Why I Need Critical Insurance?

The word insurance brings up to our mind the terms like life insurance and health insurance. Critical illness insurance is probably not the type of insurance that comes immediately to our mind.

It makes a lot of sense to have one. Very often, we do not want to think about the scarier health related scenario. Unfortunately, our reluctance leaves us vulnerable and unprotected. The three major critical illnesses are heart attack, cancer attack and stroke. Other critical illness includes organ transplants, kidney failure, paralysis, blindness and heart valve replacement. There are several companies offering online critical health plans.

The critical coverage plan is relatively a fresh entrant to the market. It is beneficial for those in their thirties and early forties. The demography is not exactly the same as it used to be a couple of decades back. The main problem is not many are aware about this protection available. Comparing medical insurance policies are not focused on critical insurance. Critical illness coverage plans has been designed to provide medical expenses coverage that is not covered by a health policy such as copays, deductibles, alternative treatment and non-covered prescription drugs. It also includes non-medical expenses including rent or mortgage, car payments, utilities, car, premiums towards health insurance and lost income.

Critical insurance coverage plans can also make up for shortcomings in disability coverage that is employer sponsored that typically covers 60 percent income and may not be available at the time of need. Critical insurance pays the entire benefit in one time payment if the policy covers the diagnosed illness even when a person has fully recovered. Certain policies even pay more than expected, that is, in multiple times. With planned and well thought about decision making, the coverage plan in a critical insurance policy can help people face the challenges of an ongoing treatment and prolonged recovery period without getting too much under the debt. The plan chosen can also pay for a treatment that is responsible for saving life. It may also necessitate temporary relocation. It is advisable to compare different online critical health insurance plans.

The costs of critical insurance coverage plans depend on sex, age, health, tobacco products usage and the coverage amount. Larger coverage plans incurs lesser cost as compared to smaller coverage plans. However, care should be taken to study other details of the plan like coverage policies rather than focusing only on price. Comparing medical insurance policies can provide a rough estimate about the pros and cons of separate plans. Tobacco users may end up paying double premium in comparison to people who do not use tobacco. Individual coverage is possible in Critical illness insurance through the group plan used by an employerand in case of some life insurance plans, as a rider as well. The rates of a Critical insurance policy are generally guaranteed for 3 years. Critical insurance coverage plan strictly defines critical illness and ailment covered under it.

5 Keys to Choosing the Right Individual Health Insurance Plan

The internet has made it easier to compare different health insurance policies and shortlist health insurance plans. With the right health insurance policy, one can make substantial savings if a family member gets sick. Although there is no golden rule to choose the right individual plan, yet, some common tips help in the decision making process. Five keys to choosing the right individual insurance plan have been listed below:

• Determine your need and your affordability: Even before you start your online search for insurance plans, one needs to be sure about the details of the plan. You need to make sure that the benefits offered by the plan covers what you need for yourself and your family. However, the perfect plan will also come at a considerable cost. As an informed customer, you need to do a proper cost benefit analysis to make sure your trade-off between price and benefit is in the appropriate proportion. If we take into account, frequent trips to the doctors, medications and dental coverage - such scenarios eliminate unsuitable plans and makes the comparison process much easier.

• Don't overbuy: The scenario is similar to buying a luxury car where the monthly EMI equals your home loan payment. There is no point in purchasing a health insurance policy with benefits which are unlikely to be used at a high and unviable cost. For relatively young and healthy individuals, a policy with a high deductible is more suitable. Deductibles are the amount paid by insurers before certain benefits kick in. A plan with a decent deductible will cost considerably less per month and could save money in the long run.

• Walk through several plans: It is always advisable to go through several plans. In the process, benefits associated with different health insurance plans can be reviewed and analyzed for better decision making. At first glance, some plans may look appealing. Later, the same plan turns out to be a costly affair due to cost sharing arrangement. The burden of medical cost in the future will be a big headache. Hence, going through and analyzing several plans is the best way forward.

• Co-insurance and co-payments: Several health insurance plans require the holder to contribute to the coverage payments. The contribution is called co-insurance and is the portion the customer has to pay after deductible. A co-pay is a flat fee one has to pay while paying a visit to a doctor or specialist. While choosing a personal health insurance policy, consumers should look into co-insurance and co-payments factors.

• Reputation matters: After identifying the price and need of the plan, reputation of the company should also be in the reckoning. Ideally, a company with a long haul in the market should be trusted and relied upon. There are many ways to assess the standing of insurance companies and their health insurance policies.

Article Source: http://EzineArticles.com/expert/Amar_N_Tyagi/1056685

Ensure Peace Of Mind On Travels With Multi-Trip Travel Insurance

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Travel insurance policyjust got a whole lot better with the introduction of multi-trip travel insurance plans. When you compare travel insurance plans, it is always wise to choose one that has a multi-trip insurance. Quotes of travel insurance will always vary from one company to the other, so it is best to do an online compare, and then ask for quotes from selected companies, before putting your money in a plan. There are several advantages of choosing a multi-trip travel insurance over other types of travel insurance policies, especially if you are a frequent traveller.

Difference between single trip and multi-trip insurance policies:

Usually, insurance offered by travel companies are limited to a single trip. Travellers who are going on several trips in a year were forced to buy individual travel insurance policies for each trip separately. This leads to higher costs as well as limited options for coverage as there might not be enough money to cover all the extras for each trip if a separate insurance was being bought for each one. A multi-trip insurance policy offers coverage for all travels within a specified time frame, offering better coverage with lesser premium and money left over to cover any additional extras that are needed for the trip.

Who needs multi-trip insurance policies:

These policies are especially helpful for business travellers who have to make frequent business trips both within the country and abroad for work purposes. The multi-trip insurance even covers trips of very short duration. It is also beneficial for those who are bitten by the travel bug and end up taking vacations quite often within a short time frame. There are unlimited trips covered during a year in this kind of insurance policy.

Factors to look out for:

When taking insurance for business travel, ensure that you are covered for this in the policy. Also, when travelling for leisure with partners or children or both, make sure that the policy covers them as well. Some policies also impose a limit on the number of travels that can be taken in a year for people who are above a certain age, so this is another factor to be looked into before putting your money into a policy.

Some policies offer the advantages of providing coverage for even long durations stays, extending up from 31 days to even up to 90 days per trip. Regional and domestic sectors are also covered in many policies. When coverage is taken for the entire family, but travellers want to take a trip without the children, the policy remains active. Also, when there is any last-minute travel plans that have to be made, there is no need to go through the hassle of taking out an insurance at the last minute, filling out all the paperwork, and waiting for the insurance to come through, etc. Even last minute, unexpected trips are covered in the multi-trip travel insurance policies.

For the discerning and smart traveller, taking a multi-trip insurance policy gives peace of mind and happier holidays all around.

All The Information You Need On Types Of Life Insurance Policies

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A life insurance policyis often one of the first things that people take when they start their careers. A life insurance policy not only provides protection against any unforeseen events, it is also an investment for the future that can be a financial buffer for major life events. Whether it is pension plans or child insurance policies, it is important to know all about the different types of policies available before choosing to invest your money in one. Information is the key to better decisions, so find out all that you need to know about insurance here.

When studying the different types of life insurance available, there are certain terms that are occur commonly among them. Understanding these terms will give a better knowledge of what insurance policies are all about.

Term Insurance

The most basic type of life insurance that only provides life coverage without any savings or profits. Since the premiums are cheaper, they are more affordable and hence very popular. If the policy holder survives the policy term, there is no payout but if the policy holder expires during the policy term, the sum assured is paid to the beneficiaries.

Unit-linked Insurance Plans (ULIP)

In these policies, the money is invested in the stock market and hence the performance of the plan depends on the stock market. They are different from mutual funds in that they combine both insurance and investments.

Endowment Plans

In these policies, the sum assured is given to the beneficiaries/policy holder irrespective of whether the policy holder survives the policy term or not. This is called maturity benefit. The premiums are higher for these plans, as the sum assured is paid along with profits to the beneficiary or policy holder. The premiums are invested in both the debt and equities markets to generate the profits.

Whole Life Policy

In this, the term for the policy is not predetermined so the coverage extends to the entire life of the policy holder. The premiums are paid out by the holder until death, after which the family is given the corpus funds. 

Pension Plans

These plans guarantee a stable financial future for people even after they retire. This is useful for both government and private employees and is especially useful for those who are self employed. They offer investment returns as well as insurance. The premiums paid are invested in securities that are government approved. So while the premium is protected, the profits are also generated. The policy holder can decide when to start getting the pension, which is termed the annuity phase. The holder can withdraw any amount that is up to 33%of the total amount and get the remaining amount as regular monthly/quarterly/half-yearly/yearly pensions.

Child Insurance Policies

These plans are to provide children with all their future educational needs by saving and investing in the present. Risk cover is offered for the child’s life during the term of the policy as well as extended beyond it. This also insulates against rising education and other basic costs for childcare.