options you may select such as vision care, chiropractic care, prescription drug, identity theft protection, and others.

A prudent healthcare consumer who does not meet their states poverty limit but wants an option to insurance can shop and save enough money to self insure with the assistance of a discount plan.

Let’s look at the following example (based on average rates in Arizona for a traditional PPO policy, deductible $2,500 ind./$5,000 family, 80/20% co-insurance, max. out-of-pocket $2,500) with an adult male, adult female and teenage child. Average monthly premiums are $200 for adult male, $300 for adult female and $100 for teenage child totally $600 per month, $7,200 per year. If one family member is hospitalized for a covered medical claim equaling $25,000, the following monies are required to be paid by the family: deductible $5,000 plus the max. o-o-p $2,500 for a total of $7,500. By adding in the annual premium of $7,200, this family will have paid $14,700 in that calendar year not including any other medical expenses.

Compare to a discount plan with an average monthly membership of $40, $480 per year and 50% discount of doctor/hospital bills. The hospital bill would be reduced to $12,500 plus the annual membership fee of $480 bringing the annual total to $12,980 saving $1,720. Also, the discount plan does not restrict the member from any special treatments, special tests, or any other necessary medical treatment.

A prudent consumer understands the time value of money. Someone who fits the above example may want to weigh the traditional insurance option versus a discount medical and dental plan he or she feels meets their family’s needs. If we estimate an annual savings of premium, compared to a discount membership, the prudent family would be able to save $6,720 in an account appropriate for their circumstances. If one considers the national average doctor visit is $125 with an average discount of 40% is $75 per doctor visit. If we then take the monthly savings of $520 and divide by $75 discounted doctor visit, a family could make 7 visits per month and only break even. 

Americans with preexisting conditions unable to attain health insurance do have options to consider. One only needs to employ their computer and the search engine of their choice to find the best solution for their family.

 For assistance with the largest discount plan in America, please follow the link below.

                                             Pre Existing Condition Healthcare

 

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Direct Car Insurance – New Trend In Auto Insurance

Posted on June 4, 2011 by admin



Until recently, the method of purchasing auto insurance involved finding a reputable agent who offered the insurance a customer needed. The next step in the process was determining which level of car insurance a customer needs. This step, for most consumers, is a compromise between price and a level of coverage they can live with. After business is concluded the consumer usually won’t speak to the agent until their policy is up for renewal or a claim must be filed. There is generally a markup on the price of the insurance policy due to the compensation due the agent for providing the service.

There is a new trend which has emerged in the auto insurance world that is saving the consumer money. This trend is a product called direct car insurance. Simply explained, this means the agent variable in the auto insurance equation has been removed. Direct car insurance has the almost immediate impact of eliminating part of the cost of an auto insurance policy by removing the agent’s commission. The method of purchasing this insurance is mainly done online. The result is cheap auto insurance rates passed on to the consumer. With the agent removed from the equation direct auto insurance offerings allow you to quickly and easily modify levels of coverage on the fly to see how it impacts the insurance policy’s rate. The consumer does not have to deal with an agent trying to sell them on coverage in which the consumer may do without.

Purchasing direct car insurance online is certainly cheap but this does not refer to the quality of coverage. In order to offer car insurance to consumers, a company is required by law to pay for claims and offer the same coverage to all customers. What this ultimately means, is that by purchasing cheap (price) online direct car insurance you will have the same coverage as if you purchased a policy from an independent agent. The personal level of service a customer receives from an agent provided auto policy is the same as a policy offered from a company offering direct car insurance.

The worry many consumers may have about purchasing cheap online direct car insurance is related to what happens if the policyholder is involved in an accident and must file a claim. One thing to keep in mind is that when the consumer needs accident repair on the vehicle the agent was not doing the repairs personally. In fact, most of the time the agent was not involved in the claims process unless the policyholder specifically requested it. The claim was handled by a customer service center specializing in handling policyholder claims. This level of specialization has existed for quite a long time. This claims process is the same at companies offering online “cheap” direct car insurance.

In short, if you are looking to save some money and are used to dealing with an agent down the street, you should look in to many of the available cheap online direct car insurance companies. You will see the level of coverage and service you are used to from an agent is available at a much discounted rate. Visit Elephant Auto Insurance online to get a cheap quote on car insurance.

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