Building wealth for an early and secure retirement is possible if you have the right knowledge and taking effective actions that can translate the knowledge into solid results. Here are four proven tips from the experts that can help you build wealth and retire early.
- Have a solid plan
Write down a plan that will guide you while moving towards your being financially secure. There is no way that a success formula will work for you unless when you have written down a plan on how you can accomplish it.
Picture this:You want to build a house and you do not have a definite plan of doing it. In this scenario, what will prevent you from buying roofing materials even before buying concrete for the foundation?
A good plan will offer a roadmap that can guide you towards achieving your retirement goals. Without a proper written plan, you will be spinning in circles and without a proper direction. With proper planning, you can focus each and every of your life’s decision with a purpose. Moreover, this tends to reduce wasted effort, enhance efficiency and produce awesome results. What is more fascinating is that writing down your goals will not cost you anything.
- Change your lifestyle
Instead of preferring freedom that is brought about by real wealth, moist people are trapped in illusion. They want to be seen that they are people of means rather than the real wealth.
Just imagine this: Just look around your place of residence and figure the number of people who drive flashy cars on debt as compared to those who drive ordinary vehicles and are building wealth with each passing day. The challenge here is, you will never accumulate wealth and become rich by spending cash on unnecessary things. Spend your money on valuable things and you will build wealth for your early retirement. Your rate of savings will definitely determine how much you will save for your retirement. Think of each penny that you make from your employment or business as a soldier that goes on battle to help you build wealth. Each time you use the money that you make for consumption as opposed to investment, you kill your dream of retiring early and rich.
- Start early
The rate at which your assets grow is almost constant and the earlier you start saving for your retirement the better. Get the idea into your bones quite early and you will be able to change your future for the better. If you procrastinate, you are more likely to kill your plans for early retirement. Any delay is equivalent to an opportunity that is being thrown away. Do not get confused by the financial jargon or worries that come with investing for retirement. Use the retirement planning calculator, and you will know how much you need to save to achieve your goals.
- Invest in retirement planning education
No person is born a financial genius. Read widely and get educated about retirement planning. Also, know of the best financial planning tools that are available such as a retirement calculator, and you will definitely achieve retirement planning goals.
You’re disabled and need disability benefits to replace your previous paychecks. Unfortunately, many people feel like obtaining their benefits is a fulltime job because you have to:
1. Complete an application for disability benefits and Adult Disability Report
2. Be interviewed
3. Meet the Social Security’s definition of disability
4. Wait at least three months for a decision
However, there are some things you can do to speed up the process of getting your benefits:
What You Can Do to Speed up the Process of Getting Your Disability?
The Social Security Administration, or SSA, recommends cutting your interview time in half by initiating the process online. You can complete your application for benefits and disability report on their website.
Bring needed documents to your appointment. The SSA will provide you with a checklist of needed documents.
Your Doctor has Proof You’re Disabled, Can That Speed up the Process?
No. Unfortunately, SSA has a strict disability definition. It’s a two-part definition. You must be unable to do any type of substantial work due to your current medical condition. Also, your medical condition must have lasted, or is expected to last, about one year. It can also the expected cause of your death. Anyone who does have an disability that fits into the categories won’t be considered eligible for disability benefits.
How Does the SSA Determine If I am Eligible for Disability?
• The SSA sends your application to a state agency. That state agency makes decisions about disability. It is responsible for reviewing all information regarding your application.
• The state agency may send you forms to fill out or ask you to undergo a medical test or examination
• The SSA will determine what type of disability program you’ll receive benefits under
Will be Automatically Granted Social Security Benefits?
No. In many cases, people do everything right and are still denied disability benefits. Sometimes it could be a problem with SSA determining your eligibility under the disability definition. In other situations, it could be lack of proper paperwork.
What Can I Do If I Want Help Getting My Disability Benefits?
Legal representation is the strongest help you can get when applying for disability benefits. A lawyer who specializes in getting clients disability benefits is a real advocate in your corner. Obtaining deserved disability benefits is like working a fulltime job because it takes time for the SSA to determine who is disabled and who is not. A lawyer may be able to cut through a lot of the red tape and will fight for those who are wrongfully denied benefits. Myler Disability is a law firm that will help you obtain the disability benefits you need and deserve.
VA loans are beneficial to those that qualify; making serving the country worthwhile. Nowadays most Americans find it hard to put a sizeable down payment towards purchasing their home. However, with a VA loan, it’s not necessary or required to do so. Veterans benefit from not having to pay the closing costs that are associated with buying a new home; saving them a lot of money. Therefore, the process is much easier to qualify for a VA loan compared to a customary loan. The income and qualifications are not as strict; allowing the loan to go through much faster.
With the rates being down it is an ideal time to buy a home. The VA programs that are available change all the time making it more accessible for a VA loan. How do you know if you qualify? They look at many different aspects to see if you’re eligible. If you’re still on active duty in the military or just recently ended your active duty, then it’s a good possibility that you qualify.
What should I expect when applying for a VA loan?
When applying for a VA loan; you will be required to bring documents along with you to help determine your eligibility. A few of these documents are listed below:
Social Security number
Proof of your gross income
History of where you just have lived for the past two years
Once your eligibility has been determined; the home you plan to purchase will be inspected. The inspection will determine if there are any damages to be repaired. They will check the plumbing, electrical boxes along with the wiring, water damages, leaks in the roof, check the basement flooding, cracks, and leaks. They will determine any damages throughout the home as well as the land to be sure that it is in livable conditions for you. Once the home is deemed safe; the loan request will go through a process from beginning to end with Flagship Financial.
They will send someone out to do an appraisal to determine if the home is worth the asking price. If the home is worth it; you will receive a closing date. On the closing date you will sign all of your paperwork for the loan and receive your key to your new home. If you feel you are eligible, apply today and in no time you will be relaxing in your new home.
In these stressful times there is no one who can deny the importance of solid financial plan. As you grow older, start your careers or build families, the realization to have family insurance as part of your financial security planning strikes more strongly. It is then you start looking for various options and professionals that can help you.
As the technology and internet have progressed, many insurance companies and services all over the world have gone online. Companies in America are no exception. They have cut the role of the “middle man” and are offering their services directly to the prospective buyers. The reasoning behind this new trend is that by cutting an extra person companies can afford to offer lower premiums to the buyers.
Well! This is not always true. While choosing online insurance or direct dealing, you give up some very vital benefits. While dealing with an insurance company directly, you may have to do the tasks that you don’t know exist. It is not always about money. By choosing to save few dollars you might end up paying huge amounts in the long run. Besides providing individualized services, expert advice and personalized claim assistance, here is how an American family insurance agent can help you:
Updated & Accurate Information
Exploring the plethora of choices and selecting the one that best suits your family’s needs can be mind boggling and confusing in the absence of an expert. Family insurance agents have the capacity to quickly check the offers made by insurance companies and compare prices. Most of the time, this information is at their finger tips. Therefore, they can dig a better deal for you than you can get yourself.
Insurance Agent Is Always There For You
In case of an online insurance policy, most likely you will have to call a toll free number and you are not the only one who is calling. You might have to hold for a long time. There are several transfers within various departments. Till the time, you get through and talk to a person live; chances of your being exhausted or frustrated are quite high. You might forget to ask all the questions you originally intended to. This is not the casewith having an actual human being as your agent. Since, agent’s interest lies in you, therefore you get a familiar, friendly and trusted person to take care of you and reply to all your queries till your satisfaction.
It is quite likely that after buying your insurance policy, you sleep on it. Meanwhile, several changes can occur in your status and position. It is part of agents’ job responsibilities that they build and maintain a healthy and sustainable relationship between you and the insurance provider, hence they are trained to review your policy (ies) at the time of renewal or when changes are required and update you accordingly. You will also be informed about new products or discounts to better protect your family or to save your hard earned money. Many family insurance agents proudly boast that they personally know their clients and their family and take care of their particular needs.
A family insurance agent cherishes bonding with you and your family
HelpsYou inSaving Money
An American family insurance agent also assists in getting the best insurance deals against your family assets. He knows best the exact value of your assets and belonging and family situation. On the basis of this information he/she can make recommendations and to ensure that you are not only adequately covered but also save money.
And don’t forget that in majority of the cases agents are hired by the insurance company. That means that you don’t have to pay them. So isn’t it a good idea to get the expert advice and that too free of cost?
Gets All the Paperwork Done
Imagine receiving huge pile of insurance forms in your mail and filling it all yourself or sitting in front of computer not knowing what exactly a particular question means. It is not only time consuming but confusing as well. Insurance documents contain some difficult financial terms that a lay man cannot fully comprehend. The end result may be filling in incorrect information. An agent will ensure that all the forms are aptly filled and will monitor your application process.
These are the times when anything can be ordered online, from pizzas to flowers to books to dresses. Nonetheless, in all the comfort and ease of this luxury many of us have forgotten how important and useful the one on one communication is. In case of an accident computer won’t come for your rescue. It is your agent that helps you in getting through the process.
Sailing through the insurance policies without an expert can be disastrous not only in terms of money but also in quality and coverage. Therefore, cultivating a relationship with an American family insurance agent who cherishes this bonding with you and your family is not a bad deal at all.
About the Author:
Hi I am Timothy J Rosendahl, an insurance agent from Park City, Utah. I work on personal and home insurance. I enjoy my work and I am really proud to be an American Family agent. My training and experiences have prepared me well in this field. I believe it is always crucial to earn faith of people to be successful in insurance works.
Who does not want to save money?It always feels good. One of the great ways to save money is to shop car insurance intelligently. Nonetheless, it is not as easy as it sounds. Reducing insurance coverage or excluding important coverage is just like diet without exercise, directed only towards numbers not on the consequences. Therefore, don’t risk ending up almost uninsured or always paying some unforeseen bills charged by the insurance companies.
Getting the right policy is much more that dedicating few minutes of your life to find the cheapest quotes. An ideal policy should provide you and your family maximum protection without putting a dent on your pocket. Hence, you need to ask a lot of questions to yourself, to the company and insurance agent and consider many options before you decide to sign the dotted line.
Another way to find the rates and coverage right for you is to learn and avoid the common mistakes like the ones mentioned below. These are identified by the Provo car insurance customers that have purchased auto insurance policies before you so you shun away from falling into the same traps as they did.
Mistake No. 1: Inability to Fully Understand theCoverage You andYour Family Needs
Why People Made It:The most common reason behind committing this mistake was not doing enough research or not asking enough questions from insurance company or the agent.
What You Should Do Differently:Don’t be shy away from approaching to the agent or company’s representative at the early stages of decision making process and ask for their assistance. Since they are expert on insurance and trained, therefore, they will be in a positionto guide you fully. They will be able to calculate the amount of coverage you or your family need. Secondly, write down all the information and take notes of these interactions. Later refer to those notes and compare all the options. This strategy will keep you from getting shocked by not having sufficient coverage after an accident.
Mistake No.2: Inabilityto Shop Around
Why People Made It: The notions that”all insurance companies are the same,” or “all similar car insurance policies cost the same” help people from doing enough research. Many also quoted laziness as a major reason.
What You Should Do Differently:Atleast rates of three to four companies should be checked before making a final decision. They may offer same policies or coverage but they will not be identical. Experts even suggest that if you have insurance policy, even than keep seeking quotes and not just automatically renew your policy. According to experts no shopping around can prove to be costly.
Mistake No.3: Assuming That Just By Getting Auto Insurance Both You and Your Car Are Covered In Any Situation
Why People Made It: Again this mistake was attributed to not doing enough research and shying away from asking questions. The term “full coverage” led people to assume that just by sending monthly cheque to their insurance provider they are guarded against anything or damage that could happen to them or their car.
What You Should Do Differently:As suggested before, don’t hesitate to discuss in detail and in person with a representative or agent and make sure that you fully understand your policy what is covered for what you have agreed to pay. Your insurer will like to discuss scenarios where you could need coverage. Nonetheless, don’t get overwhelmed and only go for what you consider is enough coverage for you.
|Overlooking vital information can end in disastrous consequences|
Mistake No.4: Just Fulfilling the Law Requirements
Why People Made It:The main reason owes its origin from the common psyche that why pay more than is required? There are so many other expenses these days and with the job situation and inflation rates, most people preferred to keep auto insurance premiums as low as possible and selected the minimum amount of coverage required in Utah.
What You Should Do Differently:Once again thorough research and talking to your agent will do the trick and help you reaching the right decision. Imagine, you own a luxury car like BMW and you get just the minimum liability coverage. It will only pay a fraction of the damage.
Mistake No.5: Not Considering Add-Ons or Extras
Why People Made It: This mistake is closely related with the above mistake. Most people that reported that they mistakenly preferred minimum liability coverage also confessed that they overlooked the benefits of extra add-ons or buying multi insurance policies from the same company. Not only had those but many others also failed to recognize the importance of additional benefits offered by the insurance companies.
What You Should Do Differently:Read all the documents related to your insurance with utmost care. Not only review but also analyse the add-ons that are being offered to you. May be your status changes with the passage of time therefore may be not now, but they can be beneficial in the long run.
Mistake No. 6: Giving Too Much Consideration to Price
Why People Made It:Thanks to the lucrative marketing and advertisements initiatives by Provo car insurance companies, people too much focused on price and could not see a bigger picture, where the price was a bit higher but the benefits were enormous in the long term.
What You Should Do Differently:Expand your canvas and carefully review various auto insurance products in front of you. Price should be important for you but do consider, limits, level of benefits, coverage also. Equally important is to know about company’s reputation and claims’ history. Make sure that you get and examine quotes only from reliable companies.
Mistake No.7: Choosing a Deductible That’s Too Low
Why People Made It:Many people selected low deductible because they didn’t want to pay from their own pockets after an accident. But lower deductibles directly mean higher premiums.
What You Should Do Differently:If you can choose a higher deductible, even if you have a clean driving record. According to the experts raising your deductible from $200 to $ 1000 can lower your premium by 40 percent. If you plan carefully and shift some of the savings to emergency fund, you can increase your deductibles.
Mistake No. 8: Choosing Payment On Monthly Basis
Why People Made It:It is easier to pay monthly installments rather than bi-annually or annually. It is also convenient to pay smaller bills regularly than paying the larger ones once or twice a year.
What You Should Do Differently:If you can afford to pay opt for bi-annual or annual method of payment. Most insurance companies make you pay for interest and service fee if you select monthly payment option. Most companies give discounts right away if you pay in one installment.
Mistake No.9: Overlooking Discounts
|Do you know swapping your high heels with driving shoes can get you qualified for “safe driving” discounts|
Why People Made It:Thanks to the incomplete and hurried research or incomplete information, sometimes, people don’t know that discounts exist. Moreover, they fail to provide insurer specific information that could qualify them for a discount.
What You Should Do Differently:Equip yourself with all the discounts available and let your insurer or agent also know you sufficiently so that they could guide you regarding all the discounts you can qualify for.
Mistake No.10: Giving the False Information
Why People Made It:Many of the respondents simply forgot to include specific information in their application and some intentionallymaligned the information thinking that then they will have to pay less.
What You Should Do Differently:Never fill the wrong, falsified, incorrect or incomplete information in your insurance form. May be you can get away with your lies at the time of application processing but they can be highlighted in case you make a claim.
Hopefully, after reading this you will avoid repeating these mistakes. For cheaper and best Provo Car Insurance rates you can check: http://sorensenadvantage.com/auto-insurance/utah/provo/
Image Source: Flickr
Britain’s vote to leave the European Union, and the drop in the pound has left many companies and individuals reeling. It is not just the financial services companies that are in trouble; individuals are searching for ways of reducing their monthly outgoings. One of the areas where it’s still possible to make savings is on car insurance premiums. There are a number of ways of reducing those premiums, and this article looks at five of them.
One of the reasons many people seem to pay higher premiums year on year, is the feeling that they at least know who they are dealing with at present! Many people will not bother shopping around for a better deal on their car insurance, which means they could be missing out on some good deals.
According to many financial experts, there are plenty of good deals around. You should make sure that any new deal you take on gives you the same type of cover that you have now, but at a cheaper price. Shopping around could save a great deal of money on your annual premiums. If you want to stay with your current insurers, then it is worth looking at how you might be penalised without knowing it.
If you already have a garage, that’s great, and it will save some money on your insurance premiums. If you want to reduce your monthly outgoings even further, then having a good security lock and alarm on your garage will cut your annual premium.
If you live in a property where there is no available garage space, and insufficient room to build one, then try renting. Get several quotes for garage rental, as the cost needs to be lower than your monthly premiums might be without that secure vehicle storage!
Watch Your No Claims Bonus
Careful driving and secure vehicle storage could add value to your no claims bonus. It’s not always possible to avoid an accident if it’s the fault of another driver, but doing your best to avoid one could mean saving money each year.
Take Care When Purchasing a New Car
Of course, the make and engine size of a particular vehicle can raise or lower your monthly car insurance payments. If you have a family, you might like the idea of purchasing a top of the range SUV, but it will certainly cost more on your insurance. You should always check vehicle size and safety features if you’re purchasing a new car. Get the right vehicle and it could cut your premiums; get the wrong one and you could face higher insurance costs.
Your Credit Rating
Finally, you may not realise that your credit rating can affect the cost of your car insurance premiums. It is always a good idea to check out your credit rating with a company like Experian. Credit rating agencies do sometimes make mistakes, and creditors sometimes don’t notify them once a debt is paid off. If there are errors on your report, then getting them revised could cut the cost of your car insurance.
If you have a car in India, you have to renew insurance online every year. There is no respite, however, one good bit about car insurance in India is the premium is not fixed and you can maneuver your policy every year to reduce the premium on renewal. Now that internet has taken the charge of everything, most car-owners in India are going for car insurance renewal online. If you happen to be one of them, here are some proven ways to ensure that you will get a much better deal at a much-reduced rate.
Compare Car Insurance Online
Instead of just settling with the quote offered by your existing car insurer, you should remain open to other offerings and compare all available rates for online renewal of your car insurance policy. Unless you look for other deals you will never know what’s in store for you. With the advent of insurance comparison portals, now the task of comparing car insurance quotes has become a breeze.
Focus Only On Vital Features
While comparing various auto insurance deals, you would come across policies with fancy features that you hardly need. So, you should be well aware of what you need in your car insurance policy renewal online and search for plans accordingly. High-end plans with irrelevant features will increase the premium so you should steer clear of such policies and concentrate on availing the one that meets your needs precisely.
Accumulate NO Claim Bonus
You should look to accumulate NCB every year so that you can avail discount on premium on your online car insurance renewal. To gather and increase NCB you need to refrain from making claims. After 5 years you can get as much as 50% discount if you don’t make any claim. This will help minimize the premium substantially at the time of renewing your car insurance.
Opt For Higher Voluntary Deductible
On your car insurance renewal in India you can go for higher deductibles to lessen the premium. The higher is your chosen deductible amount the less will be your car insurance premium. Since you have to pay this amount when you make a claim the amount you choose should be within your limit.
An Early Renewal Will Help You Save
Many car insurance companies in India strategically increase the premium for car insurance renewal right before the stipulated date. Policyholders come across increased premiums all of a sudden but since they don’t want to have their policies lapsed they pay whatever the price quoted to them. This is a marketing ploy by car insurance companies in India and you can get round this trick by renewing your car cover well in advance.
You can renew car insurance plan at least 45 days prior to the expiry of the current policy. And even if you are done with the car insurance renewal online early it will come into effect only when the validity of existing cover ceases. Hence, an early renewal of motor insurance will not take any value away from your present cover.
Avail Various Discounts
If you install various anti-theft devices in your vehicle during your policy year your insurer will appreciate that as you lessen the risk of your vehicle getting stolen. In return, you will get to pay for a reduced premium as a reward on your car policy renewal. However, the devices have to be approved by a recognized institution in India.
Car insurance premium on renewal can be minimized even more for people who are members of recognized automobile associations. If you are a member of any such association you are also entitled to get discount on premium at the time of your car insurance renewal online.
All these ways will help you get the lowest premium on your car insurance renewal online. Comparison is the key so you should compare car insurance online to find out best deals on offer.
Getting a smart insurance plan today is critical to individuals as well as small businesses that want to breakthrough in the competitive market. Small businesses tend to struggle in establishing themselves in the marketplace with the aggressive bigger players that have bigger budgets. However, small businesses need to offer the best of insurance plans to their employees to attract the best workers in the market.
Better Insurance Options
Attractive small business employee benefits such as smarter insurance plan designs help lure better workers to build up the small company into an established player in the industry. Small business owners could seek out insurance companies that offer fair pricing models that generate more employee health benefits for small businesses.
Reliable health benefits companies like Benecaid offer many attractive insurance options that small businesses enjoy at affordable prices even if they are not big insurance giants. Such health benefits insurance plans companies offer a host of attractive insurance benefits that fit the Canadian small to medium sized businesses.
These plans are unlike traditional insurance plans where a lot of unnecessary expenses are incurred for unwanted benefits. Personalized insurance solutions are available to small businesses where the insurance plan is scalable according to business growth.
Even small businesses with only one employee could enjoy specialized small business employee benefits in specially designed insurance plans for small to medium organizations. Benecaid offers innovative insurance solutions that are specially formulated for small business owners to enjoy better control in generating the best of health benefits at affordable costs that ensure a proper bottom line management.
Flexibility with Huge Benefits
We specialize in health benefits for businesses starting at just 1 employee.
Fantastic small business employee benefits exist in well-designed insurance plans where wide coverage and pricing advantages are available. Smarter insurance solutions for small businesses include Benecaid flexStyle solution which small business owners could plan out predictable healthcare that might incur unexpected costs. Small businesses could customize the coverage to suit employees’ needs with a better control on costs without comprising on the required coverage.
The Benecaid flexStyle® insurance solution offers:
• Specific insurance coverage according to preferred requirements
• Paying only what is covered
• Refundable funds that are unused to the sponsor of the plan
• Renewals according to sponsor’s instruction
Besides flexible insurance plans, Benecaid offers strong Health Spending Account benefits for small businesses where preferred healthcare services for the insured employees could be settled for a wide scope of coverage areas such as fertility treatments and laser eye surgery.
The dynamics of such health spending account plan is its “no set plan design” where members are able to choose their preference in spending the funds. Moreover, contributions are deductible on the small company’s taxable income.
Small business employee benefits could also be incorporated with:
• extended health care
• dental care
• travel coverage
• life insurance
• short-term or long-term disability benefits
• accident death
• critical illness benefits
Small businesses with a wider scope of insurance benefits are more likely to enlist more dynamic workers to build the business up to be more competitive in the marketplace more quickly.
It is expected for every member of the society to do things responsibly and avoid putting other’s life at risk. If someone gets hurt, it is most likely caused by someone’s negligence. Personal injury is any harm or injury suffered by individuals due the negligence of another. These injuries, which can be physical or emotional in nature, may be sustained by individuals through defamation of character, car accidents, premise liability, merchandise defect, or medical malpractice. Among the causes of injuries, one of the most common cases is the medical malpractice.
What is Medical Negligence?
Also known as medical malpractice, medical negligence ranks third in the leading causes of death in the US, according to the Journal of the American Medical Association (JAMA). In essence, medical negligence is a result of a deviation of a medical professional or health-care provider from the required standard of care in the treatment of a patient. Meaning to say, there is a flaw in the medical care provided due to a negligent act, which usually results to a personal injury or worse, a wrongful death of the patient.
Medical Malpractice – What Should You Do?
Individual who have suffered injuries due to medical negligence may take legal actions. Under the Personal Injury Law, a medical professional or facility is said to be liable if: an injury or illness is misdiagnosed or undiagnosed, wrong dosage or wrong medication was administered, there were mistakes during birth or surgery, there was a failure to inform of risks in treatment, medical products are defective, and there was a delayed referral to a specialist, among others. If any of these happens, it would be a wise decision to contact a personal injury lawyer who specializes in medical malpractice.
Why Hire a Personal Injury Lawyer for Medical Negligence?
A personal injury lawyer is the best person you can rely on to conduct a thorough evaluation of the case, from securing relevant medical records to conducting interviews with patients, family, and other resource individuals. This is for you to be advised with what proper course of action you should take or whether the case is actionable or not. Medical malpractice cases are complex and may take quite some time to conclude. Thus, it is really important that you hire a medical malpractice lawyer to help you through the process.
Claiming Personal Injury Compensation
Compensation of the claimer is the primary reason for filing a medical negligence case. It is a way to ensure that medical practitioners and facilities keep competence and the quality of care at high marks. The injured parties of clinical malpractice usually get compensation not only for the injury sustained, but also for the emotional pain and suffering they are experiencing and of course, the expenses they have incurred.
Finally, with knowing that resolving a medical negligence lawsuit entails a lot of time and can be very complicated, hiring an experienced and reputable St Louis personal injury lawyer specializing in this type of case is a very good decision to take. They will make sure that you get the right treatment and get the right compensation while you take your time recovering from the injury you suffered.
The insurance adjuster is extremely important to your personal injury claim. It is he or she who will decide whether you are ultimately treated fairly in your claim for compensation, or not. That being said, here is an explanation of what an insurance adjuster is, what they do and what you should expect from your first contact with an insurance adjuster.
To be compensated for your personal injury claim you or your lawyer will need to contact an insurance adjuster. An insurance adjuster is someone who is employed or hired by the insurance company (your insurance company or the insurance company of the person at fault) to handle your claim on their behalf.
In the course of handling your claim on behalf of the insurance company, an insurance adjuster will typically perform the following activities:
- Collect and review medical records
- Collect medical bills
- Determine who is at fault and in what percentages
- Evaluate injuries
- Decide whether to request that claimants be sent for independent medical examinations
- Determine how much money, if any, will be offered to settle a claim
- Communicate with claimants’ lawyers
All of these actions are done within the guidelines set by the insurance company regarding the processing and paying of claims. The insurance adjuster’s overall goal is to save the insurance company money by identifying possible pre-existing conditions, medical anomalies or anything else that can be used to minimize the amount of money the insurance company has to pay out.
For example, if there is an opportunity to dispute liability for the accident, the severity of your injuries, or the actual amount of your medical expense, the adjuster is trained and required to find it and use it to reduce (or deny) your claim against the insurance company.
While this may seem low, underhanded and unfair, the adjuster is simply doing his or her job. And if it will make you feel any better, practically everybody who makes a claim is treated equally fair (or unfair) by the insurance adjuster and/or insurance company.
What to Expect on Your First Contact With An Insurance Adjuster
During the first conversation with the party at fault’s insurance adjuster, he or she will typically ask for information regarding your identity, your address, your employment, your car, the accident, and other information pertaining to your claim.
The adjuster may also ask you to give a recorded statement regarding the accident in which you were injured. He or she will be hoping that he can get you to say something that he can use to weaken your case and save the insurance company money.
However, you have no legal or contractual obligation to answer any of the questions asked of you by the party at fault’s insurance adjuster, and you would be wise to contact an experienced personal injury lawyer before giving any statement regarding the accident or your injuries.
The same goes true for an insurance adjuster from your own insurer, even though you typically have a contractual obligation under your own policy to cooperate with your own insurance company, which includes giving them a recorded interview.
You should understand that although technically your own insurance company should be on your side, that might not exactly be the case. It is not uncommon, for a claimant to have to fight his own insurance company for coverage that they have paid for and are entitled to receive. In other words, your own insurance company can even become your adversary for purposes of the claim.
So, even when speaking with an adjuster from your own insurance company, you might want to insist on having your lawyer present. What’s more, once you tell the adjuster that you are represented by a specialist compensation lawyer, they will typically not contact you any further but instead, contact your lawyer directly.
If you have contact with the adjuster before you have hired a lawyer, you should probably tell the adjuster that you wish to contact an lawyer for advice before you give an interview and answer any questions other than about your name and contact info. If the adjuster has a problem with this, it is all the more reason to contact a lawyer before giving the interview or answering any detailed questions about the accident or your injuries.