Life Insurance – a Risk Cover or an Investment Tool
Life insurance policies are products which cover the risk of death. A person particularly the earning member runs the risk of losing his/her life and thereby leaving the family with troubles of future earnings. Under life insurance the amount of benefit to the insured is fixed and therefore they act as life assurance contracts. Regular premiums are paid by the insured during the tenure of the contract and in return the insurance company covers the risk of death. In the event of unfortunate death, the family or legal heirs of the insured are paid the death benefit amount. This is the traditional way the life insurance works but today the insurance companies have a variety of products which
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The thumb rule that some Financial Planners use is that a family should be covered upto 20 years of annual expenses that the family generally incurs. In simple words if the annual expenses of a family are Rs 6 lakhs then the family should be covered for Rs 1.2 crores. The policies should be split among the earning members of the family. The coverage can be by means of a combination of various policies. This will ensure that in the event of the death of the earning member, the family can at least continue to survive at the same standard of living. The importance of life insurance should be understood by every person and that too at an early age. It is also necessary that a person understands the policy well with respect to the rights and benefits associated with the insurance contract. In a country obsessed with tax and persons who want to save tax as well as receive tax free terminal benefits in a policy should read the clauses carefully and understand whether the policy under consideration is tax friendly or not. Younger persons can opt for ULIP as they can take more risks for higher return. Some ULIP’s have tenure of 10 years but the premium is paid only for 5 years. Traditional policies for a longer term of 20 to 30 years can also attract youngsters as they may also give better returns. There are also one time premium policies to invest larger sum in life insurance which give death cover and
In your estate plan, properly designating beneficiaries is equally important as choosing your beneficiaries. As inferred in the article Considerations for Choosing Your Beneficiaries, choosing additional beneficiaries to designate as alternate beneficiaries in the event a primary beneficiary predeceases you would help in avoiding unintended consequences. However, there are two additional beneficiary designations available to consider in such a situation: per stirpes and per capita. The use of per stirpes or per capita requires careful consideration because the beneficiary designations are more general in usage. Designating Beneficiaries Using Per Stirpes
Most epic adventures don’t start out with an application and insurance waiver. My mother had told me that I needed to get a job this summer because she was tired of seeing me mope around the house. Throughout May she had been not so subtly putting application papers on my bedroom desk and other places in the house. Each time I saw one; I rolled my eyes then proceeded to throw it in the trash.
Hi Al, long-term care insurance is design to pay for nursing homes and home health care. The insurance provides adequate cost-benefit from the increasing cost that associated with health issues such as chronic and Alzheimer’s disease, strokes and those can no longer live on their own. Overall, purchasing long-term care is meant to protect you against the financial consequences of the high cost of increasing life expectancies and the resultant rise in the chance that you may eventually need some level of care. Moreover, it is important to obtain this type of policy while you are healthy enables you to receive health discounts in addition to marital discounts if you are married. With that being said, if you are in good health you can save up
Facts about 401K Investment Whether you like it or not, time will come that you will reach the retirement age. You should prepare for it. You have to be financially ready because when you are already old, there are many things that you will crave about. You want to go to different places, eat the foods which you have not eaten yet, and buy the things that you personally need. Hence, planning for retirement financially has to be thought of before it is too late.
The cost of health insurance is quickly on the rise, and employers and employees alike are feeling the financial weight. A large portion of high medical claims are associated with obesity and lifestyle choices, some of which can be reduced by making healthy changes. Due to the rise in cost, many employers are rewarding employees for participating in health screenings that measure things such as body mass index (BMI), blood pressure, cholesterol, blood sugar levels, lifestyle choices such a tobacco or excessive alcohol use, exercise, mental health, and amount of sleep. Employees can impact the cost of their healthcare by learning about their health risks, making lifestyle changes, and becoming accountable for their own health. Upon completing
Neff Said: Mise-en-scene and Sound in Double Indemnity Film Noir is a genre filled with many interesting conventions. The films within Film Noir use narration, performance, lighting, and blocking in order to tell tales of murder, betrayal, and questionable morals.
As Bernie Sanders once said, “Health care must be recognized as a right, not a privilege.” Most developed countries choose to live by this quote while the United States of America chooses to go against it. Universal health care has benefits on multiple levels, whether it’s a single individual or the people in a whole. The U.S is one of the few developed countries that doesn’t offer universal health care to their people, yet the U.S spends more than seventeen percent of their GDP on health insurance. Many people believe that universal health care is a simple one solution problem, but the truth is that there are multiple forms of universal health care that provide all citizens with the health insurance they need.
This paper describes and analyzes a life review interview with an older adult. The purpose of this paper is to discuss, record and reflect on an older adult’s life in order to evaluate them on the last stage of Erik Erickson’s theory of psychosocial development; integrity versus despair. This paper will also focus on the elements of a life review as well as the reflections of the interview on the part of the author. JC is a seventy-seven year old white male who lives by himself in New York City. He was born in London, England, and was an only child.
Health insurance is one of the main insurances ones can have in life. Without reliable health insurance any small treatment can wipe out a person financially. " health insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured" as defined by Investopedia, 2015. The term ‘Health insurance’ was firstly discovered in the United States during the civil war.
A. Our newly implemented life insurance protection and savings plan is specially catered to meet all your needs in life. B. All you need to do is to start planning out your future with our financial advisors. Motivated Sequence Approach: Attention: How many of you
Emerging Future of Telematics Insurance in India Vehicle telematics provides services like vehicle tracking, real-time navigation, roadside help, and now vehicle insurance. Telematics-based insurance provides an opportunity for vehicle insurers to segment customers and pricing based on driving behavior of a customer. Telematics helps monitor driving performance and recording driver behavior with a telecom device fitted in a car. Taking advantage of this technology, a vehicle fitted with the telematics device can send out, pick up and process information based on driver behavior.
Health care cost has seen to increase gradually as years go by. This has been influenced by major factors such as political influence, emerging chronic diseases, new procedures that are coming up including the technologies being invented for treating illnesses, pricing of medicines and treatment is not regulated and when treating ailment their may arise repetition of tests or a patient gets over treated for a particular ailment. The cost of healthcare has increased due to chronic diseases such as cancer and diabetes etc. The lifestyle people are living in this generation has led to the development of diseases that are expensive to treat or has led to there being over treatment in such for a cure of a particular ailment.
Medical insurance is a vital part of people’s lives. Without medical insurance it would be hard for most people to afford to go to a doctor for treatment. Not only the cost of paying out of pocket fees for medical insurance but also for deductibles. You can also commit fraud very easily if you are not aware of how to properly fill out an application for medical insurance. There are also many different types of medical insurances that you can apply for, and compare prices if you are having to pay out of pocket expenses.
What is the value of life? To me the value of life is cherishing every moment that comes to me. To make sure with every experience to take it to heart and learn some kind of lesson out of it. life is like a mountain, at certain points throughout the climb it is going to be really tough mentally and emotionally. Other times it’s going to be so easy fun and smoothe until… one hits that bump in the road again.
It also provides protection against rising health expenses. It also serves as a safe option as it helps in long-term savings apart from protecting the individual. Before the LPG Reforms of 1999, there were a number of foreign and Indian insurers operating in the Indian market. The government consolidated around 250 insurance companies into one single firm that is the Life Insurance Corporation.