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

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...

What are the factors affect the changes in Interest Rate of Fixed Deposits?

  What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India   - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession   - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...

Capital Protection Oriented Funds

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   Capital Protection Oriented Funds   Erosion of capital is one of the key concerns for investors wanting to invest in equity mutual funds. To address this concern, asset management companies have launched Capital Protection Oriented Funds (CPOFs). What are CPOFs? CPOFs are generally three to five-year, closed-ended funds where 70-80% of the portfolio is invested in fixed income securities, which mature on or before the scheme's tenure. The investment in fixed income securities grows to 100% at the end of the tenure, providing the investor with capital protection. The remaining portion (20-30%) is used to take exposure to equity, which provides the upside. Exposure to equities is either by directly buying equity stocks (plain vanilla CPOFs) or by b...

About CRISIL IPO Grading

CRISIL IPO (Initial Public Offering) Grading is an opinion on the fundamentals of the graded issue that reflects CRISIL's independence and expertise. This opinion is expressed as a relative assessment in relation to other listed equity securities in India. The assessment is based on a grading exercise carried out by industry specialists from CRISIL Research. A CRISIL IPO Grade 5/5 indicates strong fundamentals and a CRISIL IPO Grade 1/5 indicates poor fundamentals. CRISIL IPO Grading reflects its assessment of the graded company's equity fundamentals as distinct from an assessment of debt fundamentals. A CRISIL IPO Grade should not be construed to mean a comment on the price of the graded security nor is it a recommendation to invest or not to invest in the graded security. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The grade is not a recommendation to buy / sell or hold the graded instrument, or a comm...

New changes in capital gains tax

  ONE of the important mid- to long-term investment avenues where individuals invest their savings is equity and mutual funds. Also, Employee Stock Option Plans ( ESOPs ) have been used as an important tool by the companies, especially the start-up businesses and unlisted companies planning to go for IPO in near future, to attract, retain and motivate employees. One of the key attractions in respect of the equity shares/specified securities listed in a stock exchange is the nil/lower tax rate in comparison with other investment assets. This is, however, set to change in view of the revised discussion paper on Direct Taxes Code. Long-Term Capital Gains If shares are held by the tax payer for more than 12 months, then gains arising from their sale/transfer are treated as long term capital gains. If the period of holding is lower, then such gain is treated as short term capital gains.    Long term capital gains arising from the sale of shares listed on a stock exchange in India on wh...
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