Skip to main content

Insure uncertainties of life, but intricacies of the insurance policies

Owing to the uncertainties of life, getting insurance cover is an utmost important exercise to ensure a secured future. However, few are aware of the intricacies of the insurance policies


   Most people have never sat down with an insurance broker. So they're not aware of the products that might benefit them. People hear negative instances from acquaintances and believe them to be true but the fact is they should go to experts who really know about insurance and can really guide them with good advice and to take better care of their money and future. Some may feel that the advisor is just there to push products, and many probably are, but the primary purpose of having a consultation with an insurance broker is to have an overview of your financial picture and determine what needs may be met, if any or what improvements on any existing coverage can be rendered.


   First, life insurance is ideal for people who are married, have children, own assets, need business protection, or have asset-planning needs. Term life insurance, can be for durations of 10, 15, 20, or 30 years. It's great for people who are looking for a low, affordable premium. Whole life insurance is a permanent life insurance that insures you until you reach age. The other premiums are more expensive compared to term life insurance, but it does build cash value.


   Second, health insurance is a necessity these days and can provide you with peace of mind in the event of an unforeseen illnesses or accident as the life is so uncertain these days. New diseases come every year which are difficult to cope up with. Any pre-existing conditions will leave you without health coverage on an individual plan, but you would be eligible for health coverage under a group plan. Health insurance should be a top priority. However, this is not always a possibility since premiums can be very expensive.


   On the contrary, health coverage for seniors is much more attainable compared to the rest of the population. Most seniors who turn 60, are eligible for Mediclaim, which is health insurance provided by the insurance companies. They are entitled to hospital expenses. Nonetheless, Medicare only covers 80% of these costs. By and large, obtaining complete health coverage for seniors is very important .Additionally, disability insurance is better suited for people who are self employed or are the sole earning member of their household. It provides extra protection in the event an accident or illness leaves you unable to work. Above all, alternative investment vehicles for retirement benefits should be considered in the case of low returns.


On the whole, possessing insufficient insurance coverage or retirement assets can leave many with sleepless nights. On the other hand, overpaying for insurance will burn through your pocket book. All and all, striking a balance with your immediate needs and available funds after assessing any vulnerabilities in your financial picture is crucial to the safeguard of your peace of mind and hard earned money. As one goes to a doctor for health purpose one should go to an insurance broker for seeking advice on one's hard earned money.

Have a covered tomorrow.

 


Popular posts from this blog

Real Returns in Investing

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Real Returns in Investing     A Anil Singh (name changed), 44, works with a private company and believes in investing his entire savings in fixed deposits. His financials from the year 2000 till date is given in the table. Anil's savings in FDs gave him an average return of around 8%. The total amount saved over the 174 months (From January 2000 to June 2014) is Rs 49.80 lakh. The value of his investment today is around Rs 66.71 lakh. Naveen Singh (name changed), 44, works in a similar profile like Anil. However his expenses were on the higher side. His financials are as in the table. Naveen invested only in equities. The total amount saved over the 174 months (From January 2000 to June 2014) is Rs 38.40 lakh. The v...

Budget 2014 Highlights for Saving

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   The new finance minister Arun Jaitley has just presented his first budget. What measures does the budget contain that will specifically impact savers and investors? Here they are: 1. Housing loans exemption for self-occupied properties increased to Rs2 lakh: Earlier this amount was Rs1.5 lakhs. This move barely keeps pace with the inflation in asset values.   2. Investment limit under 80 (C) increased to Rs1.5 lakh: This is a good move again and offers some relief to taxpayers.   3. IT exemption increased to Rs2.5 lakh, Rs3 lakh for senior citizens. This comes as a minor relief for taxpayers.   4. Annual PPF ceiling to be enhanced to Rs1.5 lakh, from Rs1 lakh: This is in tune with the change in 80C.   5. Long term capital gains tax for debt funds has been rai...

ICICI Prudential MIP 25 - Invest Online

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   ICICI Prudential MIP 25     (CRISIL Rank 2)   This scheme was launched March 2004. Please see the chart below for the one, two, three and five years annualized returns from this scheme. The minimum investment in the scheme is Rs 5,000. The asset allocation of the portfolio is 24% equity, 72% debt and 4% cash equivalent and others. Please see the chart below for the monthly dividends declared by the scheme, on a per unit basis, over the last 5 years.   For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mai...

Franklin India Smaller Companies Fund - Invest Online

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Franklin India Smaller Companies Fund   While the universe of small-cap stocks in India is vast, there are very few equity funds which take on the task of sifting through this space for good long-term bets. Franklin India Smaller Companies Fund has managed this with aplomb. What we like about this fund is its significant out-performance of its category and benchmark over the last four years, and its ability to moderate portfolio risk despite investing in the riskiest segment of the equity market. This fund's stock selection strategy, like that of Franklin India Prima Fund is focused on finding companies that generate positive cash flows across business cycles. High return on investment and manageable leverage are also filtering criteria. Says R. Janakiraman, fund ma...

How to open a Capital Gains Account?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to open a Capital Gains Account? You can open a capital gains account in an authorized bank. The Government has notified 28 banks which can open the Capital Gains Account on behalf of the Government. You have to apply for opening the account by filling out the required application form (Form A) and submit proof of address, PAN card and photograph. You cannot withdraw funds from a capital gains account using a cheque book or ATM, like you do in your normal savings bank account. There are procedures to be followed to withdraw funds from the capital gains account. Investment in Specified Bonds Section 54EC of Income Act provide that if the seller invests whole or part of capital gains arising from the sale of asset in specified Capital Gains, within a period of six months of the ...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now