Should I shop around for Insurance?

The prices all seem the same... Allstate, Geico, State Farm, Met Life, Amica, Progressive. NO DIFFERENCE.

Insurance - The Small Print

We're all aware that whenever taking out insurance there are a number of conditions attached and generally we tend to ignore, or at the very best, skim through, the small print. By taking out an insurance policy, you are legally agreeing to a contract, and just like any other contract this is, therefore, something both parties must honour.

Just Landlords, a leading landlord insurance provider, has been discussing the fact that the small print must not be avoided and that it is important for all parties concerned to familiarise themselves with it.

Just Landlords also provides award winning tenants contents insurance, unoccupied property insurance and holiday home insurance amongst many other types of cover and Steve Landsburgh, Claims Manager at Just Landlords, has been explaining: "Be honest and clear and remember to read the conditions of a contract. If there are any changes to your circumstances, don't forget to tell your insurance company."

Since landlord insurance is such a specialist type of cover, there are a number of responsibilities that landlords must take to safeguard their property, the tenants inside and the rental income. Furthermore, Just Landlords have insisted that everyone should check that they are up to date with the current letting legislation and that there is an annual gas safety certificate in place. Just Landlords also recommends that all furniture provided complies with the Furniture and Furnishings Regulations.

Many landlords, in the current economic climate, have seen their default rates soar as tenants are coming under increasing pressure as a result of rising unemployment and growing bills. Many landlords have been taking out rent guarantee insurance in order to safeguard their rental income.

It will be important for landlords to look at the terms carefully before a tenant moves in; should your tenant default, you'll have an easy and cost effective way to protect your income. All insurance companies will provide you with the full policy wording so look out for conditions or clauses as this could likely affect any claims you may make in the future.

If you require any further information, please visit the Just Landlords website or contact Samantha Miles.

Definition: Mortgage/Debt Insurance

Mortgage life insurance, also known as mortgage insurance or creditor insurance, is offered by most banks and lending institutions. It is a life insurance policy that pays the balance of your mortgage to the lending institution if a person listed on the mortgage passes away.  But in many cases, you may prefer to own your own insurance policy.

How does term life insurance cover your mortgage?

When you purchase a term life insurance policy, you take into account all the money your family will need in case you are not around to help out. This includes your mortgage payments.

A term life insurance policy gives you added coverage and flexibility over a mortgage life insurance policy

- The beneficiary of a mortgage insurance policy is the bank, whereas your family receives any payout from your term life policy directly. This gives them the flexibility of using the money to pay off debts, or, if they can still carry the mortgage payments, they can use it for investing and securing a future income

- Mortgage insurance policies only cover you for the amount of your mortgage you owe to the bank. As you pay down your mortgage, your coverage amount decreases with it. This is called a reducing balance. With a term life insurance policy, you have a constant level of coverage for the whole term and are getting better value for your monthly payments.

Crazy and Weird Things to Have Insured

People buy life insurance, auto insurance, medical insurance, house insurance and the like, which are normal and most companies sell them and many people purchase them. But there is another category of insurable and insured items which only a few have done and these are quite weird types of insurance.

Well-known people and film and TV stars are known to have insured their body parts. These public celebrities take no chance on getting any part of their body changed or disfigured and hence they buy insurance for it. These people depend on their bodies for their livelihood. And insurance companies offer insurance policies that will pay if something damages the appearance or the functionality of some body part.

Professional athletes too buy insurance. Peyton Manning has insurance on his right arm, it is reported. The following are some of the body parts that are known to have been insured:-

•Ken Dodd’s extremely big buckteeth for $ 7.4 million!
•13-year-old World Yo-Yo champion Harvey Lowe’s hands for $ 150,000!
•Australia’s cricket player Merv Hughes’ walrus moustache for $ 370,000!
•20th century Fox insured actress Betty Grable’s legs for $ 1 million each!
•Michael Flatley of Lord of the Dance and Riverdance for $ 47 million
•Food critic Egon Ronay’s taste buds for $ 400,000!
•Bruce Springsteen’s voice for $ 6 million
•Comedy partners Bud Abbott and Lou Costello for $250,000!
•Jennifer Lopez’s ass for $ 1 billion!

The list can go on increasing. We have tea taster’s nose and tongue being insured and so also someone’s eyes. Another not so common but weird is insuring a game of golf. They have a hole-in-one prize. Anyone who scores a shot is awarded a prize which can be cash, an automobile, a video or anything. There are many other strings to the bow and many companies think of such things. They do not lose money, in fact they and the people insured have all the publicity they want. Hence it can be worth it. For both, the insurer and the insured.

Kidnapping youngsters and even adults has become so frequent that the well to do people are buying insurance against kidnapping and ransom. People working at high risk jobs also buy insurance. These policies are held by businessmen who work in dangerous areas and they offer indemnity coverage for any loss incurred by whoever pays the ransom. This includes the ransom money, money lost in transit, expenses incurred while delivering the ransom, hiring of professionals like negotiators and rewards offered for the safe return of the victims.

Lloyd’s of London has sold insurance policies against the oddest of demands. They have sold policies for vampire bites, werewolf attacks, alien abduction and the like. There are more than 400,000 policies sold to insure against alien abduction. If you can prove it (pass a lie detector test or have a video or a witness to support the claim of being kidnapped by an alien) then compensation of one million pounds will be given by the insurance company!

Car Insurance Debt Advice

Car Insurance Debt Advice

Who is feeling screwed by their Life Insurance Policy

My life insurance is killing me! Anyone else agree?

Medical debt often ruins Americans' credit

CHICAGO — Mike and Laura Park thought their credit record was spotless. The Texas couple wanted to take advantage of low interest rates, so they put their house on the market and talked to a lender about a mortgage on a bigger home in the Dallas-Fort Worth suburbs.

Their credit report contained a shocker: A $200 medical bill had been sent to a collection agency. Although since paid, it still lowered their credit scores by about 100 points, and it means they'll have to pay a discount point to get the best interest rate. Cost to them: $2,500.

A growing number of Americans could encounter similar landmines when they refinance or take out a loan. The Commonwealth Fund, a private foundation that sponsors health care research, estimates that 22 million Americans were contacted by collection agencies for unpaid medical bills in 2005. That increased to 30 million Americans in 2010.

Surprisingly, even after the bills have been paid off, the record of the collection action can stay on a credit report for up to seven years, dragging down credit scores and driving up the cost of financing a home. An estimated 3.4 million Americans have paid-off medical debt lingering on their credit reports, according to the Access Project, a research group funded by health care foundations and advocates of tougher laws on medical debt collectors.

Among them are Nathen and Melissa Cobb of Riverton, Ill., who tried to refinance their home last year. They didn't qualify for the loan because of $740 in medical bills that had been sent to a collection agency. The Cobbs were surprised because the bills - nearly a dozen small copayments ranging from $6 to $280 - had been paid before they tried to refinance. The collection action took their credit score from good to mediocre and is likely to mar their credit report for years.

"I'm not one of those people trying to ditch out on my bills," 34-year-old Melissa Cobb said. "I'm really frustrated."

Medical bills make up the majority of collection actions on credit reports, and most are for less than $250, according to Federal Reserve Board research.

The Parks had no idea a billing error they'd sorted out a year earlier - they never actually owed the $200 - could affect their credit. They didn't know the bill for a copayment on a PET scan Mike needed had been sent to a collection agency.

"We've prided ourselves in having impeccable credit. We worked hard to establish that," said Laura Park, a 51-year-old office manager married to a 53-year-old firefighter. They are going ahead with the home purchase while trying to fix their credit report.

"I'm very upset," Park said. "It's going to be a nightmare and who knows how long this is going to take to resolve."

Matt Ernst, a vice president at Mortgage Lenders of America in Overland Park, Kan., said medical collections frequently turn up on credit reports.

"We see a ton of them," Ernst said. They have an impact on financing, he said, but even he didn't realize how much until he learned that someone with a FICO score of 680 - which is considered good, but not excellent - will see their score drop up to 65 points because of a medical collection.

"I didn't know a medical collection would hammer it that hard," Ernst said. "Our investors require a 620 to even get a loan."

It's a problem for insured and uninsured alike. Outright billing mistakes, confusion over whether a claim will be paid by insurance and disputes between insurance companies and doctors - all can lead to medical bills being sent to collection agencies.

Congress is considering legislation - the Medical Debt Responsibility Act - that would require credit agencies to delete paid-off medical debt from credit reports within 45 days.

"We're not talking about somebody buying a big screen television and not having the ability to pay. This is debt incurred because of a health condition. That makes medical debt unique," said bill co-sponsor U.S. Rep. Don Manzullo, an Illinois Republican.

The bill has bipartisan support in the House, said co-sponsor U.S. Rep. Heath Shuler, a North Carolina Democrat. Shuler said the health care industry sends delinquent bills to debt collectors quicker than any other industry.

"If it wasn't an industry that sent it straight to collections, we wouldn't be having this conversation," Shuler said. A Senate version was introduced last week.

For Illinois breast cancer survivor Lisa Lindsay, a $280 medical bill led to state troopers showing up at her home and taking her to jail in handcuffs.

Like the Parks in Texas, she, too, said it started as a billing mistake. Her hospital told her the radiology bill would be covered because she qualified for a charity care program. But the radiology doctors' office sent the bill to a collection agency and, despite Lindsay's protests and the paperwork she kept sending, the matter ended up in court.

Lindsay believed that eventually the documentation would catch up with the bill and be settled. She went to court and told a judge her story. Later, she missed a court date - she said she was never informed of it - and that's when the state troopers showed up. Lindsay, a 46-year-old teaching assistant from Herrin, Ill., ended up paying more than $600 because legal fees had been added to the original amount.

"I paid it in full so they couldn't do it to me again," Lindsay said. She recently testified at a hearing on aggressive debt collection practices in Illinois.

Refinancing a home loan can be affected too by unpaid medical bills - or the appearance of unpaid medical bills.

Iraq veteran Steve Barnes and his wife, Tara, were refinancing their home through a VA program when they found out from their mortgage banker that nearly $600 in unpaid medical bills had brought down their credit scores. It means they'll have to pay an extra $1,700 in additional fees to the lender to get the lowest interest rate.

Bills for treatment last fall related to his wife's cancer had been turned over to a collection agency while Barnes was still talking with his insurance company about what would be covered, he said.

"We pay our bills," said Barnes, 33, the postmaster in Nocona, Texas. "As soon as they were brought to our attention, we paid them." But the collection could stay on their credit reports for seven years, even though it's now paid.

Debt collectors support the legislation in the House, according to ACA International, a trade association. A key foe of an earlier bill was another group representing the nation's credit bureaus. The Consumer Data Industry Association, which hasn't taken a position on the revised bill, said that lenders need to see a consumer's patterns of behavior over time and even paid-off medical debt is relevant to whether the consumer is a good risk.

Most hospitals and physician groups use collection agencies to go after late bills after 60 or 90 days, rather than hiring more staff. It makes financial sense to share the amounts collected with an agency. "If you don't collect anything, it's worth zero," said Richard Gundling of the Healthcare Financial Management Association.

Hospitals started relying on debt collectors in the 1980s, said Chicago-based health care consultant Jim Unland.

"When the numbers of uninsured started to grow significantly, hospital financial staffs had the perception they were getting overloaded" with delinquent bills, Unland said. "It became easier to turn these bills over to collection agencies."

The Affordable Care Act, President Barack Obama's health care law, bars tax-exempt hospitals from using "extraordinary collection actions" until it has made "reasonable efforts" to determine whether a patient qualifies for financial assistance. But it's still unclear how that will be interpreted and whether reporting late bills to a collection agency would be considered extraordinary, Unland said.

Barnes, the Texas veteran, said he and his wife have learned something: how quickly medical bills are sent to debt collectors. "It will really happen in a blink of an eye and you won't even know it."

Why do I pay so much for my Insurance?

Insurance.... you need it. But it kills you. Am I making any sense?

Feds dismantle NY auto insurance fraud ring

A cadre of corrupt doctors and scam artists sought to cheat auto insurance companies out of $279 million in bogus medical claims — the largest-ever fraud involving New York’s no-fault law, authorities said Wednesday.

The investigation resulted in federal racketeering, health care fraud, mail fraud and money laundering charges against 36 people, mainly of Russian descent. They include 10 physicians and three lawyers. One had the nickname “KGB.”

How to save the stock market

Some measures have been taken to revamp the capital market, all to no avail. It remains bearish. Against the backdrop of last year’s losses, operators are suggesting a way out, Tonia Osundolire reports.

For sometime now, all has not been well with the capital market. It has been losses all way each year. With more than 16 per cent average loss last year, stakeholders are looking up to the 2012 business year with high hopes.  So, what will help the market to rebound and soothe the pains of investors?

Regulator's perspective

Chief Executive of the Nigerian Stock Exchange (NSE) Mr Oscar Onyema, at his maiden briefing, said government’s policy would boost the growth of the market. 

He said the deregulation of the downstream sub-sector,  which is expected to transform the economy in terms of growth, will impact on the capital market, when the Petroleum Industrial Bill (PIB) is passed into law.

On

yema explained that although the crisis in the Euro zone will affect major economies around the globe, "it provides concern for us at the capital market. It will, however, provide growth opportunity for Africa and other emerging markets."

Brokers’  position

The Chief Executive Officer of Partnership Investment Company Limited and a council member of the NSE, Mr Victor Ogiemwonyi, said, basically, the most important thing  now is for the Federal Government  to maintain its debt profile because the more debts pile up, the more they crowd out the private sector  which will, ultimately, affect the capital market. 

However, he said just as people clamoured for the Assets Management Company of Nigeria (AMCON) which was used for the banks, the government should also use the first investment of the Sovereign Wealth Fund  (SWF) to bail out the capital market. 

He explained that by buying equities at current prices, investors will get value for their money for a long time. Besides, he said the government has all it takes to bail out the capital market. 

"They have the long-term perspective that is required; they have the resources to do it. That will give pep and understanding if  the Federal Government demonstrates such confidence in the market. That will be a way to revive the confidence of investors quickly", he said.

Also, Ogiemwonyi said another policy to be considered is privatisation of key industries of the government, such as Nigeria National Petroleum Corporation (NNPC) and various affiliates. 

Besides considering government policies as a way for the market to return to profitability, Ogiemwonyi mentioned the National Association of Securities Dealers (NASD) as another alternative for the market to thrive.

OTC platform

Ogiemwonyi, who is also the chairman of the technical committee of NASD, said it was incorporated in 1998 specifically to offer an over the counter trading (OTC) platform for the securities dealers of Nigeria. 

He said the NASD is meant to compliment the NSE, adding that most of the securities that will be listed there are those that are unlisted on the floor of the NSE. "They are either not listed on the NSE or in the process but yet to meet the NSE requirements". 

Shedding more light on NASD, he said what the organisers are doing in effect is trying to make the market bigger by attracting more securities that are not  listed. "It will also create a better business environment. We are getting more approvals because more entrepreneurs are starting businesses, but along the way they don't have the right capital to pursue. They have very good ideas, services, the market but no fund. We believe NASD will provide this kind of platform in addition to what the NSE is doing," he said. 

Explaining the importance of the Exchange, he said there is no doubt  that the banking and insurance consolidation would have been nowhere without the NSE, so NASD is another expansion of what the Exchange does. 

As an OTC  trading market, he said NASD tends to have features that make it a little more flexible. For instance, he said NASD would be a multi-product platform trading all securities from bonds to equities, to fixed income and money market instruments such as commercial papers. The idea, according to him, is that what the market does generally is to create transparency for people who want to invest to buy and sell. 

He said the NASD is very difficult to manipulate because the decision to pay for it is very transparent. For instance, he said right now, there are many securities that are trading outside the market, that one cannot really determine their prices. Citing such companies that are doing very well in this category, he said WAMCO and MTN’s shares are trading in the off market and people buy at different prices because they have no way of knowing what the real price is. 

But if they operate on a market platform where everybody bids and offers for it, he said what will be created is price discovery. "Price discovery usually brings about a better investors' confidence because they know that they can buy something that has a market for it and at a reasonable price that it is most likely to trade in the market," Ogiemwonyi said. He said the aim is make NASD well situated to add to the canvass of securities trading in Nigeria.

Because of the fact that the NSE is a first-tier market, there are some organisations that have been there for a long time. There are some rules that have been since its existence. However, he said that is not to say there are going to be rules that are substandard. What NASD will try to do is probably to see where there are bureaucratic processes that can be reduced. For instance, don't forget that every security before it becomes a security whether it is listed on the NSE or -the-Counter (OTC)has to be approved by SEC. 

NASD will also be committed to some of the best practices that the NSE is practicing. It is just expanding the canvass, especially now that business is so low. It will encourage more people to come. "We are going to create investors who are coming into the market for the first time maybe because NASD instruments and processes are newer. It will give an opportunity for a wider range of products to be invested in," he said.

Besides, Ogiemwonyi noted the NSE has tried to re-strategise. He said  in terms of rules and operation, the NSE is different from what it used to be. 

Furthermore, there are also new products, which have been giving people enough variety. Recently, ETF was introduced even if it will take a long time for people to get used to. It is a virgin instrument that has gold behind it and some people will prefer it more than the equities that don't have a specific asset behind it. 

However, he said the sanitation exercise at the Securities and Exchange Commission (SEC) has rid the industry of some of the bad elements and market  has also done some cleansing. These developments he said, has made some stock brokering firms to go back to the drawing board to trim their cost. "We call it adjusting to market changes, this affects everywhere. Cost for entering and trading in the market is a lot cheaper today, whether it is SEC or NSE cost or commission, they are a lot cheaper than they were a few years ago. All these are attempts to revive the market," he said. 

Consequently, he said the stock market is still the most viable investment outlet for anybody who has the money to invest for a long term. "We are going to see it revive over some time. However, the only threats are insecurity, unemployment, inflation and large uncontrolled government expenditure. All these portend bad signal for the market. There is also fear of uncertainty," he said.

Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr Emeka Madubike, advocated the deregulation of all sectors of the economy. He said if properly done, it would open up the space for private people to invest provided there is a level playing ground. 

According to him, one of the things that will hold the market down anywhere in the world is inconsistent policies; policies that are not investor-friendly and those that are not transparently executed. With this kind of environment, he said  local and foreign investors are not sure.

Besides, he mentioned insecurity, stressing that this would scare away investors.  

"How do you look at the future? If I put my money down today, what happens tomorrow? But when you have a situation where you don't even understand what is going on, it looks like a group of violent people are more like an alternative government. They do whatever they want without anyone really taking charge. This is a problem," Madubike said.

Noting that every economy is driven by small-scale enterprises, he said the government has to ensure  the environment is conducive for small-scale enterprises to flourish.

Commenting, CEO, Lambeth Trust & Investment Company Limited, Mr David Adonri, said NASD is an OTC platform for trading in short-term and long term securities. 

According to him, huge opportunities abound for the platform to be successful considering the large number of public companies that do not  have their securities trading formally. Because the Nigerian capital market is still at its infancy, further room exists for expansion of products and services across the length and breadth of the market," he said. 

Adonri said the efficiency of the capital market can be enhanced if competition is introduced into all areas. This,  he said, is the basis of recommendation by the Dennis Odife panel for existence of multiple stock exchanges and capital trade points in Nigeria. 

He added that for the equities market to become attractive to investors, domestic macroeconomic policies have to be reviewed to drive down interest and inflation rates to single digit. 

Our Life In Debt

We're still going strong! We're going to overcome this. Pay my mortgage. Pay my credit cards. Pay my insurance premium. We can do this together.

I wish I did not have insurance

I'd rather be dead than making these payments.

How a Routine Life Insurance Examination Can Save Your Life

ARIEN, Ill., Feb. 20, 2012 /PRNewswire via COMTEX/ -- Life Quotes, Inc. wants to remind consumers that a little-known side benefit of the dreaded life insurance exam is that it might uncover health problems that you didn't even know were there. It's possible that the simple life insurance paramedical examination can provide much more than financial protection.

Life insurance is typically used to protect loved ones from financial devastation in the event of a death, but in a number of cases, the lab results of a routine checkup uncovered something far more sinister--a serious illness that the policyholder was not aware they had, which ultimately saved their life.

"It's quite common for the lab results of routine life insurance exams to reveal potentially life-threatening illnesses," says Robert Bland, CEO and founder of Life Quotes, Inc. "Surprising illnesses or conditions are revealed most frequently among adult applicants who have gotten out of the habit of having annual physical checkups. This then puts the life insurance agent into the role of bearer of bad news. Understandably, the reaction upon receiving such news is first denial, then anger at us for bearing the bad news and then appreciation for having uncovered potential problems before they become life-threatening. It's amazing what kinds of problems a $30 comprehensive blood count test can reveal, which is why we always urge our customers to obtain regular annual checkups, in part so that their families don't have to use the life insurance policy in the drawer."

Life Quotes, Inc. gathered several personal stories provided by individuals whose lives were changed when they applied for life insurance.

In 1991, NBA All-Star Earvin "Magic" Johnson was diagnosed with HIV after a routine life insurance examination. Since then, Johnson has dedicated his life to promoting awareness about the deadly disease.

Dr. Joan Schaefer, chief medical officer of Nebraska's Health and Human Services System, learned she was in the early stages of a rare developmental liver disease called congenital hepatic fibrosis due to the lab results of a simple life insurance medical exam. At the time of the discovery, she had otherwise believed she was healthy and was in the middle of training for a marathon. In 2008, Schaefer underwent an emergency liver transplant to correct the condition.

From a paramedical examiner's standpoint, it is very common to come across a client who did not know there was a problem with their health until they saw the results of the examination.

"This is fairly commonplace, we don't know every instance where this happens at a given moment, but we draw blood and ship the blood to the lab and are often privy to those results," said James Fritz, President and Chief Operating Officer for APPS Paramedical Services in Jericho, N.Y. "An examiner may find an abnormal reading on an electrocardiogram or their blood pressure is extremely high or low and they realize something has happened and encourage the person to contact a medical professional saving the applicant from a significant episode or serious medical condition. This may not be publicly recognized, but it is a reality and it does uncover significant illnesses that do save peoples lives."

According to Kim Anderson, Senior Vice President of Examination Management Services, Inc. (EMSI) her examiners see an applicant with a critical health risk at least twice a year.

"This is often presented to us during the exam. Examiners are trained to know what to look for and if they see something that is out of the ordinary they know they are to inform the applicant and recommend they seek immediate medical attention," Anderson said.

Although examiners cannot diagnose or offer medical advice about a certain illness, they can refer applicants to medical specialists for further review. And often the insurance agent informs the applicant that the exam revealed a serious illness.

"I had an applicant who thought he was in perfect health and when I told him that the examination showed that he had Type 2 diabetes, at first he didn't believe me," said Margaret Thornton, New Business Director at Life Quotes, Inc. "I strongly recommended that he make an appointment with his doctor as soon as possible, especially since he was planning a trip overseas that year."

Shortly after an examination revealed that a new applicant had diabetes, Thornton was contacted again by a life insurance examiner who told her another recent applicant had a "stroke-level" blood pressure reading. The applicant was encouraged to contact her physician.

If it is found that you have a serious illness after a paramedical examination, the life insurance company may instill a waiting period based on the type of illness and the severity of the condition.

In the case of dangerously high blood pressure, the waiting period will likely be a year to make for certain the individual has the condition under control, but the policy could still be rated or declined depending on the outcome of the actual diagnosis and treatment.

"Bottom line, it doesn't happen everyday, but it definitely happens and often these health problems are found from testing that is done at a low cost and in some cases absolutely free of charge to the applicant," Thornton said.

Life Quotes, Inc. suggests contacting your health care provider immediately and making an appointment if a serious health condition is found in your test results.

For more, see "When Life Insurance Saves Lives" http://www.lifequotes.com/articles/lifeinsurance/when-life-insurance-saves-lives/

If you have a serious medical condition and have the need to shop for life insurance, Life Quotes, Inc. recommends the following to increase your chances of passing the examination and getting a better rate on life insurance.

Expedite the application process by submitting doctor letters or medical records to your insurance agent before taking the exam

Make sure you are properly hydrated

Avoid fatty foods for two days prior to taking the examination

Abstain from alcohol for 72 hours prior to the exam

Don't take ibuprofen or aspirin prior to taking the exam since this will elevate your liver function

State probe of forced mortgage insurance heats up

Access Denied.

A probe by New York State’s top financial services cop into possible fraud in the sale of pricey mortgage insurance is being stonewalled by a pair of Wall Street firms who refuse to turn over data, The Post has learned.

Ben Lawsky, the Superintendent of the state’s new Department of Financial Services, was rebuffed by Citigroup’s mortgage unit, Citimortgage, and insurance agent Assurant Inc. — both of which are maintaining that they don’t have to comply with the state requests, according to sources familiar with the situation.

Lawsky subpoenaed the two companies in an attempt to get information about their policies of assigning the costly mortgage insurance on certain home loans.

The so-called forced-insurance practices has become a major cause celebre for Lawsky, who issued more than 30 subpoenas to a number of insurance agents and mortgage subsidiaries of JPMorgan Chase, Morgan Stanley and Wells Fargo as far back as October.

At this point, Citigroup is claiming that the DFS does not have the authority to subpoena certain information from Citimortgage prior to the passage of Dodd-Frank, which went into effect on July 21.

“As Citimortage well knows, we are conducting a large-scale, intensive investigation into all aspects of the forced placed insurance industry. Citimortgage should immediately cooperate and desist in any efforts to thwart the scope of our investigation,” Lawsky said in a letter to Citi today, a copy of which was obtained by The Post.

In a letter to Assurant officials, Lawsky’s office accuses the insurance agent of destroying e-mails, despite receiving an Oct, 3 subpoena for documents.

Since being confirmed in May as the head of the newly-minted DFS, Lawksy has publicly announced that he is probing whether banks steered homeowners into such pricey insurance policies in exchange for kickbacks.

"Assurant respectfully disagrees with the New York Department of Financial Services position regarding the Company’s document retention practices," said an Assurant spokesman. "In an effort to address the Department’s concerns, however, while this matter is pending, we are modifying our records retention practices."

Officials at Citigroup were unable to comment. A spokesman for Lawsky’s office declined to comment.

During the mortgage crisis, forced-placed insurance became a hot industry as more and more homeowners were forced to pay high premiums imbedded in their mortgage payments originated by banks even as the housing market crashed and their houses plummeted in value.

We need to fight back against our debt today!

Writing a check to pay my insurance premium. Wondering... am I paying to much for my life insurance?

What is CHIP? Insure Kids Now!

The Children's Health Insurance Program (CHIP) provides free or low-cost health coverage for more than 7 million children up to age 19.  CHIP covers U.S. citizens and eligible immigrants.

CHIP Is Available in Every State

In general, children in families with incomes up to $44,100/year (for a family of four) are likely to be eligible for coverage.  In many states, families can have higher incomes and their children can still qualify.

What does CHIP pay for?

Each state designs its own CHIP program, including eligibility, benefits, premiums and cost-sharing, and application and renewal procedures. States can decide on the benefits provided under CHIP, but all states cover routine check-ups, immunizations, hospital care, dental care, and lab and x-ray services.  Children get free preventive care, but low premiums and other cost-sharing may be required for other services. 

Learn more about CHIP programs in your state.

Applying for Health Coverage Is Easy and Free

To get started, make a free call to 1-877 KIDS NOW (1-877-543-7669). When you call our free and confidential hotline, you’ll be connected directly to someone from your state who will help you apply.  Families will need to complete an application and provide some documents.  Depending on the state, you can complete the application through the mail, over the phone, or even online.

Learn more about health coverage programs in your state.

What You Should Know About Policy Loans

Life insurance is a uniquely flexible financial product that provides valuable protection for your loved ones. Certainly, the main purpose of life insurance is the death benefit, which may supply your family with much-needed cash upon your death. This can go a long way toward helping them meet the expenses that may arise, including living expenses, final costs or taxes. In addition, permanent life insurance also has many "living benefits" — benefits that you can take advantage of during your lifetime. One major "living benefit" is the accumulation of cash value that can be borrowed against in times of need, such as to help pay for a child's education or to help fund retirement. Here's what you need to know about taking loans against your permanent life insurance policy.

How Policy Loans Work
Permanent life insurance accumulates cash value tax-deferred, and you may borrow up to the amount of the accumulated cash value through one or more loans. A loan against your life insurance policy accrues interest and reduces the death benefit.

Potential Pitfalls You'll Want to Avoid
When you take out a loan against your life insurance policy, it's important to understand the consequences. If you don't repay your loan?or at least repay the interest on the loan when due?it can have an adverse effect on your policy. Please note that:

• Loans against a policy must be paid back. If you die while a loan is outstanding, the amount of the loan, plus any unpaid interest, will be deducted from the death benefit. That means your beneficiaries may not receive the full legacy you intended them to have, and which they might need.
• Interest is charged on a policy loan and will be charged for as long as the loan is unpaid. If the annual loan interest is not paid when due, the loan itself will increase annually by the amount of the unpaid interest.
• If the policy loan is still outstanding when you surrender your policy or it lapses, the amount of the loan (including interest due) will be considered taxable income to the extent that there is gain in the policy.
• If you use Whole Life dividends (which are not guaranteed) that have been set aside to pay premiums in a "POP"("Premium Offset") arrangement to repay a loan or interest on a loan, your "POP"arrangement can be compromised. There may not be enough dividends to continue to cover the premium and repay the loan or interest. If this happens, you may have to pay additional out-of-pocket premiums that you hadn't planned for.

What You Can Do
Before taking out a policy loan, we encourage you to contact New York Life to get more information about the financial impact a policy loan could have on your policy. If you have loans out on your policy, ask to see a policy illustration showing the current impact of your loan on your policy's death benefit. Also, discuss with your representative the amount of taxable income, should the policy lapse or be surrendered.

Another good rule of thumb is to at least consider paying the annual interest due on your policy loan each year to prevent your loan from increasing. And, if and when you decide to repay the loan, your representative can help you plan a disciplined loan repayment program.

Is Loan Protection Insurance Right For You?

Loan protection insurance or payment protection insurance (PPI) is designed to help policyholders by providing financial support in time of need. Whether the need is due to disability or unemployment, this insurance can help protect monthly loan payments and protect the insured from default. The loan protection policy has different terms depending on where it is offered. In Britain, it could be referred to as accident sickness insurance, unemployment insurance, redundancy insurance or premium protection insurance. These all provide very similar coverage. In the U.S. it is oftentimes referred to as payment protection insurance (PPI). The U.S. offers several forms of this insurance in conjunction with mortgages, personal or car loans. Read on to find out how these loans work and if they could be right for you.

Top 17 Reasons to Invest in Super Bowl Insurance

Are you ready for some football (parties)!?

Don’t look now, but it’s tailgating season. Actually, it’s Super Bowl season. That’s like tailgating season times infinity. Last year, roughly 111 million people watched the Super Bowl. (For you numbers junkies, that’s roughly 36 percent of the U.S. population.)

And with Super Bowl 2012 promising to be just as watchable, it’s go-time for final drills, breathtaking chills, and, unfortunately, multiple spills. Since only 70,000 fans will be able to watch the big event in person, the remaining 110,930,000 will have to make do outside the gates of Lucas Oil Stadium. This is an equally hyped-up bunch in search of Super Bowl bliss, however, so be prepared because they’ll come strong and ready to party.

If you are one of the many planning on attending or even hosting one of these pigskin soirees, you’re going to need a lot of bean dip, and a great deal of readiness for a ton of potential party fouls. Which got us thinking … wouldn’t it be cool if you could purchase Super Bowl insurance to protect yourself from the insanity?

Hypothetically speaking, Super Bowl insurance could include the option to buy coverage for stuff like ineligible fans throwing stuff at your new HDTV, guacamole fumbled on your new microfiber carpet, and could even offer protection from guests hit with an extreme case of “bandwagonitis.”

What’s covered by Super Bowl insurance*

Super Bowl insurance (could**) cover damage from party-related messes, tomfoolery, and the occasional bout of absurdity.

It could also protect you against:

1. Helmet-shaped-bowl mishaps
2. Madonna look-a-likes (and National Anthem sing-alongs)
3. TV commercial “shushers”
4. Face-painting accidents
5. Angry armchair referees
6. Bandwagon fans
7. Excessive foam finger usage
8. Vegetable platters
9. Plumbing mishaps
10. Hangovers
11. Post-game hanging out that leads to dancing
12. Wardrobe malfunctions
13. Loud hooting and aggressive high fives
14. Opposing team “crashers”
15. Football-shaped meatloaf
16. Guests dressed like actual Patriots and Giants
17. Overtime delirium

Of course, Super Bowl insurance doesn’t really exist, which means you’re on your own for Super Bowl XLVI. But if you’re hosting a pigskin soiree this year, keep this list of potential Super Bowl blunders handy during the big game to help protect you and your loved ones from party fouls. And good luck!