The sun may finally be coming up on the mortgage insurance horizon after a long, dark night during which mortgage insurance all but evaporated for coverage of loans above 80% loan to value (LTV).

In an effort to escape continuing problems by hurtling down the slippery slope of the housing market, mortgage insurers actually further crippled an already limping market by eliminating coverage for the majority of loans – not just non-conventional (otherwise known as sub-prime), but for borrowers who had strong credit and solid employment histories wanting to make less than a 20% down payment as well.

These same mortgage insurers have now begun loosening their tight restrictions on at least some of their loan programs, an indication that things may be taking a turn for the better in the relatively near future.  An example – loans up to 97% flex in stable markets granted to borrowers with a 700+ credit score.

Let’s take a look at why this will be good for the housing market as well as our economy. Let’s say a home seller transferring to another area has sold his or her home, but with a large loss of equity; perhaps this person even had to take money from savings to pay the difference between the existing mortgage and the money that was paid for the home when it was sold. This would, quite obviously, leave this individual – who is stable and credit worthy – unable to pay a 20% down payment on a new home.

Buyers who have had long-standing good credit and may have assets they do not want to remove from higher yielding investments are perfect candidates for higher LTV loans despite what still may be considered an uncertain market.

Despite the fact that we are likely facing yet another round of foreclosures and defaults because of resetting rates on conventional mortgages, insurers are feeling a sense of certainty that we have – or are about to – hit rock bottom. There’s nowhere to go from here but up!

Most people would probably agree that the Aflac duck is adorable and a great marketing tool; what everyone can’t agree on is whether or not it’s wise to choose one of their many insurance policies.

Aflac, a Fortune 500 company based in Columbus, Georgia and founded in 1955 by the Amos brothers, Paul, Bill, and John, is available to everyone in the U.S. as well as various overseas markets. In fact, Aflac is the insurance of choice for a fourth of the households of Japan.

Aflac shares have been performing quite well lately, proving that the company prides itself on offering and providing high-quality products and services at competitive prices. Additionally, Aflac is consistently reported to be one of the -most employee-friendly companies, especially so for working mothers and minority women.

Aflac offers term life insurance, whole life, or a combination of both. You won’t be required to have a medical exam or blood tests when applying for insurance with Aflac, so the company can’t disqualify you based on your current state of health. The coverage you’ll receive will include a Waiver of Premium Benefit and an Accelerated Death Benefit.

Aflac consistently receives grades of A+ (the best being A++) from a variety of independent insurance rating companies. Generally speaking, Aflac shows customers as happy with the insurance coverage they’ve received; they like the flexibility of its plans and the quickness of fulfillment of claims.

Aflac carries a wide variety of insurance including long-term care, life insurance that can be used to care for your family should you die or as retirement income, insurance that will cover your expenses should you be unable to work, cancer insurance (not available in all states), and supplemental health insurance (to work in combination with health insurance you already have or to diminish the costs of healthcare if you are not able to afford regular insurance).

As a former Aflac salesperson, I can personally recommend the company if you have a need for unique coverage; excellent and affordable, Aflac can be a great addition to the coverage you already have.

Although the point of paying expensive insurance premiums every month is obviously to keep ourselves protected should we fall ill or become injured, insurance companies, unfortunately will likely try to find an excuse not to pay a claim if and when you do need to make one. If your insurance company tries to wriggle its way out of paying your claim, they are engaging in what is known as “insurance bad faith.”

Insurance bad faith, according to a legal term that “describes a tort claim that an insured person may have against an insurance company for its bad acts” is the attempt to skirt the duty they have to pay a claim, implied by the fact that they accepted an individual’s premium in return for coverage. This duty is often referred to as the “implied covenant of good faith and fair dealing” which automatically exists by operation of law in every insurance contract. If an insurance company breaks this duty, it can be sued on a tort claim in addition to a standard breach of contract claim. The insurance company may then be liable for paying damages above and beyond the value of the policy because of bad faith.

Almost every type of insurance carrier has a legal duty to honor their agreements to pay policyholder claims. Types of insurance companies that are sued in bad faith often include: Health, Auto, Life, and Long-term disability.

To protect yourself from going through the ordeal of having to sue an insurance company in order for them to pay your claim, you should always check with the National Association of Insurance Commissioners (NAIC) to make sure the company with whom you’re insured is in good standing, both financially and legally.

Choose Your Insurance Provider Wisely

When you purchase insurance, whether it be auto, health, home, renters or life, choosing the right provider should be a major part of your decision-making process. You should remember that cost alone should not be the only deciding factor of who to buy your insurance from. Whichever provider you decide upon, your agent should help you get the best possible coverage at the best price.

First, your insurance provider should be licensed to sell insurance in your state; check with your state’s insurance department to verify they are. Do NOT purchase insurance from a provider that is not licensed with your state! The department should also be able to provide you with provider recommendations; they keep files on providers that have complaints as well as those who come highly recommended. Be sure to check into any complaints against a provider you are considering to find out why customers had issues with them. You should also utilize friends, associates, and family for recommendations as well.

Second, look beyond the lowest price when you choose your provider; take their experience into account when you are evaluating companies to make your decision. An insurance agent is paid the same commission regardless of their level of experience. A more experienced provider is likely going to be able to help you maximize your coverage while saving you as much money as possible.

Third, the provider you choose should regularly review your policy; this is a service you should expect. Ask any of the providers you are thinking of utilizing how often they will look over your policy. Consistent reviews will ensure your policy is not outdated and that you have the coverage you need and want.

Finally, you should look for an insurance provider who will fight for you to resolve any claims you may need to make on your insurance. Be sure they will support you if you are involved in an accident, disaster, or catastrophe.

The closer you look into a provider’s reputation, the better off you’ll be; remember, it’ll likely save you money in the long run if you choose the best one!