annual travel insurance

Official QuickQuote Blog
QuickQuote Insurance Blog: All things insurance all the time.

• Genworth Life Insurance Company FAQ's
  

  The expanding credit crisis our economy currently faces continues to stress nearly all industries. We've written several blogs recently about the crisis and the effects on specific life insurance companies and the industry as a whole. An emerging trend we've recently witnessed within the industry is life insurance companies producing materials aimed at educating consumers on the current financial positions of those companies, as well as answer common questions posed by customers.
  
  Genworth Life Insurance Company today released this Life Insurance Companies Apply for CPP Funds
  Life insurance companies appear to be lining up to participate in the Troubled Asset Relief Program (TARP). Several companies have applied to receive funds under the Capital Purchase Program (CPP) in an effort to bolster their capital positions. Most have indicated they do not currently need the funds, but rather they are taking advantage of the loan program in case conditions within the credit and stock markets continue to deteriorate.
  
  Life insurance companies that have indicated potential participation in the program include Hartford Financial, Lincoln National, Genworth Financial and Principal Financial Group, as well as countless banks and other financial institutions.
  
  The program has already shown the unexpected benefit of positioning strong companies as acquirers of their weaker competitors. Some have used CPP funds solely for this purpose. Others are using the funds to pad their capital accounts.
  
  Either way, it is becoming evident that a company's use of the program is not necessarily an indicator of financial weakness. And thus, we should be careful to not rush to judgment on the life insurance companies with plans to participate in the program. Most remain excellent choices for life insurance coverage.

• Life Insurance Consumer Protection
  

  In light of the economic climate our country is currently in and with all the recent negative news surrounding financial companies, it is normal for consumers to be wary of doing business with these companies and with financial products in general. When it comes to life insurance companies and term life insurance specifically, it has also become quite common for consumers to contact QuickQuote looking for answers and reassurance.
  
  Until the recent troubles experienced by AIG, the life insurance industry seemed insulated from the financial meltdown we have experienced. However, the AIG situation has taught us many important lessons. Perhaps the most important one our industry has learned is that a strong financial position does not in and of itself isolate a life insurance company from the negative impact of its parent company's actions. A life insurance company's name is quickly and easily associated with that of its parent company, in both good time and bad.
   
  Case in point: American General Life Insurance Company, a subsidiary of AIG. American General is one of the strongest life insurance companies in America. The company has excellent management, solid financials and a reputation as a leading issuer of term life insurance among other financial products. However, the company has had to deal with the fallout of its parent company in ways most of us cannot imagine. Whether that is fair or not is open to debate. Many believe you have to take the bad with the good, and the company has taken its share of both over the years for its affiliation with AIG.
  
  But let's get back to the focus of this blog ... life insurance consumer protection in times of financial crisis. We always advise our customers to consider only A-rated or better companies for their term life coverage. That by itself is not enough, however. What about after the purchase? What happens if American General or any other life insurance company 'goes under.'
  
  Well, let's start by saying that is highly unlikely to happen. First and foremost, insurance is one of the most highly regulated industries in the nation. Insurance is regulated at the state level, and individual states impose reserve requirements on all life insurance companies. Those reserves are in the form of cash, and they offer the first layer of protection for your policy.
  
  Second, if an A-rated life insurance company found itself in dire financial straits to the point of ceasing operations, the company would most likely look to either merge or sell itself to another life insurance company or financial organization. When this happens, the policies of the acquired company are typically assumed by the new owner which offers another layer of protection.
  
  Finally, in the worst case scenario game, let's assume a life insurance company does fail and defaults on its policies. In this case, the individual states would step in once again and provide protection for those policies in the form of the State Guaranty Association. Funds from the association are used to pay the claims of insolvent insurance companies. Each state offers its own amount of coverage for life insurance policies. These range in amounts from a percentage of the coverage amount in some states to a high of $500k in others, with the most common amount being $300k. We will provide a chart in a related article on this topic soon and will update this blog to include the article link.
  
  Please be sure to check with your state department of insurance to determine the amount of protection your state offers under this program. Our licensed representatives are also available to answer your questions about this program as well as specific life insurance company related questions.
  
  We'll have more tomorrow on the importance of term life insurance in tough economic times.

• Obama's Plans and Your Health Insurance
  So, we hear there was some kind of election that occurred this week?
  
  Unless you live on another planet (and can access the Earth's Internet and read English) you know Barack Obama is now the President-Elect of the United States. We did some research to see how his stance on health care might affect your health insurance.
  
  Obama has clearly indicated his primary health care related goal is to see to it that every child in America has health insurance. His plan includes providing tax credits to low income families with no access to health insurance through their employers. These families would in turn be required to purchase health insurance for their children through a newly established insurance exchange.
  
  Obama would also propose tax credits for small businesses that provide health insurance. Existing children's health insurance programs and Medicaid would also be expanded.
  
  Of course, health care reform has always been a significant challenge for any administration. It will be interesting to see if the chosen one is capable of overcoming the many obstacles that stand in the way.
  
  Credits: barackobama.com, cnn.com 
• Financial Institutions Take Cover Under the TARP
  

  The Troubled Asset Relief Program (TARP) is the U.S. Government's $700 billion financial rescue plan that was recently signed into law by President Bush. Reuters has reported that as many as 1,800 financial institutions could soon apply for government funds. $250 billion has already been allocated, and of that amount, $125 billion will go to nine of the nation's largest banks with another $33 billion going to regional banks.
  
  These financial institutions are all publicly held companies. It is still unclear whether TARP funds will be made available to privately held companies and life insruance companies. If so, it is reasonable to expect some life insurance companies will take advantage of the government funding, although not to the extent of the funds borrowed by AIG.
  
  Credits: Reuters.com

• Vote for QuickQuote!
  In the spirit of Election Day 2008, we are asking for you to vote for us. Just kidding .... but seriously, we are an excellent choice for your term life insurance needs! Get quotes on life insurance today or call one of our licensed representatives for assistance.
  
  Regardless of your political affiliation, we strongly encourage all of our visitors to get out today and vote for somebody ... anybody! The freedom to exercise this mo