WHAT IS A LIFE INSURANCE?
A Life Insurance is a policy that you can enter with your Insurance Company. A Life Insurance policy promises a certain amount to your beneficiary/beneficiaries in the event of your demise.
Usually, a spouse will name the other spouse as well as their children as beneficiaries of the policy.
As a part of the agreement with Life Insurance, your Insurance Policy will be a monetary value, which you will in return, pay a monthly premium for. These Premiums usually depend on your age, gender, occupation, medical history and several other factors.
Other types of Life Insurance may provide benefits for you and your family while you are still living. These policies accrue a cash value on a tax-deferred basis and are utilized for various future needs, including retirement or your child’s education.
Why do you NEED A LIFE INSURANCE?
Having a stable inflow of money allows you and your family to fulfill your needs and wants. It pays for your mortgage, buys cars, food, clothing, plan vacations and numerous other luxuries that you enjoy with your family.
But, certain unpredictable and untimely situations can cause you to lose your income. The ones who depend on you also depend on your income.
If any of the following statements about you and your family is true, then you should look forward towards opting for a Life Insurance:
ü You are married and have a spouse.
ü You have children who are dependent on you.
ü You have a parent or relative who is aging or differently abled and depends on you.
ü You have a loved one in your life whom you wish to provide for.
ü Your 401K retirement plan, pensions and savings are not sufficient to ensure the future of your loved ones.
WHAT ARE MY LIFE INSURANCE OPTIONS?
There are 4 basic types of Life Insurance that can meet yours and your family’s needs:
1) Term Life Insurance
2) Whole Life Insurance
3) Universal Life Insurance
4) Variable Life Insurance
WHAT IS A TERM LIFE INSURANCE?
A Term Life Insurance is the least expensive, i.e., the most economical type of Life Insurance coverage. It is the simplest one to begin with.
Term Life Insurance policies do not accrue cash value and are fixed over an extended period of time. The time period is usually 1 to 10 years and they can be renewed.
A Term Life Insurance policy pays the beneficiary of your policy, a fixed amount in the event of your demise. This amount is paid during the period of time that is included in your policy.
The premiums of Term Life Insurance are the lowest when you are at a younger age and increase with time as you get older.
WHAT IS A WHOLE LIFE INSURANCE?
A Whole Life Insurance is similar to a Term Life Insurance. It provides cash value.
Over time, a Whole Life Insurance generally builds up a cash value on a tax-deferred basis. Some policies even pay a Dividend to its policy holders.
A Whole Life Insurance is popular due to the cash value that is accessible to you and your beneficiaries prior to your demise.
Majorly used to supplement retirement funds or to pay for your child’s education, a Whole Life Insurance should be used for protection, rather than for accumulation.
WHAT IS A UNIVERSAL LIFE INSURANCE?
A Universal Life Insurance is a flexible kind of plan. These policies accrue interest and enable the owner to adjust the death benefits and premiums as per their current life scenarios.
You decide the amount of premium for a Universal life Insurance and if you skip a payment, the amount will be deducted from your death benefit.
A Universal Life Insurance stays in effect as long as your cash value is covering the costs of the policy. These rates are subject to change, but they can never fall below the minimum rate, which is guaranteed at the time of signing up for a Universal Life Insurance.
WHAT IS A VARIABLE LIFE INSURANCE?
A Variable Life Insurance is designed for people who wish to tie te performance of their Life Insurance Policy to that of the Financial market.
Here, the policy holder has the power to decide how the money should be invested. His/her cash value has the opportunity to grow more rapidly.
However, if the market is at a poor condition, the death benefit of your Life Insurance policy would also be poor.
As with Whole Life Insurance and Universal Life Insurance, you may withdraw against the cash value. You need to be reminded that the withdrawals of a Variable Life Insurance policy will be deducted from the cash value.
WHAT IS A GENERAL INSURANCE?
Choosing the accurate General Insurance Policy where you need to invest your money on, can be tiring and stressful.
But in order to avail all the amazing options of the market, this is one thing that must be done in order to make your search easier, efficient and more productive.
WHAT IS A HEALTH INSURANCE?
A good Health Insurance plan is one of the most important things you need to have for yourself and for your family.
But what should a good health insurance plan consist of?
Finding the most appropriate Insurance Plan for you and your family can be a challenging task, due to the underlying diverse options. This decision should not only be based on the cost of monthly premiums.
Know the details of the Health Insurance plan – what it covers and what it does not cover.
Also understand the Health Insurance plans In-Network as opposed to Out-of-Network coverage and expenses. What are its co-payment amounts, deductible amount per family member if applicable and the coverage caps?
While deciding upon what Health Insurance to get, you must understand your needs and that of your family’s.
Should the Health Insurance plan cover just you and your spouse? Should it cover you and one child? Do you need a Health Insurance plan that will cover your entire family?
The next step is to find out the health needs of everyone whom you want to include in your Health Insurance plan. This is a complicated step.
Are you and the others in a good overall health? Does anyone have any pre-existing medical conditions? Would you at any time feel the need to approach certain medical specialists or institutions? Once these questions are answered, you will be able to choose the most effective Health Insurance plan.
If your employer is offering Group Insurance, your options may be limited. If you are self-employed, you need to choose from various Private Health Insurance plans.
Whichever your case is, you should know the difference between the 2 basic types of Health Insurance plans:
a) The Indemnity Plan
b) The Managed Care Plan
With an Indemnity Plan, you are free to choose when and where you wish to get Medical Assistance.
The Indemnity Plan has a higher out-of-pocket cost. But for many people, the added price is fair when they consider the freedom that they get.
With a Managed Care Plan, you are required to only utilize the services of Medical Professionals and Institutions that are part of the plans’ “Network”.
You would need a pre-approval for the Medical Services that are beyond the basic preventive care. In terms of costs, the costs of a Managed Care Plan are lower.
A Managed Care plan is a more favorable choice if you (or the ones who are dependent on you) do not have any major Health related issues, are not concerned about who is providing you the Medical Services or do not have to keep regular tabs on your Medical Costs.
After finalizing between an Indemnity Plan or a Managed Care Plan, the next step is choosing the right Health Insurance Company that can provide you the most suitable Health Coverage as per your needs.
There exist a wide range of Health Insurance companies in the market today – from the small, single-owned businesses to the famous Corporate Giants.
A thorough research must be conducted from your end while finalizing for a Health Insurance company.
You can use the Internet to research for these companies, ask our friends and colleagues for recommendations as well as read some credible literature for the better understanding of each Insurance Company’s claims filings procedures.
Armed with the necessary information, you shall be able to choose the right Health Insurance Company for you and your family.
BENEFITS OF HEALTH INSURANCE policy.
Benefits of A MOTOR INSURANCE.
WHAT IS An insurance against personal accident?
An accident can occur at any time. It could leave you with some permanent harm or a temporary disability. Both these instances could have adverse affects on yours and your family’s life.
Along with covering for Life and Injury, an Insurance policy against Personal Accident offers many unique and unmatched features:
v Weekly Benefit
v Medical Reimbursement
v Education Benefit
v Modification of Residential Accommodations and Owned Vehicle
v Ambulance Hiring Charges
WHAT IS A SHOP INSURANCE?
A Shop Owner is constantly worried about the hazards that his shop and the contents within his shop are exposed to.
The risks of a sudden crisis at your place in the event of a theft, an employee’s infidelity, a fire accident, breakage of a Neon and Glow sign, Money in transit, counter or safe, etc. cannot be ignored.
These are the major reasons why a shop owner must have a protective cover like the one the Shop Package Insurance has to offer.
Taking care of your business is our business too. And we look forward towards doing it well.
FIRE AND SPECIAL PERILS.
A Fire Insurance Policy is suitable for the owner of a property, one who holds some property in trust or in commission; individuals/financial institutions who have Financial Interests in the property.
These policies cover all immovable and movable properties located at a particular premise such as buildings, plant and machinery, furniture, fixtures, fittings and other contents and stocks and stocks in process.
The goods held in trust or in commissions including stocks at suppliers/customers’ premises and the machinery that is temporarily removed from the premises for repairs can also be insured.
