Should I buy long-term care insurance?

Dear Savvy Senior,

Loading...

Load Error

My wife and I have thought about purchasing a long-term care insurance policy, but we hate the idea of paying expensive monthly premiums for a policy we may never use. Is there a good rule of thumb on who should or shouldn’t buy long-term care insurance?

Getting Old

Dear Getting,

There are two key factors you need to consider that can help you determine if purchasing a long-term care (LTC) insurance policy is a smart decision for you and your wife. One factor is your financial situation and second is your health history. Currently, around 8 million Americans own a policy.

Who Needs LTC Insurance?

As the cost of LTC — which includes nursing home, assisted living and in-home care — continues to rise, it’s important to know that most people pay for LTC either from personal savings or Medicaid when their savings is depleted,

Read More

Continue Reading

Do you need COVID-19 insurance for out-of-province travel?



a person standing in front of a building: Do Canadians travelling out of province need to buy insurance for emergencies related to COVID-19?


© Getty Images
Do Canadians travelling out of province need to buy insurance for emergencies related to COVID-19?

The news that some insurers are beginning to offer Canadian travellers specialized coverage for COVID-19 may cause you to raise your eyebrows. After all, there is currently a Level 3 travel advisory telling Canadians to avoid all non-essential travel outside of the country.

But could it be a good idea to purchase that kind of coverage even if you’re travelling out of province within Canada?

Provincial health insurance, after all, may not cover all of the medical costs associated with a health emergency. Interprovincial transfer payments will take care of hospital bills.

But ancillary services like a wheelchair, splints and some medications are excluded, notes Chris Davidge of Medipac Travel Insurance, which focuses on providing travel coverage for Canadian snowbirds and has added COVID-19-related emergencies to its policy.

One of the biggest

Read More

Continue Reading

Best’s Insurance Law Podcast Discusses Cumis Counsel Selection and Its Impact on Claims

OLDWICK, N.J.–(BUSINESS WIRE)–Sep 24, 2020–

AM BestandBest’s Insurance Professional Resourceshave released the latest installment of the Best’s Insurance Law Podcast series, which examines timely claims and insurance issues from a legal perspective.

This episode looks at the circumstances around the selection of Cumis counsel—attorneys employed by defendants in lawsuits where a liability insurance policy is supposed to cover the claim, but the insurance company and the insured defendant have a conflict of interest—and how their duties impact claims.

The podcast features attorney Tim Agajanian from the law firm Ropers Majeski PC in California. Mr. Agajanian is a partner within the firm’s Los Angeles office who advises regional and national clients in business transactions, risk management and litigation.

Ropers Majeski PC is a qualified member of Best’s Insurance Professional Resources, a claims industry resource that has featured qualified legal counsel, independent insurance adjusting services and expert service

Read More

Continue Reading

AM Best Removes From Under Review With Positive Implications and Upgrades Issuer Credit Rating of Standard Life and Casualty Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bb” and affirmed the Financial Strength Rating of B (Fair) of Standard Life and Casualty Insurance Company (Standard Life and Casualty) (Salt Lake City, UT). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Standard Life and Casualty’s balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings also reflect the implicit support of Standard Life and Casualty by its acquirer, Western United Life Assurance Company, a member of the Manhattan Insurance Group.

The upgrade of Standard Life and Casualty’s Long-Term ICR is a reflection of the implicit support provided by its new parent. Manhattan Insurance Group has maintained a long and successful

Read More

Continue Reading

AM Best Affirms Credit Ratings of Ardellis Insurance Ltd.

OLDWICK, N.J.–(BUSINESS WIRE)–Sep 25, 2020–

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Ardellis Insurance Ltd. (Ardellis) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Ardellis’ balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

Ardellis is a wholly owned subsidiary of UFP Industries, Inc., and provides reimbursement coverage for general liability, auto liability, workers’ compensation, property and medical stop-loss to its parent. Ardellis also assumes medical stop-loss exposure from third parties, and this business has grown significantly in the past few years: however, the growth has slowed somewhat in 2020. Currently, approximately 40% of Ardellis’ net written premium represents related premiums from its parent.

Ardellis’ underwriting and overall operating performance remains profitable through year-end 2019 and

Read More

Continue Reading

Whitehall superintendent calls insurance response to flood ‘disgusting’

WHITEHALL – The August storms that submerged the village in 4 to 5 feet of flood waters and knocked out power to a 1,000 also devastated the schools.

Whitehall Central School District’s high school floors and walls were covered an inch of backed up water and sewage, and the elementary school gymnasium and kitchen were soaked with 6 inches of rain after wind knocked out the school’s sky lights.

With fall reopening looming, the district scrambled, spending $600,000 to make repairs and dry out the floors. While the elementary school has opened to students, the high school remains uninhabitable – shuttered to all but a handful of administrators clustered in one wing. And Superintendent Patrick Dee said he still has no idea if the district’s insurance carrier, New York School Insurance Reciprocal (NYSIR), will cover the cost of repairing the multimillion dollar damage.

“I’m beyond frustrated,” Dee said.

Read More

Continue Reading

AM Best Affirms Credit Ratings for Members of Ally Insurance Group

OLDWICK, N.J.–(BUSINESS WIRE)–Sep 25, 2020–

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” for the members of Ally Insurance Group (Ally Insurance). The members include Motors Insurance Corporation and its reinsured subsidiaries, MIC Property and Casualty Insurance Corporation and CIM Insurance Corporation, as well as an affiliate, Ally International Insurance Company Ltd. (AIICL). All companies are domiciled in Detroit, MI, except AIICL, which is domiciled in Bermuda. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Ally Insurance’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings also reflect drag from the ultimate parent, Ally Financial Inc. [NYSE: ALLY], a bank holding company headquartered in Detroit, MI. Ally Insurance has a substantial and established presence as a specialized writer

Read More

Continue Reading

3 things to do before you buy homeowners insurance

  • Whether you’re getting homeowners insurance for the first time or just updating your policy, there are three boxes you need to check before signing on the dotted line.
  • First, be sure your policy covers all your valuables, from your jewelry and cash to your deeds and letters of credit.
  • You should also purchase enough insurance to cover the replacement cost of your home (or slightly more) and consider getting an umbrella policy to cover personal liability.
  • Sign up to get Personal Finance Insider’s newsletter in your inbox »

For most families in the United States, owning a home is an essential part of the American Dream. And even amid a global pandemic, the data suggest that that particular dream is alive and well.

In July 2020, the US Census Bureau announced that the homeownership rate is at 67.9%. As of 2019, individual homeowners were estimated to own nearly $29.2 trillion

Read More

Continue Reading

Home insurance pitfalls to avoid during hurricane season – Lifestyle – providencejournal.com

For homeowners in coastal states, the 2020 hurricane season could mean financial disaster. Named storms are rolling in at a record pace, with as many as 25 expected in the Atlantic this season — twice the average number. After battering the Louisiana coast in late August, Hurricane Laura alone may account for as much as $12 billion in insured losses.

Even if you think you’re prepared, you may discover that your homeowners insurance doesn’t fully cover damage from a hurricane. To make sure you’re protected, avoid these four costly pitfalls.

Skipping flood insurance

Flood insurance is optional, and only 15% of American households buy it, says Mark Friedlander, spokesperson for the Insurance Information Institute.

But when a hurricane or storm hits, flooding causes more residential losses than high winds, according to a 2019 report from the U.S. Congressional Budget Office. That means most homeowners, even those with hurricane or wind

Read More

Continue Reading

Global Taxi Insurance Market 2020 Industry Analysis by Key Players, Product Type, Application, Regions and Forecast to 2025

The MarketWatch News Department was not involved in the creation of this content.

Sep 27, 2020 (CDN Newswire via Comtex) —
The research report titled Global Taxi Insurance Market 2020 by Company, Type and Application, Forecast to 2025 is an exclusive and in-depth study that delivers a comprehensive view of the market includes the current trend and prospects of the market with respect to the products/services. The report is prepared to offer an analysis of the current trends, a financial overview of the industry, historical data evaluation, and complete market dynamics. Both the growth and the decline of the global Taxi Insurance market are described in the report. The report gives an overview of the market’s segmentation by components, end-user, and region through in-depth traction analysis of the overall industry.

The report evaluates the key vendors functioning in the market with their relevant products/services to understand the positioning of the

Read More

Continue Reading

Load More