Category Archives: Insurance

Can Parents Protect Their Investment in Higher Education?

The car is packed, stress levels are high and bittersweet feelings fill the air – it must be back-to-college season. As the car pulls out of the driveway, parents become nostalgic as their children embark on the next adventure in their lives.

Enmeshed within the excitement and anxiety of college attendance is an acute awareness of the investment families are making in higher education. College costs continue to rise, outpacing income with no seeming end in sight.

Protecting that investment is not typically on parents’ minds though. Why should it be? Kids go off to school, experience a new life, and four years later, they graduate. But what if a student does not follow that path? What if, due to health issues, a student needs to leave school? Even if a temporary health setback results in missing a single semester of school, the investment is at risk.

Parents may mistakenly believe that colleges refund tuition in the case of unexpected illness, injury or even death. In fact, a 2010 study by College Parents of America indicates that many colleges do not refund tuition or fees after the fifth week of classes.

Although it is unclear exactly how many college students withdraw from courses, Eric Weil of Student Monitor reports that in a 2009 study “nearly one-third of students either themselves experienced or had a close friend who experienced a mid-semester withdrawal from college due to a medical condition or a death in their immediate family.”

New insurance products now protect higher education tuition investments, providing refund of tuition should a student need to leave school due to illness, disability or death. College tuition, academic fees, and room and board costs average more than $15,000 annually at a public college or university and more than $35,000 at a private institution. For most families, that is a staggering investment, one at risk if an injury, illness or death of a parent caused the student to leave school mid-semester. Tuition insurance protects against the loss of that investment.

With rising costs of college and tightening family budgets, there is greater need for tuition refund insurance. Not only has tuition risen dramatically in the past ten years, but the risks facing college students that threaten their ability to complete a semester or an academic year have increased as well. College tuition refund policies have grown stricter, so typically, parents are not able to recover their money if their student is forced to withdraw more than five weeks into the semester for medical reasons including sickness, mental health or disability.

In the past, only a portion of the nation’s college students, attending mostly expensive private colleges, could insure this risk.

Newer tuition refund insurance programs provide up to $50,000 of annual tuition insurance, available to students attending any accredited college. It covers more than just the loss of tuition payment, with coverage for academic fees, room and board, books and travel to/from the academic program. Additional programs embed tuition insurance into student loans.

Tuition insurance also includes benefits like emergency medical evacuation insurance, identity theft protection and resolution services and insurance for their personal computers. Keep in mind that if a student withdraws because of academic failure or if they simply want to “drop out,” parents cannot expect any refund.

Continuing Insurance Education

With the popularity of the automobile came many problems. First, millions of motorists are injured or disabled each year in automo­bile accidents and thou­sands of persons killed. More than 30 million auto accidents a year cause between 40,000-50,000 deaths and five million injuries, as well as eco­nomic losses:

1. $ 10.2 billion in 1960
2. $ 23.5 billion in 1970
3. $ 80 billion in 1986
4. $100 billion in 1990

The high cost of medical expenses, pain and suffering, the unexpected death of a family mem­ber and damage to or loss of an automo­bile has a pro­found impact on the family.

In addition, society must deal with the prob­lem of compensating innocent automobile accident victims for their bodily injuries or property damage caused by negligent drivers. The vari­ous methods for compensating automobile accident victims include the Tort Lia­bility System, Financial Responsibility Laws, Compulsory Insurance Laws, Unsat­isfied Judg­ment Funds, Uninsured Mo­torists Cover­age and Under-Insured Motorists Coverage.

Many people drive automobiles, which creates severe problems for the insur­ance companies. The biggest problems revolve around four basic areas:

1 – high frequency of automobile accidents
2 – high costs associated with automobile accidents
3 – actions of irresponsible driv­ers
4 – substantial underwriting losses

No-Fault Automobile Insurance Laws will be examined as an alternative technique for compen­sating accident victims.

Automobile insurers also have the prob­lem of providing Automobile Insurance to irresponsi­ble drivers, such as, high-risk drivers, drunk drivers and persons who habitually violate traf­fic laws.

High Frequency of Automobile Acci­dents – American motorists are smashing into each other at an alarming rate. Example: in 1993 motorists were in­volved in 36 million motor vehicle accidents. About 7 million injuries resulted from these accidents and about 51,000 were killed. Although the ma­jority of accidents occur in urban loca­tions, drivers in rural areas are more likely to be killed. In 1993, 60% of the fatal accidents occurred in rural areas.

Most fatal accidents are due to two major causes: (1) improper driving, (2) alcohol. One study showed that 62% of the fatal accidents in 1992 involved improper driving, such as, speeding, right-of-way violations, driving to the left of center and other careless acts. In addition, it is estimated that drunk drivers are involved in 50-55% of all fatal accidents.

Online Insurance Continuing Education Helps You Stay Ahead of the Competition

You can now earn your insurance continuing education credits by taking online insurance CE courses from the comfort and convenience of your own home. You can now complete your chosen insurance CE courses as well as those that are mandatory for certification from the catalog of courses listed online which are all approved by the department of state insurance that you are working in. Moreover, online insurance continuing education helps you have the competitive cutting edge in the insurance market where you have to prove your skill and mettle to generate maximum sales from insurance policies.

You have to be well aware of the different types of insurance products available in the market and earn insurance credits on a majority of courses to keep yourself abreast with the ever changing rules, laws, policies, procedures, products and features of the insurance sector. Continuing education insurance courses are available for life, health, property, fire, adjuster and many more. You only need to have the zeal to learn and excel in your area of expertise and there are infinite resources online to train you accordingly. You can now take the online insurance continuing education for stipulated number of hours as per your convenience and write the online test to earn your credits and certifications.

There are many online insurance continuing education courses that provide for self study and you can even print them from your browser if you chose to study that way. Whether you wish to renew your single insurance license or acquire new licenses for dealing with multiple insurance products you have to earn your credits by clearing the courses in insurance continuing education. Alternatively, WebCE can also ship the insurance course materials to you via the UPS if needed. Some of the states that are doing extremely well in providing online insurance continuing education classes to help insurance agents, advisors and professionals to emerge as successful dealers in insurance are – California, Illinois, Florida, New York, Pennsylvania, Connecticut, and Texas.

However whether you are dealing with insurance products from the states listed above or from any other state it is immaterial as, the online insurance education services get your courses approved by the department of state insurance concerned. By learning new insurance products, concepts, marketing strategies, competitors, laws, rules and regulations that govern insurance policies you will be in a better position to sell your products effectively and confidently to clients without leaving any scope for your competitors to penetrate into your market share.

If by any chance you do not possess the necessary knowledge to answer the questions posed by your clients, then you may instantly lose your customer as they would be some other insurance agent ready to fill in your shoes in an instant and strike a great deal. Such is the competition in the current insurance sector. The online Insurance continuing education has new modules that keep getting upgraded every year to make you as an insurance dealer more proficient and well versed with the insurance industry.

Get A Student Travel Insurance

Studying abroad entails a lot of risks – the risks of flight cancellation at eleventh hour, medical emergency, loss of baggage, etc. Pulling yourself up under such adverse conditions abroad can be quite expensive in itself. Also, a student living alone outside India might need visit from the family or other back-ups if something goes wrong.

To cope up with all these situations without burning a hole in your pocket, it is sensible to get student travel insurance from a reputed insurance firm. Each student who frequently travel to nearby destinations needs a student travel insurance. It keeps them protected in the new place and covers for expenses of hospitalization, loss of baggage, tuition fee, sponsor protection and travel, family visit and other incidental expenses.

Your choice to buy a good cover should be more dependent on the flexibility of the policy, the amount of coverage, claim settlement process and track record, hospital networks (the insurers tie up with the list of hospitals your child is going to study in) along with other benefits. There are many universities abroad that also provide their students extensive health cover with a strong network of hospitals. What’s good with the plans offered by the universities is that they provide cashless treatment in the hospitals based nearby.

Two important factors that you must consider while getting a student travel insurance are:

1. Gap year travel: Taking a gap year nowadays has become a custom among students around the world. This means that it will be hard for these students to find an appropriate cover especially those who will be visiting some other country, and that too alone. Fortunately, there is a wide range of life insurance policies that cater to such needs of the students and lend a helping hand to them. But an important consideration when purchasing a policy of this type is the exact period of your travel and also the destination covered, even if you are just passing through the country.

2. Extreme sports: If you are planning to travel overseas to participate in some sports activity, getting a student travel insurance that covers for extreme sports is an absolute necessity as there is always a risk of injury in sports. The insurance covers you when you get injured and helps you get treated from the best hospital in the nearby location. While there are many types of insurance policies that cover for basic medical emergencies, you should buy the one policy that provides extensive coverage if you plan to undertake extreme sports or activities. There are many insurance companies that even specify the type of sports that their policy covers for. So this gives you the option to choose the best policy that matches your criteria best.

Also, do not forget to read the details of the policy you are planning to purchase. Understand your policy well. Check what all it covers for. Keep an eye on the deductibles and the sub-limits section of the policy as these two can increase your policy premiums. After doing a thorough research on the best policy, pick the one that provides extensive coverage within your budget and complies with the university guidelines too.

A Strong Insurance Lead Generation Program Should Include an Educational Webinar Series

A strong outbound insurance lead generation program can and should include an educational insurance webinar series. Agencies, brokers and wholesalers which have incorporated insurance webinars into their marketing initiatives have seen impressive results, registration often ranges from 50 registrants to over 300 registrants, and a 60% or greater attendance rate can be achieved with educational content and interesting topics. Insurance webinars are effective for essentially any agency, broker or wholesaler, but are most effective when targeting groups such as transportation, construction, benefits/health, etc.).

Webinars help showcase expertise, demonstrate thought leadership and elevate the conversation from insurance sales to partner and consultant. Where can agents and brokers find topics and speakers? Leverage internal experts, external partners, carrier partners, consultants, CPA,s tax advisors and industry consultants to create a well respected and well attended webinar series. And to ensure an optimum result, insurance organizations can either leverage their internal marketing team or outsource the initiative to a proficient insurance marketing agency.

The marketing catalyst for insurance webinar series rests upon email marketing and social media marketing campaigns. Both can prove highly effective in driving registrants to an insurance webinar series. Insurance email marketing initiatives should be handled by digital marketing professionals, ensuring agents and brokers are adhering to CAN-SPAM and opt-in email marketing best practices. Email marketing initiatives are only as good as the underlying email marketing list. Agents and brokers who do not have a comprehensive prospect and client email list should work on building one immediately, and if they are unsure how to accomplish this, should seek qualified outsourced guidance on this important topic. A high quality target list is not only the foundation for successful insurance digital marketing, it is an important and valuable digital asset for every agency and broker!

Social media marketing is often an untapped resource for agencies, brokers and wholesalers, as it is now common for 50% of registrants to be gleaned from LinkedIn, Facebook and Twitter, assuming agents and brokers have a viable insurance social media marketing initiative in place. LinkedIn remains the most important social media platform for B2B centric insurance agencies and brokers, while Facebook should be the go to platform for B2C campaigns. That said, with there are many good and inexpensive tools now available to post simultaneously to all major social media platforms. For example, let’s say a broker wanted to announce a new “ACA and Compliance Update Webinar”. This message could easily be posted to LinkedIn, LinkedIn groups, Facebook and Twitter at the same time, and the posts could be automatically tracked. There are many cost effective cloud based solutions now available to do this.

Webinars combined with professional email marketing and social media marketing campaigns can provide an impressive educational foundation for agents and brokers seeking to differentiate themselves from the pack. Web Seminars can target prospects, clients or both, to help keep agents and brokers establish and maintain their “digital” relationship. These live webinars can then be recorded, and used as video fulfillment to augment insurance websites, resource libraries, and YouTube channels to extend the reach of any agency, broker or wholesaler.