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Hey, guys in today in this article I want to share with you about what is life insurance and how does it work you see there are many unexpected things that occur in our lives we might pass away due to an accident or we might pass away due to an illness but there is one thing that we are hundred percent sure of that.
The term insurance plans were introduced with a very basic structure the plan will offer a death cover that will cover you for up to 65 years and premiums can be paid in only the annual mode then as more insurers started offering online term insurance plans things started to become a little complex today there are limited pay plans increasing cover plans staggered payout plans return of premium plans and dozens of combinations while this profusion of choices is good news it is also becoming a problem as most millennials are unable to decide on which policy to buy in this video we'll separate the wheat from the shaft and identify the most important variables you need to consider when buying a term insurance plan
Let's get started number one identify your needs and the term insurance coverage you seek your term insurance coverage should broadly assess how many financial resources your dependents will need to have to provide for themselves if you were to meet an untimely death and the best way to get started on this is to grab a piece of paper and do the one estimate your dependent family's monthly charges and multiply it 150 times this multiple of 150 factors future inflation and is a great way to start this process to add your liabilities on account of home loans credit card bills personal loans etc 3 deduct any liquid assets that you already have like fixed deposits stocks and mutual funds fourth add your expenses planned on account of important life goals that are likely to happen in the next 15 odd years like your children's higher studies or the marriage etc and point 5 finally add the retirement corpus you want to leave for your spouse on his or her retirement the total of all these will help you arrive at how much of term insurance cover one should be endeavoring for.
If you want to know how to calculate your term insurance requirements in greater details do check out a comprehensive video on YouTube where you will find number two determine the tenure of your plan once you know how much cover you need it's important to determine till what age you need the cover for you don't want the tenure to be too little as your policy might lapse before you are done with your financial obligations you also don't want the tenure to be too high because the premium charge from you will be high on account of the higher tenure a very good and scientific way of estimating the right tenure for your term insurance plan is to determine by what year will your liquid net worth that is the total investments that you have in mutual funds provident fund and stocks etc after subtracting your liabilities will be more than the life insurance requirement we have calculated earlier the age at which these two numbers coincide will be the age until which you need coverage because for start your assets will take care of your dependents upon your demise number 3 target to achieve the highest peace of mind per rupee of premium paid the premium is one of the most important factors that need to be considered your goal should be to get the highest peace of mind per rupee of premium the reason I use peace of mind rather than coverage per rupee of the premium is that consumers often value some key intangibles in decision-making this can be things like stability of the insurance provider or its reputation in the eyes of the policyholder since term insurance is a long-term contract often running into 30 40 or 50 years it is important for you to be happy with your decision of insurance provider.
Which will be a combination of premium and your perception of the insurer a useful tip here for most insurance companies term insurance policies that are sold online on platforms like ETMONEY are cheaper than policies sold offline in branches or our agents so it makes more sense to purchase term insurance plans online as it gives you a clear premium advantage number four choose your add-ons wisely term insurance plans offer riders at reasonable costs which should certainly be considered by you even if it might not fit in your requirements there are four major riders that are available which are one additional cover for death due to accident for an amount in addition to your basic depth cover shall be paid if you were to die in an accident to critical illness cover where a lump sum amount is paid on the diagnosis of one of the listed critical illnesseswith the life insurer, three waivers of premium on disability where future premiums are waived off if the policyholder is rendered permanently disabled and four waivers of premium upon critical illness where future premiums are waived off on diagnosis of a listed critical illness off the four riders the two waivers of premium riders come at low premiums while the critical illness rider is generally the most expensive one you have to run some permutations and combinations to see if the additional benefit match up for the premium charged.
Don't forget to read the fine print of all these add-ons which tend to be different for the and insurance companies number-5 broadly look at the claim settlement ratio claim settlement ratio attracts a lot of consumer attention as it indicates the efficiency at which the policies are being settled so when you see a number of 95 percent in the claim settlement ratio column it means 95 out of hundred claims reported to the insurance company were settled a word of caution here the claim settlement ratio is merely an indication and if this ratio is over 95 percent then the company has been very efficient about settling claims you really don't need to go much deeper into it as to see who has 99 percent ratio or who has 98.5 percent ratio it is advisable to use the claim settlement ratio as a filter rather than a key decision making criteria term insurance are long-term contracts which benefit your dependents and it is in your interest to identify the right plans for your family with use of the 5 considerations explained in this article
Insurance Two Wheeler Policy Overview.
we will pass away someday in our lives you see insurance is a product designed to provide you a measure of protection at least financially should a disaster happen and life insurance is specifically designed to protect your beneficiaries financially should you pass away one day so what exactly is life insurance and how does it work now before we move on I just want to give you a quick introduction of myself my name is dr. Sanjay Tolani and I are also the family leader of Sanjay mentoring family.
Here we will discuss the National Insurance Two Wheeler Insurance Plans.
which helps financial advisors like yourself to become successful financial planners have been in the industry for 16 years I have a unique view of what works and what doesn't in the financial planning world and it is my hope that I can pass this experience to the new generation future financial advisers so that they don't have to go through the same struggle as I have life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to the named.
Why two-wheeler insurance plans are required?
beneficiaries upon the death of the insured to put it simply you pay a sum of money called the premium to the insurer and when you pass away your beneficiaries usually your family members get a lump sum of money called the death benefit now the next question is should you buy life insurance you should buy life insurance if you have anyone who may depend on you for financial support, for example, your kids or elderly parents however if there is no one that requires you to support financially then life.
National Insurance Two-Wheeler Policy Coverage.
insurance is not required now let's take a look at a typical example of life insurance we have John a 50-year-old sole breadwinner of a family with a wife and two lovely kids like most families John has a property on a mortgage of 20,000 kept aside in cash and the same amount he owes to a creditor in debt of $20,000 now if one day when John passed away his estate would have to be distributed firstly his 20,000 cash set-aside might be taken away by his creditor secondly because he's.
The only one working in the family his property or mortgage might be taken away as well this leaves his wife and kids with no shelter and no money to survive his kids might also be in college and will be deprived of the needed funds for education but wait can all these problems be avoided if and only if John had a little life insurance now let's take a look at what happens if John did purchase a life insurance policy if John did purchase life insurance his commitment will be to set aside a portion of his income and give it as premium to XYZ insurance company upon John's death XYZ insurance
The important exclusions are as follows:
company will provide John's family a lump sum that is called the death benefit which would go to his family now this lump sum of money can be used to pay off his mortgage loan his family's expenses and in most jurisdictions, this sum of money is being protected from his creditors his children now also have the required money to go into college now you see why life insurance is important to everyone with a dependent you
Let's talk to you about the glamorous world of car insurance. OK, I totally get you could probably think of 100 other ways to spend an afternoon than shopping for car insurance. But it’s an essential job for anyone that owns a car. There are three main types of cover for car insurance in the UK: third party, third party fire, and theft, and comprehensive. In this article, I’ll give you a rundown of what each cover includes, a quick lesson on excess, and some extra cover options that might suit your specific driving style. Third-party cover is the minimum legal requirement for drivers in the UK. If you got a car, you gotta have it. Unsurprisingly, then, the third party is the most basic form of cover. If you were to get into an accident, this type of cover will protect you against injuries to others, both in your car and other vehicles, as well as any legal claims made against you.
However, it will only protect you against damages to someone else’s car or property, not your own. A popular choice among first-time drivers and those on a budget, be aware that third-party cover also doesn’t protect you if your car is stolen or destroyed by fire. Which would be an absolute nightmare of a day! Third-party, fire, and theft are the second-tier of car insurance. It works much like the third-party cover but, you guessed it, also includes cover for stolen vehicles and fire damage.
However, it still doesn’t cover you for damages to your own car, if you were to get injured or if your car is written off entirely. So, if you were to get into an accident, you could still end up forking out a lot of money to cover your own costs. When it comes to comprehensive cover, kudos to the marketing department for thinking of a dynamic, cutting-edge name for this top-tier car insurance.
Not all heroes wear capes, but some should have given the naming round-table just a couple more minutes! To be fair, the comprehensive cover does what it says on the tin, covering you against fire and theft, personal injuries and injuries to people in your car and other vehicles, damages to both your car, other vehicles, and property, plus the cost of any legal claims.
With comprehensive cover, you can get in as many accidents as you want. KIDDING! As well as the “big three” you may also have heard of pay as you go and temporary car insurance. And while they sound similar they are actually quite different forms of cover. Pay as you go is strictly usage-based, so you only pay for the miles you drive. This type of cover is ideal for people who regularly use their car but only for low-mileage journeys, such as the school run or trips to the supermarket.
Despite the name, pay-as-you-go insurance still protects your car even when you’re not driving it. It is just that the cost of your premiums is calculated based on your mileage. This can be done in one of three ways.
By tracking your miles. This usually involves fitting your car with a small device, similar to a black box, that tracks your distance.
The hourly rate. Again, using a device to track your hours spent in the car. The downsides to this method include having to pay extra for getting stuck in traffic and incidentally incentivizing people to drive faster.
The final method is to estimate your miles. This is ideal for people who regularly drive the same journey and know the exact distances. Otherwise, you could get stung if you overestimate your miles as many insurers won’t offer refunds for unused miles. Temporary cover, then, is purely time-based. It allows you to instantly insure a car from one hour to 30 days at pop and usually acts as a top-up to a pre-existing permanent policy. For example, you have a car that you pay a yearly premium on. But if your brother comes to stay for the week, you would add seven days' worth of temporary cover so he’s also insured during his visit.
Temporary car insurance doesn’t take usage into account, so whether your brother uses the car once, 17 times, or not at all, you still pay the same amount. The type of cover you will need will depend on how much control you want over your premiums, how often and how far you drive, and whether you're the sole driver of the car. For more information on whether you need temporary or pay as you go insurance head to finder.com/uk – the link to our comparison page is in the description below. There are two main costs involved with car insurance. The first is the cost of your cover. This is your insurance premium and is calculated based on your personal circumstances, the type of car you drive, and your driving track record.
The second is your excess. Your excess is a pre-set amount you have to contribute towards any claim made on your policy. So, if you’ve just crashed your brand new Bentley and your excess is £200 but the claim is £1000; you’ll have to stump up the 200quid before the insurance company pays out the additional £800. Most insurers will have a minimum compulsory excess amount and, typically, will let you raise your excess amount to lower your premium. Just make sure you have the budget to account for those out-of-pocket payments. Bentley’s ain’t cheap, honey! Even if you have comprehensive cover, you can still add extra levels of cover to your policy. So if you’re someone who’s always getting into accidents… well, you probably shouldn’t be on the road.
But if you think you’d benefit from a more customized cover, then it might be worth adding some of these optional extras to your car insurance. Lots of these are fairly self-explanatory. When deciding if you need any extra cover, it helps to consider not only what kind of driver you are, but where you typically drive and what you use your car for. For example, if your car is essential to get to work or drop the kids off at school, a courtesy car or car hire cover could be helpful to make sure you’re never stuck without a set of wheels.
As a former country gal, I can vouch for windscreen cover if you’re driving down a lot of gravel tracks or country roads. Acorns might look all cute and rustic, but they can do some serious damage. And don’t even get me started on conkers! With personal accident cover, you and your partner are covered should you suffer a serious injury as a result of a car accident. With this cover, your insurer would pay to help out with medical treatments, lost income, and recovery costs.
Protected no claims means you can still keep your no claims bonus even if you make a claim. However, to purchase this you’d normally need to have about three or four years of no claims. Shopping for car insurance is one of those thankless tasks all car owners have to do. There are loads of providers out there and choosing the right one for you will largely depend on personal circumstances. So, for more information, money-saving tips and to compare the best provider for you.