Wednesday, May 25, 2011

Is Life or Disability Insurance for You?

Insurance brokers resolve challenges in claims for high-net-worth clients with a combination of clear communication and attention to detail. Life insurance claims present fewer challenges than long-term disability claims.
Brokers can head off potential issues while putting together the policy application. Insurance claim managers see non-disclosure at the root of many of the difficulties that arise in the claims process. For example, a client goes scuba-diving several years before the application is drafted and the broker omits this detail because it seems dated and irrelevant. That could be construed as non-disclosure and invalidate the contract. Though not a frequent occurrence, non-disclosure of details not connected to cause of death can lead to withholding of payment.
Notwithstanding diligence during the application, a delay can arise if the beneficiary named in the will is not the individual named in the policy, a situation that sometimes arises when the client remarries. The legal implications vary from province to province, observes Susan St. Amand, a certified financial planner and president of Ottawa-based Sirius Financial Services, but payout delays are possible and may involve lengthy and costly negotiations.
This scenario underlines the need for detailed note-taking and file-keeping, she suggests. In the event of legal proceedings, the notes and files may prove that the client mentioned in conversation an intention to change beneficiaries but had not proceeded, perhaps due to time constraints.
Another challenge occurs when the client dies in another jurisdiction, as when a snowbird dies in Florida. This can involve getting detailed documentation from several doctors or medical institutions in the foreign jurisdiction, a potentially time-consuming and expensive process, St. Amand explains, adding that fees for reports will have to be paid in advance. For the broker, that means alerting the estate executor to the possibility of a large bill against the estate and suggesting that the necessary funds be set aside.
With CI or LTD claims, problems can arise outside of the actual claims process since the client may not be psychologically prepared for a diagnosis of cancer or other critical ailment. “Any assistance you can give them to provide them with guidance and comfort around what the insurance carrier is trying to get is helpful on both sides of the equation,” St. Amand says. This helps the insurer resolve the claim and helps the client in dealing with the stress of diagnosis.
The broker may expedite the information gathering process by obtaining the client’s authorization to communicate directly with the doctor, and providing the doctor or even several doctors with a list of questions to be answered in letter form and attached to the claim forms. “Facilitation of communication between parties is one of the most valuable roles we play at claim time,” she says.
An LTD claim can become a matter of negotiation when it becomes a residual claim. This occurs when a high-net-worth client suffering from a disability elects to continue working but with a reduced schedule. An individual serving as vice president of marketing and whose ailment impedes his performance in a family firm can make a claim for the cost of hiring someone to assume some of his responsibilities.


Similarly, some ailments that qualify for LTD, such as Alzheimer’s disease and cancer, can be progressive, meaning a transition over time from partial disability—during which the individual can delegate some responsibilities—to complete disability. For the broker, this again means guiding the client, or, with the client’s authorization, communicating directly with the doctor about the documentation required.
When an insurer declines a claim the broker and client have several choices, including litigation and case management, which may turn the tide in the client’s favour.
Dr. Raymond Rupert, founder of Toronto-based Rupert Case Management Inc., notes one case where two insurers declined claims for CI and LTD. The client had become confused and unable to work or function well for two years, but doctors had not arrived at a clear diagnosis that conformed to the language of the client’s policy. “He couldn’t remember things. There was clearly a cognitive issue,” Rupert recalls.
Rupert examined “four inches of medical files” looking for gaps in the analysis. Examination of the client’s background revealed a period where he played semi-pro hockey, and received several blows to the head. Medical scans provided evidence of multiple areas of stroke in the brain—he had suffered hockey players’ concussion syndrome. His online journal provided further evidence. “He had developed several areas of damage that were stroke-like and the sum total of all of these strokes was this thinking disorder,” Rupert says.
This work provided enough evidence to underpin the successful claim for the payouts.
Al Emid, a financial journalist, covers insurance, investing and banking.




About me: I give Economic, Social and Global trend briefings from some of the world's brightest minds at my blog http://saveriomanzo.com/ and http://saveriomanzo.blogspot.com/. I also provide true and tested financial planning and wealth advice. Most recently, over the past few years, I have become socially conscious and have been attempting to practise ways in which I can live my life more environmentally friendly.   Along with some truly exceptional friends, we provide consulting and business development for small-medium sized businesses.  In addition, I truly believe in being philanthropic, giving and doing unto other as we would have them do unto us. Some of my fondest resources are from Barry Ritholtz of The Big Picture, David Rosenberg and what Warren Buffett of Berkshire Hathaway is up to behind the scenes, as an example. saverio manzo

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Friday, May 6, 2011

Smart Financial Management

If you are unable to take care of your finances and you desperately want to take control over it, you must use money management tips. Gaining the knowledge of practical money management tips not only enables you to gain peace of mind by helping you live within your means but also helps improve your monetary condition. This article provides you with information about how you can manage your money on your own in a better way.

Tips to manage money
If you want to take control over your finances, you can either manage it on your own or you may hire a credit counseling agency to provide you with professional help to manage money in a methodical way. However, if you have time to do it on your own, you can save a lot of cash by not hiring a credit counseling agency to assist you to manage it.
Thus, here are some tips you may use in order to manage your money on your own.

1 . Create a budget – Track your income and your expenses and find out if your expenditures are more than your income. Also make sure to start a spending plan and take note of your daily expenses regularly. This may be time consuming but it will help you analyze your financial situation. List your spending, both the fixed ones like house and car payments as well as the flexible ones such as the electric and phone bills. This kind of a breakdown will help you get an idea about your financial standing.

2 . Review your credit report – Get a copy of your credit report and review it thoroughly. Investigate if there are any inaccuracies in your credit report such as typing mistakes or out-dated information. Immediately take up steps to remove such erroneous information from your credit report.

3 . Automate your finances – In order to automate your financial life, you must contact your mutual fund or broker to have monthly investments routed from your bank. Make sure to do the same for all your monthly utility, phone and cable bills. This will ultimately help you stick to your budget and you will never have to pay a late fee again.

4 . Check your bank statement – Be careful to read your bank statement regularly. Though each checking statement may differ according to the specific kind of account or bank, yet there are some basic types of entries that you must take note of. Be cautious about any transactions that you think is not yours as they signify that your checking account is in trouble.

Apart from managing your present finances, you must start accumulating cash for your future. It is preferable to start saving for your future as soon as you have got your first job. This will help you attain a considerable growth in your savings over the time.
Submitted by gweston, Advisor World

About me: I give Economic, Social and Global trend briefings from some of the world's brightest minds at my blog http://saveriomanzo.com/ and http://saveriomanzo.blogspot.com/. I also provide true and tested financial planning and wealth advice. Most recently, over the past few years, I have become socially conscious and have been attempting to practise ways in which I can live my life more environmentally friendly.   Along with some truly exceptional friends, we provide consulting and business development for small-medium sized businesses.  In addition, I truly believe in being philanthropic, giving and doing unto other as we would have them do unto us. Some of my fondest resources are from Barry Ritholtz of The Big PictureDavid Rosenberg and what Warren Buffett of Berkshire Hathaway is up to behind the scenes, as an example. saverio manzo