Are You Prepared for the Unexpected?

A Real-life Example of Living Benefits We never think the worst could happen to us, until it does. Mike Anderson was a healthy, physically fit 63-year-old. In February of 2008, Mike suffered a cerebral hemorrhage and was in total paralysis. This life-threatening condition put his family into immediate shock, due to the fact that he was so active and had no history of health issues. Mike and his wife, Laurie*, made a good living. They had educated their four children and had recently purchased a high-priced home that came with a big mortgage. Clearly, Mike’s health was the most important issue, however it was hard for Laurie and her family to ignore the medical costs that were ahead of them. “This came out of nowhere and we were going to need a miracle,” comments Laurie. Fortunately, as a former life insurance agent, Mike knew the importance of life insurance and had two policies with Midland National Life Insurance Company. Midland National offers an additional benefit called the Accelerated Benefit Rider – Chronic Illness (ABR-C), which allows an eligible policyholder to “accelerate” up to 24% of the death benefit annually. For the Andersons, the ABR-C made a world of difference. After qualifying for the benefit, the family... posted by Jim Valek on Thu., Dec 23rd, 2010 in Be prepared Insurance

Thinking of drinking at a holiday party? Think Again

The Holidays can be a wonderful time to connect with friends - but always have a designated driver. The video below will bring home the reality of what can happen without a responsible plan. Note this video is graphic and may not be suitable for young viewers. ... posted by Jim Valek on Thu., Dec 23rd, 2010 in Safety

Citizens Property Insurance revokes discounts

Citizens Property Insurance plans to revoke $5 million worth of discounts from policyholders. Inspections conducted this year by Citizens, the largest property insurer in the state, found that some policyholders have been receiving undeserved discounts for features that protect their homes from hurricanes. If Citizens customers don’t pay enough, all property insurance policyholders in Florida could be on the hook, just as they’re paying to cover state-backed Citizens’ deficits from the 2005 hurricane season. Eric Ordway, senior director of vendor relations for Citizens, told the insurer’s underwriting committee Thursday that identifying erroneous discounts helps policyholders determine how to fortify their homes “so in the event of a storm they’ll be better protected.” But it will create an additional cost for policyholders who are already struggling with annual rate hikes. As Citizens and private insurers roll out inspection programs this year to target discounts they suspect are too high, some homeowners and building inspectors have reported legitimate discounts are being cut, which could discourage homeowners from making hurricane-proofing improvements. Ordway said that if Citizens determines a discount needs to be revoked, it won’t happen until the policy is up for renewal... posted by Jim Valek on Thu., Dec 23rd, 2010 in Insurance Insurance Company Industry News