Q. When is right time to buy termlife insurance.
A.Term insurance premium depends on age, gender, health conditions, annual income, smoker / non-smoker etc. Less the age, good health condition, non-smoker – less premium. More annual income – more cover is given. There is no right age to buy termlife, however it’s good to take between 35-40yrs. Consider all factors before you decide. When you know all the dependents on you.
Q. When should you buy whole life insurance?
A.The primary advantages of whole life insurance are:
• Protection for life – It doesn't expire or go down in value.
• Level Premiums – The rate you pay for your policy will never increase.
• Cash Value – A portion of your premium builds cash value which can be borrowed against.
Q.What is the maximum age for term life insurance?
A.The maximum age at which life insurance policies are issued depends on the issuing company, it varies company to company. In general, very few companies will issue a policy post age 80, and some set their maximum age at issue to age 70 or 75.
Q.What is the minimum age to get life insurance?
A.As a general rule, nobody under the age of 18 may take out any kind of independent contractual obligation for finance or credit, such as life insurance. This also applies to those trying to apply for their own life insurance when under 18 years old
Q.Do you need life insurance for a child?
A.Unless your child earns an income that needs to be replaced, the primary reason to have the death benefit is to pay for memorial and funeral expenses. If you want to insure those possible expenses, you may be able to add your child to your own life insurance policy for a small additional premium.
Q.Can you take a life insurance policy out on a family member?
A.To purchase life insurance for a family member (i.e. parent) or child, you must be able to show that your have an "insurable interest." This simply means that you are related by blood or marriage to the person for whom you are purchasing the policy.
Q.Can I take out a life insurance policy on my mother?
A.When it comes to buying life insurance for your mother and/or father, you will have to display to the insurance company what is referred to as "insurable interest". Put simply, insurable interest is a requirement that shows that you will suffer some sort of financial loss in the event of your parents' death.
Q.Is Whole Life Insurance Good?
A.Whole life insurance does not have a term. It has a death benefit that lasts until you die, whenever that occurs. It also has a cash value component that grows over time, similar to a savings or investment account. From a pure insurance standpoint,whole life is not useful for the vast majority of young people
Q.Why should you buy a Child Plan?
A.A child plans offers dual benefits of insurance as well as investment. It can take care of your child'sneeds in your absence too. The lumpsum received at maturity can be utilized for your child's educationor marriage expenses. This pay-out is at least 10 times the amount of premium paid.
Q.Do you need life insurance when you retire?
A.If you reach retirement and your children are out of your home, providing for their own families, and your spouse is self-sufficient, you probably don't need life insurance. ... Also, if your spouse would lose a substantial amount of your pension income or other monthly payment, life insurance can fill that gap.
Q.How much cover to take in pension plan?
A.Estimate your annual expense, current age, retirement age. Average life expectancy. Are factors which influence cover you need for retirement visit the retirement amount calculation tool on our website.
Q.How much to invest in child plan ?
A.What is your goal –child education or marriage? What is your current child age, when do you require the amount? Get these answers. You are investing till you need the amount for child’s requirement that will be your policy term. How much amount you need for higher education or marriage that will be your sum assured. Premium will be decided based on these 2 factors, by insurance company.
Q.When should you get health insurance?
A.Its suggested to buy health insurance before 30. Premium is lower, early means better financial planning. Young buyers get a more comprehensive deal. Buying early means you'll enjoy full benefits when you need. Because it covers much more than just hospitalization
Q.Why do we need a health insurance?
A.The purpose of health insurance is to help you pay for care. It protects you and your family financially in the event of an unexpected serious illness or injury that could be very expensive. ... You need health insurance because you cannot predict what your medical bills will be. In some years, your costs may be low.
Q.What is the difference between health insurance and mediclaim?
A.These two terms are too often used interchangeably. However, there are some sharpdifferences between them. While mediclaim limits itself specifically to hospitalization expenses, a health insurance is much more comprehensive and provides a cover that extends beyond hospitalization.
Q.How does an insurance company determine the value of a car?
A.If it costs more to fix the damage minus your deductible than the market value of thecar and what the insurance company thinks it can get selling the wreck at the salvage yard, the insurance company will declare it a total loss. The amount of damage is a factor only as it relates to the car's value.
Q.What are benefits of health insurance at India?
A.Health insurance in India typically pays for only inpatient hospitalization and for treatment at hospitals in India. ... The advent of private insurers in India saw the introduction of many innovative products like family floater plans, top-up plans, critical illness plans, hospital cash and top up policies.
Q.What is home insurance?
A.There are two types of home insurance policies — basic fire insurance policy and a comprehensive policy, also called the householder's package policy (HPP). Fire insurance policy covers your house against fire and other allied perils including lightening, storm, flood and riot. HPP on the other hand packs in more covers. The basic cover bifurcates into two: one covers the structure of the building against fire and other allied perils and the second covers the contents of the house.
Q.How much does home insurance cost?
A.Insuring the house and its contents is not very expensive. For instance, for a sum insured of R30 lakh for the building and R5 lakh for the contents a pure fire insurance cover that covers against fire and other allied perils along with a terrorism cover would come to about R2,000 for a year. Pack in burglary and theft cover for a sum insured of Rs 5 lakh and the premium will be Rs 3,155. Add additional cover for breakdown domestic appliances for a sum insured of Rs 4 lakh, the policy will come for about Rs 5,600 for a year. If you own a house you should buy home insurance as soon as possible. If you are a tenant you could insure just the contents.