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Insurance
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Auto Insurance, Motor Insurance |
| Insurance is sharing of losses by transfer of risks to insurers who agrees to underwrite insured for such losses, to provide other
financial benefits on their occurrence. It provides the best coverage to the individual/firm against the unexpected risks or potential losses in the most economical way. It is one of the methods to control risk.
In many cases insurance is necessary such as life
insurance, Auto insurance, home insurance, travel
insurance, health insurance etc. |
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Important Points while purchasing
any Insurance policy such as
auto insurance, life insurance,
health insurance, car insurance, home insurance, travel
insurance etc. |
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- Maturity Benefits - One must be very clear that weather the maturity benefits are guaranteed or not.
- Premium - Can you pay premium annually to avail rebate.
- Awareness of Policy - Do you know the exclusions and riders to the policy?
- Check Free Look Period – It will help you to know more about the terms and conditions of the policy.
- Advertised Returns- Are they accurate?
- Backdate the Policy - Is it possible?
- Endowment or Term Policy.
- Review the insurance policy at least twice from the view point of the main objective.
If you are going on holiday than you must make sure
that you have travel insurance from a good insurance
agency.
- Find the best insurance
agent and get the best insurance quotes.
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Insurance Planning
for
auto insurance, life insurance,
health insurance, car insurance, home insurance, travel
insurance etc.
- Assess your insurance needs.
- Analyze the Important concepts wisely.
- Choosing Insurance policy.
- Choosing
insurance quotes
- Choosing
insurance company
- Assess your insurance needs.
- Current financial status of your family ,
your car or your home depending upon your need
of insurance.
- Current and future expected expenses of your
family or on your car or home.
- The inheritance you would prefer to leave
for your family.
- The lifestyle you want to provide for your
family.
- How much insurance do you need?
- Analyze the Important concepts
wisely.
- Choosing Insurance policy.
- How many years you see yourself earning a
regular income.
- The amount you can commit to paying
regularly as insurance premium.
- How long you want to be insured versus how
long you expect to pay a premium for?
- Do you want to participate in bonus/ profit
share?
- What is the primary objective of your
seeking insurance - mainly risk cover, mostly
investment returns?
- Do you want accident cover?
- The level of your regular savings
- Choosing insurance quotes and Insurance
company
Its important that you
must check out the insurance company from which you are
planning to take insurance. Lets take an example that if
you are planning to take auto insurance/ travel
insurance or home insurance than you must make sure that
you get at least 3
auto insurance quotes, 3 travel insurance
quotes and 3 home insurance quotes from three different
insurance companies. And you must choose the cheap
insurance.
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| 6 reasons to get
life
insurance
quotes 1. A fter your death, your family will not be able to get the income that was coming because of you. In the event of your that your family will get the insured amount which will support them.
2. Loans, bills of all types, and credit card bills are generally not paid if someone dies, and in the event of your death your family will have to pay all the debts from the savings you had left. This creates problem for your loved ones, Money received from
life insurance will help your family to repay the debts easily .
3. You can get life insurance policy which provided protection against all your debts after your death.
4. If you want to leave a property for your loved ones, you can do this as Life Insurance automatically providing assets for your family after your death
5. Be rest in peace after your death as your family gets the support of life insurance
6. If you don't die than you get the money and you can use it for yourself.
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Following are the benefits of insurance.
- Reduces worry and fear
- Loss prevention
- Enhancement of credit
- Source of
capital investment
- Increased financial security
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| Which insurance policy suits you?
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If your thing of investment the first thing you should do is to ask yourself the most important question i.e., Are you insured? The life insurance company pays you if fates interfere with your life. You pay them for that contingency.
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| I. Term Assurance Plans |
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This is the most basic form of life insurance. Here, the whole premium you pay goes towards covering the risk of demise over a certain number of years. But if something ill-fated were to happen to you when the insurance cover is in force, your beneficiary gets a windfall, compared to the premiums paid.
Term policy is cheap to have and it's good if someone feels that there is danger to his/her life in a specific period. It also gives you the maximum coverage while you pay the minimum premium. If you don't die, you don't get anything back. The Term Assurance policy caters to the individuals who specifically require insurance cover against risk for a short period of two years, for instance persons who are required to go on tours for instance for a year or so.
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II. The
Endowment Policy |
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This policy is for a specific time period. For example 25 or 30 years. In the event of your death during this period, your beneficiary will get the money. If you survive, you get the money at the end of 30 years. So its win- win situation for you but the in this case the premium is higher than term insurance policies.
This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time. These policies are suitable for all age groups.
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III. The Whole Life Policy
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In this case you have pay premiums for your whole life. There is no specific period. In case of your death, your beneficiary gets the money. You will need to pay much larger sums - at least three times higher – as premiums as compared to other insurance policies.
This policy is mainly devised to create a property for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder's premature death. It gives both survival as well as death benefit.
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