Do Not Be Left Struggling, Take Income Insurance Out
Income insurance could be your saviour if through illness you were unable to earn a living for a period of time. It would also step in and help if you were to become unemployed through no fault of your own, or if you had to take time off from work due to an accident. All of these events can and do happen when we least expect it.
You would have a hard enough time recovering from illness or an accident without the additional stress of having to find the money needed to be able to meet all your bills each month. You would of course have to be able to pay your mortgage unless you want to lose your home to repossession. Loan and credit card outgoings would also have to be continued, as would all the other bills that drop through the letterbox on a regular basis.
Income insurance would allow you to do this without having to change your current lifestyle or make drastic cutbacks. If fact you would be able to continue just as you had been while you were working. Your cover would give such peace of mind that you would be able to recover much faster and of course you wouldn’t be thinking about bills while concentrating on passing your interviews when looking for work.
Cover can be taken out from a standalone provider of payment protection insurance. This is the cheapest way to take out a policy but you have to shop around with independent providers as the cost of the policy will vary, and it can be considerably. Another factor which also varies is when the policy would begin to payout and when it would end. This can be anything from day 30 of unemployed or of being incapacitated and unable to work, or it could be as much as the 90th day. All cover pays out for so long before it then expires. The majority of policies will pay between a period of either 12 months or 24 months. You can find out exactly how long the policy you are considering taking pays out by checking the terms and conditions.
The terms and condition do have to be checked to ensure that you understand what you are taking on and if it would be suitable for your circumstances. Standalone providers will provide you with the key facts of any income insurance you take from them along with facts on the cover you should now. Payment protection products have in the past given cause for concern but consumers should not be over alarmed, providing cover is bought from an independent provider and you understand what you buying they can and do provide valuable protection.
You could be tempted to rely on savings as a way of getting by but these would not last for ever, or you might think that State help would see you through. Neither are great ways of relying on receiving an income each month. You would have to meet certain requirements with the State and you could be waiting for many months before receiving any benefit. In the meantime your bills would be mounting up.
Consider Unemployment Insurance As A Back-up Plan
Unemployment insurance can be taken out with a standalone provider so that if you were to be made unemployed by such as redundancy you would not be without the money to continue meeting essential bills. No one likes to think it can happen to them, but it can and it does, and unless you have planned for such an occurrence you could be left struggling. In the worst case scenario you could be facing losing your home if you cannot maintain your mortgage. You could also see your credit rating decline and be left struggling to pay other essential bills.
Unemployment insurance is a broad term for a wide range of payment protection insurance that begins to pay between day 30 and 90 of being unemployed by such as redundancy, and it would provide you with the sum of money you insured against. You would be able to continue claiming on the policy for a certain period of time set out by the provider. Some providers offer protection that would give you an income each month over a period of 12 months. With others it might be 24 months. The terms and conditions will tell you and they will also state any exclusions that could apply to the cover.
If you have a mortgage to maintain each month then mortgage payment protection insurance can be taken out to protect just against unemployment. This could be an excellent way of ensuring that you would be able to keep up with your mortgage outgoings each month. If you got behind on your repayments by just one month you would almost certainly receive a letter from the lender. If you carry on having difficulties then you are looking at the lender seeking repossession of your home. Mortgage cover can be taken out as unemployment protection based on how much of your mortgage repayment you wish to cover, up to a certain amount defined by the provider.
Loan and credit cards might be a cause for concern; again you can protect them and ensure you have the needed money each month with loan payment protection. The policy would allow you to service your monthly loan repayments or credit card bill as though you were still working and you would be able to maintain them for the time stated in the cover.
Your income in general can also be covered with unemployment insurance. If you were to struggle for many months to find a job it would be able to maintain all of your essential outgoings while you found work. Jobs are not easy to come by in this day and age so it could be many months before you found suitable work. During this time you would not want to be worrying about how you were going to manage to pay your mortgage or loans. You would also not have to worry about feeding your family or paying any of the smaller bills that mount up each month.
Unemployment insurance can be an excellent form of back-up plan on which to fall and can be bought with peace of mind from an independent provider. Always shop around and get several quotes from which to make a comparison when considering taking out protection this way as the quotes do differ with each provider.
Global Aerospace to Offer Insurance to Eclipse 500 Jet Owners; Largest Aerospace Insurance Underwriter Supports Innovative New Jet
Business Editors
OSHKOSH, Wis.–(BUSINESS WIRE)–July 25, 2002
Eclipse Aviation Corporation, manufacturer of the Eclipse 500 jet, announced today that it will partner with Global Aerospace, the world’s largest aerospace insurance underwriter, to provide aircraft hull and liability insurance to owners of Eclipse 500 jets.
While it is too early to set premiums, Global expects insurance premiums for the new Eclipse 500 will be similar to those for existing aircraft, based upon anticipated innovative training and customer support programs that will be part of Eclipse’s product offering.
“Insurance is a requirement for every aircraft owner, and in today’s market cannot be taken for granted,” said Vern Raburn, CEO and president of Eclipse Aviation. “It is great news for our customers that aviation’s leading insurance underwriter is making the commitment now to write policies for the Eclipse 500 jet, even though it is 18 months before the aircraft will be available to customers.”
“With a new aircraft, the question for insurers is always safety, which is a direct result of the quality of training pilots receive,” said John D’Angelone, executive vice president for General Aviation of Global Aerospace. “We’ve been impressed with Eclipse’s commitment to provide a comprehensive training program for all its customers. Eclipse’s approach to safety will pay dividends to its customers and the insurance industry.”
The Eclipse 500 jet is on track for certification in December 2003 with first customer deliveries scheduled for January 2004. The first Eclipse 500 flight test aircraft was rolled out in a ceremony held in Albuquerque, N.M. on July 13, 2002 and will begin flight-testing this summer.
About Eclipse
Eclipse Aviation is in the business of designing, certifying and producing modern, affordable jet aircraft that will revolutionize the transportation market. The company is applying revolutionary propulsion, manufacturing and electronics systems to produce aircraft that cost less than a quarter of today’s small jet aircraft, will be significantly safer and easier to operate than those of today, and have the lowest cost of ownership ever achieved in a jet aircraft.
The goal of Eclipse is to bring the word “personal” into aviation, making it possible for commercial air passengers to move directly between cities on a quick, affordable and convenient basis. It will also allow pilot owners to enter the world of jet-powered aviation. Contact Eclipse at http://www.eclipseaviation.com.
About Global Aerospace
With headquarters on both sides of the Atlantic, Global Aerospace is the world’s largest aerospace insurer, underwriting the majority of the world’s airline fleet. Its clients include leaders in every continent — from global airlines and aircraft builders to owners of light aircraft.
Onex Corp says Boeing plant transaction will go ahead
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Onex Corp has said that it intends to go ahead with the acquisition of several plants from Boeing Co in the US despite a rejected contract offer.
The Canada-based investor announced in February that it would acquire Boeing’s commercial aircraft manufacturing plants in Wichita, Kansas, and in Tulsa and McAlester, Oklahoma.
Members of the International Association of Machinists and Aerospace Workers at Boeing Co’s commercial aircraft division in Wichita, Kansas however rejected a proposed labour agreement. Onex has reportedly said in the past that the agreement is vital to the acquisition of the plant. The proposal was rejected by 57% of the union members, according to The Associated Press. The plant employs about 7,200 people while the union represents about 5,300. An estimated 70% of these 5,300 are union members.
The union members have reportedly been critical towards the proposal, which called for an initial wage cut of 10% as well as higher health insurance costs. It also provides for general pay increases during the three-year contract period, with performance bonuses that are tied to financial targets, giving each employee 1,000 shares of company stock that would be paid out during certain circumstances, The Associated Press said.
It was speculated that Onex may not complete the deal after the rejected offer, Reuters reported. However Onex, although expressing disappointment with the rejection, said that it expects the transaction to be completed by mid-June.
Union members reject Onex deal at Boeing’s Wichita plant
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Members of the International Association of Machinists and Aerospace Workers at Boeing Co’s commercial aircraft division in Wichita, Kansas have rejected a proposed labour agreement.
The proposal was made by the potential buyer of the plant, Onex Corp. Onex has reportedly said that the agreement is vital to the acquisition of the plant. The proposal was rejected by 57% of the members, according to The Associated Press. No information has been disclosed on how many of the union’s members at the plant actually voted. The managing director of Onex, Nigel Wright, said that he was disappointed with the result. The plant reportedly employs about 7,200 people while the union represents about 5,300. An estimated 70% of these 5,300 are union members.
The union members have reportedly been critical towards the proposal, which called for an initial wage cut of 10% as well as higher health insurance costs. It also provides for general pay increases during three-year contract period, with performance bonuses that are tied to financial targets, giving each employee 1,000 shares of company stock that would be paid out during certain circumstances, The Associated Press said.
The deal for Onex to acquire Boeing’s commercial aircraft plant in Wichita, as well as other sites in Tulsa and McAlester, Oklahoma, for USD900m in cash and the assumption of USD300m in debt was agreed on earlier
L.A.’s insurance exodus: how the largest insurance center west of the Mississippi got pulled apart and exited its Wilshire Boulevard home
INSURANCE broker Bill Newton still remembers the days when he would step outside his mid-Wilshire office building and walk over to the Windsor restaurant or the HMS Bounty or Taylor’s Steak House and have lunch with a prospective client–only to find himself surrounded by fellow brokers.
“They were all doing the exact same thing: wining and dining their clients,” Newton remembered. “The underwriters were trying to get business from brokers and the brokers were trying to sign their clients up with underwriters.”
In the after hours, local watering holes were jammed. Most popular was the landmark Brown Derby Restaurant on Wilshire Boulevard and Alexandria Avenue, where every Tuesday evening the insurance industry would gather for drinks.
“Everybody who was anybody in the insurance industry in the Western U.S. was there,” said Mark Wells, an industry veteran who now publishes the Insurance Journal.
Today, Wells publishes his journal in San Diego, while Newton moved his office a few blocks west to the Miracle Mile. Indeed, not a single major insurance firm has a significant presence on that stretch of mid-Wilshire–what was once home to the largest concentration of insurance-related firms west of the Mississippi River.
Only two companies, Farmers Insurance Group and Mercury Insurance Corp., remain close to the area, with their headquarters a mile to the west in what’s known as Park Mile. All the others either left or got bought out and consolidated outside the corridor in what became one of the largest corporate exoduses in L.A. history.
Only the signs remain: the “Equitable” letters etched into the Equitable Plaza tower at Wilshire and Mariposa and the Pierce National Life sign outside an office tower near Western Avenue.
Disappearing from mid-Wilshire
It wasn’t just the insurance carriers that left. Brokerage firms abandoned mid-Wilshire as well, as did insurance defense law firms and other service companies that catered to the insurance carriers.
“It was really quite amazing. Within five years in the late 1980s and early 1990s, the whole insurance industry practically disappeared from mid-Wilshire,” said Bill Newton, chief executive of insurance brokerage Lemac and Associates, which itself moved to the Miracle Mile in 1991.
Several factors pulled the local industry apart: a deteriorating neighborhood, repeal of state tax credits, changing technologies that allowed insurers to function virtually anywhere with much smaller staffs, and an industry-wide consolidation.
Of course, the insurance business didn’t totally disappear from Los Angeles. Companies that once had been concentrated on mid-Wilshire have scattered in all directions–to the San Fernando Valley, Glendale and Orange County.
Today, one of the largest concentrations of insurers is in downtown L.A., just blocks away from mid-Wilshire. They include Aon Corp., Chubb Insurance Group of Cos. and Marsh McLennan Cos.
But even in these new locales, the offices are generally smaller and the employees fewer, as shown by a sharp drop in insurance industry employment in L.A. County. This past June, there were an estimated 56,000 people employed in insurance and related industries in Los Angeles County, down from an estimated 70,000 in 1990, according to the state Employment Development Department.
In the 1940s and 1950s, when Hollywood and aerospace were considered the crown jewels of L.A.’s economy, insurance was becoming a power player, as well. It made sense, considering that post-war Los Angeles was the growth center of the West Coast (San Francisco was a more mature financial market). The industry itself was experiencing a period of rapid growth as both life insurance and health insurance became more widespread. Many companies set up or expanded existing offices on Spring Street in downtown L.A.
By the late 1950s, as insurers were outgrowing their downtown offices, city planners were envisioning a “new downtown” in the mid-Wilshire area, filled with insurance and other financial services companies. At the urging of local officials, state lawmakers reduced the tax burden for any insurance company that built and owned a regional headquarters in the state, a tax break specifically geared toward mid-Wilshire.
Over the next 15 years, more than two dozen insurance companies moved into office towers they had commissioned on mid-Wilshire, turning the corridor into “insurance row.” Among the well-known names were Travelers Insurance Cos., Equitable Life Insurance Co., Wausau Insurance and Beneficial Standard Insurance.
Seeds for exodus
At one point, some 50 insurance companies, along with scores of brokers, wholesalers, insurance defense firms and other related businesses lined the boulevard. They catered almost exclusively to the corporate world, from Fortune 500 companies to small family-owned businesses, selling property and casualty insurance as well as liability and life insurance.
Peruvian government grants Aero Continente insurance policy
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Peruvian airline Aero Continente has been granted a temporary government-sponsored insurance policy after it was blacklisted by the US for suspected drug trafficking.
The policy will allow the airline to keep flying for the next 30 days after airline insurance firm Global Aerospace revoked its agreement with the company when the airline was blacklisted on 1 June 2004.
Peru is at the height of its tourist season and is currently hosting the Copa America football tournament. Grounding the airline would have caused major travel problems with Aero Continente handling 60-70% of Peru’s domestic air travel, reports The Associated Press.
Insurance and healthcare revival: Kiln Weaver’s focus on out-of-favor industries delivered solid returns
When Kila Weaver, senior managing director and financial analyst at Capital Management Group Securities, spoke to BLACK ENTERPRISE last year, she was focused on small and mid-cap firms in the financial services and healthcare industries. She explained that there were stocks in these sectors that had great potential for price increases and earnings growth.
One year later, Weaver’s words ring true. Her portfolio of stocks posted a 19.68% return during the 52-week period from Feb. 13, 2004 to Feb. 11, 2005. “Overall we did all right,” says Weaver of the portfolio’s performance. “It’s a good idea to look at industries where the fundamentals are sound, but some sectors are out of favor. That’s especially true of insurance and healthcare, which, for several years, were not as attractive among investors as some other sectors.”
With the number of older Americans on the rise and vast numbers of Americans with health problems, Weaver says the healthcare sector is an attractive one. “I still stand by what I said last year in that the healthcare sector is going to remain a solid investment opportunity for U.S. investors simply because of the fundamentals and the demographics. That’s not going to change.”
Weaver’s best performer was DaVita Inc. (NYSE: DVA), a provider of dialysis and related services for patients with chronic kidney disease. The stock raced to a 45.51% gain, increasing from $29.93 to $43.55 a share. “In the healthcare industry you can find little gems, and DaVita is definitely one of them,” says Weaver. “The company had some regulatory issues and that made investors shy about buying the stock, but those problems proved to be immaterial.”
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Weaver’s other pick in healthcare was Sybron Dental Specialties Inc. (NYSE: SYD), which makes products for the medical and dental markets. The company’s stock rose from $28.64 to $38.06, a 32.89% return on investment. “Sybron is a niche player and a high-end supplier of quality instruments for orthodontics and dentistry. Because so many dental providers still have not consolidated their operations, there is a lot of opportunity for Sybron,” Weaver says. “It’s a company that benefits from people in the profession referring other professionals to their products.”
In the financial sector, Weaver chose Willis Group Holdings Ltd. (NYSE: WSH), a London-based company that provides management consulting and insurance brokerage services. The firm provides services to the construction, aerospace, marine, and energy industries, among others. “They’ve done a great job at executing their strategy and transitioning from a traditional insurer to a provider of risk-management services,” says Weaver. The company’s stock price reflected its strategy taking hold as its stock price moved from $35.77 to $37.76 per share, a 5.56% increase.
The one stock in Weaver’s portfolio that slid was Bristol West Holdings Inc. (NYSE: BRW) a company that provides non-standard, private passenger automobile insurance. Its stock fell 5.25%, from $22.30 to $21.13 per share. While Weaver thinks the firm’s business model is still sound, she recognizes it will have challenges moving forward. “Bristol West’s business model is a bit more difficult to execute because the company is an insurer of people who are high-risk candidates for insurance policies,” Weaver says.
Hallmark Financial Services Inc enters into agreement to acquire Aerospace Holdings LLC
Hallmark Financial Services Inc (Amex: HAF), involved in the sale of property and casualty insurance products, announced on Tuesday (13 December) that it has executed a definitive agreement to acquire Aerospace Holdings LLC, an aviation insurance company. The transaction is expected to be effective from 1 January 2006.
Led by its founder and CEO, Curtis Donnell, Aerospace Holdings markets and services general aviation property and casualty insurance products, with a focus on private and small commercial aircraft. Donnell will stay with Aerospace and continue to manage its operations.
The financial terms of the agreement were not revealed.
Aerospace Engineers To Test Energy-efficient Wing Design
Aerospace engineers from Texas A&M University’s Flight Research Laboratory are in Kansas this week testing a new design for an energy-efficient aircraft wing.
Texas A&M aerospace engineers are in Kansas this week testing this design for an energy-efficient aircraft wing. The test design is mounted under the wing of the researchers’ airplane. (Image courtesy of Texas A&M University)
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The Aggie team is led by aerospace engineering professor and newly elected member of the National Academy of Engineering Dr. William Saric. The researchers are testing a design for an energy-efficient airfoil, or wing. In flight, air should flow smoothly and uninterrupted over the wing. A choppy, or turbulent, flow of air over a wing increases drag, and the plane has to work harder, using more energy.
The researchers use infrared thermography to detect whether airflow over the wing is turbulent, which the researchers want to avoid. Very sensitive infrared cameras provide images of the air as it flows over the wing.
Saric said the researchers have made their design work in a low-speed wind tunnel but now need to test their design in more realistic flow conditions. Saric said that colder temperatures make for different air flows and more realistic flight conditions for other aircraft.
“The predicted lows in Coffeyville this week are about freezing,” Saric said. “That’s ideal for us. You lose 3.6 degrees per 1,000 feet of altitude, so the operating temperatures during our flights will be in the high 20s.”
The Aggie crew left Bryan-College Station last Saturday (March 11). Ph.D. student Celine Kluzek and Flight Research Laboratory mechanic Cecil Rhodes flew the lab’s Cessna O-2 to Coffeyville. Two more students followed in Saric’s truck and equipment trailer, and test pilots Roy Martin and emeritus professor Dr. Donald Ward met the team there.
Once in Kansas, the model was mounted to the plane underneath a wing. Test pilots will fly the Cessna, and infrared cameras on the plane will measure the airflow over the wing.
“It’s an extension of our wind-tunnel work — kind of like a laboratory or wind tunnel in the sky,” Saric said.
“We’re at the limits of what we can do here in the warmer weather of Bryan-College Station. We need to test in colder temperatures to improve the demonstration.”
Dr. Helen Reed, head of the Department of Aerospace Engineering, said, “Dr. Saric and his team are testing revolutionary new technologies that will enable future aerospace systems. His research involving students, both graduate and undergraduate, in these unique hands-on endeavors stimulates leadership and provides a good complement to their engineering education.”