Life Insurance

Life Insurance is the insured amount which comes for help at an unknown time and benefits you loved one, your family. Life Insurance comes to your beneficiary's rescue when you are not around. Whether you die young or very, very old the insurance company will pay that death benefit income tax free to your beneficiary.

Who needs life insurance?

Anyone in dangerous jobs and those with large and/or young families, gain more from being insured than anyone else. Young, single folk with no obligations or dependants may not require as much cover, and therefore may decide to wait until they have a family or commitments such as a mortgage.

Types of life insurance

Life insurance may be divided into two basic classes:

1) Temporary
2) Permanent, which can be subdivided into term, universal, whole life and endowment life insurance.


Temporary Term Insurance ---> Temporary life insurance allows the beneficiary death benefits for a specific period or 'term', for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.

Permanent Life Insurance ---> Permanent life insurance is life insurance that remains in force (in-line) until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years).

Whole Life Insurance ---> A whole life insurance covers a policy holder for his entire life. There is no date of expiry like in a term life insurance and the death benefits will be received by the beneficiary mentioned in the policy only in the event of the death of the policy holder.

Universal life Insurance ---> Universal life insurance provides security for you and your family, with greater flexibility in premium payment and the potential for a higher internal rate of return.

Endowments ---> Endowments are policies in which the cash value built up inside the policy, equals the death benefit (face amount) at a certain age. The age this commences is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or universal life because the premium paying period is shortened and the endowment date is earlier.

It’s been said that you buy insurance because you ‘owe’ somebody or you ‘love’ somebody.



There are really other reasons as well. In some cases, lots of cash buildup can later be used to supplement retirement needs and by borrowing your own money from your policy, you won’t incur income taxation as long as you keep the contract in force.

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Disability Insurance

If diabetes is left uncontrolled, the person can manifest eye, kidney, nerve and foot problems and are at higher risk of stroke and heart attack. Renee Wood of Carson City, Nevada is working as a Financial Analyst, is mother of two school going kids. She's also Type 1 diabetic and understands that this gives her a higher-than-average chance of becoming disabled and unable to work. After meeting with her insurance agent, she decided to supplement her employer's disability coverage with an additional long-term Disability Insurance policy, to make sure if there is an incident then she can have enough financial support for her family and herself.

What is Disability Insurance?

Disability Insurance pays a portion of the insured‘s income during a disability because of an illness or accident. Disability Insurance gives you the scope to safeguard your income when you are not able to earn.

Income Protection Choices

1) Short-Term Disability (STD) - waiting period of an average of 0 to 30 days; maximum benefit period generally lasts 24 months.
2) Long-Term Disability (LTD) - waiting period varies depending on policy, it can be 30 days to more than 180 days;benefits that range from a few years to the rest of your life.

Types of Disability Insurance Policies:

1) Conditionally Renewable Policies - Insurance rates can increase or your disability coverage can be canceled anytime by the insurer. Avoid these policies.

2) Non cancelable Policies - Policy which can’t be canceled by your insurance company, excluding nonpayment of premiums. It is an annually renewable policy without loss of benefits or increase in premiums. Best option.

3) Guaranteed Renewable - Policy stays in force as long as the premiums are paid, re-insurability is guaranteed. But, your premiums can increase in future based on any filing of a Disability Insurance claim for injury or illness.

You may opt from the 3 basic types of Disability Insurance coverage:

1) Social Security Disability Insurance (SSDI) ---> His federal government provided insurance is for workers with a disability that is diagnosed to last at least 12 months and does not allow them to earn fruitfully. SSDI needs the policy holder (you) to provide medical evidence for the disability. In addition, you are also required to match the medical listing set by Social Security Administration (SSA). Otherwise your residual working capacity will be taken into consideration. Benefits from Social Security include:

* Monthly wage
* Medicare
* Vocational Rehabilitation (if the policy permits)
* Other employment support programs

2) Group Disability Insurance ---> There are several companies that offer Disability Insurance policies as part of the employee benefit plan. Benefits of such plans are:

* Take advantage of any disability protection offered to you at work, sign-up for short-term and long-term disabilities, if offered.
* Short term disability is a stop gap measure until long-term disability starts. From the day you report a disability, it may take several days to weeks for the disability claim paperwork to process until you receive your first check. Remember, you don’t receive a check the day you file your claim.
* Generally, an insurance company only pays 60% to 65% of your income during a disability. Most importantly, after being taxed on your income, you may only end up getting only 50% -55% of your income. Can your standard of living be maintained on half your income?

3) Individual Disability Insurance ---> Self-employed individuals seeking Disability Insurance may find policies with the private health insurance companies.
Purchase an independent long-term disability policy. You will never get 100% of your income but maybe up to 70% to 80%. Income from an independent disability policy is tax-free.

If you have a family that depends on your income you surely must have Disability Insurance policy to protect your earning capability.

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Health Insurance

Health Insurance provides the coverage for all unseen medical expenses. More broadly Health Insurance covers disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected health care expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.

There are various kinds of Health Insurance available in the market. You can opt for a Health Insurance as per your requirement. The various Health Insurance policies available in the market are:

1) Individual Health Insurance
2) Short Term Health Insurance
3) Family Health Insurance
4) Alternative Health Insurance
5) Student Health Insurance
6) Life Insurance & Accidental Death & Dismemberment AD&D
7) Guaranteed Health Insurance

Tips to buy affordable Health Insurance:

1) Be aware of your state rules: Know the rules that your state follows. This way you can make rational and mature decisions about your Health Insurance.

2) Type of coverage: Know your requirements as well as the kind of coverages before applying for it. You don't want unpleasant surprises when you're sick or in the hospital. Many contracts have subtle limitations, exclusions and out of pocket costs that will bury you going forward.

3) Affordability: Prepare a budget for yourself. Buying Health Insurance doesn't just mean paying premiums. There are co-payments, deductibles and also sometimes co-insurance. Keep all of these in mind when planning for your insurance.

4) Better Options: Contact different insurance companies, or ask your agent to show you policies from several insurers so you can compare them. Make sure the policy protects you from large medical costs. Compare the on-line sites for fast turn around on affordable Health Insurance.

5) Free Look: Most companies give you at least 10 days to look over your policy after you receive it. If you decide it is not for you, you can return it and have your premium refunded. Get all promises and pledges in writing!

6) Coverage: Prescriptions are one of the most used benefits of health plans. Review the coverage of any health plan to determine if your current prescriptions are covered and at what level. X-rays are a routine part of some treatments, so it's wise to make sure X-rays are covered in each plan you consider.

7) Avoid Single Disease Insurance Policies: There are some polices that offer protection for only one disease, such as cancer. If you already have Health Insurance, your regular plan probably already provides all the coverage you need. Check to see what protection you have before buying any more insurance.

In summary, by researching the internet, talking with your family and friends, taking advice from insurance agents, you will select the absolute best affordable Health Insurance available for your family.

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Home Insurance

After food and clothes, home is the third priority of human beings. After filling their stomach and covering themselves up, a man needed a Home where he can protect himself from natural calamities, wild animals, outsiders as well as start his own family. The way home protects a man from various unwanted circumstances, he has to protect his home from various perils, or he needs to have enough funds to rebuild a new house or repair the damaged portions.

Here comes the thing called Home Insurance. Home Insurance is a good way to keep your home protected and also covering you from various unwanted losses.

The coverages provided under Home Insurance Policy are as follows:

1) Structural Coverage ---> If due to any natural calamity (like, fire, earthquake, hail, hurricane, lightning, flood, etc.) your house is destroyed or damaged partially, this policy pays for it. You should buy enough coverage that would pay for rebuilding your home if needed. Covers the value of the dwelling itself (not including the land). As long as the dwelling is insured to 80% of actual value, it will be replaced. This is in place to give a buffer against inflation.
You may be anywhere in the world, but this policy will provide coverage for any damage caused anywhere. This means that you get protection off-premises, but some companies have limitations. They may provide only up to 10% coverage of the total insurance value for your possessions.

2) Personal Property Coverage ---> This cover the loss to your personal property, due to theft or destroyed due to natural calamity. Since most companies provide 50% to 70% coverage of the total value, the best way to determine the right amount of insurance to buy would be to create a home inventory.

3) Liability Coverage ---> If you or any of your family members including your pet causes any damage to your neighbor or other people, this policy provides coverage. The cost of defending you in court is also covered under this policy up to the limit provided here. The coverage is available not just in your home but also anywhere else in the world.

4) Loss of Use/Additional Living Expenses ---> If your house is damaged and you have to stay elsewhere, then this covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.
Usually the companies offering homeowner insurance provides 20% coverage of the total value of the insurance on your house under this policy. Some companies may allow you to increase this coverage for an added premium.

Home Insurance is a invisible roof on your head when your actual roof is damaged. At least people leaving near disaster prone areas should insure their houses and be at safer side.

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