February 12, 2018

A little bit of alertness and willingness on your part for comparison shopping pays off handsomely saving you in hundreds.

Accidents are common place and there are almost 100,000 of them every day, and if there is something between you and financial catastrophe it is insurance. This fact most normally leads one to resign to pay steep insurance premiums which can be avoided despite you having a less-than-perfect driving record.

We enacted a real life drama by picking up real people with real driving experiences from a family and a single person and shopped around for them with a view to find out how much they can actually save. The results are startingling:

1. The loftiest biannual premium quoted for the single man was $ 1,727 which was over three times the minimum amount of $ 533 for the family for the same coverage.

2. The maximum semiannual rate for the family's policy, $ 2,100, was over two times the minimum rate, $ 890.

3. Even those insurers that quoted best family deals quoted worst rates for the single.

The huge difference and consistent quotes emphasized the need for rationalizing car insurance. This is attributable to different formulas for calculating premiums which is a confusing combination of a number of variables like age, sex, driving record, place of living and the car you own. Spending a little time researching the company / policy which baseline meets your and your family's best interest will richly reward you.

Reality Check 1

The family in the study had a teenager who was driving since two years which obviously jacked up the premium of the family's policy. To top it, he had two speeding tickets last year and in addition his mom had also been booked once for over speeding. Although these are common place, the agreement made them risky in the perception of insurers.

Earlier, the family had been paying $ 1,061 every six months for insurance for their two cars 1990 Toyota Celica and 1989 Mazda MPV minivan. The policy included:

1. Liability amount for bodily injury and damage to property- $ 100,000

2. Medical expenses cover of $ 2,000 / person

3. Comprehensive coverage of $ 100

4. Collision coverage deductibles at $ 200

5. Uninsured and underinsured for coverage motorist at $ 100,000

Fine-tuning and shopping

We began the search in the background of above figures and recommended the family to hike their liability protection as below:

1. $ 100,000 / person

2. $ 300,000 per accident

3. $ 50,000 for property damage

4. $ 100,000 / person and $ 300,000 per accident

5. $ 250 for deductibles

6. We left the medical coverage without a change

The result was the drastic reduction in six-month premium to $ 890 an almost $ 350 a year for greater coverage.

The low premium is also attributable to the teenager being now assigned to Mazda, a confirmation that assigning teenagers to an older car still works.

Reality Check 2

In the other case …

What are the characteristics of term life insurance? Term life insurance pays a specific amount of money to beneficiaries if the named insured person dies within the term of the policy. That is the basic definition of a term life policy. The policyholder pays premiums for the entire length of the term in order to maintain insurance coverage. Some of the main characteristics of these policies are low premiums, no cash value, and it is for a fixed length of time, unlike whole life policies. Let’s look at these characteristics in depth.

When compared to whole life policies, one of the most significant characteristics is the low premiums associated with it. Whole life policies often carry higher premiums when compared to similar coverage in a term policy. Because there is a fixed period the insurance covers, the risk to the insurance company is lower than with a whole life policy. They pass that lowered risk along to the consumer in the form of lower premiums. Another reason for the lower premiums is the fact there is no accumulated cash value to the policy. The insurance company uses the premiums to cover the face value of the policy. There is no need to handle investments on the money for the benefit of the consumer.

No cash value means that if the named insured is still alive when the policy ends, there is nothing recovered for the premiums put towards the policy. There is also no ability to borrow against the value of the policy since it holds no real value until the named insured dies. Another significant characteristic is the fact that the policy does have an end date. Most policies go for various 5-year increments such as 10, 15, 20, or 30 years. But, many companies can write policies for other term lengths as well.

There are other characteristics this type of life insurance. One is the fact that even though the policy is for a fixed term, most allow for renewal at the end of the coverage. This means you can extend coverage for another policy term. The biggest problem with this is the premiums often go up because of the renewal. Another characteristic is some policies allow for conversion to a permanent life policy if desired. A portion of the premiums paid before the conversion help to enhance the value of the permanent policy. This is one reason why this investment is popular.…

There are several psychological and social factors that have been linked to increased individual life expectancy and quality of life in older adults. While the majority of attention in the life extension and successful aging field has focused on physical factors such as exercise, diet, sleep, genetics and so on, there is a growing body of evidence that suggests that psychological and sociological factors also have a significant influence on how well individuals age (Warnick, 1995).

Warnick (1995) believes that adjusting to the changes that accompany late adulthood and old age requires that an individual is able to be flexible and develop new coping skills to adapt to the changes that are common to this time in their lives. Aging research has demonstrated a positive correlation between someone’s religious beliefs, social relationships, perceived health, self-efficacy, socioeconomic status, and coping skills among others to their ability to age more successfully. The term successful aging has been defined by three main components: “low probability of disease and disease related disability, high cognitive and physical functional capacity, and active engagement with life” (Rowe & Kahn, 1997).

Baltes and Baltes (1990) suggested that the term successful aging appears paradoxical, as aging traditionally brings to mind images of loss, decline, and ultimate death, whereas success is represented by achievement. However, the application of the term, successful aging, they argue forces a reexamination of the nature of old age as it presently exists. “An inclusive definition of successful aging requires a value based, systemic, and ecological perspective, considering both subjective and objective indicators within a cultural context” (Baltes & Baltes, 1990).

With medical advancements and improvements in living conditions people can now expect to live longer lives than ever before. But, the prospect of merely living longer presents many problems. This fact has led researchers to investigate the psychological aspects of aging, with a goal of making the additional years more worth living. There is a great deal of information that leads us to be hopeful about the prospective quality of life in late adulthood and old age.

Religious beliefs, spirituality, and church participation have been the focus of numerous studies involving older adults. Various studies have associated religiousness with well-being, life satisfaction or happiness (VanNess & Larson, 2002). Although it will be necessary for future research to more clearly specify which dimensions of religious participation are beneficial to which outcomes (Levin & Chatters, 1998), it appears that certain aspects of religious participation enables elderly people to cope with and overcome emotional and physical problems more effectively, leading to a heightened sense of well being in late adulthood.

It is commonly known that suicide rates are higher among elderly people, and there is evidence that persons who engage in religious activity are more than four times less likely to commit suicide (Nisbet, Duberstein, Conwell, et al: 2000). The inverse association between religiousness and suicide rate in elderly individuals may be due to the fact that religious beliefs help elderly people cope with or prevent depression and …

As part of the interview process, many medical device companies will ask the candidate to construct a 30-60-90 day plan. Even if it is not required, doing so will demonstrate to the hiring authority the candidates’ serious intentions towards the particular position they are interviewing for. A well thought out plan will include a preliminary preparation plan in addition to a concise and detailed business plan that includes both tactical and strategic initiatives. I cannot emphasize how important it is to lay out a detailed and well thought out plan. An investment of maybe 3-4 hours will be more than worth the time and effort when the job offer is extended.

-Preliminary preparation-

Preliminary preparation includes initial company research and is more strategic than tactical. If the company is publicly traded, one would want to obtain the annual reports that are available for investors and potential investors and study them. Often, company information on private companies can be purchased through sources such as Hoovers, Zoom Info, or Dunn & Bradstreet. A candidate will also want to meet with the district manager to discuss market analysis and target market, territory, and features/benefits of the products and services offered by the company. For the business to business salesperson, it will be essential to familiarize oneself with the language and buzzwords of the medical and pharmaceutical field. For the medical sales rep, this would be the time to conduct further research on the products and services being offered by the company as well as construction of competitive analysis.

-30 days-

The first 30 days should not only include a thorough understanding of the internal workings of the company, but also include a plan to introduce oneself to all customer contacts. Learning the email system, customer retention management system (CRM), reading and understanding company policy and procedure, attending training programs, mastering product knowledge are all tactical initiatives. Most quality companies do train their sales staff extensively (whether for pharmaceutical sales positions, biotech sales jobs, clinical and research laboratory sales opportunities, or medical device sales). Strategic initiatives include broadening knowledge in the field of medicine, identifying trade groups, and thoroughly understanding the target market.

-60 days-

The next thirty days includes more field time, less training, and more customer interaction. Tactical initiatives would include fine tuning the driving route through the territory, detailed call plan, and fine tuning presentation style. Strategic plans would include studying additional material regarding sales style, meeting with the district manager to discuss progress, and joining industry specific professional groups.

-90 days-

The tactical part of the plan should contain development and implementation of a specific “game plan” which includes setting higher goals for six months and one year, developing target lists of accounts based on needs analysis, and creating and implementing a measurable results call plan. Strategic initiatives would include attending professional networking events, meeting with sales team to assess strengths and weaknesses of the territory, continual research in the medical industry as well as improving sales presentation skills.…