Love Marriage and Insurance

Getting married is more than a union of lives and souls. It's also a union of financial responsibilities! Insurance needs are going to change when you get married, so make sure that you review your policies and get the most of out of your insurance—after all, it's an important part of protecting your new life together.
Car InsuranceMake sure to inform your auto insurance company or agent that you are married, because many auto insurance companies offer discounted rates for married couples. You may want to get quotes from both of your companies—and maybe some new ones when you're ready to merge your coverage. A multi-car policy could start saving you money right away—and check for other discounts like a low-mileage discount, if you carpool. Lastly, if you and your spouse will be driving each other's cars before you combine your coverage onto one policy, makes sure there's coverage for each of you as a permissive operator. You agent can help with that one.
Life InsuranceLife insurance might be the next thing to consider as you start your life together. Life insurance helps your spouse financially in the event of your death by covering debts you may have incurred, and is equally important to have if you are considering having children or even buying a new home. Discuss how much life insurance you need as a couple today, and make sure to regularly review your needs. Even if buying a life policy isn't in this year's budget, you can learn about the different types of life insurance for the future.
Health InsuranceEvaluate your health insurance plans, and decide if it's going to be better to keep individual plans, or make a change. For example, if you have a good employer-sponsored health insurance plan, it may be more cost effective to move your spouse over to your plan (or vice versa). You'll need to consider long-term plans as well as your immediate needs, if you're planning on starting a family. If you're a student, there are often health plans available on campus. And, if you have no coverage at all, you may want to consider a high deductible plan—just to have coverage for a major event.
Additional Homeowners CoverageIf you've just moved in together, or bought a new house, you'll quickly discover that you have a lot more stuff than before—and that doesn't even include wedding gifts, new furniture or wedding rings. Make sure that all your belongings are covered under your homeowners policy, and if you need to get additional coverage, don't delay too long.
It's important to note that homeowners insurance and renter's insurance, though they do protect the physical structure of your home and its possessions, they don't always cover jewelry or other expensive "one-off" items. Your homeowners insurance agent or insurance company, will be able to determine what kind of insurance coverage is best for your valuables, and may determine if a rider is needed on your homeowners policy to cover your valuables, such as jewelry.
Another factor you should discuss with your homeowners insurance agent when applying for your rider policy is whether the extension provides "actual cash value" or "replacement cost coverage." Though replacement cost coverage is more expensive than actual cash value, it provides more coverage because actual cash value factors in depreciation for the item. This means you will only be paid back what the item was worth at the time it was stolen or damaged, not the price you initially paid for it.
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Source : insurance.com

Your Life Insurance Company: How Good Is It?

Insurance companies keep tabs on you, and it is important that you keep tabs on them. If you see your insurance company in the news, be sure to find out why. It's important not only to concentrate on the policy you have, but also the company that provides it. The strength and stability of the company are important factors. To evaluate a company, you can use different tools offered by financial rating firms, industry associations like the Insurance Marketplace Standards Association (IMSA), or even your own state's insurance department.
What to look forWhen you evaluate a life insurance company, remember these key points:
1. State licensing and complaintsMake sure the company is legally licensed to provide insurance in your city and state. You can check the Company's website for its license status or contact your state's insurance department to verify this information.
Each state has a different way of dealing with insurance companies and with complaints consumers file against them. Many compile a complaint report every year by tallying the total number of complaints and ranking them in relation to each company's market share. If you notice that many policyholders filed complaints against a certain life insurance company, you can check with your state insurance department to see why. Complaints can range from minor, such as a bad experience with an agent, to something more serious, like misrepresentation of a policy or problems with a claim. Keep in mind that a complaint may only prove that a customer was unhappy, not that the company did something wrong.
2. Financial strength ratingsReview your life insurance company's financial strength and stability ratings. Check with major rating companies, but remember that not all life insurance companies are rated by every service. There are five different ratings firms that issue financial strength ratings for insurance companies. They are Standard & Poor's, Fitch Ratings, A.M. Best, Moody's Investors Service, and TheStreet.com Ratings (formerly Weiss Ratings).
When a life insurance company is rated, the rating gauges its probable financial future. For example, if it receives a low rating, it generally means the company doesn't have many assets and/or financial reserves available. This could affect payment of claims or the life of the company. A financially troubled company could have trouble paying claims, or be sold or closed. It is a good idea to keep an eye on your life insurance company's ratings, because they can fluctuate at any time due to any number of circumstances. The typical fluctuations occur from bad financial decisions and investments, the loss of money, mergers, and even the news of a possible merger.
3. "Seal of Approval"Throughout their history, life insurance industry officials have received great scrutiny from the press. As a way of strengthening public trust and support, a seal of approval called the Insurance Marketplace Standards Association (IMSA) designation was created.
IMSA membership shows that a company has passed a tough review of its practices and ethics. The assessment focuses mainly on marketing, sales, and customer service. To continue membership, a company must complete this test every three years. It should be noted that IMSA membership is a plus, not a reason to ignore other factors when considering a life insurance company.
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Source :insurance.com

Federal vs. State Regulated Insurance: Which Is Better?

In an effort to streamline regulations that govern new coverage plans and update existing products when it comes to insurance, the American Council of Life Insurers (ACLI) is proposing to give insurance companies that do business in more than one state the option of operating under federal insurance regulations. The ACLI, along with other industry groups, insurance representatives and legislation, is working to create a new office in the National Treasury Department called the Office of National Insurers.

This new office would allow insurance companies to decide if they would rather operate under state or federal insurance regulation. It would also oversee consumer protection, regulation of premium rates and sales, as well as marketplace practice. Insurance companies would fund the office, and it is comparable to The Office of the Comptroller of the Currency (for banks) or the Office of Thrift Supervision (for credit unions or institutions for savings).

What areas the Office of National Insurers would cover
If an insurance company opted to operate under federal regulation, they would be required to join the guaranty association for each state they do business with. If the guaranty fund doesn't meet federal insurance requirements for coverage and benefits of a policyholder, a national guaranty association would then be established. "It may be easier for an insurance company to operate under federal regulation rather than state," says David Roush, CEO of Insurance.com. "This way, they won't have to tailor their services to be conducive to that of the state."

If a company prefers to stay regulated by the state, there are a few changes they would have to look at, such as, product regulation, producer licensing and market conduct.

Opposed to the Office of National Insurers
To some insurance companies, the idea of being federally regulated makes no sense, because not every state has the same insurance needs. For instance, Florida residents would be more apt to purchase hurricane insurance instead of earthquake insurance, where as California residents would be more prone to purchase earthquake insurance instead of hurricane insurance. Some state insurance officials argue that if states are going to have a need for more customized homeowners insurance plans, then it would make more sense to let regulation remain at a state level. Property and casualty insurance trade associations are the biggest opponents, because their main focus is to overhaul state regulations-and believe that insurance annuities and products really don't vary that much from state to state.

National Insurance Regulations
The National Association of Insurance Commissioners (NAIC) hopes to establish state task forces to regulate insurance companies. These task forces, acting without help from the federal government, would in effect be the beginning of a "national treatment" plan. Depending on the number of states an insurance company does business with; it will be regulated by up to a total of nine of those states.

The main insurance group that is pushing for federal insurance regulations is life insurance and annuities companies. In being federally regulated, these companies will then be able to be on the same level as banks-since banks can be chartered and regulated at both a state and federal level. Insurance companies and annuities companies feel that banks have an unfair advantage over them, because they can bypass the state-based regulations system - saving them time and money. As it is now, banks and security firms can get new products on the market faster than insurance companies and annuity companies (typically within 30-90 days)-whereas insurers have to wait between six to 18 months.

If you are interested in getting a life insurance quote or a homeowners insurance quote, visit Insurance.com. Here you will be able to evaluate multiple rates from best-in-class life insurance and homeowners insurance providers - helping you find the best life and homeowners insurance coverage for you.
Source :insurance.com