Era Insurance

Critical Illness Insurance for Total and Permanent Disability

Aunindita Bhatia — Sat, 12 May 2012 07:34:43 +0000

Critical illness insurance is already a bit tricky, but when it comes to total or permanent disability it gets even more delicate and complex. Any injury or accident that will prevent you from permanently following your occupation is covered under the total or permanent disability benefit of a critical illness policy.

Total and permanent disability can be defined in two different ways. One way to define it is through occupation class and another way is through Functional Assessment Tests or FATs.

The own-occupation definition is strictly related to occupation classes. There are four occupational classes, plus a special class for house persons (people who do not have a gainful occupation, such as house wifes). Own-occupation definition only applies to people in occupation classes 1 and 2 who are currently gaining from those occupations. Each occupation class is defined according to the type of work and the stress levels it involves.

Functional Assessment Tests apply to occupation classes 3 and 4, plus house person (student, retired, unemployed or a house person). In case FATs have been used to define total or permanent disability, then critical illness insurance is payable when illness or accident prevents the policyholder from performing at least one of five tests: walking, bending, climbing, reading, communicating, or writing.

Critical Illness Insurance: the Advantages

Aunindita Bhatia — Fri, 27 Apr 2012 04:35:05 +0000

People know about life insurance or health insurance in general, but they are less aware of critical illness insurance, which is a type of insurance coverage that will protect you, your family and your income in the event such a disease occurs. Here are the advantages of critical illness insurance:

Statistically, people are more exposed to critical illnesses such as cancer, heart attacks, and others.
Critical illnesses are not dangerous in the sense that you may not survive them, but they are more dangerous in that you may survive them for years in which you are incapable of earning and your medical costs will go skyrocketing.
You can use the lump sum of money for any purposes when the policy expires. You can use it to pay off your debt, mortgage, and school tuition for children, medical expenses, and more. It is also a tax-free amount.
You and your family can rest assured when you have critical illness insurance. No matter how the critical illness affects you, you will be protected financially, even if you lose your income, your medical bills are huge, or you die.

Tips for Low Premium Rates on Home Insurance Policies

Aunindita Bhatia — Sun, 15 Apr 2012 02:12:59 +0000

Home insurance does no longer seem such a superficial need, but rather an imperative necessity. However, the premium rates of home insurance can be lower or higher depending on certain factors you should be informed about.

Install a smart alarm system or security doors and windows to reduce the risk of break-ins and burglaries. Insurers pay a lot of money for damages and losses caused by such events. By demonstrating responsibility in the face of such high risks, you will be rewarded with better premium rates.

Preventive fire measures including sensors and regular checkups of the electrical systems are appreciated by insurers and encourage them to offer better rates. Fire is also among the leading causes for loss and damage when it comes to home insurance.

Try paying insurance premiums annually instead of monthly as this will also reduce premium costs.

Get your home insurance and another type of insurance from the same provider to obtain a considerable discount.

Compare several home insurance quotes before you make your final decision.

Renters Need Home Insurance Too

Aunindita Bhatia — Sat, 31 Mar 2012 03:02:03 +0000

Many people who rent a house or flat do not often think about needing insurance for where they live. People in general feel that the owner of the property is who should have, and pay for, insurance of the house or flat. And most owners do if they are smart.

The owners insurance is not going to cover your personal belongings though. If you are living quarters go up in flames, you could loose everything. This is why everyone who rents should have renters insurance.

Renter’s insurance can help you put your life back together by providing money to replace your belongings. You may find that it is less expensive than you think. There are two types of rental insurance. There is Actual Cash Value (ACV) and Replacement Cost.

ACV pays for items at their actual cash value at the time of loss. Replacement Cost insurance pays the cost of actually buying a replacement; it also costs more than ACV.

Home Insurance Policy Advice

Aunindita Bhatia — Sat, 24 Mar 2012 17:23:52 +0000

Home insurance can be a challenge if you have no idea what it should cover and what you need it to cover. A home is among the biggest investments people make in their lives. Given the amount of effort involved in acquiring a home, it is only natural to protect it in all respects. Here is some advice related to home insurance policies:

Identify the exact risk as well as the objects and property your home insurance policy covers.

Identify the risks that your home is not protected against. In addition, discern what your policy does not shield as far as objects and property.

Determine what type of coverage you want for your assets: the exclusive cash-value plan or the unique advanced premium replacement price.

Identify the most valuable pieces in your home as well as the high risk assets. Make sure you have them covered according to their value and to your needs.

Make a decision as to the total coverage of your home insurance policy. Sometimes a package sounds very attractive, but there are many exclusions you should check.

Insurance Packages Can Consistently Reduce Your Premium

Aunindita Bhatia — Wed, 07 Mar 2012 05:22:39 +0000

People need to get insurance to protect them against various risks. As the insurance market is involved, risk factors have diversified generating new insurance needs. Thus, cumulated premiums have gone skyrocket and consumers are not happy. But, instead of reducing their insurance coverage, they could simply bundle together all the insurance types that they need.

People must protect their homes from disasters, fires, flooding and other risk factors. They also have to have car insurance; there is no question about these. They need health insurance, business insurance, and even pet insurance.

They must also protect other assets such as motorcycles or watercraft for example. In most cases, people choose a different provider for each type of insurance. Also, they have more than one insurance plans. But, if people could use only one insurance provider and one individual insurance plan, they may reduce their premium a minimum of 20%. The insurance providers are extremely motivated to reward you with a nice discount, considering that they are getting not one type of business, but several in one.

Is Your Pet Insured?

Aunindita Bhatia — Tue, 28 Feb 2012 09:52:26 +0000

If you could not imagine how your life would be without your pet and you are ready to do everything to keep him healthy and safe, then a pet insurance policy might be the answer.

What to Consider

If you have decided to purchase an insurance policy for your pet, there are some things you should take in consideration before you purchase it.

You should first see what the market offers in the case of pet insurance and what types you can choose from. Next, you should know what the costs are and if you can afford it.

Be sure to verify what it actually covers in terms of veterinary fees and what it excludes. In case of excess fees, you should know if they are fixed or variable.

Moreover, the policy and its coverage might change if your pet suffers from certain existing conditions or, as it gets older.

Types of Policies

The market of pet insurance has a variety of policies available for pet lovers. You should select a policy according to what your pet actually needs.

The policies can be divided into 3 major categories:

Annual Coverage

If your pet is suffering from a long-term illness, this is not the best option. You have to pay a fixed amount for every condition and you cannot reuse the policy for the same condition. After 12 months since the illness started, the policy does not cover it anymore.

Per Condition Coverage

This is not recommended for pets which suffer from an ongoing condition. There is a fixed amount per illness and you can only claim once for the same condition. Once you reach the limit of coverage, the condition is no longer covered.

Life Long Coverage

This policy is perfect for pets with ongoing or long-term illnesses. You pay a fixed price per year and you can reuse it for the same condition. However, you cannot exceed the maximum coverage limit for the year.

Now that you know what each type offers, all you have to do is to select your insurer and your pet will be properly protected.

Tips To Simplify Your Insurance Shopping

admin — Fri, 24 Feb 2012 09:58:08 +0000

No matter which type of insurance you are considering, keeping and acquiring insurance is an essential part of financial security for you as the policy holder as well as for your caregivers or dependants. But insurance “language” is not easy to comprehend unless you get a little bit of help in navigating through this maze of legal terms, provisions, and innumerable insurance products and quotes.

Perhaps the first advice you should follow is getting a life insurance policy not only for you but also for your spouse, even if the spouse is not working. When you get two insurances, the broker will always have a competitive offer for you. Instead of separately covering your car and your home, choose a multi-policy insurance that will get you better rates.

A most important part of getting a good insurance cover is understanding clearly and beyond any doubt the terms and conditions of the policy. Make sure you ask your insurer about every detail so that you get the best of their offers and also clear up any possible confusion. Do not sign anything unless you are 200% sure that you know what you are actually signing for.

There are people called adjusters who are trained to make sure that your insurance policy covers every possible claim that could occur in that particular type of risk. Also, make sure you take advantage of all the insurance packages that the insurer provides. Make a clear list of the risks you wish to cover and compare it with their offers. Generally, you may find out that you need to cover more than you have initially assessed.

Insurance Policies One Should Have

Aunindita Bhatia — Fri, 13 Jan 2012 06:16:53 +0000

To every person, protecting himself, his loved ones and his assets should be one of the most important priorities in life. This is why insurance policies exist and many insurance companies are operating today.

Nowadays, financial advisers believe that a person should have a maximum of five insurance policies if he wants to create a financial plan that is solid. These insurance plans would be long-term disability insurance, life insurance, health insurance, homeowners insurance, and automobile insurance. Although these may total to a large amount of premiums every month, these policies are actually worthy investments, especially for the future.

If a person is able to afford paying premiums for more than one of these insurance policies, it would be a wise decision to get all five of these insurance policies. However, he should also be careful when shopping for insurance policies. It is well known that insurance policies are varied, and all of these policies offer many different features. When shopping for insurance policies, it is very important to discuss and talk about the policies with the agent. This will help clear the misconceptions and confusion that one might have about a policy. Also, it is very important to read and understand everything that is written in the policy’s terms and agreement, especially those that are written in very small lines. It always helps to be meticulous and thorough when shopping for insurance policies, as it could save one from having to deal with a lot of frustration when the time for filing a claim come.

Things A Newly-Widowed Woman Needs to Do

Aunindita Bhatia — Fri, 06 Jan 2012 08:52:37 +0000

Photo credits to www.real-english.com

Losing a partner is probably one of the most difficult and heart-wrenching events in a person’s life. This, however, can be made so much worse when death comes with a flood of financial responsibilities, and not much money is available, like an insurance policy.

For women who are widowed, it would be even harder because a number of women carry the mind set that the husband always takes care of financial tasks, like taxes, investing and insurance. These women often end up not having enough knowledge about these tasks, leaving them helpless and in dire financial situations.

Often newly widowed women feel rushed into taking care of financial tasks that were left by the deceased husband. This is often not advisable. A newly widowed woman should still keep paying the bills at the designated date. More importantly, she should go over and really understand how her husband’s (or hers) health insurance works, especially if this policy is coming from her husband’s employer. If her husband has life insurance policies, she should also make every effort to collect on them, as it will be very helpful to her and the family in times when there is very little cash.

It would be best for everything else to wait just a little longer and not rush into a lot of decision-making, especially when still grieving. This is because better decisions are made when the mind is clear than when it is in a blur because of emotions. In times when the death of a husband happens, it would be best to not make irreversible decisions that might end up to be regretful ones in the end.