The Importance of Life Insurance Many of us know that having life is insurance is important, but it may not always be clear to people how life insurance works or why exactly it's so significant to begin with. An agreement between the insurer and policy holder, life insurance pays an agreed upon sum of money to someone whom the insurer names as beneficiary; in case some sort of wrongful death or terminal illness should befall the insurer....more
Medicare Supplement Insurance: How Can You Find The Best Price In Your State? Medicare Supplement plans (also known as Medigap Insurance) have been standardized into plans designated by letters since 1992. In 2010, 10 different Medicare Supplement plans are available. These plans are labeled Plan A, B, C, D, F, G, K, L, M and N. The missing letters represent plans that are no longer available.Each type of plan offers different combinations...more
Any adult who is working to provide for dependants must purchase life insurance to protect their dependants in the event of the insurer's sudden demise. When it comes to purchasing life insurance policies, many people opt for term life insurance over permanent life insurance. This, in spite of the fact that permanent life insurance attracts cash value and does not require renewals. What makes term life insurance so popular?What is term life insurance? In this type of insurance, the insurer is insured for a particular period of time. In case of death, a pre-determined amount is paid to beneficiaries. The premiums paid by the insurer are used to cover the cost of insurance coverage. Features of term life insurance policy: 1.Insurance cover for a specific period (like 5, 10, 20 years and so on) 2. Less expensive 3.Renewable 4.No cash valueSince term life insurance is less expensive, it is ideally suited for families that are on a budget. Why are these policies less expensive? Because the short term of the policy keeps the risk minimal as far as insurance companies are concerned. This lowered risk translates into low premiums for the insurer. Those people who enjoy good health and have...more
Let's face it, not many of us know much about life insurance policies. And we're happy for it to stay that way. After all, life insurance is one of those dry-as-sawdust topics. So, here are some quick and easy tips to help you select the best life insurance coverage.Cost: Life insurance policies are generally measured in terms of years and most...more
The investment component of whole life insurance, the way each kind of insurance deals with their clients' different needs, their coverage periods, and the way their costs vary are the things that term life insurance and whole life insurance differ from one other.There are numerous benefits of life insurance. This kind of insurance is a means of...more
You might have not heard of a term misspelling of a policy. Many a times you would have been a victim but are unaware that you have fallen a prey into a cunning sales mans hands. While payment protection insurance is formed in order to help consumers to protect their loan payments, it can be a nightmare to those who have signed up for it unknowingly. They may find it difficult to meet up both the loan as well as loan protection policy premiums.It is used to protect your loan payments when you are out of work such as sickness or involuntary unemployment, which may lead to an interruption in your income. But the same will not be entertained by a consumer if he is unable to pay the high insurance premiums along with the monthly loan payments. You may end up paying a significant amount more towards your insurance and would want to go in for a mis-selling of your policy. Reach out for advice or assistance on how to claim back your money in such policies. In order to make a rightful claim you must first prove that you have been cheated to fall under the bracket of policy mis-selling.Under what circumstances can you consider compensation?Firstly, when you are made to believe that it is...more
If you have applied for a loan and are unaware of the repercussions of non payment of loan due to an economic down turn, loss of job, you are not in a position to work, crippled due to an accident or are chronically ill. Understand the after effects...more
Recession has hit the job industry badly! Leaving millions of them out of work and struggling to satiate their basic needs. According to Labor Force survey there has been a rise of unemployment rate by 1.0 percentage point. It rose up to 5.7 percent...more
You've shopped around, found the right insurance policy, and now you're ready to apply for it. What happens when you do?First, the paperworkYou'll need to fill out an application form, of course. The form will ask for the usual personal information,...more
When will you be protected under income payment protection insurance?If you have applied for this insurance, you will be protected with a portion of your salary in case you are sick or injured. You will not be covered if you are made redundant or...more
A life insurance policy illustration is a text-and-graphics presentation of how a life insurance policy will perform at a selected interest rate, with an assumed number of predetermined premium payments and a "current" and "guaranteed" cost of...more
Most people hate the thought of reading a life insurance policy (or any insurance policy, for that matter). However, if you can find the time and muster the patience, it's probably a good idea to read through your policy. If you do, you'll understand...more