Health Insurance: Do You Know You Need To Make Your Insurance Work For You?

You need to know that however extremely careful you may be in taking proper care of yourself there will be time when your health will give you serious concern as you break down due to some daily obligations you do, without having any other options. And through this find yourself in the hospital for one or two days. This necessitates having a health insurance premium in place more desirable. If you are not prepared and do not have enough health insurance coverage, this can greatly affect your savings and put you at disadvantage of meeting up with your future expenses. Thus, it is very important that you choose the best health insurance plan that can help you in case of an emergency.

The first step to ensure you have a reliable health insurance in place is to search rigorously different types of insurance policies around purposely to check out all the health insurance options available to you. After you might have seen one you’ll like to go for, you’ll also have to consider your family’s health needs as well when signing-up for any insurance plan.

There are two types of health insurance plan that you can sign-up for. They are:

i.    Private health insurance plan; and

ii. government health insurance plan.

The private health insurance plan is the type of insurance personally signed-up for by an individual according to your preferences. This type of insurance is also provided to you when you are employed by a company. It is the responsibility of the company to provide you with coverage as part of your employee benefits.

On the other hand, the government health insurance coverage is provided by the government. This may be offered to you on a local, state or national level. Medicare is an example of a health insurance plan offered on a national level. Medicare benefits are available for people who are over 65 years of age, and to persons with disabilities. Other government-initiated health insurance programs include: Medicaid, the State Children’s Health Insurance Program, health care benefits for the veterans and military, and host of other government health related insurance schemes.

If your own preference is to sign up for a private health insurance plan, you’ll have to learn all what you need to know about the coverage stipulated on your contract. It is your responsibility to read the coverage information and check the sections stating the exclusions carefully to guide against signing in for a policy that will not be to your own interest. You must avoid signing up for one which has a long list of exclusions that would not cover much of anything.

More importantly, make sure that you have a copy of every contract you signed for reference purposes. You must also ensure that all personal information filled is absolutely correct and up to date and you must take note of when your health insurance commences and its duration or coverage period.

You have to remember the need to have health insurance in place is to be able to make use of it when needed. Any health insurance you registered for must be designed to meet up with this expectation.

Thank you.

Do You Know Why Sports Cars Cost More To Be Insured

Different make and models of cars are made and released for public use on daily basis. And as much as some of these cars are released so is the sophistication of some of these cars. This resulted in the introductions of sports cars into our automobile markets. Sports cars are exclusively made and sold; and so is the auto insurance policy attached to this unique masterpiece.

Then, have you ever wondered why sports cars can cost far more to be insured than any  other types of car – even when the purchase price of the sports car is less expensive in some instances?  Listed below are the reasons attributed to this assertion:

Car Insurance Group Are Divided Into Several Categories

While the yardsticks that determine the make-up of car insurance quotes are not publicly known, what is known is that insurance companies ‘group’ certain types of cars into different categories. Based on this foregoing, insurance companies have groups cars into different categories that ranges from 1 up to 20 based on certain criteria best known to them. It’s the secret of the business though and we need to know more about this than the groups available for us to pick from.  Group 1 is known to be the least expensive type of car to insure while Group 20 is tagged the most expensive type of car to insure.

So, if you buy a Fiat Panda, you’ll be classed a Group 1 car driver.  But if buy a sports car, any sports car to be precise, you’re in no doubt going to be classed as a Group 15 and above driver. However, if you buy a performance sports car, such as a Porsche 911,  you’ll definitely be Group 20 driver!

To make the reasons why sports cars quotes are always on the high side, there are some things to be considered that will give us a true picture of why sports cars auto insurance are always on the high side. They are:

Armed Robbery, Car Snatch and Cars Theft

The rate at which armed robbery, car snatch and cars theft occurred across the world is highly alarming. For example, over 2 million car crimes happen in the UK alone each and every year. This is equally peculiar to different countries of the world, united State of America inclusive.  You need to know that apart from some popular model cars, such a Ford, the biggest car crime category is sports cars!  Do you have a soft-top convertible sports car, and you stand the chances of having the car being stolen are red hot!  So, even if you live out in the countryside with no one else around for miles, you will still be seen as driving an extremely high risk car when it comes to car theft.  With such an increased risk, there comes an increased premium you can’t run away from!

Increased Rate of Accident and Vandalism: Another reason why sports cars auto insurance attracts high premium is the increased in the rates of accidents and vandalism. You should know that insurance companies are established purposely to make profits and any business transaction that can make them run into great loss must be attended to with great caution. Insurance companies are not equally a charity organisation – they’re in the business to make money.  As such, they keep vast amounts of data and part of that data tells them that if you drive a sports car there is an increased risk you’ll be in an accident and that the accident will be more serious (and costly) than if you were driving a regular car.  As such, the premium charge is going to be higher.

Age Factor: Are You Under 30?: The age of the insurer is another factor to be considered while having an auto insurance done for your sports cars. You need to know that if not for the fact that you just won the Lottery, if you are under 30 there are no appealing factors when it comes to insuring a sports car.  Not only will the insurance company see the car you drive as being a high risk car to insure, but you as the driver are far more risky to be insured as well.  Consequently, car insurance premiums for those 30 years of age or under, driving sports cars, is probably the highest of all types of car insurance available. All the developed countries of the world equally have age specification in auto insurance for cars purposely to take proper precaution on their insurance premiums.

Thank you

How And Why Should You Get Life Insurance For Yourself And Every Member Of Your Family

Insurance is known to be one of the major criteria to secure a better future for yourself and every member of your family. The increase in population with its accommodated increase in social vices such as armed robbery, kidnapping, accidents and other natural disasters like fire, etc. have made taking an insurance a must for everybody if you really want to stay afloat of this life unexpected occurrences. 

You have to know that everything in life is unpredictable and this should be enough for you and me and everybody should prepare for any eventuality that may occur at anytime and which is capable to make anybody lie on flat face on the ground and which may not give room for second chance to survive. In fact, the only things certain in life are taxes and death. One or both of these things are bound to happen at some point in a person’s life. While taxes will always be present in every society, death can come like a thief in the night.

On daily basis different types of diseases are discovered and some of them don’t even give clue to what their remedy may look like let alone of curing its suffers a bit. Its not an understatement that sickness and death are frightening as it is. They become more frightening when such sickness is suddenly discovered at a time you have not even prepared for such an eventuality. This is the reason why every person should get a life insurance.

It is ideal for you to plan your finances and work towards how to get your now and near future on a solid footing by getting your life insurance done without any further delay. Getting a life insurance is just like saving up for the future because there are life insurance policies that provide for a cash value in the event that the insurance is not used up by the person insured. Under this provision, the insured can withdraw or borrow from his insurance policy as at when you desire to do so without any hindrance whatsoever, once you have a better understanding of how you can go about doing this. It also means preparing for the future of the people you love in case something happens to you.

A life insurance can provide a viable opportunity for every member of your family who relied on you for their sustenance in case of any eventuality to their breadwinners. When the bread winner dies, these dependents have no one to turn to for sustenance and survival but if the bread winner has a life insurance, then he is assured that he will leave his dependents with something to hang on until such time when they are already capable of providing for their own needs.

Once you are working you should endeavour to at least make it a necessity upon yourself to have a life insurance policy to make preparation for the raining days to afford your family a secured and better life if anything should happen to you in the nearest future. Must you put your family member at the mercy of Mother Nature that don’t give succor to anybody that doesn’t prepare for any life occurrences that might rear its ugly head at anytime without consideration of whom you are or what you’ve become. Remember, you can’t take something out of NOTHING!!! Very simple.

Any person who has an income should get a life insurance not only to serve as a lifeline for their dependents. A life insurance can also take of the death-related expenses of the deceased including expenses for the funeral and even for probate of his will.

It is certain we can never all be lucky equally to have things working for us without putting forward any effort. Do you remember the Law of “Give and Take”. What you sow is what you reap. Though, some people might be lucky to have mansions and real estate left for them by their bread winners but the most important thing you need to know is that these people also have foresights and that’s why they could work towards how to make life meaningful for their family members after their death. With a life insurance policy, a parent can now leave even a meager inheritance to his dependents or beneficiaries. And, you know half bread they say is better than none.

Getting a life insurance policy is very important especially for people who have dependents, particularly very young children who are not yet able to work and fend for themselves. The amount of life insurance you should work towards having should be in line with the number of dependents in your family and this should also be considered based on his paying capacity. Don’t stretch yourself beyond your financial capacity. Do things with moderacy and to be able to do this you should at least find a financial analyst that can help you plan how to make your life reasonable based on your earning capacity.

If you are interested in getting a life insurance policy, you have a greater opportunity to choose from array of insurance companies around. But please don’t just settle for any insurance company you can see very close to your house or your office. Internet has made it very easy even for a remotest insurance company to very close to you. Make a thorough search to know which company is ideal for you and go for it. A term insurance is paid out by the insurer after the death of the insured. 

A whole life insurance is much more complicated and involves a lot of provisions and benefits. You can search for more information from different insurance companies catalogues to know what you stand to gain as you join these insurance companies. Internet is also there for you to know more about different options that are available to you.

No matter what kind of insurance you may be thinking of entering into, you must make it a point of duty to yourself to work towards how to get a life insurance. This will make life less cumbersome after any uexpected eventuality in your life.

Thank you

The Need To Look Around for The Best Auto Insurance Premiums

The need to secure a better future for your automobiles is highly important that you’ll have no other option than to get an auto insurance policy at most affordable price that gives you maximum satisfaction. Then, you need to know that buying the most expensive auto insurance policy is not the yardstick to judge whether your auto insurance policy is the best.

Generally speaking, a good deal in auto insurance is a state of your mind. It all depends on what you want and how you think about getting them done the way you want it. And, as long as you are happy, with the amount of coverage you’ve chosen, then you have made a good deal. For every individual, the amount of coverage you choose for yourself and how beneficial the coverage will be to you is a matter of your mind.

I would like to inform you here that the main reason some drivers overpay on their auto insurance policy is because they refused to look around to know several options available to them and how to utilize these options to their advantages. If you’re able to look more closely you’ll have opportunity to compare and contrast different auto insurance quotes given to you by different insurance companies you approach. If you know how much auto insurance coverage you need you’ll have to look closely the insurance company that is capable of giving you what you want at the lowest price ever possible. 

Remember you have nothing to lose if you try to experiment on the options you have. This will help you to select an insurance company that is the best to give you the exact results you want. Don’t ever rush to choose an auto insurance company. This is one of the best ways for consumers to maximize what they get for their insurance premiums.

Another point I would like to call your attention to is that insurance is a highly competitive business, as we have quite a lot of them springing up on daily basis. But yet, you have to exercise little patience to choose any one at impulse. Some of them might even promise you what they can never do for you, purposely to lure you to register with them. It is your duty to be diligent about any auto insurance company you are going to join. Referral is the best method to adopt. This is possible for some that have joined an insurance company for some time and have known them to redeem their promises to their clients. 

There are thousands of insurers offering policies to consumers. Each consumer's goal should be to find a financially solid company that offers a fair price along with superior customer service. How do you know which company can provide such a combination of both good pricing and customer service? One way is to engage your friends, family members, relatives, business associates and lastly visiting of online forums where issues about different insurance companies are discussed. You’ll find different opinions about different insurance companies. BELIEVE ME THEY ARE THERE FOR YOU TO ACCESS. At online forums people bare their minds about different insurance companies to guide people against falling victims of some insurance companies that might not perform according to their claims. Ask people you know and respect what insurance company they use. Ask if they are pleased with how their company handles claims. Doing this will assist you to know the best insurance company.   And, you’ll be able to decide about the best auto insurance company that will serve your best interest.

The insurance industry is highly regulated. It is important to do business with a company that is licensed by the state in which you live. Another factor  that can give you a better understanding of some insurance companies you can join is to look at the strength a company has, by checking such insurance company’s A.M. Best Company rating. Don’t you know you should be comfortable by knowing that in the event of a claim your company will be there for you to give you the succor you need in times of trouble? A.M. Best Company is the industry leader providing ratings and financial information for insurance companies.

Then you can ask yourself “How do you know what to expect from your insurance company? Your insurance company and its representatives should be able to answer your questions. They should be able to help you determine what coverage and limits you should carry based on your needs. They should be able to handle any claims fairly, efficiently and quickly to your utmost satisfaction. You should feel comfortable with both the insurance company that you select and the insurance agent or company representative that you will be working with. Your insurance professional should take the time to understand your insurance needs and answer all of your questions to your satisfaction.

After having availed yourself of choosing the best insurance company that will suit your best interest, don’t just lay idle by not checking on your insurance company. At interval pay them an unscheduled visit to know what is happening in your insurance company. At times your attention might have been needed and at the same time they might unknowingly not called you, but once you show up they will really appreciate it. Though it might not be their fault, but your presence will be highly beneficial to them and you.

Now is the time for your fingers to punch their way to a quick rate analysis and view the ratings at the same time.

Thank you

How To Guide Against Dispute With Your Company On Your Auto Accident Insurance Loss

There are quite a lot of issues that have degenerated into dispute between auto insurance companies and their clients due to lack of understanding from the 2 parties. Such issues have in most cases led to legal tussles that a lot of money, time and resources are expended before such issues are finally laid to rest. However, if care is taken from the onset and both parties have taken time to understand each other anything of such might not have been experienced. There are quite a lot of things to put into consideration and that is the rationale behind putting up this post. Keep reading:

To start with, if your agent is unable to solve your problem, it is your duty to find a way of getting the contact details of his/her immediate superior officer to be able to sort out things amicably.  You can equally get the name and phone number of your insurance companies Claims Department purposely to out things. And, after having gotten the numbers then you should call the number to discuss the issues for more clarifications.  You should know that while trying to sort out things with your auto insurance company Claims Department you should discuss extensively in order to put an end to any issue of dispute.

Secondly, after having discussed the issue of dispute on the phone then you should be ready to support your case by sending a covering letter to that individual whom you have spoken with. The covering letter should contain all the documents you have to back up your claim.

All insurance companies usually have either an “Arbitration Service” or “Appraisal Service” to help settle differences or disputes among their clients. However, if your policy is unable to benefit from these options, then it is your responsibility to call the attention of your agent to know why your issues are not put into considerations.

If you want your auto insurance company to perform as expected of them you must ensure you follow their rules for resolving your dispute, and if you’re still not satisfied, then you must try as much as possible to liaise with your own state’s insurance department to resolve the issues at hand.

If the issues of dispute are not yet resolved then An “Independent Arbitrator”, who allegedly has experience in insurance problems, can be contacted to decide if what you’ve been told or offered to settle your claim is fair.

In order to be able to resolve your dispute with your auto insurance company, mediation between the two parties involved should be adopted. Though most often than not, the Mediator does not have the authority to make a binding decision or issue an award to either party to resolve the issue once and for all. The mediator can only recommends a solution that might not be interest of the 2 parties involved. Mediation is a solid first step because it can negate the need for further expense on both sides. The first thing you should do is check the language in your auto insurance policy where it will spell out who will mediate (and/or arbitrate) a claim. You should submit a DEMAND FOR ARBITRATION FORM to whoever is listed in your policy. On that Demand for Arbitration Form you can specify whether you want “MEDIATION” or “ARBITRATION”.

Thank you

DISCLAIMER:  

Please be aware that this post is written to provide information about how to resolve dispute with your auto insurance company. But there are other options you can benefit from that are not included in this post.  You can learn more from your agent

The only purpose of this article is to help people understand the motor vehicle accident claim process. This article is not written to make any guarantee of any kind whatsoever; NOR do the purport to engage in rendering any legal service; NOR to substitute for a lawyer, an insurance adjuster, claims consultant, or the like. Where such professional help is desired it is THE INDIVIDUALS RESPONSIBILITY to obtain said services from professionals 

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How To Handle Your Auto Insurance Company For That Extra Money

Having an auto insurance is ideal for you if you want to take total control of your future as you manage your automobiles to give you the best results. The most important things you need to be aware of is that after you might have entered into any auto insurance policy it is your responsibility to ensure that you carry out thorough research about different insurance companies and how you can benefit from different policies each one of them has for their clients with regards to your automobile insurance.

It has been a common practice for some people to focus majorly on the insurance company they are dealing with and only renew their current policy year after year. I would like to inform you that changes in policy do takes place from time to time by different insurance companies purposely to outwit other insurance companies and it is your responsibility to seek for more information about different policies available. If you happen to fall into this category of people then make it a necessity even as from today you would have to look into different options available and how you can adopt anyone that serve your purpose the most. 

Search Online For A Reliable And New Auto Insurance Company: The internet has made it relatively easy and less cumbersome to search for any appropriate insurance company that can give you the best auto insurance quote that will suit your budget and preferences. So many insurance companies have made it very easy to contact them both online and offline. This is made possible by putting their contact details on their website and through this you can get your quotes as well as other opportunity you can derive by partnering with such insurance company.  

Many companies can give you quotes 24/7 on their websites and while sitting at the comfort of your home you can easily decide which auto insurance company you can work with. And this can equally be made possible as you can get quotes from different companies within a shortest possible time. Another point I would want you to be extremely careful of is that you must provide accurate and very truthful information to be able to get accurate quotes from any insurance company you want to partner with.

If the information you provide is laden with false information the insurance company have their ways of getting the true picture of any accidents, claims or traffic tickets anyway, so don't ever try to hide anything.  Also, when you get comparison rate quotes, make sure you compare the coverage you have with your current auto insurance company to what is available with any new company so that you can make a comparison that makes sense.

Learn How to switch From Your Current Auto Insurance Company To Another: As much as it is important for you to move from one auto insurance company to another, but yet you must be extra careful while doing it in order not to fail to achieve your aim from the two insurance companies. After you might have found another preferable auto insurance company and have gone ahead to make your purchase of the new policy you must go ahead to cancel your old policy. You must be aware that failure to cancel out the old insurance policy, the old insurance company might assume that you wished to continue your insurance with them and might be expecting to receive premiums from you especially when it expires.

If care is not taken you might take up a legal battle with your old insurance company or better still when they don't receive those premiums they would eventually cancel your policy due to unpaid premiums and report your lack of coverage to the Department of Motor Vehicles of your state.  This could affect your credit and your ability to get a new auto insurance policy.

The Procedure For Canceling Your Old Policy Is Easy: After you might have changed from your old insurance company to another one, you must make it a necessity to inform your old insurance company by writing to cancel or terminate your insurance policy with them without any further delay. This will make them to send a form to you to sign and return. Though at times they might want to know why you have to call it quit with them and if there is anything they can do about this they might want to correct their anomalies if any, but if all effort prove abortive they will have no other option than to cancel your policy with immediate effect.

As You Move From One Insurance Company To Another: After you might have changed your auto insurance policy from one insurance company to another, you’ll have to exercise patience before canceling out your old insurance policy from your old insurance company until the new insurance policy is actually in effect with the new insurer.  Doing this will prevent you from any lapse in coverage. Though, nowadays there is little chance of any auto insurance holder to experience something of that nature. All drivers now require to carry a minimum amount of insurance and your old auto insurance company will probably require you to show proof of insurance before they will cancel an active policy.

Timing Is Very Important To Switching

If you want to know the best time to switch from one auto insurance company to another, it is when the current policy is about to expire. When you receive your policy renewal notice from your current auto insurance company should be the most appropriate time for you to switch. This in most cases is usually about a month before the current policy is actually going to expire. This should be the period when you can switch insurers without incurring any fees or penalties. And, as it is so close to the end of the policy term you would avoid trying to figure out the amount of unused premium that you are due from your old auto insurance company.  You also avoid arguing with your insurance agent about exactly when you cancelled and how much the auto insurance company owes you.

But can you cancel outside of the 30 day period?

Yes, it is possible for you to cancel outside of the 30 day period stipulated, but this must be after you might have taken into consideration the fee or penalty you may have to pay and with this you may still find out that you would get appreciable savings. So, as it is ideal to cancel within the 30 day stipulated for renewal period you should know that is equally possible to cancel after you might have given it much consideration.

Then, do you think you are ready?

For now that is all what I have to tell you about how to go about your auto insurance policy for effective handling of your auto insurance adventure. Just think of all that extra money that could be coming your way if you follow these simple guidelines.

Thank you.

Auto Insurance: Do You Know You Need To Have An Auto Insurance?

Advancement in science and technology has made it very easy to produce various types of automobiles and this has equally made the number of automobiles to increase at an alarming rate. As much as we have so many cars in our roads, so is the rate at which accidents and other calamity are spreading among us. This on the other hand has also made introduction of auto insurance into the insurance policy available a great necessity. Automobile Insurance is the only option available to make the difference between a minor inconvenience and a major hassle. But do you need to have auto insurance and just how much should you buy to make you be at peace on your automobiles?

Auto insurance has been made compulsory by law in all states and protects you by paying for damage or injury you cause others while driving your car; damage can be made to your car or injury to you or your passengers in your car from a crash; and other eventualities can be in form of other occurrences such as theft and vandalism. If any of such is experienced without having any insurance in place, you risk having to pay the full cost of any harm you cause others with your vehicle.

You need to know that before you can benefit from any claim from your insurance company there are some requirements that you must abide by and any failure to meet up with such requirements will leave you a bitter story to tell as far as insurance is concerned. Such requirements vary from state to state and from one insurance company to other, but usually include the following:

Medical Payments: This coverage is available to pays regardless of whoever might have been at fault. It pays for an insured person's reasonable and necessary medical and funeral expenses for bodily injury from a crash.

Personal Injury Protection (PIP): This is required to pay for you or your passengers for medical treatment resulting from a crash, regardless of who may have been at fault, and is often called no-fault coverage. It may also pay for lost earnings, replacement of services and funeral expenses. State law may at times sets minimum required amounts for convenient sakes.

Liability: If you are responsible to cause bodily injury and property damage to other people, this will be used to pay damages to such people involved. Remember, bodily injury damages include medical expenses, lost wages and pain and suffering. Property damage includes damaged property and loss of use of property. State laws usually mandate minimum amounts, but higher amounts are available and usually recommended in some instances.

Collision: This type of insurance pays for damage to your car caused by collision with another automobiles, objects or structures.

Comprehensive: This type of insurance is highly beneficial because it takes care of different types of eventualities such as fire, wind, hail, vandalism and animal strikes. This pays for damage to your car caused by "Other Than Collision".

Under-insured Motorist: This type of insurance pays damages when an insured person is injured in a crash caused by another person who does not have enough liability insurance to cover the full amount of the damages.

Uninsured Motorist: This type of insurance pays damages when an insured person is injured in a crash caused by another person who does not have liability insurance or the accident caused by a hit and run driver.

Auto insurance premiums vary widely from company to company and depend largely on several factors which include what type of insurance coverage you select; this also include the make and model of the car that you drive, your driving record, your sex , your age, your marital status, your environment or where you are living.

Though despite the fact that auto insurance provides ample opportunity to guide against all unforeseen occurrences that can negatively impacts your life, so many people still think of auto insurance as a  mere wasting of time. However I would like to inform you that auto insurance is highly important in your life purposely to save your financial well-being. However, it is beneficial for you to evaluate your needs, then you would have to do your research to know which type of insurance policy is right for you and make the decision that best suits you and your purpose.

Thank you.

The Basic Fundamentals Of Insurance: What You Need To Know About Insurance

The need to get an insurance to ensure security of life to you and every members of your family is an investment you can venture into to make life more meaningful in case of any unforeseen eventuality. Insurance is regarded as one of those ‘life’ requirements that you should be looking into early in your career, especially  as you are still young and agile and can still work at any capacity of your choice to earn money.

Another reason why you have to focus on having an insurance policy now is the fact that you are in a better position to pay for any insurance policy of your choice and for your information younger individuals are also giving the privilege to pay less. One of the principles of insurance policy indicates that once the younger people are less likely to die they should be given cheaper rates on any insurance policy they might want to go for unlike older people that paid normal on their insurance charges.

What is Insurance? This is one of the important questions that are very difficult to provide answers to by quite a large numbers of people. This is for no other reason than most people don’t know its meaning due lack of knowledge about the importance they stand to gain as they partake in any insurance policy. Insurance has been defined in so many ways by different group of people based on the assumption of what the term means to them, but notwithstanding insurance is a means by which you can protect yourself and every member of your family financially in case of death or any form calamity or disaster either now or in the nearest future. Depending on the kind of insurance that you will choose to get, insurance can equally provide for your health concerns, your retirement, fire or any natural disaster and even your death or burial.

As much as so many importance are attributed to having insurance in one’s life to guide against any unforeseen eventualities, some people still find it difficult to accept this laudable effort and shy away from availing themselves the opportunity offered by having insurance on their lifes and preferred having their companies do it for them. Though if care is not taken there are some legal terms attached to insurance that if one do not take time to learn such terms what insurance stands for might be too cumbersome and frightening to understand. And this might even prevent people from venturing into it.

Listed below are some of the frequently asked questions about insurance that might be of great help to you.

What are the different types of insurance available to choose from?

This question has been the major question posed by different people in an effort to know what insurance is all about. There are two different types of insurance. They are:

i.                    The life insurance; and

ii.                  The non-life insurance.

The life insurance, as the name suggests, is a type of insurance that protects you and every member of your family in case something unexpectedly happens such as death. When a person who is insured dies, the claim or money that he insured will be given to the beneficiary chosen to receive the money.

The non-life insurance on the other hand is an insurance that protects properties from being damaged without any hope of survival. There are several different types of insurance under this category. They are car insurances otherwise known as auto insurance, which protects automobiles from wreckage in case of accidents or fire disaster. Property insurance is also meant to protect the properties; this is highly common to protect factories or industries. This is also peculiar to protect houses from fire and other forms of destruction. There is also deposit insurance, which most banks have in order to protect their depositors from losing their money in case the bank suffers financial setbacks; and health insurance, which helps in covering for medical and hospital bills and other expenses. Of all the various non-life insurance, the most popular is the health and car insurance due to the importance attached to these two insurance policies.

There are equally some insurance policies designed to provide security for the future. Such types of insurance include retirement plans and death plans, which at times also covers for burial costs.

What is the difference between a face amount and a premium?

Premium is the amount that you have to pay every year for the insurance policy you have chosen. And to make payment of such policy to be easy for their customers some insurance companies have devise the means of dividing the payment period for premium into monthly installment purposely to help their clients. The face amount on the other hand is the amount that you have insured yourself into. For example, if the face amount in your policy is set at $800,000, then your beneficiary will receive $800,000 when you die.

What is the meaning of double indemnity?

As part of the effort to make insurance more enticing to their customers, some insurance policy offer an accidental clause that would double the face amount in case death has been established as accidental. This is done purposely to protect the insured’s family in case of any eventuality or untimely death. Double indemnity means that the face amount of the insured amount will be doubled when death is accidental.

Is the legal spouse always the beneficiary of insurance?

The answer to this question is “No”; and this is contrary to the popular opinion. The legal spouse is not always the beneficiary of any insurance policy. The beneficiary must have been included or specified while filing the form by the insurer. It is up to the person that insures to choose. The beneficiary can be any member of the family as long as insurable interest is established. But one important point to take note of is that, if the children are named beneficiaries and such children are still not in legal ages, a guardian has to be chosen for them to take total control of the money for them till they will attain the age specified by the law to be in charge.

Thank you.