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Thursday, September 28, 2017

Top 10 Life insurance in USA 2017

TOP 10 PICKS FOR 2017: 



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  1. Banner Life Insurance Company
  2. Prudential Life Insurance Company
  3. Northwestern Mutual Life Insurance Company
  4. Sagicor Life Insurance Company
  5. Protective Life Insurance Company
  6. American General Life Insurance Company
  7. State Farm Life Insurance Company
  8. Principal Life Insurance Company
  9. Metropolitan Life Insurance Company (Brighthouse Financial)
  10. Mutual of Omaha Life Insurance Company

Top 10 Whole of Life Insurance in UK 2017

Top 10 Whole of Life Insurance in UK

Top 10 Over 50s Life Insurance in UK 2017

Top 10 Over 50s Life Insurance

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  1. Legal & General - Over 50s Life Insurance Plan
  2. Smart Insurance - Over 50s Life Ins with Lifetime Payback Guarantee
  3. Sainsbury's Bank - Over 50s Life Insurance Plan
  4. LV= - 50 Plus Plan
  5. AA - Over 50s Life Insurance Plan
  6. SunLife - Guaranteed Over 50 Plan
  7. Royal London - Over 50s Life Cover
  8. Aviva - Guaranteed Lifelong Protection Plan
  9. Post Office Money - Over 50s Life Cover
  10. Santander - Life Insurance

Top 10 Term Life Insurance 2017 in UK

Top 10 Term Life Insurance 2017 In UK - level or decreasing

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  1. Legal & General - Level or Decreasing Term Assurance
  2. Scottish Widows - Protect Personal
  3. Sainsbury's Bank - Level Term Assurance
  4. Barclays - Mortgage Protection Plan
  5. Nationwide - Multi Protection
  6. LV= - Flexible Protection Plan
  7. AA - Family or Mortgage Protection
  8. Royal London - Personal Menu Plan
  9. Aviva - Life Insurance +
  10. Santander - Life Insurance

Wednesday, September 27, 2017

The top 10 best life insurance companies List 2017 of USA

The top 10 best life insurance companies List 2017 of USA

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  1. Haven Life — For quick coverage
  2. Banner Life — For high risk
  3. AIG — For company size
  4. Prudential — For chewing tobacco users
  5. MetLife
  6. Voya Financial
  7. Mutual of Omaha
  8. Genworth Financial
  9. New York Life Insurance Company
  10. Transamerica

Advantages & disadvantages of Life Insurance

Advantages &  disadvantages of Life InsuranceImage result for Advantages &  disadvantages of Life Insurance  Advantages of Life Insurance

1. Economic protection against the loss of life. The emotional loss caused to the family of the insured cannot be measured in terms of money. However, the financial responsibility of the insured towards his family members are to an extent shared by the Life insurers. On the death of the insured, the family will have some money to continue having a comfortable life. The life insurance policy provides an option to choose the nominee.
2. A form of investment or saving. Many people buy life insurance as part of their investments. Most insurance policies guarantees a fixed sum of money payable either on the death of the insured or at the expire of the pre-determined tenure. Hence, many people keep aside a part of their savings for the payment of Life insurance premium in the form of investment.
3. Life insurance is simple to understand in terms of premium and the maturity of the compensation. The investment amount, policy term, and the maturity amount are clearly mentioned on the policy document.
4. Some Life insurance policies are flexible. The give the insured an option to change the policy amount with the change in his needs. When the insurance needs of the insured changes, they can talk to the insurer so that they can adjust their insurance plan. However, it should be kept in mind that not all insurance policies are flexible enough to satisfy the ever-changing need of the policy holder. Hence, the policy buyer should read all the term and conditions of the policy at the time of first purchase.
5. Loan against Life Insurance Policies (LAIP) is a newest form of financial revolution. Many financial institutions offer loan against the surrender value of the insurance policy. This a safe and quick way to generate cash.
6. The insured pays the premium depending on the sum insured. Depending on the age of the insured, they can select the amount they want to pay per month that won’t be a burden to them.
7. Enable the insured to be able to select their beneficiary. When buying a policy, one has to choose who the beneficiary of the insurance policy will be. In this way, they make sure that the material needs of their loves ones would always be met.
8. Reduces the financial implication of death. Life insurance reduces the financial burden that comes with the death of the breadwinner.
9. There is a range of policies to choose from. Life insurance has a range of policies to choose from. In some policies, one is compensated when a certain period of time elapses.
10. Tax saving weapon. In most countries, the final amount that you get from the insurer is not taxable. In India, the amount of Life insurance policy premiums are allowed as deduction under section 80C of the Income Tax Act, 1961. The maturity proceeds are also exempted from Income Tax. Hence, investment in a life insurance policy is an amazing tax saving weapon.

Disadvantages of Life Insurance

1. Insurance policies are expensive. Life insurance means that you have to contribute your premium until you die or a fixed tenure that is very long. This will be expensive for the insured. The part of the life insurance premium paid towards risk coverage is an expense. However, the quantum of financial risk mitigated by these policies are much more than these expenses. Hence, people treat life insurance premiums as mandatory expense.
2. Some insurance companies may refuse to pay the sum insured. Some insurers will use dirty tricks to evade the pay the sum insured even after maturity of the policy. For this reason, it is important that you read all the clauses of the life policy at the time of entering into the contract. Further, you can consult your financial advisor before buying a policy.
3. People buying the insurance they don’t need. Some people may buy the insurance policy when they don’t need one. Paying for a policy that do not meet the need of the paying person is a waste of money.
4. Some people give falsified information. Some people give false information to the insurance company e.g., age leading to the insurer making losses.
5. The beneficiary may decide to waste the amount they receive. The beneficiary may not use the funds as it was intended leading to wastage of the sum insured.
6. Many life insurance policies keep on changing. In such policies, the premium amount is low during the initial years. However, the premium amount do not remain constant. They keep changing with time. You may be required to pay more premium as you grow older than when you were young.
7. Having it doesn’t necessarily mean better quality of life. Life insurance may mean poor quality of life to be able to pay the premium. The deduction may be too many.
8. There are so many complex insurance policies. The insurance policies are complex that one may not be able to understand. There are ‘good’ and there are ‘not so good’ insurance companies. Similarly, there are some ‘not so simple’ insurance policies that is beyond the understanding capability of a common man. Hence, it can be a very daunting task to choose the right life policy.
9. The investment is not highly paying. Life insurance is primarily an instrument to cover risk. The investment function is of secondary nature. Unlike other types of investment that have high returns, life insurance does not give high returns. Hence, people seeking high return on their investment may not find it attractive for investment.

Advantages & disadvantages of Auto Insurance

Advantages & disadvantages of Auto Insurance

Advantages & Disadvantages of Health Insurance

Advantages & Disadvantages of Health Insurance in India

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Advantages of Health Insurance

When advantages come into light
  • Health insurance India facilitates to carry the sum assured and cumulative bonus of the insured while shifting medical policies.
  • A waiver is issued to the insured, for a waiting period of 30 days where no coverage is provided.
  • The waiting period of pre-existing diseases in the Mediclaim policy is also transferred to the new insurer.
  • The insured can gets to choose the best insurance policy or best health policy from an equally better health insurance company.
  • While switching the plans the insured can get the new and best insurance policy at lower premiums.
  • Switching gains the insured with best health insurance policies and better coverages.
  • The insured can enjoy his/her chosen best insurance policy at lower premiums without paying any excess amounts.

Disadvantages of Health Insurance

When the disadvantages of the portability of the plan are considered the insured should check the conditions under which the insurance policy portability is issued.
  • In Health Insurance India insurance plans, the insured can only opt for best insurance policy only before the expiry of the existing plan.
  • While switching plans, the insured should do a deep research for best health insurance policy or best health policy with various insurers.
  • As per the guidelines of IRDA the insured should submit all the relevant documents to the new insurer with in a week's time.
  • While switching to the new insurer the insured might lose the maternity benefits gained with the previous policy.
  • While porting the health insurance policy the insured is likely to be chosen with in the basic reimbursement plans

Advantages & Disadvantages of Insurance

Advantages & Disadvantages of Insurance

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The main advantages of insurance can be described as follows: -

  1. Provides economic protections
    Insurance provides economic and financial protection to the insured against the unexpected losses in consideration of nominal amount called premium. It provides financial protection to the nominee in case of the pre-matured death of insured. It also covers the loss of properties due to theft, fire, accident and other natural calamities.
  2. Shares risksPeople are exposed to various kinds of risks and uncertainties which may cause large losses. It is impossible to eliminate risks and uncertainties altogether but it can be reduced or shared. Insurance is a co-operative device, which helps to share the risks among the insured. Thus, the insurance company reduces the risk of the insured in exchange for small premium.
  3. Maintains standard of livingInsurance provides financial protection against an unexpected risk of losses due to which people can maintain their living standard. The insurance company provides a safeguard in terms of money to avoid the unfortunate financial crisis.
  4. Encourages saving
    An insured person pays the amount of premium in time as stated in the agreement which encourages for developing a saving habit of persons. Hence, insurance is a means of encouraging regular saving as it helps to reduce unnecessary expenses.
  5. Eliminates dependencyDue to death or destruction of properties, the family suffers from unbearable and non-compensational table losses. The insurance protects against those unbearable losses. The life insurance policy gives full financial support to the dependent in case the death of the insured which helps to eliminate the dependency of people.
  6. Grants loan
    An insured can get the facility of a loan from an insurance company or can take loan from other financial institutions through the security of insurance policy. Thus, this provision of loan helps a person can also meet the need of fund. Bank and financial institutions prefer the insured assets as collateral for providing a loan.
  7. Creates employment opportunitiesAs insurance has become business in the modern day business world, hundreds of entrepreneurs and thousands of employees have been engaging in this line. Hence, by establishing and developing insurance companies, it has provided employment opportunities to thousands of people as per their qualification and caliber.
  8. Promotes foreign tradeThe growth of the international trade of the country has been greatly helped by shifting of risk to insurance company. A ship sailing in the sea faces some miss-fortune. A fire breaks out and burns to ashes all the merchandise of a business man. But insurance is one of the devices by which these risks may be reduced or eliminated. So industrialists and exporter may devote their full attention toward the promotion of business which may increase the export activities
  9. Helps to operate business smoothlyA business gets financial compensation in case of loss or damage to the properties of the business through insurance. An insurance policy taken for the employees increases their motivation at work. Therefore, insurance plays a vital role to let the business run smoothly even in the situation of unfavorable events.
  10. Help to reduce inflation
    Inflation Reduction
    The inflation means increase in price of goods or service. Inflation gives painful experienced to the citizen so it should be control. To control inflation, the volume of money need to be reduce. An insurance company takes the money from the people in the form of premium, which reduces the volume of money in the market. Hence, it helps to control the inflation in the country.
  11. Help to develop economyInsurance companies collect premium through life or non life policies which are invested in various development areas like trade and industry. Such investment helps to promote trade and industry in the country. Ultimately, it helps for the economic development of the country.

Disadvantages of Insurance

The following are the main disadvantages of insurance: -
  1. It does not compensate all types of losses which caused baisness to insured by insurance company.
  2. It takes more time to provide financial compensation because lengthy legal formalities.
  3. Although insurance encourages savings, it does not provide the facilities that are provided by bank.
  4. It intentionally tries to compensate as less as possible to the sufferer with the aim of maximizing profit rather than maximizing well-being of the insured.
  5. It may lead to the crimes in the society as the beneficiaries of the policy may be tempted to commit crimes to receive the insured amount.
  6. Sometimes, the total amount of premium might be higher than the policy amount receivable on maturity.

What isTravel insurance?

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 Travel                              insurance is insurance 
that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically.
     Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have high medical costs, such as the United States.

       An insurance product designed to cover the costs and losses, and reduce the risk associated with, unexpected events you might incur while traveling. It's often pitched as the best protection for those traveling domestically or abroad. 

      Many online companies selling airplane tickets or travel packages allow consumers to purchase travel insurance (also known as travelers insurance) as an added service. Some travel insurance policies cover damage to personal property; rented equipment, such as a rental cars; or even the cost of paying a ransom in the case of a kidnapping.

What is Business Insurance?

DEFINITION of Business Insurance

What is Property Insurance?

What is Property Insurance?

What is AUTO insurance?

What is Auto Insurance? 

Types of General Insurance

Types of general insurance

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General insurance can be categorized in to following:
  • Motor Insurance: Motor Insurance can be divided into two group, one is car Four wheeler insurance and other is two wheeler insurance.

  • Health Insurance: Common types of health insurance includes, individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.

  • Travel Insurance: Travel insurance can be broadly grouped into Individual travel policy, Family Travel policy, student travel insurance and senior citizen health insurance.

  • Home Insurance: Home insurance protects house and its contents in bad time.

  • Marine Insurance: Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air.

  • Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations

what is General insurance ?

what is General insurance ?
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        General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.

In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines]] and London market.
The London market insures large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, P&I Clubs, brokers and other companies that are typically physically located in the City of LondonLloyd's of London is a big participant in this market.[1] The London market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance.
Commercial lines products are usually designed for relatively small legal entities. These would include workers' compensation (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels.
Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.
ACCORD, which is the insurance industry global standards organization, has standards for personal and commercial lines and has been working with the Australian General Insurers to develop those XML standards, standard applications for insurance, and certificates of currency

What is Life Insurance?

What is Life Insurance?      

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        Life insurance (or life assurance, especially in the Commonwealth of Nations), is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Life-based contracts tend to fall into two major categories:
  • Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form - more common in years past - of a protection policy design is term insurance.
  • Investment policies – the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole lifeuniversal life, and variable life policies.

What is Health Insurance?

what is Health Insurance?
Image result for what is health insurance definition          Health insurance is insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over a large number of persons. By estimating the overall risk of health care and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. 
      According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment"
     Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider.
In health insurance terminology, the "provider" is a clinic, hospital, doctor, laboratory, health care practitioner, or pharmacy. The "insured" is the owner of the health insurance policy; the person with the health insurance coverage.
In countries without universal health care coverage, such as the USA, health insurance is commonly included in employer benefit packages and seen as an employment perk.

Types of Insurance

Types of Insurance
types of insuranceको लागि तस्बिर परिणाम
Life Insurance
Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. This protection is also offered in a Family takaful plan, a Shariah-based approach to protecting you and your family.

The coverage period for life insurance is usually more than a year. So this requires periodic premium payments, either monthly, quarterly or annually.

The risks that are covered by life insurance are:
Premature death
Income during retirement
The main products of life insurance include:
Whole life
Life annuity plan
Medical and health
General Insurance
General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. For more comprehensive coverage, it is vital for you to know about the risks covered to ensure that you and your family are protected from unforeseen losses.

The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis.

The risks that are covered by general insurance are:
Property loss, for example, stolen car or burnt house

Liability arising from damage caused by yourself to a third party
Accidental death or injury
The main products of general insurance includes:
Motor insurance
Fire/ House owners/ Householders insurance
Personal accident insurance
Medical and health insurance
Travel insurance

Importance of Insurance

Importance of Insurance

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1.Provide safety and security:

Insurance provide financial support and reduce uncertainties in business and human life. It provides safety and security against particular event. There is always a fear of sudden loss. Insurance provides a cover against any sudden loss. For example, in case of life insurance financial assistance is provided to the family of the insured on his death. In case of other insurance security is provided against the loss due to fire, marine, accidents etc.

2. Generates financial resources:

Insurance generate funds by collecting premium. These funds are invested in government securities and stock. These funds are gainfully employed in industrial development of a country for generating more funds and utilised for the economic development of the country. Employment opportunities are increased by big investments leading to capital formation.

3. Life insurance encourages savings:

Insurance does not only protect against risks and uncertainties, but also provides an investment channel too. Life insurance enables systematic savings due to payment of regular premium. Life insurance provides a mode of investment. It develops a habit of saving money by paying premium. The insured get the lump sum amount at the maturity of the contract. Thus life insurance encourages savings.

4. Promotes economic growth:

Insurance generates significant impact on the economy by mobilizing domestic savings. Insurance turn accumulated capital into productive investments. Insurance enables to mitigate loss, financial stability and promotes trade and commerce activities those results into economic growth and development. Thus, insurance plays a crucial role in sustainable growth of an economy.

5. Medical support:

A medical insurance considered essential in managing risk in health. Anyone can be a victim of critical illness unexpectedly. And rising medical expense is of great concern. Medical Insurance is one of the insurance policies that cater for different type of health risks. The insured gets a medical support in case of medical insurance policy.

6. Spreading of risk:

Insurance facilitates spreading of risk from the insured to the insurer. The basic principle of insurance is to spread risk among a large number of people. A large number of persons get insurance policies and pay premium to the insurer. Whenever a loss occurs, it is compensated out of funds of the insurer.

7. Source of collecting funds:

Large funds are collected by the way of premium. These funds are utilised in the industrial development of a country, which accelerates the economic growth. Employment opportunities are increased by such big investments.

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What is AUTO insurance?

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