AFFORDABLE LIFE INSURANCE

Looking to spend less?
Not everyone wants to pay more on their Insurance Premium. For those people there are some ways to cut down their insurance premiums.
The rate of life Insurance Premium is depends upon some factors. Those factors are…
Type of Insurance that you select.
The Policy’s death Benefit
The Risk that you pretense to the insurance Company





It is noticeably that to get the lowest cost Life Insurance is depends upon standing with some categories. This Category are given below. This category seems normal but it is performing main role to decrees the Premium of your Life Insurance. So, Let us undertake that entire category.

The First Category is your Risk
In this factor, there are your habits, condition of your health, your life style. This all-normal thing is very effective to your life insurance premium because, all things into the risk you pose to your insurance company. Initially it place to reason, and after that it making upgrading in this areas. As the result of it, the Areas can reduce high premiums. On occasionally its notably.

The bad habit of Smoking and drinking are become reasons for raising Life Insurance Premium.
A sure way to get low cost Life Insurance Premium is to moderate your bad habits of drinking and smoking and after three to four years your insurance prices will decrease. It is very easy to say this than to do it practically, but it is quiet effective.

Serious illness or bad medical condition grows up your Life Insurance Premium tremendously.
Insurance companies create a group of applicants with particular illness into a lump without taking into consideration each individual’s situation. Because of this rule, there are no difference between the premium of normal man and bad habited man.
If your sickness reaches at the high level then take time to locate an insurance company that, takes every application on an individual basis. It is very difficult to get a low cost Life Insurance for the man who is suffering from any illness of having any bad habits but this effort will came him towards lower his Life insurance cost.

Risky surrounding is also responsible for higher Insurance Cost.
Your profession or the place & post of your job, your risky hobbies like paragliding, bungee jumping this types of things effects on your Insurance prices. These types of things can put your life in danger so your surroundings is responsible for higher insurance cost. A truly risk free life is the solution to finding Low cost Life Insurance.

If your Life style is safe, surroundings are secure and you had maintain your health well, you are giving little responsibility of risk to the insurance company and it will be your main reason to get low insurance premium.

LIFE INSURANCE - VARIOUS TYPES OF POLICIES

Today Insurance Sector is getting bigger then yesterday. And tough compete has given more & more options to the customers. Before buying any Life Insurance Policy, You should know that what kinds of Policies are available in Insurance Industry. So that you can buy the best what you actually need. Here is a snapshot of the different types of Life Insurance Policies and their advantages.
Term Insurance:-
Term Insurance give covers to the Policy Holder for a specific period of time. This Insurance pays only when the Policy Holder dies within that specified time. Generally, Term Insurance is the cheapest Life Insurance among other Life Insurance. Thus, it is more Popular. You can renew most of Term Life Insurance Policies for one or more years, weather the condition of your health has changed. Each time you renew the policy; Premiums may rise higher than previous one. Team Insurance is mostly useful to cover any exceptional debt like home loan, mortgage loan etc. Yet not understand? Read this example. Ex. You have taken a Home Loan of Rs.20 lacks. You are the only person in your home, who is earning and paying those installments. No one can say what is going to happen tomorrow. Unfortunately, you died in any accident or any other event, who will pay the remaining installments? If you have Insurance then it will helps financially to your family and they will not lost their Home. Young Couple who is just married, has to run their home from a smaller amount of money, But to have a Life insurance is very necessary, for those Young people the Term Insurance is the best.

Whole Life Insurance:-
The Whole Life Insurance Policy covers you as long as you live but only when you had paid premiums. Normally the amounts of these premiums are same for lifetime. Some whole life insurance policies have facility to pay their premium for a short period such as 15or 20 years. The premiums of these policies are as higher as the period is shorter. Some of these types of policies have an option of Returning the premiums. Its mean that after some years of paying premiums, the Life Insurance Company will pay back the premium to the policy owner and the coverage will also continue.

Money Back Insurance:-
This Policy covers your life as well as other Life Insurance Policies but it also promise to give you some assured cash payment as regular time of period. Money Back Insurance is a one kind of Money Saving plan in which included an advantage of Life Cover and regular cash payback. This Policy is perfect for those, who are planning some require expenses , which are important like child’s further education, wedding, buying home or any assets. This type of Life Insurance Policy is very popular in Middle class Families. In this Policy, you should pay the Premium for a particular period of time. Between this period the policy owner dies, the full assured amount is payable to the nominee.

Endowment Assurance:-
The Endowment policies are the most popular policies in the Insurance Industry. This Policy is a level premium plan in which, there is a saving feature also. At the time of maturity, some of money is pays out to the sum assured. During the term of this policy, the policy holder dies then the Insurance Company pays total amount of policy. In the Insurance Market, there are so many policies offers you to select the term of the policy. But you have to select the term from five years to thirty years. There are also available the non-profitable policies in the market which premiums are low-priced.

Universal Life Insurance:-
Universal Life Insurance Policy is a flexible insurance policy, because it changes as per the market. Only in this policy, you have a choice that in which financial instruments your net premiums are to be invested. These financial instruments are like stock, bonds, equity etc. The money that you had invested as a premium has possible for major growth, such funds are subject to market risk, note that, the loss of principal amount is also included.

Unit Linked Policy:-
This type of Life Insurance Policies is known as ULIP plans. Unit Linked Product is as similar as the traditional Insurance Policies exception that insurance company invests your premium amount in the stock market. Insurance Company allows you to choose in which financial instruments want to invest in. Company gives you some option like mutual funds, equity, basket of securities etc. If you want to spared your investment then there is also an option to invest in mix of all instruments, it is called balances option. The major advantage market linked plans allows the allocation decision to the investors hands. That all in your (invest]or’s) controls to distribute your money among the various financial instruments. It is also in your hands when you want to do it or pull it out. Any of the products declared over except term products could be unit-linked.

LIFE INSURANCE, UNDERSTANDING LIFE INSURANCE

Life Insurance is a contract in which, a person who had bought the Policy pays some fixed amount to the Insurance Company. In this contract, Insurance Company agrees to pay to that person or his nominee against happening of the event insured.

Life Insurance policy can be the basis of Safe guard and financial stability after one’s death.  The purpose of this Policy is to help, his or her dear ones after the policy owner dies.

Today to buy a Life insurance Policy from vast range is very difficult task. Because it is connected with main changes in your life. In our insurance industry is growing more and more. In addition, Life insurance is the most popular and buys policies.  Usually people buy this policy when they get married, or paying any installments, or have kids so that unluckily if he died, this insurance cover will help financially to his or her family. Some people buy more than one Life insurance Policies. Normally people look this policy as saving policy. They buy a policy cover for five years or ten years and this period they get their money back, which were pay as premium.  Mostly Life Insurance policy buyers are from middle class, they bought these types of policies for their future financial planning. Such as for children’s higher education, children’s marriage, after retirement income ect. 

How will you know that I am buying the best and affordable policy? For this, you should know many important things about life insurance.  In addition, People, who learn more, generally save lot of money on their Insurance Premium, just by knowing which Insurance Coverage, will be best for them.

In the huge Insurance industry there are many types of Insurance Policies are available. Although they all are good and beneficial abut they will confused you also. Among them, how will you know that this Insurance Coverage is enough to cover your family? Mainly there are Permanent Life Insurance and Term Life Insurance. Permanent Life Insurance has lifelong policies while Term life Insurance has the Policies, which have special length of time. While buying life insurance there are many different types of term and conditions. So, One thing should clear in your mind that you have all the information of these types of policies will help you the best to select the correct one for you and your family. 

Term Insurance:- 

Term Insurance gives you more coverage at low premium payment. This policy pays only when the policyholder dies. Term insurance policies provide protection for some previously decided terms only. The Duration of these types of policies is starting from one year to thirty years or more. Term insurance is for that People who wants temporary insurance coverage. The premium of this type of insurance is also very low, thus, a normal man who’s earning is small and want Life Insurance Coverage, and this Coverage is best and will be value for money.

Young Couple who is just married, has to run their home from a smaller amount of money, But to have a Life insurance is very necessary, for those Young people the Term Insurance is the best.

Permanent Insurance Policies- 

This Policy protects the owner for lifetime. This Policy is costlier than the Term Insurance Policy. When things are getting rough, it will be there to help the owner financially. In this Insurance, there are four types of Insurance Policies.

1. Entire Life Insurance:-

This Life Insurance is the most ordinary option. At the time of buying, the amount of the premium are fixed, it is not changeable in future. The rate of return on cash values and the death benefits are guaranteed.   

2. Variable Life Insurance:- 

Variable Life Insurance gives you better returns. Insurance Company invests this policies’ premium in Government Bonds, Stocks and guaranteed return accounts. If you want to invest safely then it is good for you.

3. Universal Life Insurance:- 

This Life Insurance gives you the facility to pay premium flexibly. The People, who has small business and not fixed income the Universal Life Insurance is right for them. It offers minimum death benefits as long as premiums are enough.

4. Variable universal life insurance:-

Variable Universal Life Insurance has also the ability of adjustable premiums. They can also allow investing their money to the various stages of risks to increase.

The best way to find out what conditions of your policy is to get all the information you can. Ask all the questions should make sure it is the right policy for you and your family. The conditions will detail what the policy will cover in the end. Your family will not suffer should something bad happen. 

Now just think that what is your major concern? The First answer that comes in your mind is your Family. Then what will your Family do if something happen to you? But some people laugh as this and say thing that nothing to happen to me so I do not need any kind of Insurance Coverage. Actually, they are wrong. Each of us needs Life Insurance. Today whereever you doing any job, they offer some type of Life Insurance Policy. You must get the right information about Life Insurance. Nowadays Life Insurance’s model is getting more and more popular. Any normal man has a great consciousness regarding this. As per the popularities of Insurance, many multinational companies are joining this field. Between then Life Insurance has a majority deals, where the companies manage it as good as other shape of Insurance. 

  Life Insurance is giving truly support to the nation’s financial system. Therefore, if you have a doubt to go for a Life insurance Policy or not the reply is clearly yes. Life Insurance Policy helps you a lot; it helps your family financially in case of your death. It is also very useful to avail your income tax concessions and other business benefits. 

Types of Auto Insurance

Yuo should know about the types of auto insurance before buying.

Today Auto insurance is the best way to take care of your costly and luxurious car or any vehicle. Auto insurance works as a safe guard for you and your vehicle. It keeps your money, which you spent on your expensive vehicle. At the present time, Auto insurance industry is expanding more and more. It is good for you but it is also confusingly. This industry gives you many different types of auto insurance coverage. Before buying any auto insurance, it is essential for you to know the basics-key information about all the types and which sets in your bugged. The basic types of auto insurance are given below




Basic types of Auto insurance


Fully Comprehensive Auto Insurance Policy:-
This policy the most accepted policy of auto insurance industry. This policy covers all types of causes like, burned, theft, accident, wear and tear ect. So, It is also the most expensive policy. If there is a serious accident happen on the mid way, your expensive car damaged very badly where you were not at fault while the other driver, who did the accident does not accept; you must not to worry. The Fully Comprehensive Auto Insurance Policy covers all this. If you are looking for a value for money policy, this is the best for you.
To buy the Fully Comprehensive Auto Insurance Policy, register an insurance claim against the insurance company from which you want to buy. While buying this policy, check all that details about the insurance company and the benefits or cover, which it will give. Remember one more important thing that in the auto insurance industry there are a few insurance companies, which will not insure your vehicle 100% of it’s value but of 80% or less. Yet try your best to find out the companies, which provides 100% insure for your valuable automobile.



2. Third Party, Fire and Theft-
The Third Party, Fire and Theft Policy is good for those who had finished their automotive loan. They still insure their vehicle because they cherish and admire their car and emotionally attached with it. This Policy is cheap then the Fully Comprehensive Auto Insurance Policy. Still it is just like as it. It covers the causes like theft, Burn, injury to the third party ect. But in case your vehicle met with an accident and in this there is your fault then the insurance will covers you yet there is third party fault then it will not cover you. It means that when an accident happen because of you then the insurance company gives your compensation while an accident occur because of the third party then insurance company will not come to your economic support. There is one big difference between this two types of policies therefore you can see the prize difference also.




3. Third Party Insurance:-
This Policy is the chipset policy. As like it’s prize, it can’t cover many types of risks. It covers only one type of risk and that is the third party’s injury. The accident occurred by you then also it covers. Third Party Insurance Policy is for that who has a less pricey and old vehicle not for expensive one.




4. Specialized Car Insurance:-
The Specialized Car Insurance policy is for classic cars. 25 years or older cars are included in this category. This policy insures cars as classic and according to their owner’s requirement. The benefit of Specialized Car Insurance policy is as same as the comprehensive one. There is only one disadvantage of this policy is that it will covers your vehicle not by time limit but by number of road miles you can drive. Weather you complete the road miles limit within one year or ten year, it makes no difference to the policy.


This all policies have their own value. Collect all the information about all the companies and study their benefits, rules & prize. While taking decision keep in mind about your requirements budget and ask yourself one question, “If I will not buy this insurance policy, am I putting myself in any serious financial risk from a genuine and common danger? If the answer is yes, then go for it.

AUTO INSURANCE, ALL THAT THINGS THAT YOU HAVE TO KNOW BEFORE BUY AUTO INSURANCE

Auto Insurance is one kind of safe guard that protects the Auto Insurance policy holder from economical losses happens concerning automobiles. Auto Insurance helps you to protect from economical loss if you have an accident. It is a simple contract between you and the insurance Company which selling Insurance Policies. According to this contract, you (policy buyer) have to pay some of money called premium to the Insurance Company. On behalf of this premium Insurance Company will takes the responsibility of the Economical losses that occurred from an accident.
To have auto Insurance policy is good for you, your family and your business. In the Auto Insurance market there are many types of auto Insurances are available. Those different types of auto Insurance policy have their own benefits. Some policy protects the third person, who had some injury by the policy holder. There are also available that type of Insurance policy, which helps a car or a bus owner by giving expenses for the treatment of injured driver and passengers. While some are for damages that the policy holder cause to someone else’s property. The Amount of Auto Insurance is different by Insurance companies. Sometime same insurance policy, with same protection have different prize. So, before buying any Auto insurance collect all the details of it from most of insurance companies.

Auto Insurance provides mainly three types of coverage to the Policy Holder.
1.Property Coverage
2.Liability Coverage
3.Medical Coverage

The Property Coverage: Property coverage pays your insured car or your any vehicle’s damages that happens from an accident.

Liability Coverage: This coverage pays for legal responsibility to third person. Happening of an accident, if any person injured bodily or his property, then the Insurance Company will pay for it on behalf of the policy owner.

Medical Coverage: This pays for the expenses of treating hurt, rehabilitation and sometimes-lost wages and funeral expenses.

Note down that globally, the laws of forty-seven states require that to purchase liability insurance. It pays for the bodily injury and property damage for that you are responsible. About Fifteen states including New York, New Jersey, Florida, Maryland, Michigan and Massachusetts also require that one have to buy Personal Injury Protection (PIP). This Personal injury protection pays for policyholder’s medical expenses and lost earnings in an auto accident.
Auto insurance industry is very large. There are many types of auto insurance policies to choose. Normally people did not know more about all types of policies and its benefits so they become very confused while buying any auto insurance policy. Before buying any auto insurance thinks about your most likely need, this is the answer to making sure that you are buying a right policy. If your car is damaged then what will you do? You have to arrange other car on rent to start your routing. However, what about this car’s insurance? Don’t worry, the Gap insurance will solve your problem. This insurance pays the expenses of difference between what your insurer pays and which your owe on your lease. In this case, if your car is not completely totaled then this protection will be cancelled. So make sure about all this.
You have to understand how to select better auto insurance. But one important thing is not cleared yet. This thing is the Budget of the insurance. First, you have to examine your state law-rules and your requirements. Then put the different parts of auto insurance policy in single policy. The first and important part of auto insurance is “Liability insurance”. If you buy an auto insurance, which have minimum liability coverage and in an accident, you injure someone. In this situation, the lawyer of the third person can go after your personal property. Therefore, you have to be acquainted with your property and what you can afford to lose in the happening of an accident. Some insurers believe that minimum livability is a gamble. But the truth is that why it is frequently only a little more money for more protection. In fact, when you meet with an accident, there is better for the insurance company to be personally responsible for you. Just think one thing that, in accident you totaled someone’s car then your insurance will covers it? In addition, the second thing is that how much money have you pay from your pocket? The answer of this type of questions will determine which insurance policy or coverage makes you more confident if an accident takes place.

Why do I need insurance?

Today insurance is a very important issue to everybody. Insurance is a one kind of long financial planning.

For the people in the countries that are under development and in the third world countries Insurance is still odd. Insurance industry provides us many types of insurance. First, one should have to know and understand the types of insurance and then he should take the decision that depends on his need.

Here are some points to tell you that why you need Insurance…


Family income:

Some people buy an insurance policy that based on the family. Their reasons to buy this insurance to provide a shield against family death, any kind of illness and any financially loss, which happen from accident. Let us see this with an example. In a family, there are a couple and their two children. The head of the family (the man) is doing a job to fulfill the financial needs of his family and his wife is homemaker. If the man died in an accident then who will accomplish the finical requirement of his family? Therefore, the insurance helps family to cover the living cost.


Protect Business:

A man, who had a business of transportation or a normal common man, who had a car if a serious accident happen and many dames or injury caused by an accident then who will pay the finical loss? In this critical condition, Insurance will help you.




Education Funds

Today giving higher education to the child is still concern thing to the Parents. In global economy there are continuingly rising the costs. Then a private university’s annual fees is around $20,000. And to pay this big is very difficult. Be confident that your child have the same prospect for his or her better education and bright career whether you live or die.

Retirement Resources

Give a single moment out of your busy life and just think about your retirement. After job, how much money you will have? And then compare it with a life insurance plan, it will give you more. At this time there are no source of income to fulfill your financial needs. To get Pension is good but it is very small part for your financial need. In this critical condition, supplemental income is necessary.

INSURANCE POLICY

What is an Insurance Policy?

A Insurance Policy (Lie Insurance Policy) is a printed form, which serves between an insurer and insured as the contract.

Insurance Life Policy is a document, which specifies the contract between an insurance company and insurer called Life Insurance Policy.

More about Insurance Policy

The Insurance Company, sell Insurance Policies known as Insurer and Policies buyers known as Insured. Normally, there are two types of Insurance 1 is General Insurance and the other is Life Insurance. An Insurance Policy is a Written Document. It contains the requirements, the insurance schedule, ability factors, benefits, guidelines that are applicable to the policy holder under the plan.

Insurance Policy - Important

Insurance Policy is a very important document. It is a proof of an Insurance that an insured had bought. Among the details of policy, Insured person’s (Policy Buyer’s) detail given by him or her must be true. If any, of these, detail will proved or known wrong, the insurance Company can cancel his or her Insurance Policy.

For example : A Person is buying a Life Insurance. He is suffering from high blood pressure. While buying a Life Insurance, he said that he is healthy and he has no illness. Insurance Company agrees and signed the contract. But after some time or at the time of Compensating an Insurance Company knows that the Life Insurance Policy Holder was failed give true information, then Insurance Company can cancel this Policy.

At the time of Compensating Policy holder, have to saw his Policy. If he lost it, Insurance Company will not give him reward, because it is a proof of an Insurance cover. It is obvious that, if you do not have any Insurance then you will be alone while facing the expenses. The insurer analyzed this type of financial risks and this is the base of the Contract. This all verified by making use of details and all the data and information that you have provided in Policy for the Insurance.


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WHAT IS INSURANCE PREMIUM? KEY INFORMATION ABOUT PREMIUM

According to an insurance Contract, insurance Company promise to pay money to the policy owner if some specific event happens. In consideration of this promise, policy owner has to pay some fixed amount to the insurance company is called “Premium”.

Insurance premium or life insurance premium is the amount of money, which is paid for a certain level of insurance cover for a particular time period.

Example: monthly premium of $25.
: Yearly premium of $300.

In simple language we can say, Premium is the amount paid to the insurance company for the purchase of an Life Insurance cover or Life Insurance policy.


Amount of the Premium is depending upon the price of Insurance Cover. Policy Holder can pay it in some different mode of time, normally Life Insurance Companies offer monthly, Quarterly, Half yearly and yearly. In rare case it may be a one time payment. An insurance Premium must be paid regularly at the given period of time. There is any default in insurance premium can put the insurance Policy in Danger. If those kinds of event take place, this policy will be count up as lapsed policy. In this situation Insurance Company may not give all the benefits to the Policy Holder, If Policy Holder prevent his Policy than he have to pay Penalty. The Particulars of Penalty are given in the Policy Conditions.



Calculation of insurance premium

Calculation of an Insurance Premium is related with statistic and actuarial principals. This whole process is a complex technical progression. Mostly, well-trained and experienced professionals can calculate the insurance premium. Each insurance plan and each insurance policy has different premium. Each Insurance Company has their own tables for Premium calculation.

The premium cost is not based on necessarily on history or any individual habits, it’s generally based on statistics.

For an Example

Ex.1
A Young man, about 23 years old has a sport car. He is looking for Car Insurance. He can often anticipate a higher insurance premium than the premium of sedan car’s insurance, owned by a 50 year old man. They both are very good driver. In this matter an Insurance Company thinks that a young man in a fast sport car to be more risk for accidents. So that the different between that both Insurance Premiums are noticeable. And normally more expensive car has more cost to be insured. In this example an Insurance Premium is decided upon Risk and the cost of an insured thing.


Ex.2
This same method is used to calculate for medical insurance premium. Generally a smoker is not so healthy than a non-smoker. So a non-smoker can live healthier live. Therefore the Health Insurance Premium of smoker person is higher than the non-smoking person. A man working at a construction site and a man working as computer operator in an office, they both want to buy a Life Insurance. But they both have to pay different amount as Life Insurance Premium because the man, who is working on a construction has more probably to meet with an accident than the Computer operator. If the Policy holder can change the type of his or her working and change habits, the insurance company may be reduce or upgrade in their Insurance Premium.


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Insurance Policy

Life Insurance Vs. Other Saving

Types of Life Insurance

What is Insurance? Understand the Insurance.

What is insurance?

There are different types of definitions, some of them are below.

“According to law and economics, Insurance is a form of risk management, which mainly used to protect against the risk of a non-essential loss.”

“Basically, Insurance is a protection against an economical loss which can arise on the occurrence of an unfortunate occasion.”

“Insurance provides protection by compensating economic loss that arises from fortuities.”

“Insurance is a ensuring a good result against a possible unnecessary outcome: in company or business and in life, it is a way of managing risk and keeping things on the move.”

“Insurance is an equitable transfer of the risk of a loss, from one to another entity, in exchange for a premium, and can be thought of a surety small loss to avoid a large, probably devastating large loss.”

Everybody knows and understands that an accident will happen, but everyone does not know the time that when it will happen and even if it will happen. In this type of fortuitous events insurance is very helpful to the person, his property and his business.

Insurance is one kind of contract between two parties, one is insurer and the other is insured. Insurer pay fixed amount called premium to the insured on the happening of a certain incident.

Basically insurance is a protection against economical loss arising on the happening of an unpredicted incident. Insurer pays some of money to the insurance company to provide for this protection. In exchange of this premium insurer (a person) can defend himself, his family and his property economically from an unexpected event. And normally for the security of his costly property an owner should ready to pay very small amount.

You can understand easily by this example given below.

One person buys a life insurance Policy for this he has to pay Premium to the insurance company. By this contract the insurance Company promise to the person that in case of any unexpected event like death will happen then a fixed amount will given to his family members.

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Insurance policy

Insurance Premium