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Monthly Archives: January 2017

Info of Health and Medical Insurance

here are different types of health covers like private, family, business and group health insurance policies. The one that you buy depends on your requirements and one good way of analysing these requirements is to consult the brokers that operate throughout the country. Otherwise also buying health insurance can be somewhat confusing with the largest number of companies out there each trying to claim that it is the best. In this situation, a reliable insurance broker will be able to guide you as to which company and which policy will be the best suited for you. Another thing that you need to keep in mind while opting for an insurance policy is that it should be customized for you. This is possible when you consult an independent insurance broker as they are associated with a large number of insurance companies. They will definitely be able to find a tailor made policy that will suit your requirements perfectly.

Not only will you save a lot of time while dealing with the brokers, but also a significant amount of money, as well. If you try to look for an insurance company by yourself, it means endless hours spent on the internet looking at various websites. This will be prevented if you consult brokers. At the same time, these brokers will be able to get you the best policy at the most affordable rates. These brokers are adept at creating the best balance of coverage and costs while choosing an policy for you. Most insurance brokers in the country have a strong internet presence in the form of their own user friendly websites. These websites provide all the information about their services, skills and expertise.

Must know about Life Insurance

Life insurance as part of an overall financial portfolio is rife with mythology and misinformation. In this article, I will address some of the myths that continue to circulate and provide useful information to help consumers make some rational decisions on the purchase of this important personal asset.

The second issue deals with taxes: the “invest the difference” part of the equation will almost invariably have tax consequences: unrealized capital gains and dividends for non-retirement investment accounts will result in a tax bill. What that means is that, as the fund manager buys and sells stocks for the portfolio, the capital gains on those transactions result in a tax liability. Similarly, dividends that are reinvested are also taxable. In both cases, you will be getting IRS Form 1099s in the mail around January of each year, which will show the gains and dividends and must be accounted for at tax time. In both cases, you will have no money in your pocket but you will have more in taxes to pay. This effectively lowers your rate of return.

Whole life insurance products don’t have either tax problem: the dividends grow tax-free and the cash value can be paid out later in life on a tax-free basis. And, of course, the death benefit is not subject to income tax if paid out (although it could be subject to estate tax).

I now continue with others myths concerning life insurance. Probably the biggest one is that young, single people don’t need to buy life insurance. This myth developed and has been promulgated by the popular financial services publications because life insurance is supposed to protect survivors’ ability to remain financially solvent in the event a breadwinner dies prematurely. Therefore, according to this myth, young people, who are typically single, don’t need life insurance.

The fact is, that young, single people will almost invariably get the most preferred premiums: even substantial whole life policies are relatively inexpensive. And because young people are typically in the best health of their lives, they are unwritten at the best rates. As one gets older, the risk of having a rated policy due to health issues increases, which can dramatically increase the cost. In addition the cash value of these policies not have a far larger time horizon to accumulate.

For example, using the projections of a top-rated mutual insurance company, a $500,000 policy at age 21 will have a monthly premium of approximately $320 per month; waiting until age 31, the monthly premium increases to approximately $470 per month, and waiting until age 41 increases the monthly premium to approximately $730 per month, or more than double the premium at age 21.

What is more interesting is the cash accumulation for each example: starting the policy at age 21 provides over $600,000 in cash value at age 65 and over $1,175,000 in death benefit; at age 31 the cash value is a little over $454,000 at age 65 with a death benefit of approximately $931,000, and starting the policy at age 41 provides a little over $322,000 in cash value and a $754,000 death benefit.

Now, keep in mind, the amount of death benefit needed to maintain a lifestyle for a family will typically increase as both responsibilities and income increase. However, the earlier you start the life insurance component of your financial portfolio, the less expensive it will be and the more you will have accumulated for yourself or your heirs later in life. And a guaranteed insurability rider will allow a person to purchase additional coverage at specified times without having to prove insurability.

The next myth is that employer provided life insurance is sufficient to provide the necessary income for a family if the employee dies. Typically, most companies that offer life insurance as a benefit will provide coverage equal to one year’s salary, with the employee given the option to purchase additional coverage up to around five times their salary. These are always term policies, and generally only remain in force only during the time of employment.

Another myth is that only people with dependents need life insurance. People who are married and have no children still should begin a life insurance portfolio. Even if no children are planned, the surviving spouse will need a source of income to maintain a lifestyle and replace what the decedent generated while alive, even if the surviving spouse works. And if children are planned, then getting a life insurance plan in place while a person is young and healthy will make the costs more manageable as family expenses increase. And with the trend toward having children later in life, getting a permanent life insurance policy makes a lot of sense: the policy has grown in value, and the health problems that would preclude underwriting an older age are no longer an issue and the cost of maintaining a policy purchased at a young age is far more affordable.

A big myth perpetuated by the popular press is that life insurance brokers and agents are more interested in selling the product that makes them the most commission, not the one that provides the best coverage for the client. The vast majority of agents and brokers are highly ethical professionals. They are going to provide the best plan for their customers not only because of their ethics, but because it makes good business sense for them. A good agent is looking for a client for life, not a one-time transaction. And he or she is also wants to maintain an impeccable professional reputation: word that an agent is doing the wrong thing just to increase commissions will spread quickly and will destroy his or her reputation very quickly. It also can result in censure or loss of license by the state insurance commission.

Contents Insurance Claims

Flying sheep

With a dented car bonnet, the initial impression of the car was that it had been in an accident, maybe an argument with a tree. However the accompanying insurance form stated “flying sheep” as the cause of the damage. While driving over a bridge, a lorry heading for a local farm with a cargo full of sheep, had overturned on the road. In the ensuing panic, the frightened sheep had jumped over the railings and fallen onto the bonnet of a car driving beneath.

Verdict – Paid

The room of bears

While it’s generally considered environmentally friendly to recycle and reuse as much as possible, some people can take this dolphin friendly attitude to the extreme. Hoarders find it difficult to throw anything away, collecting a vast array of furniture and nick-knacks that make moving around the home rather problematic. The inconvenience of navigating from the lounge to the bathroom is somewhat compensated by being able to claim for a bedroom full of teddy bears estimated to be worth over £10,000 when unfortunate events fall upon your home.

Verdict – Paid

Back garden wedding

When a daughters wedding reception was planned in the back garden of their parents home, the “loss of use” clause was used in their insurance policy to pay for the wedding reception that had to be relocated to a hotel for the day.

Verdict – Paid

Tired at school

When a disposable BBQ caught fire on someone’s roof, the homeowner sought to claim back the work required to repair the roof. When informed that negligence (and the possibility of stupidity) caused the fire, the watertight argument of “I fell asleep during a physics lesson and didn’t know that hot things caught fire” was deployed.

Verdict – Fail

A bee broke my wall

Seeking to repair a dent in his kitchen wall, a man cited a bee as the culprit for the damage to his home. Apparently the bee, adopting a circular hovering pattern, made the man dizzy, causing him to fall over and plant his face through a wall.

Verdict – Fail

The i-Phone cow

Most of us lose our phones in taxis, on trains, or maybe even down the toilet. It’s rare that we will ever lose one in the rear end of a cow. A vet, in the dark of night, was using his i-phone light to assist in the delivery of a calf. In the throws and pandemonium of labour, the unimaginable happened and for the following days, Daisy could be seen wandering round the field with a muffled ringing coming from her hind.

High Risk Driver Insurance

There are many companies providing cheap auto insurance policies for vehicles. Depending upon your requirements and the budget you can select a cheap commercial policy for your car. There are many different cheap Toronto plans that can be selected depending upon your requirements be it an insurance policy for your home or your car or even a life insurance policy. Nowadays, availing a high risk driver insurance policy has become much easier since the introduction of the online procedure as it has helped to reduce the attached paper work. One need not make multiple trips to the insurance company to complete the formalities as these can be done very easily while comfortably sitting in your home.

In order to geta cheap insurance Toronto you need to have a valid driver’s license if not a driver’s license you must has received some training from a good driving school. After considering these parameters the insurance companies would offer you different policies. While looking for an policy ensures that the company you approach offers a cheap auto insurance policy that fits comfortably in your budget. Also if they provide an online option for completing the formalities along with a 24/7 customer care that can help you to clear out doubts if any.

Any reputed company offering cheap insurance Toronto would also offer insurance policies for professional offices, homes, retail stores, restaurants, commercial areas, night clubs and even personal insurance for your journey out of Canada. There are multiple policies and plans that you can have a look out and finalise the one in which you feel secure.