Official QuickQuote Blog

Do You Take This Health Insurance Policy as Your Wedded Spouse?

Thu, 08 May 2008 13:18:24 GMT

The Detroit News recently reported about a poll released earlier this month that shows 7 percent of Americans said they or someone in their household married in the past year to obtain health insurance benefits through their spouse's policy. The same poll revealed 28 percent of Americans have experienced serious problems due to the high cost of health care.

Federal Reserve Cuts Key Interest Rate Again

Wed, 30 Apr 2008 13:18:24 GMT

The Federal Reserve Board once again cut a key interest rate at its meeting today, April 30. The Fed lowered its target for the federal funds rate by 25 basis points to 2.00 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans.

Today's cut was the seventh rate reduction in the past seven months. As the central bank continues to allay fears of a U.S. economic recession, it also has the challenge of keeping a watchful eye over inflation. The Fed's statement included the comment that "uncertainty about the inflation outlook remains high." This comment has many experts believing the Fed may be done cutting rates for now as it directs its attention toward inflation and away from the economic slowdown.

The federal funds rate is an overnight bank lending rate that affects rates on various types of loans such as variable-rate mortgages and credit card rates, among others. The rate may also impact rates on various investment and insurance products offered by life insurance companies.

HSBC Introduces New Term Life Insurance Product

Thu, 24 Apr 2008 13:18:24 GMT

HSBC, through Household Life Insurance Company, recently introduced a new Simple Issue Term life insurance product. The product requires a simple seven question application form to be completed by the applicant, either through a secure website or over the telephone with a licensed representative. If approved, the applicant can sign the necessary documents by voice or electronic signature, pay by credit card or EFT and print out the new policy within minutes.

Coverage is available for term lengths of 10, 15, 20 and 30 years in amounts ranging from $25K to $500K. The policies are also convertible to select permanent life insurance products offered by the company.

This new product through HSBC Household Life Insurance Company is the only Simple Issue Term life product currently available in amounts up to $500K. For quotes on this new term life product, please call one of our licensed representatives at 800-867-2404, Option 1.

Protective Life Announces Electronic Policy Delivery

Thu, 17 Apr 2008 13:18:24 GMT

Protective Life Insurance Company recently announced the release of Electronic Policy Delivery for all of its life insurance products. The new system allows customers to review and download their policies in a secure online environment. Customers will also be able to electronically sign any necessary documents and make their initial premium payment online.

Electronic Policy Delivery is a significant advancement for term life insurance processing and a tremendous benefit for those who purchase online. This feature has the potential to reduce processing times by several days and get policies in the hands of customers more quickly.

Protective Life Insurance Company is the parent company of West Coast Life Insurance Company, a member of the QuickQuote term life insurance marketplace.

Insurance for Fido

Wed, 16 Apr 2008 13:18:24 GMT

Last fall we blogged about the growing trend in pet insurance. Well a new report out this week estimates Americans will spend around $1.1 billion (yes, with a 'b') annually on pet insurance by the year 2012. Pet insurance revenues for 2007 were estimated to be approximately $248 million, which is an increase of 21 percent over 2006 revenues.

The report cites the growing number of affluent households in the United States and their willingness to spend money on their pets' health care needs.

Transamerica Reduces Term Life Insurance Rates

Wed, 16 Apr 2008 13:18:24 GMT

Transamerica Occidental Life Insurance Company released new rates on its Trendsetter Term Series this week. The company reduced rates on its term life insurance product for a variety of age groups and demographics.

Visit our term life insurance quoting system to check out these new rates from Transamerica.

Nippon Life Insurance Company Says 'Yes' to Fukudome

Wed, 09 Apr 2008 13:18:24 GMT

Nippon Life Insurance Company of Japan, one of the world's largest life insurance companies, recently announced a marketing sponsorship with the Chicago Cubs. The company's sponsorship is centered around current Cubs' player and former Japanese baseball star, Kosuke Fukudome. Say that name three times as fast as you can (make sure there aren't any children around first).

Nippon Life Insurance Company does have an American subsidiary in NLI America. NLI America offers group term life insurance products and accidental death and dismemberment products. Look for the company's logo every time you see Fukudome in front of a microphone.

Okay ... Now Turn Your Mouse and Cough

Wed, 02 Apr 2008 13:18:24 GMT

Aetna, Inc. and Cigna Corp, two of the nation's largest health insurance companies, recently announce they will begin paying for physician visits conducted over the Internet. Yes, you can visit your doctor via the Web in a form of virtual office visit, and your insurance will pay for it (if you are a member of one of these health insurance companies and your plan covers this service, of course).

Aetna recently expanded a pilot program nationally from three initial states. The most common method of Web visits currently used is email correspondence. But even that is used very rarely. In a recent survey of California residents, only 4 percent of respondents indicated they have consulted with a physician via email.

The service is most likely to appeal to those looking for convenience, not necessarily cost savings. While Aetna pays its providers $25-$35 for a Web visit and $35-$100 for an office visit, patients will most likely have the same copayment for both services.

Technology to the rescue once again.

AllState's Auto Insurance Rates Targeted in California

Tue, 01 Apr 2008 13:18:24 GMT

California Insurance Commissioner Steve Poizner recently issued an order to Allstate's auto insurance units in California to reduce the rates currently charged for auto insurance by nearly 16 percent. The rate reduction will become effective by mid-April, and will save California consumers approximately $245 million annually in auto insurance premiums, or roughly $125 per vehicle.

"This reduction reaffirms my commitment to ensuring that excessive rates are not charged to California consumers. At the same time, the rate reduction is fair and reasonable for the company," Poizner said.

Not surprisingly, Allstate disagreed with the commissioner and believes the rate reduction is excessive. The company anticipated a reduction of about 8 percent, and is considering filing an appeal.

AIG American General Extends Term Life Coverage to 35 Years

Tue, 25 Mar 2008 13:18:24 GMT

American General Life Insurance Company (AIG) recently extended the term life insurance coverage length on it's AIG Select-a-Term product to 35 years. This is the longest term length available from a major life insurance company in the industry. The longest term length prior to this change was 30 years.

Consumers can now choose from additional term lengths of 31, 32, 33, 34 and 35 years for term life. With these new term lengths, a 45-year old applicant can purchase a 35-year term length policy and have continuous term life insurance coverage to age 80. With the existing 30-year term length product, a 55-year old applicant could have coverage all the way to age 85.

AIG Unveils New Accident Insurance Policy

Thu, 20 Mar 2008 13:18:24 GMT

American General Life Insurance Company (AIG), recently launched AIG Accident Expense Plus, a health insurance product that provides accidental injury coverage. AIG Accident Expense Plus is designed to provide first-dollar coverage for accidents, as a way to help those with large deductibles on their existing health insurance policies. Policyholders will also be able to purchase a critical illness rider with the policy that provides benefits in the event of heart attack, stroke or cancer.

“To combat rising premiums in their major medical plans, many individuals and families are increasing their deductibles, co-payments and other out-of-pocket expenses,” said Jay Drucker, vice president, Accident and Health, AIG American General. “AIG Accident Expense Plus offers an easy and affordable solution to help ensure that out-of-pocket costs from an accident or critical illness don’t jeopardize their financial stability. AIG Accident Expense Plus is an ideal way to protect against the sometimes staggering financial burdens associated with an unforeseen accident, and those can include sports-related injuries, which many of today’s active families face.”

The new product offers the following benefits:

Coverage is available for individuals and families.
Policyholders can select any physician, hospital or medical facility for their care.
Policy benefits are paid directly to the policyholder.

Please contact us for more information or a quote on AIG Accident Expense Plus.

Feds Continue Interest Rate Cuts

Wed, 19 Mar 2008 13:18:24 GMT

The Federal Reserve Board once again cut a key interest rate at its meeting on Tuesday, March 18. The Fed lowered its target for the federal funds rate by 75 basis points to 2.25 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans.

Yesterday's cut was the sixth rate reduction in the past six months. As the central bank continues to allay fears of a U.S. economic recession, it also has the challenge of keeping a watchful eye over inflation. The accompanying fed statement cited a weakening labor market, a slowdown in consumer spending, the continued crisis in the financial markets and tight credit makets as reasons for its decision.

Life Insurance and Foreign Travel for Florida Residents

Thu, 06 Mar 2008 13:18:24 GMT

The Florida Office of Insurance Regulation has issued its 2008 Freedom to Travel Report. The report details the Office's efforts to implement the Freedom to Travel Act, which was passed in 2006. The legislation limits the ability of life insurance companies to deny coverage or increase premiums for Florida applicants based upon their foreign travel history or future plans.

The report states that seven life insurance companies were fined a total of $108,000 in 2007 for violations of the Freedom to Travel Act.

Growth of Consumer Directed Health Plans Continues

Wed, 05 Mar 2008 13:18:24 GMT

The American Association of Preferred Provider Organizations released results of a study that show the number of Americans enrolled in Consumer Directed Health Plans (CDHP's) continues to grow. The number of CDHP enrollees grew 25 percent from 2006 to 2007, from 10 million to 12.5 million.

High deductible health plans, personal health care spending accounts such as Health Savings Accounts (HSA's) and tiered health benefit plans are all generally considered types of CDHP's. The intent of such plans is to encourage consumers to take more responsibility in the direction of their personal health care. The absence of copays and the presence of higher deductibles are intended to make consumers eliminate unnecessary procedures and seek lower cost alternatives, thus reducing costs and ultimately insurance premiums.

Employers have begun to embrace the concept of CDHP's and are utilizing them to help offset recent increases in health insurance premiums.

Lack of Health Insurance Linked to Advanced Cancer

Wed, 20 Feb 2008 13:18:24 GMT

A team of researchers led by Dr. Michael Halpern of the American Cancer Society recently released the results of an intriguing study. The study suggests uninsured Americans and those on certain government health programs, are more likely to have advanced stages of cancer when initially diagnosed than those individuals with private health insurance.

The team of researchers studied 3.7 million Americans with twelve common forms of cancer during a six-year period. The study found that uninsured Americans were 210 percent more likely to receive a diagnosis of advanced stage cancer, and those on Medicaid were 80 percent more likely, than their insured counterparts.

The researchers believe the primary reason for the disparity is due a larger number of uninsured and Medicaid enrollees not receiving adequate routine screening for cancer.

The study also found that African-American and Hispanic individuals were more likely than whites to be diagnosed with advanced cancer.

Super Bowl Not So Super For Some

Fri, 01 Feb 2008 13:18:24 GMT

I'll admit it's a bit of a stretch. But believe it or not, this Sunday's NFL Super Bowl could have an impact on your health. German researchers studied the effects of extreme emotional investments in sporting events on fans' health. The results suggest you should take precautions if you are a New England Patriots or New York Giants fan, or if you have a large sum of money riding on the outcome. At the very least, you may want to review your life insurance policy before the big game.

The study indicated the emotional stress exhibited by fans during important sporting events can lead to an increased risk of heart attack. The study's authors also acknowledged the overeating, drinking and smoking that often accompany watching such events could be contributing factors. Of course, high risk individuals such as those with cardiac history or diabetes are at greater risk. The full study results were released this week in the New England Journal of Medicine (a bit of irony).

So if you're planning to attend a Super Bowl party this weekend or just watching the game by yourself, please keep this important information in mind. You may also want to pack along a bottle of aspirin and a defibrillator for good measure.

Insurance Complaints Down in 2007

Thu, 31 Jan 2008 13:18:24 GMT

The National Association of Insurance Commissioners (NAIC) recently released data that shows consumers' insurance complaints decreased in 2007. This is the fourth consecutive year insurance complaints have decreased.

The top five types of insurance complaints in 2007 were:

Delays
Denial of Claims
Unsatisfactory Settlements/Offers
Cancellations
Premium/Rating Issues

The top five types of insurance receiving complaints in 2007 were:

Accident & Health Insurance- 36 %
Auto Insurance - 34%
Homeowners Insurance - 13%
Life Insurance & Annuities - 9%
Commerical Insurance Products - 2%

A total of 222,814 insurance complaints were recorded in 2007, which represents a decrease of 3.6 percent from 2006.

Key Interest Rates Reduced Yet Again

Wed, 30 Jan 2008 13:18:24 GMT

The Federal Reserve Board once again cut two key interest rates today. The Fed lowered its target for the federal funds rate by 50 basis points to 3.00 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans. The Fed also reduced its target for the discount rate by 50 basis points to 3.50 percent. This is the rate banks pay to borrow money from the central bank.

Today's cuts were the second significant rate reductions made by the Fed in the last ten days, as the central bank continues its attempt to ward off the possibility of a U.S. economic recession. The accompanying fed statement cited growing concerns about the weakening economy and indicated more rate cuts may be necessary.

"Financial markets remain under considerable stress, and credit has tightened further for some businesses and households," the statement said. The statement also mentioned the housing market continues to deteriorate.

Extra Cash for a Term Life Insurance Purchase

Tue, 29 Jan 2008 13:18:24 GMT

The U.S. House of Representatives passed the highly-publicized $146 billion economic stimulus package today. The package was proposed and negotiated by the White House and the U.S. House of Representatives. The legislation will now go to the U.S. Senate for approval, although many experts believe the Senate has its own ideas for modifying the bill. The White House has already warned that any modifications to the bill would result in delays to passage.

The bulk of the package is composed of tax rebates to be paid to millions of Americans within the next few months. As the bill stands today, individual taxpayers would receive rebates of $600, while married couples filing jointly would receive $1,200 rebates. Those with dependent children would receive an additional $300 per child. Income limits included in the bill would mean individuals with annual incomes over $75,000 and married couples with combined incomes over $150,000 would receive nothing.

Perplexed by the question of what to do with all that 'free' cash? The intention of the rebates is for taxpayers to reinvest the money into the U.S. economy. Check out the latest term life insurance rates on our website for one popular option.

Health Insurers Unveil a New Health Insurance Proposal

Mon, 28 Jan 2008 13:18:24 GMT

The Blue Cross and Blue Shield Association has created a proposal it believes will reduce the number of Americans with no health insurance. The association is comprised of 39 regional health insurance companies that combine to insure nearly 100 million Americans.

The plan would combine tax credits with new ideas for quality improvement as a way to help people purchase private health insurance. The association estimates the proposal would allow nearly 35 million uninsured Americans to obtain their own health insurance.

The tax credits would target low-income individuals, those without access to employer-sponsored health insurance and the unemployed. Ideas for health care quality improvement include the creation of a central institution to research the effectiveness of medical procedures and medications.

The cost of the proposed tax credits to U.S. taxpayers would be approximately $50 to $100 billion annually.

Like OMG ... No More Texting for Massachusetts Drivers

Fri, 25 Jan 2008 13:18:24 GMT

The Massachusetts House of Representatives recently passed legislation banning automobile drivers from talking on cell phones or sending/reading text messages while driving. Fines will be $100 for the first offense, $250 for the second and $500 for the third and beyond. Hands-free handset calls are exempt as are emergency calls.

Insurance companies may also benefit directly from the new legislation as they can begin charging an additional premium surcharge to ticketed offenders on July 1, 2009.

Opponents of the legislation argued it is unfair to restrict the use of such technology, while continuing to allow drivers to smoke cigarettes, eat food, read maps and apply makeup while behind the wheel.

Help For Americans With No Health Insurance

Thu, 24 Jan 2008 13:18:24 GMT

It's no longer a secret that millions of Americans have no health insurance coverage. Current figures suggest there are approximately 47 million uninsured people in this country. The Foundation for Health Coverage Education (FHCE) has completed studies that indicate up to 33 percent of the nation's uninsured are currently eligible for government-sponsored health insurance programs, but are not taking advantage of such programs.

The company has provided a telephone help line for uninsured Americans to call in and receive advice about their health care options. The number is 800-234-1317. Counselors will provide information and direct callers to the appropriate government-sponsored health insurance programs.

Allstate's Back in the Insurance Business in Florida

Wed, 23 Jan 2008 13:18:24 GMT

In a follow up to our blog post on January 16, it looks like Allstate customers and prospects in Florida are back in good hands. The Florida First District Court of Appeals has granted an immediate stay from the Florida Insurance Commissioner's recent order that Allstate cease writing new automobile and homeowners insurance policies in the state. The stay means Florida residents are once again able to purchase new insurance policies from the company.

Allstate stated they will continue to work with the Florida Office of Insurance Regulation in their investigation of the company's rating policies.

Federal Reserve to the Rescue

Tue, 22 Jan 2008 13:18:24 GMT

The Federal Reserve Board cut two key interest rates today during an unscheduled meeting. The Fed lowered its target for the federal funds rate by 75 basis points to 3.50 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans. The Fed also reduced its target for the discount rate by 75 basis points to 4.00 percent. This is the rate banks pay to borrow money from the central bank.

The cuts were the largest made by the Fed since October 1984. The accompanying fed statement cited growing concerns about the weakening economy and the recent volatility in the financial markets.

"Broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets," the statement said.

Many experts believe the Fed will decrease rates even further at its next scheduled meeting on January 30.

Is Mandated Health Insurance on the Horizon?

Mon, 21 Jan 2008 13:18:24 GMT

It seems the 2008 presidential race has provided quite the platform for the national debate over mandated health insurance. All major Democratic candidates support a plan to require coverage at some level. Senator Hillary Clinton and former Senator John Edwards would require all Americans to have coverage, while Senator Barack Obama would require all children to be covered. No major Republican candidates would require Americans to have health insurance.

In general, Democrats are in favor of requirements on employers to make coverage available to their employees, and to either pay for that coverage, or contribute significantly. Republicans on the other hand, are more in favor of using tax breaks to encourage individuals to purchase private health insurance. Employers would not be as burdened with the responsibility of providing coverage for their employees under such an approach.

In a recent survey conducted by The Commonwealth Fund, Americans were asked about their opinions on mandated health insurance. The results followed party lines with 80 percent of Democrats, 68 percent of Independents and 52 percent of Republicans supporting such a program.