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When financial trouble strikes, you need a plan to generate income. Selling your life insurance policy, rather than surrendering it to your insurance provider will give you an added income. However, you will find that there are different names for the various methods of selling your life insurance policy.
Viatical Settlement Viatical settlements occur when the policyholder is chronically or terminally ill, and they need immediate cash. Nevertheless, you should consider this option carefully because you will receive less than the full amount in exchange for the sale and transferring the ownership rights. The individual or company that buys your policy will pay the premiums and collect the full amount at the time of death. Accelerated Death Benefits Numerous companies now offer accelerated death benefits to policyholders. The company will pay the benefits as a percentage of the policy's face value, but they do not include outstanding policy loans. However, this option could make you ineligible for Medicaid, and it could be taxable. Experts suggest consulting with a legal or financial adviser before entering this agreement. Life Settlement Life settlements have you selling your policy to investors for a lump sum payment. Nevertheless, this costs less than the death benefit of a policy. However, you will still receive more cash from it than if you went with its surrender value. An investor usually considers your life expectancy and the terms and conditions of the policy. In the beginning, the earliest efforts to purchase another person's life insurance policy were less than ethical. However, as time has progressed, these businesses operate more like a traditional investment. Seniors must consider differing factors before selling a policy, but in some cases, it makes more sense to sell to get out of debt or pay outstanding medical bills. In addition, if you cannot afford to pay the premiums, it makes no sense to let the policy go for nothing. Call Pachuta Insurance Today @ 706-769-2262 Sources: Daily Finance Star Tribune
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Will the nation's leading car insurance companies change the way policies are priced? According to documents, Allstate is attempting to adopt a controversial method referred to as price optimization. Critics explain that price optimization boosts the insurer's prices while it downplays the risk the insured driver receives. Meanwhile, loyal customers will be charged more for auto insurance.
Director of insurance for the Consumer Federation, J. Robert Hunter, has set that the onset of data analytics are to blame for this increasing trend. Big data companies focus on rating the customers' shopping habits, and they reduce the weight of risk-related factors. Hunter added that these practices are unfair because low-income drivers do notshop around for insurance as often. Hunter wrote to Georgia Commissioner of Insurance and requested that he denies Allstate's pricing model and ban the practice for all companies. In Hunter's letter, he says that one of Consumer Federation's requests is that Hudgens finds out how many companies are using price optimization. Loyal customers, whether they were involved in a wreck or not, will be punished because of price optimization. Maryland, California and Ohio have banned this practice for all companies. Assistant Commissioner, Jay Lorence has stated that he thinks something will arrive in the coming months, but they do not want to rush it because they need to make it right. Howard Strickland advises drivers to shop for car insurance a minimum of every three years to receive the best price. No matter how the Georgia Insurance Commissioner regulates it, auto insurance companies will find a method of charging the highest prices that the market will tolerate. Despite the request to use the new pricing plan, Allstate told Strickland that it will give customers the best product at the right price, based on risk and costs. Call Pachuta Insurance Today @ 706-769-2262 Sources: WSB TV WSAV 3 Authorities are investigating a 15-passenger van crash that killed three people and left six others injured after the van zipped off Interstate 85 and down an embankment in northeast Georgia. State Patrol said that the bus carried 12 passengers and was near Commerce, Georgia. 15-passenger van accidents have become so common that some church insurance companies refuse to insure them because they present inherent safety concerns that give them tendency for tragic accidents. For example, the height and width of the vehicles lead to questionable structural integrity.
For over a decade, federal transportation officials have warned the public about the potential instability of 15-passenger vans. The National Highway Traffic Safety Administration has warned church groups and college campuses that overloading a 15-passenger van increases the risk of a rollover. In addition, they are difficult to maneuver when emergency strikes. Officials urge the owners to check tire pressure before every trip. When choosing a driver, credentials and years of experience are essential for safe operation. Your ministry should be aware of the fact that 15-passenger vans were originally designed as cargo buses, but auto-manufacturers later transformed them into vehicles to carry passengers. However, they kept the first design, which means they do not meet the safety standards of school buses and passenger cars. If 10 or more passengers are in the van, the center of gravity shifts to the back of the vehicle. Distance does not matter. The government reports that 70 percent of van accidents occur with a 25-mile radius of the van's home destination. Church insurance becomes merely one obstacle to 15-passenger vans. For example, federal and state law have increased the pressure. While industry experts guess that approximately 600,000 15-passenger vans are used today, the majority will be history in a few years because of sky-high insurance premiums, which is forcing ministries to consider other options of transport. Call Pachuta Insurance Today @ 706-769-2262 Sources: Church Central Christian Science Monitor In connection to a crash between a U-Haul and a BMW in 2013, several Macon residents are facing felony insurance fraud charges. When Kokeythia B. Glover, 23, rented a U-Haul truck in September of 2013, he paid for an additional accident insurance policy through U-Haul's insurance company. A few minutes before midnight, Glover's U-Haul collided with a 1998 BMW325i, which Stephanie James, 41, owned and operated. The accident occurred at the intersection of Patterson and Birch streets.
Because of the accident, James filed a car insurance claim and hired an attorney over injuries resulting from the crash. She drove with passengers that include: Kentaurus Taylor, 26; Bernard Taylor, 56; Marcus Pertillo, 29. Riding in the U-Haul with Glover, Alicia Bell, 43, and Erion Phillips, 22, also filed a car insurance claim for medical bills. On October 30, 2014, the insurance companies, Repwest and State Farm Insurance, turned the claim over to the Insurance Commissioner's Office. During the investigation, they discovered inaccuracies in the case, which resulted in the arrest of seven people. Insurance fraud carries a possible sentence of 10 years and a $10,000 fine. In addition, James and Glover could face additional charges because they filed a false report. Philips and Glover left Bibb County Jail on $3,720 and $4,250 bonds, and according to jail records, police released Bell and James on $2,400 and $11,200 bonds. Car insurance fraud costs Georgia residents millions of extra dollars per year in higher premiums. Ralph Hudgens, Georgia Insurance Commissioner, has stated that he will put forth great effort to combat fraud. Criminals often fleece insurance companies through fraudulent claims that are difficult for insurance companies to prove. They claim the accident resulted in soft-tissue injuries that insurance companies cannot easily dispute such as whiplash and a sore back. Call Pachuta Insurance Today @ 706-769-2262 Sources: Insurance Journal WMGT 41 |
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PACHUTA INSURANCE
1031 Village Drive, Suite A
Watkinsville, Georgia 30677
johnny@pachutainsurance.com
(706) 769-2262 (Office)
(888) 769-2262 (Toll Free)
(706) 769-2282 (Fax)
(706) 201-1901 (Mobile)
1031 Village Drive, Suite A
Watkinsville, Georgia 30677
johnny@pachutainsurance.com
(706) 769-2262 (Office)
(888) 769-2262 (Toll Free)
(706) 769-2282 (Fax)
(706) 201-1901 (Mobile)