International Medical Insurance for Individuals and Companies

Health problems are on the rise nowadays due to the excessive stress that people are forced to face. The chances of getting ill may increase when one is traveling abroad in a new climate and environment. Illness abroad can not only be a great mental and emotional strain, it can also drain your pocket. This is the reason why it is necessary to be protected against such circumstances with proper international medical insurance.

Nowadays illnesses are on the rise due to unhealthy lifestyles and increases in stress levels. This is one reason that many people like to take out good health care. Some policies can be expensive and difficult to afford for many individuals and families. However by shopping around you may be surprised how much savings you can make. With a good health insurance plan, you can get proper medical treatment at the right time, which can sometimes mean the difference between life and death.

International medical insurance is of two types – Individual insurance and company/group insurance. While individual insurance is bought privately by people, company insurance is bought by an organization to protect its employees. Such insurance cover while traveling abroad will ensure that you get proper medical attention in a foreign country. Specialist and doctor fees, tests conducted, private hospital rooms etc are the expenses covered by international medical insurance.

There are many insurance companies providing international medical insurance, but you need to shop around before you actually settle on one. You need to ascertain your requirements and choose an insurance company that provides customize insurance policies to meet these requirements. You also have to ascertain that the insurance premiums are affordable and that you are happy with the terms and conditions of the insurance companies in the market.

A little research on the internet will give you a comparative analysis of the rates and policies of different insurance companies. As an alternative you can also take the professional help of insurance brokers who have agencies with a large number of insurance companies. These insurance brokers will be able to help you whether you require individual or group insurance. It is a good idea to use the services of an insurance broker that specializes in this field of insurance and they will analyze your requirements and recommend the right policy for you. Usually using these insurance brokers means a large amount of savings in terms of insurance premiums and your time. Most of these insurance brokers have internet presence and you can contact them through their user friendly websites.

Which Cash Value Life Insurance Policy Is Better? How To Compare

When considering the purchase of permanent life insurance (i.e. whole life insurance, universal), what methods should consumers use as a basis for comparison? Because permanent life insurance creates equity, one cannot look at the initial premium cost alone. Because whole life insurance, offered primarily by mutual insurers, and universal life insurance, offered primarily through stock insurers, create cash value in different ways, looking at whose cash value is higher ‘in a vacuum’ is also not advised. So how can you compare easily?

(1) Let the Agent do the work
One option is to tell the agent you’re working with to create illustrations (projections of values) by eliminating all but one variable.

Ask them to have each company’s product illustration have the same premium figure paid for the same period of time. Pick a point in the future and see which cash value is higher. If all of the other variables are the same (i.e. underwriting class, interest or dividend rate, face amount), the policy that generates the higher cash value is the more competitive contract

Cash Value
Ask the agent to solve for a desired income stream or cash value accumulation at a specified point in time (i.e. a certain age). For example, tell the agent you want to see policies that can generate $500,000 of cash value at age 70 with the same death benefit and same underwriting class. The computer systems can do this. If all other variables are the same, the policy with the lower premium is more competitive.

The disadvantage of having the agent run these ‘special requests’ is that you’re probably tipping them that you’re ‘shopping the market’ and, therefore, they may become defensive and try to talk you out of something that you want to do. However, if a trusting relationship has been established, they shouldn’t have an issue with this type of request.

(2) Internal Rate of Return (IRR)
Ask the agent to include the IRR report on the life insurance quotes. The internal rate of return on either cash value or death benefit, simply shows a rate of return on the premium dollars spent. At any point in time, the IRR report will show a percentage rate of return (i.e. 5%) on the ratio of premium spent to cash value accumulated or premium spent to death benefit. Asking for the IRR report will show that you’re concerned about performance, and not necessarily shopping. The policy with the greater IRR is the more competitive contract.

Once you’ve determined the competitiveness of the insurance policy you’re considering, there are other factors to consider before determining the best value. First, and foremost, is how is the IRR generated…on a guaranteed or non-guaranteed basis. If policy ‘A’ has an IRR of 3.5 on a guaranteed basis and policy ‘B’ has an IRR of 4.25% on a non-guaranteed basis which do you choose? Next is the strength of the company. Finally, is the relationship (or lack thereof) you want to have with an agent.

All of these factors should go into determining which policy and product is the best value for you.

International Travel Insurance For Crisis Situations

Globally, people are alert to the risk of travel after the recent Air France disaster and the Swine Flu pandemic.

Air France 447 crashed on May 31 600 miles from Brazil, killing all 228 passengers and crew on board. There will be ongoing investigation to determine the cause. Travelers are not able to stop accidents from happening, but they can be ready for unforeseen events.

The World Health Organization has declared a global flu pandemic. The swine flu (H1N1) virus has spread to 74 countries, after first emerging in Mexico in April. Reports put the figure of affected people at 28,000 globally, with 141 deaths. The swine flu is the first flu pandemic in 40 years. The last flu case in Hong Kong in 1968 killed one million people.

International travel is a fact of life these days. But it doesn’t have to become a nightmare.

Travel insurance can give you the protection of overseas emergency medical insurance. International health travel insurance covers:

o Access to contracted doctors and global health and security services.
o Returning minor children to their family if left unattended because of your illness and treatment
o Medical evacuation to your home country
o Repatriation of remains and personal effects
o Term Life Insurance
o Accidental death and dismemberment
o Reimbursements for delay of travel and loss of luggage
o Reimbursements if you are unable to travel due to sickness or sickness of a family member
o 24 hour emergency hotline services

The great news is that international travel insurance is very inexpensive. With some plans insurance costs as little as $35.00. By purchasing a simple medical evacuation plan for $78 for three months of coverage, a person can add $200,000 of term life coverage for an extra $21; or $400,000 for $64.00.

Good Neighbor Insurance recommends insuring against the unexpected difficulties of international travel. A reliable travel insurance broker can help travelers locate the right plan no matter the length of the trip.