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Comment on What is insurance?& it banifit? India by admin

admin — Sat, 01 Aug 2009 23:47:20 +0000

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.Insurance Benefits encompass the facilities associated with buying of insurances. Insurance is mainly a instrument used by consumers for hedging the future contingent risks related with life, health and non-life general issues. Insurance benefits help the policy holder or beneficiary in combating with the losses or hazards associated with him/her.

The policy holder buys the insurance to hedge against the future perceived losses by paying a regular amount to he insurance company known as the Premium. Insurance companies ensure financial reimbursement of the insured losses to the policy holders or his/her beneficiary. This is the most coveted Insurance Benefits.

But with time, more and more insurance companies have cropped up and consequently the competition among them has increased. Every company is trying to woo all the customers into its fold and in a way offering more and more innovative Insurance Benefits to the consumers.
Affordability of Insurance
The foremost insurance benefit in todays world is the low insurance rate and premium one has to pay. While choosing a insurance policy, every customer looks at this rate first and then to the other associated benefits. The lesser the insurance rate, the more affordable the insurance becomes. Thus, among all the insurance benefits, low insurance rate and premium is the most coveted one.
Accessibility Of Insurance
The easy accessibility of a insurance is the next most coveted Insurance Benefits that the customers look for. The online access to insurance companies and their policies has made them more lucrative to the customers. Now-a-days, customers can search, compare and select their insurance coverage through the click of a mouse from their own residence. This has been observed that through online services, the insurance companies have been able to reach more number of customers and consequently their customer base has also mopped up significantly.
Some of the other Insurance Benefits are :-
Basic benefits of the insurance policy. That is, the person enrolling for the policy is entitled to receive the financial compensation in case of actual occurrence of the loss/hazard/damage.
Optional Insurance Benefits are also given by the companies to their policy holders in order to entice them to access their insurance package. These optional benefits include

health and dental insurance of the family, life insurance of the spouse and the child,
accidental death policy for the policy holder in addition to the actual insurance for which he/she has enrolled for,
long term and short term insurance plans against disability of the policy holder
unit linked insurance schemes meant for appreciation of the accumulated capital during the life span of the same, managed by an experienced and well-learned fund manager
Pre-tax insurance benefits
These benefits are an added advantage to the insurance holders because they help them in saving a large portion of their tax payment. When the tax-payment gets curtailed then consequently their disposable income increases leading to more enjoyment out of a secured life.

Comment on What is insurance?& it banifit? India by admin

admin — Sat, 01 Aug 2009 23:47:20 +0000

There are various types of investments available they are mutual fund,fixed deposits, small savings and so on. The investment which gives more benefit in terms of taxes is insurance. There are various types of insurances and benefits. Check out this site to get some useful informations about insurances,pension plans,health plans and so on

Comment on Could Possibly Use Life Insurance Quotes Money if needed? by admin

admin — Wed, 01 Jul 2009 00:19:14 +0000

While I agree with you that a Whole Life policy in the long run is better than Term life insurance, I feel that having the right amount of insurance is more important to your family's well-being.

Therefore I suggest that you supplement your desired Whole Life policy with sufficient Term insurance to meet your family's need. Many companies will offer you a Whole life base with a Term insurance rider. This is a very good compromise.

Again, I recommend that you have one policy that is Whole Life with a Term Rider. Make sure that the Term Rider is renewable and convertible. By convertible I mean that at a time that is convenient for you, you can exchange it for Whole Life without needing to re-qualify.

It may be that the Term Rider is somewhat more expensive than a separate Term policy, but it would be worth it in the long run. It has been my observation that those Term policies that have the lowest premiums up front turn out to be the most expensive once the renewal premiums begin to go up.

Having a pure Term policy without any form of accumulation associated with it certainly is hazardous, in that should a premium be missed after a change in the health of the insured, that coverage would be lost forever. On the other had having a Whole Life policy with a Face Amount limited to what you could afford, when your family would need more, is probably a bigger mistake. This why I recommend a combination of both.

If you want more information,You can refer to this blog which show you an article about Affordable Term Life Insurance Quote and Term Life Insurance Quote :

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How to get The Best Term Life Insurance Quote ARTICLE
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Definition from Answer.com
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Hope that helps, post back if need be- regards- Richard Man U