Posts Tagged ‘life cover’
Tuesday, March 9th, 2010
South Africa is the place where the first form of Critical Illness Cover was introduced. It was known as Dread Disease Insurance and it covered for a variety of forms of cancer. It has since become a more popular policy around the world. Not as popular as term life insurance but popular no less. It was in the United States that it started to gain some steam as it begin it’s life in North America protecting citizens against the risks of cancer. This was the precursor to today’s policies. It became more popular in the last ten years – in regions of East Asia, North America, and the United Kingdom.
The policies cover you, if you are to become ill during the term of policy. They will cover you against a specific number of illnesses as listed by the insurance provider. At the time of diagnosis you will receive a lump sum of money. It is often tax-free. The types of critical illnesses that will be covered can vary but you can be rest assured that cancers, stroke, heart attack, and most types of heart surgery will be included in a policy like this. Many companies may only cover 5-10 illnesses but they will likely be cheaper policies while over policies could over 100 different illnesses. When you are diagnosed with a critical illness it can be a difficult time on its own, so not having to worry about finances can be very helpful for many people. That way you can focus on getting better.
The term Dread Disease Insurance didn’t really catch on around the world so it was soon marketed under different names to help popularize this form of insurance. You wont hear many firms calling it that anymore. Instead, they will use alternatives like trauma cover, crisis cover, or even living insurance but Critical illness cover and critical illness insurance are the most popular. At one point in it’s history critical illness cover had very strict guidelines as to when it would payout but that has changed in recent years. Now it is a safe form of insurance that has strict guidelines that dictate when someone will or will not be paid out. A lot of insurance providers have expanded the number of conditions in order to be able to tap into a much larger customer base.
People get critical illness cover because their countries social and health insurance does not provide them with any coverage so they would have to pay for the affects of a serious illness on their own. Some citizens that live in countries with great health care still get these policies because it means they will get the best possible care, attention, and treatment that money can buy rather than just having the bare minimum.
There are other benefits with these policies as well. They include the fact that you will be covered for other things than just your medical expenses. There could be many repercussions from a critical illness that you can’t even think of. It could mean that your home has to be equipped so that you can get around or you may need special equipment to make you mobile. It really depends on the illness or disease that you might get but the possibilities are endless.
Want to find out more about critical illness coverage, then visit Jim Smithwick’s site on buying this form of cover for your all needs.
Tags: affordable life insurance, critical illness insurance, life cover, life insurance, Money
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Wednesday, March 3rd, 2010
The unexpected loss of the main source of income of a family happens every day. This change causes a great deal of stress for the survivors. Often the children are too young and the mother does not have job skills. Yet many bills remain, including housing costs, medical bills, and daily expenses. What do you have to fall back on?
This is the event where life insurance is required. As an employee you might be having some type of health insurance or accident cover while you are in service or even death. But this small insurance coverage are the normal requirements of a company and would certainly not be helpful for your family in case of your sudden death without having full coverage for your family to provide them in the long run in the event of your death.
Family insurance is a good investment for large families and also for people who has one or two children. It provides health care for the whole family, payment of mortgages, insurance of the home etc, which will give benefit when the bread winner, who is the main income earner to the family, loses his job or is unable to work due to some sickness, accident or death.
Given your budget and your needs, you can choose from various kinds of coverage. There are insurance policies that cover most types of medical care you\’d need besides doctor visits and surgeries, including tests and prescription drugs. There are even those that include dental care for everyone in your household, but the rates will take into account on how old the kids are.
For family insurance coverage children should be below 18 years. However, this could be issued to older children as well, until 24 years, as long as the children are full time students.
Most insurance policies, whether it is individual or family coverage, often excludes certain categories. These generally include eye glasses, braces, plastic surgery and some types of tests.
Life insurance and family coverage may seem like a waste of time and money if everything goes smoothly in your life and you do not have to deal with tragedies, but think of those unexpected moments that can occur where the choices you have made in your life could be the deciding factor on whether you will be able to still provide for your family or not. It is situations like that when having a family insurance policy will seem like the smartest investment you have ever made. You can rest assured that if a time ever came when you are no longer able to provide for your family, you have taken the proper precautions to made sure they will still have all the help they need.
To get a free life insurance quote you can visit the author\’s site at GetInsurance.co.za
Tags: affordable life insurance, insurance, life cover, life insurance
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Friday, February 12th, 2010
Critical Illness Insurance has a number of different variations on the standard policy depending on the insurance company and policy that you go with. This is also the case with regular life insurance policies. There are a few basic principles that can help you compare the different principles of these policies.
As most people know, life insurance is a form of assurance on the policyholder\’s life. A life insurance provider will assess the risk of the policyholder over a specific amount of time (or term) and use that to calculate your insurance costs.
If you are to die, during the term of the policy, then a lump sum will paid out to the beneficiary (or beneficiaries) of the policy. In many cases this will be spouses, children, or close family members. Life insurance is typically purchased by people to protect mortgages, and other things. The hope is that these extra burdens don\’t affect the policyholder\’s family after they die.
The next part of the process is deciding how much you want to be covered for with your policy. You may want to cover the amount of your mortgage so that it will be covered in case something happens to you. You might also have a repayment mortgage. This means that it might be better for you to purchase a decreasing term life insurance policy. These policies will have lowering premiums throughout the length of the term.
With life insurance, the total amount that is purchased is in direct proportion to the amount that you will pay each month in premiums. And since life insurance is based on the principle of life expectancy, if you are a young person your life insurance will be quite inexpensive because the chance of dying is very low.
Term life policies do not have any payout if you are to live to the end of policy however whole life insurance policies do have a guarantee. In that way, they are investment vehicles but they might be rather expensive investment vehicles.
The main difference with a critical illness cover policy is that the policyholder will receive the benefits rather than a beneficiary. Of course, this is only if the policyholder is diagnosed with one of the critical illnesses listed by the policy. The payment will be given out in a lump sum and should help the policyholder find medical attention, get a new job, or accommodate a home for the ill person.
Finding a critical illness cover policy starts with picking the amount you would like to receive if you become diagnosed with one of the critical illnesses. As with life insurance policies, the cost of a critical illness cover policy will go up if you want to be covered for a larger amount.
Critical illness cover does not payout if you survive the entire length of the term without any diagnosis so it has yet another similarity to life insurance. Both policies can be affordable ways of ensuring that you and your family are protected in the future.
Learn more about Critical Cover. Stop by Fred Madsen\’s site where you can find out all about breast cancer & critical illness cover.
Tags: affordable life insurance, critical illness insurance, life cover, life insurance, Money
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Wednesday, February 10th, 2010
Life insurance is one of those things that few people could fail to benefit from. It offers peace of mind to the policy holder and financial support to its beneficiaries. If you need a list of reasons to get life insurance, here are a few to get you started.
It essentially works like this: in return for your monthly premiums, the insurance company agrees to pay a lump sum to your beneficiaries (the person or people you designate to receive the death benefit).Most obviously, life insurance can provide for your family in the event of your death.
It is important to remember that with this policy, no restrictions are placed up your beneficiaries as to how they utilize the money. Your beneficiaries can decide if it will be used to alleviate debt, purchase their home, or even attend college. The amount they receive will vary depending upon the type and coverage you purchase.
In some instances, the benefit may be used to pay off money you owe. Some people may choose to link their largest debts to a decreasing term insurance policy due to the magnitude of their debts. For instance, a decreasing term policy covering a home debt will charge lower premiums as the the home loan is paid off. The insurance company will pay the remaining amount to the bank should death occurs before the loan has been fully paid.
If you would like your insurance death benefit to pay more than just enough to settle outstanding deaths, whole life insurance may be a viable option. Here, premium payments are made in the course of your life. Plans are available where you to pay a level amount throughout, or pay higher premiums at the start of the policy. Depending on the plan, payments cease stop at age 60, 65 or 85 but coverage will still continue. In the event of your death, the insurance company will pay out a benefit to your chosen beneficiaries. The benefit does not depend on how long you have actually held the policy.
South Africa is only one of two countries where life insurance is available for people who have tested positive for HIV or have AIDs. The premiums are slightly more expensive and the insurance companies will need policy holders to continue with anti HIV therapy.
Be sure to deal with well known, reliable companies with a history of making the payouts they have agreed to. Most experts suggest approaching at least five companies to educate yourself about the different life insurance plans and options available.
Bear in mind that a life insurance policy may be the only protection your family has from financial hardship in the event if an unexpected death. The peace of mind coming from the knowledge that your family will be provided for more than offsets any inconvenience you may experience now.
Tom Martens is the content syndication coordinator at lifeinsurance-southafrica.co.za. South Arica\’s leading Life Insurance portal
Tags: affordable life insurance, death, Estate planning, insurance, life, life cover, life insurance, Life Protection, medical, retirement
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Monday, February 8th, 2010
Critical illness cover is a type of insurance policy that will pay out a sum to the policyholder if they are diagnosed with a specific critical illness. Most insurers will include the following illnesses with a critical policy: cancer, stroke, and heart attack.
Your insurance provider will have specific definitions of each of these policies, and the illnesses that will need to be met in order to be considered ill by their standards. These requirements will need to be met in order to receive your money.
Each provider will have a different list of illnesses that they cover besides cancer, heart attack and stroke (which are covered on every policy). It’s important to know that your life insurance adviser is able to explain these details to you so that you know you are being covered for the right things.
The Association of British Insurers (ABI) has created a list of specific definitions that insurance companies must use as a model for critical illnesses. There are 23 definitions that they use for their ‘Statement of Best Practice’ regarding critical illness cover in the United Kingdom.
Illnesses that are included in this document include loss of speech, paralysis of limbs, a major organ transplant, traumatic head injury, and things like coronary artery by-pass. Some of the illnesses will have specific requirements like “burns to the body”, which “must cover at least 20% of your body’s surface.” One of the other examples is HIV infection. To be considered you need to have caught HIV from a blood transfusion or a physical attack while living in the United Kingdom.
A good way to compare policies with different providers is by reading their Key Features Document and checking which illnesses are covered with which policies. One extra option that a lot of providers include with these policies is Total Permanent Disability as an illness.
A lot of UK residents choose to purchase critical illness cover for their children, which would pay out at around 25% of the policies sum assured. These children’s policies are usually capped at a certain amount though.
Another benefit that is usually included is a ‘waiver of premium’, which can cover payments when you fall ill and can’t work. Adding this onto your policy will often increase the costs though.
Being prepared and informed when buying any life insurance policy is important and especially critical cover. Its good to know about all of the possible exclusions that might be involved for things like dangerous pastimes and sports, drug abuse, alcohol abuse, criminal acts, self injury, and even things like living abroad. The idea is that living abroad may be dangerous to your health.
Most insurance providers will use similar definitions and include their own exclusions if necessary. A typical exclusion would be something like a non-disclosure of a medical detail such as one of the listed illnesses. Before signing the policy and paying your premiums you should make sure that these exclusions do not put you at risk. If they do put you at risk there may be no point in getting an insurance policy. For that reason, you should make sure you speak to a qualified adviser and tell them the truth.
You can usually bundle your insurance products together to save money. So a normal package would include life insurance cover, Permanent Health Insurance, and Critical illness cover. All of these things might not be necessary for your specific needs but a lot of people would rather be safe than sorry.
Learn more about critical illness cover. Stop by Vern Eaton’s site where you can find out all about how to compare critical illness cover prices in the UK.
Tags: affordable life insurance, critical illness insurance, finance, life cover, life insurance, Money
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Friday, February 5th, 2010
If you are a family person then not having a life cover should surely not be your opinion. A life cover gives your family financial security, not only when you are with them but even after your death. It is essential to decide the right amount to have a life cover, which to some extend depends on your monthly salary and the savings done from it. The amount of life cover may vary from person to person. Having a life cover is the most important thing which a family man should have. If you are interested to know more about the actual amount that you need to cover for your family, you may read this discussion.
If ever you meet an insurance agent he would definitely suggest you to have a live cover which is four times or even eight times of your annual salary. If you have a salary of $40000 you would have to have a life cover of $160000. This amount may not necessarily be enough for you. You are bound to know more about your family than any insurance agent would.
There are a few important points that are to be kept in mind before deciding the right life cover for you. Like for example, what kind of financial back up have you set up for your family, is your spouse earning, are the kids old enough to manage their lives, what if you are a single parent, how are the things going to be managed by your surviving spouse, and so on.
Further, when considering a term insurance, one should also take a look into a special type of term insurance where the cover decreases during the entire duration that the life cover is in force. Thus, the beneficiary of this type of term insurance receives the maximum death benefits if the policyholder dies before the first anniversary of the policy while the former receives the lowest amount of death benefits if the policyholder dies within the last year of the policy.
On the other hand, a life insurance provides a feature for savings generation on top of the life cover. This accrued savings serves as the cash reserve of the life insurance policy. This savings is drawn as the cash surrender value if the policyholder decides to discontinue the policy. The cash reserve generation commences when the policy completes its one year cycle. If the policyholder dies, the beneficiary or beneficiaries are entitled to receive the cash proceeds as per stipulation in the policy. When you decide to get a life insurance, you have to select between a universal type and the life insurance type of life cover.
The whole life type of insurance policy is generally defined by a premium amount that will remain unchanged for the entire life of the policy. Further, when you opt for this type of life cover, you will not have any control on how the insurance company will invest the funds.
You can even get a chance of paying a premium of a lower rate if you tend to buy a life cover when you are young than paying a premium of a higher rate when you are older. The earlier you buy it the better it is for you.
Susan Reynolds is the webmaster for a leading South African Insurance Portal that provides consumers with the best Life Insurance Options.
Tags: affordable life insurance, death, disability, finance, health, insurance, life cover, life insurance, people
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Thursday, January 28th, 2010
Examples of why people get life insurance are plentiful. This is an insurance policy an individual can get to cover themselves or another when the case of death arises. These types of insurance are used to ensure financial stability to the ones still living.
Married couples often choose this type of insurance allowing the significant other to become the beneficiary. This means all funeral costs, and any other expenses incurred to cause a death will be paid at once.
While calculations are prepared based on several factors. A young person will not pay the amount for a premium, that and elderly person will be quoted.
If you are a senior citizen, still working as a steel fabricator on high rise buildings, that smokes cigarettes, and drink alcohol constantly. You will probably not be able to afford life insurance. This is when the described person comes to a crossroad. Either change the lifestyle or choose another alternative to take care of those that will be left behind.
After an insurance agent gathers all required information to perform an a quote. The applicant will be asked to visit a family doctor for a full physical. This is done, to ensure the person is in good health at the time of purchase. This increases the results for an accurate quote.
If your lifestyle consists of knitting, cooking, reading, etc. You will be determined as a low risk lifestyle and a quote will be low. Some high risk examples include: parasailing, rattlesnake hunting, or recreational drug usage. The higher the risk, the higher the price of insurance, and vice versa.
The agent providing a quote, will ask how often you do things that are defined as risk assessments. For example, a daily “happy hour” attendant will be a higher risk, than a social drinker.
Nicotine and alcohol in excessive amounts have raised the death rate statistics and play a big role in the price of life insurance.
While planning for the future, take all these examples into consideration. The price of a life insurance policy will lever on this information.
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Life Insurance information portal
Tags: affordable life insurance, insurance, life cover, life insurance, Money
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Sunday, January 24th, 2010
Any living soul would be wise to have life insurance. The price of a life insurance policy has some variables. Age being the largest variable, commonly a young person is less liable to pass away compared to an elderly person. Then, line of work, the way of life, medical history, and habits.
When forms are being filled out to purchase life insurance, there will be questions to answer. Such as the type of employment, health conditions present or preexisting, what type of life style lived, and which habits you possess that can be harmful to your life.
If a person’s application information falls under one of the categories that proves to the life insurance provider, the person is classified as a chance. Typically, the criteria explains the person asking for insurance takes more life threatening chances, and the rate ratio will be greater for the person that takes a lot of chances with their lives. There are several other ways to cover those left behind, financially. Another hurdle to think about would be if the type of life insurance that is being requested is the best well-being of the person that holds the beneficiary role.
The main reason for having life insurance is because most people are in debt already. The insurance policy holder, usually wants to make certain the expenses are covered in case of death. Life insurance is imperative, if the beneficiary and the policy holder are not financially stable enough to have a separate account.
If the claimant for the insurance policy has no one to leave anything to after death, life insurance is useless.
There are numerous expenses that need taken care of in case of the expected or unexpected death. Mostly, if the insured person is partnered in some way, these funds are used to compensate any financial set-backs that were accumulated involving the deceased.
The logical selection of life insurance is a realistic approach to ensure the protection of monetary liabilities gathered from burial expenses.
Life insurance amongst family, is usually used to cover funeral expenses and hospital bills in case the deceased was medically disadvantaged at the time of death. Any part of a business relationship that is has also developed into more, by having a life insurance policy, this will ease the discomfort of loosing a business partner, limiting the concern for paying bills, while mourning.
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Life Insurance information portal
Tags: affordable life insurance, insurance, life cover, life insurance, Money
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Friday, January 22nd, 2010
Basically, life insurance is used as a financial precaution in the time of the loss of life. Married couples get life insurance to take care of the survivor of the relationship.
Regardless of the type of business, most wise businesses accumulate policies on it’s alliances. The act of getting insurance excludes any financial losses as a result of an alliances death. Although, many wonder who’s lives are able to be insured.
Anyone is able to get insurance on their life. Typically, the cost is the issue when contemplating if this is a policy that is needed by the purchaser.
The things that limit an applicant from getting a reasonable life insurance rate is the amount of risk a soul puts on his/her life on a daily basis. The more danger a soul is involved in, the higher the cost of insurance.
Be extremely careful when gaining an insurance policy. Although, no one is turned down for trying to get insurance on a life, there are things that will increase costs. Anything with carcinogens, are considered life threatening and will raise the degree of risk bracket that is used to determine the costs of policies.
Analyze the stipulations that will be used to decrease or increase the cost of a life insurance policy. Then think of whom will become the beneficiary. Would a person benefit from paying premiums of an insurance policy in case of death?
When you look at the stipulations and you decide to tweak your way of living to get a better price. Someone will benefit from your efforts, and you are willing to make these changes, then life insurance is recommended.
Being recognized as a low risk on the price scale is simple. Be young, do not engage in dangerous work, and limit the amount of toxin intake and you will have smooth sailing. Although death doesn’t prey on certain ages, insurance companies find higher death risks in older applicants.
The last thing to realize when deciding on life insurance. How much money will the beneficiary receive? Is the ratio of premium payment to benefit feasible? Will all costs be covered? These are a few questions to ask yourself when making a decision.
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Life Insurance information portal
Tags: affordable life insurance, insurance, life cover, life insurance, Money
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Saturday, January 16th, 2010
A life insurance policy is exactly what its name suggests’an insurance policy covering the loss of your life. You buy your life insurance policy from an authorized agent, paying the insurance company a set monthly, quarterly, or annual premium. In return, the insurance company agrees to pay out a contracted amount of money after you decease. The proceeds from your life insurance policies go to the beneficiaries you designate, typically in a single lump sum payment. If your do not designate beneficiaries for your policy, then the insurance company makes the lump sum payment to your estate.
There are two basic kinds of life insurance: Term insurance, also called protection policies. These policies are temporary, providing coverage for a specific number of years for a set premium.
Term life insurance does not accumulate cash value. When you buy term life, you are just buying your family or loved ones or business partners protection in the event of your death.
Whole life, also sometimes called permanent life insurance. The objective of whole life insurance is to accumulate money through the payment of regular or lump-sum premiums on which interest is paid, while also providing coverage in the event of death. Whole life coverage is sometimes also called permanent life insurance. The premiums you pay for whole life do not change, and there is a fixed, guaranteed cash value for the policy. The funds accumulated from the payment of premiums each year can be paid to you whether or nor you die, for emergencies, vacations, retirement, or other expenses. If you take these funds for other purposes, of course, they are not paid when you die.
The type of coverage you buy generally depends on the goals you want life insurance to accomplish. Many people find that term coverage suits their needs, if they just want to make sure that their bills are paid and that their heirs receive some cash after their deaths. Other people want a reliable source of cash accumulating year after year as they pay their premiums. You can speak with qualified life insurance agent to determine which kind of policy is best for you.
The type of life insurance policy you need will depend on why you are purchasing the insurance and the goals you want the insurance to accomplish. Most people find that a simple term life insurance policy suits their needs, while others want to make sure their bills are paid and their heirs receive a settlement after their deaths. You can discuss your needs with a qualified life insurance provider in order to determine what policy is best for you.
Life insurance usually covers death, dismemberment, accidental death and serious illness, depending on the type of policy purchased. Proof is required in all cases before payment will be made on any life insurance policy, regardless of the policy type. To purchase life insurance, you will need to get a quote from a qualified insurance provider, give an accurate picture of your medical history and receive a physical examination from your doctor. Once you pass your physical exam and your medical history is approved, a premium is required. After the premium is paid, then your life insurance policy is activated. A qualified insurance provider can also answer any specific questions you may have, as well as help design and tailor a life insurance program to help meet the needs of you and your family.
Tom Martens is the content syndication coordinator at Lifeinsurance-Southafrica.co.za South Arica?s leading Life Insurance and Life Cover portal.
Tags: affordable life insurance, death cover, disability cover, family, life cover, life insurance, Money, personal finance
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