http://www.TimPelton.com Types of Life Insurance Policies – Term & Permanent are two types of life insurance policies that you will have to choose between as part of your estate plan. Term life insurance policies are the least expensive, and Permanent life insurance policies are more like an investment / annuity. Tim Pelton explains which is better for you Term Insurance Policies or Permanent Insurance Policies in his book, “The Ultimate Family Gift” available at: http://www.TimPelton.com
It’s important that you get the right coverage for your situation, and first you need to understand what’s available. There are five main categories or types of auto insurance coverage. Let’s go through them.
There are three types of health insurance cover available in the market today. These are
These policies cover you for hospitalization expenses. Actual hospitalization expenses are paid subject to a maximum limit of the sum assured opted for. All insurers offer policyholders cashless treatment in their network of hospitals. Policyholders can also pay upfront and then claim reimbursement from the insurer.
We recommend Mediclaim as a basic “must have” health insurance to our customers. Mediclaim can be individual or a family floater. In individual every person has his or her own individual policy. In a family floater the members of a family pay a single premium and have one insurance policy that covers the family. Sometimes parents and in-laws can also be included in the family cover. A floater cover provides a lot of flexibility for the family and normally works out more economical.
Fixed Benefit Cover
These is a new class of insurance products in the Indian market. These plans pay a pre-determined sum of money depending upon the number of days a person is in hospital and the type of surgery done. This amount may be more or less than the actual expenses you incur. We recommend this as an additional insurance to purchase after you have the basic mediclaim policy. Similar to the indemnity cover, fixed benefit cover has individual and family floater options. Fixed benefit policies will pay you the benefit even if the actual costs are reimbursed by a mediclaim policy.
Critical Illness plans
In these plans a fixed sum of money is paid if the person gets certain pre-specified diseases. Plans can cover anywhere from 9 to 35 diseases. In our view these plans are best bought after one has the basic medicliam and fixed benefit plans. They are ideal for diseases that are debilitating but may not require constant hospitalization – for example cancer or renal failure.
Each of the insurance plans described here can be taken for a single Individual or may include dependents such as the spouse, minor children, parents, parents-in-law, grandparents and grandchildren.
Different Types Of Car Insurance
Different types of car insurance may provide coverage for six or seven varied episodes or events. A car insurance policy has different guidelines and procedures depending on the chosen type of insurance. Since accidents are inevitable and they do happen, these accidents may incur financial responsibility. Whether it is minor or major damage, you will be held accountable to settle the damages; that is why car insurance is important.
Car insurance policies typically are divided into two categories: the first-party liability and the third party liability. The first-party is the owner of the insurance policy and the third party is the other person involved in an accident with the first party. The first party may have caused damage to the third parties property. For a more comprehensive examination of the different types of car insurance policies let’s consider the following list in the above video.
Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
Protection policies — designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies — where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
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