The word Insurance refers to the promise of repayment of the money in the case of any loss to the insurer. The insurer may be an individual or a company who have made prepayment to an insurance company for a secured life. Insurance also provides security against future loss. We cannot predict the timing and the occurrence of loss. So we need insurance plan in order to protect ourselves from the future loss. An insurance policy provides financial assistance to support medical, personal and social services.
Types of Insurance:
Different types of Insurance plans are offered based on your needs. Some of them are
Life insurance policy is sometimes referred as life assurance, provides reimbursement of money to the decedents family or other designated. Life insurance gives security for you and your family. The life insurance may be permanent insurance or term insurance. The term insurance is somewhat expensive and complicated. Since the duration of this term insurance is limited to 1 to 10 or 20 years. If something happens to the insurer during this course of time, the death benefit is given to the recipient. If nothing happens at the end of term, they will not be benefited fully. Whereas the permanent life insurance is more secure and gives protection throughout the lifetime. If you cancel the policy then the accumulated cash will be yours and you can make use of it.
Health insurance is a type of insurance, which covers medical costs of the insured when the insurer becomes sick or injured. Health insurance plans offered in two categories. They are individual and group insurance policy. The individual plans covers health costs for a single person whereas the group health insurance plan covers medical coverage for the entire family.
Like health insurance, dental insurance covers dental costs for an individual or group. The costs include normal dental care cost as well as damage to teeth in an accident. Most people in the United States are getting along with their health insurance plans from their employer. Whatever may be the type of policy, it provides you a financial aid for you and your child in future. Dental insurance covers both individual and group. The group dental is more economical and beneficial than the individual.
The insurance which legal liability against driver or incase of loss and damage to the vehicle.
Property insurance gives protection against your property. This includes specialized forms of insurance like fire insurance, flood insurance, earthquake insurance, home insurance etc.
Need for Insurance:
For secure life, we require insurance plans. Because anything may happen tomorrow, the things are unpredictable. Insurance makes you to prepare for future. The health insurance plans are provided to in order to meet the expense of any health problem.
Now a days health and dental coverage for an individual/family becomes more expensive. So it is advisable to have a health insurance plan. You can get reasonable price on your individual health and dental plan through an employer.
Whatever may be the insurance plans it provides “protection against future loss”.
Life is precious to every creature (big or small) on earth. From a tiny ant to big rational agents every living being loves life and wants to protect it. For a human being the most prudent way to shield his life from all the forthcoming perils is to get life insurance. Life insurance not just guard the life of the policyholder but it is also a great help to other family members.
Life insurance pays for almost all the major misshapenness in an individuals life. If the person is suffering from a chronic illness, it bears the medical expense. Life insurance money can be used in cases of a severe accident. After the death of the policyholder, the insurance pays for his funeral and other related ceremonies. Thus life insurance is a big financial assistance not only when a person is alive but also even after it.
However the extent to which a policy will be active or beneficial depends on the kind of life insurance policy taken by an individual. For instance, the term life insurance policy is all about protecting a person for a term before he dies. But if the individual dies during the policy term, the beneficiaries receive the benefits. Term life insurance is ideal for those who want that specific needs such college tuition; mortgage payments and car payments should be cared for at their death. This insurance is also favorable for the families who cannot afford to pay large monthly premiums. It is also good for senior citizens who know that they will kick the bucket soon. Many companies associate different terms and conditions with the term life insurance policy and so offer several types of it. The term life insurance an also be converted to any other form of insurance such as whole life insurance.
The people who seek to insure their entire life and are ready to pay big premiums throughout should go for a Whole Life insurance policy. This policy is good for young but not meant for the old. The whole life insurance has a distinguished cash surrender value feature. The cash value (composed of cash value and dividends) keeps on incrementing annually according to a specific schedule in your whole life insurance policy. Many whole life policies reward the policyholders with dividends that can augment the entire cash value.
Besides these kinds of life insurance policies are also health insurance policies. These policies are devised for those suffering with chronic illnesses particularly cancer. Such policies are difficult to acquire (for very few agencies offer them) and are usually offered at high premiums. The health insurance may pay for some of the patients treatments but it does not pay for everything.
Prior to purchasing a life insurance policy, a person should make a prudent assessment of his current situation and needs. Accordingly he should look up Internet, consult friends and relatives to find either a reliable insurance company or an agent. Choosing from where (insurance company and agent) and what kind of policy to adopt is a challenging task that requires lot of consideration and discussion.
The basic reason why anyone requires auto insurance is for protection for both you and your car. Depending on your location you have a number of options to choose from for the type of auto insurance you require. Initially, it can be confusing with the plethora of choices available to consumers today. But by getting an understanding of the different types of auto insurances, the task is certainly made easier.
Apart from a handful of states, all the others require a minimal amount of liability insurance. This type of insurance is mainly meant to protect the occupants of the other car when you are responsible for any damage. It covers their medical bills and car repair but not you or your vehicle. For yourself, the insurance you need is comprehensive or collision insurance.
Auto insurance quotes for collision insurance are much higher than liability insurance mainly due to the fact that the coverage is a lot more. It pays for the repairs required for your car as well as your medical bills irrespective of whether or not you were at fault in an accident. Comprehensive insurance covers a majority of other kinds of damage to your vehicle including fire, vandalism or natural disasters.
Based on the particular circumstances, various deductibles can be opted for that will alter the total estimated annual cost for collision and comprehensive auto insurance quotes.
Medical payment and personal injury protection are also available with some companies. They increase medical coverage and sometimes even cover lost wages, childcare costs and related expenses owing to accidents.
Bodily injury coverage is an important coverage in addition to the minimum requirement coverage. This is for auto accidents where you were at fault and in situations where the injury of the other vehicles occupants exceeds their personal injury coverage. Lacking this coverage gives the victim of the accident the right to legal action which may result in a financial responsibility being placed by the state on you and your motor vehicle report. This would remain for three years. It is also referred to as an SR22.
Uninsured motorist and underinsured motorist insurance take care of you when you happen to be in an accident with those who either dont have or have insufficient liability insurance.
Rental reimbursement and towing and labor insurance are other additional options. These costs are usually classified as add-ons or endorsements to your policy.
For auto insurance quotes companies require details about driving records, age and duration of a license, apart from inspection of your car for the purpose of certifying it.
Usually, this type of health insurance is advisable to those who have to take frequent trips, especially abroad trips and whose job involves frequent journeys. Travelers health insurance provides you protection from recurring medical conditions and health conditions. You may be having a health insurance policy that did not admit insurance claims involving out-of-network costs, especially those incurred overseas. Under such circumstances travelers health insurance is best option to secure health care protection for you.
Generally, a short-term health insurance plan is considered suitable for frequent travelers. Some companies offer you health insurance plans with a rider for the period you would be traveling. There are different travelers health insurance plans. There are certain restrictions on the plan depending upon place of visit and price. To ensure more protection you may choose to obtain a supplement plan if your current policy is restricted to traveling options.
Acquiring a travelers health insurance plan is a simple procedure. Only formality is that you have to present pre-existing conditions. Travelers health insurance policy becomes void if the medical problem is attributable to existing illness or accident.
It is suggested that you collect the information of medical facilities available at the place you intend to visit. This will help you in deciding whether a normal travelers health insurance will suffice or you should secure a health insure plan that provides evacuation facilities or offers better hospitalization benefits.
You must give due consideration to following aspects whenever you have to purchase a travelers health insurance.
Does your plan cover prescribed medicines
Does it cover your and your spouse evacuation
If your entertainment activities involve adventurous activities like skiing, mountaineering, scuba-diving etc you must ask your insurance provider whether your plan provide coverage for these extreme sports or not.
Whether your policy has provision for return of your remains, in the direct condition.
Read the rules, benefits, coverage printed on the insurance certificate carefully.
Know the exact method of payments. Ensure whether your insurance company will directly pay the expenses to the provider or you have to first pay from your pocket and then reimburse from insurance company. If you have to reimburse confirm about the time-schedule.