Why You Shouldn’t Believe these Term Insurance Myths?

The misinterpretations around a term insurance plan can often discourage people from considering them as vital instruments of financial planning. This is due to the several myths that go against the purpose of insurance, which is basically risk management at lowest possible cost. However, in reality, buying a pure term insurance policy is considered one of the most cost-effective methods of getting your life insured. Here, we clarify some of the common misconceptions about term life insurance, especially about what they are and why they play important roles in our lives.

Top 5 Term Insurance myths busted:

  • Myth 1 – Term plans are unprofitable and a waste of money

As term plans provide financial protection to your family in case of your untimely passing, they are not that popular because if you survive the policy period, you get nothing in return for the premium paid. However, the higher protection that you get at lower costs has a much higher value in managing financial risk for your family. At a nominal cost, the complete well-being of your loved ones is assured in your absence. Not only the nominee but also the policyholder can profit from a timely investment in the right type of life insurance plan.

  • Myth 2 – Young and healthy people do not need term insurance

Even if you are young, unmarried and don’t have any kids, it doesn’t mean that you don’t need life insurance. Life is full of surprises and uncertainties. An accident can occur at any time and potentially clear a large chunk of your savings. Moreover, the earlier you buy term insurance, the lesser premium you would have to pay for a large sum assured.

  • Myth 3 – Buying a term policy too late in life is not advantageous

The premium for an older person will be higher in comparison to a younger professional who applies for a term insurance plan. However, a term insurance policy taken after 50 years of age can still provide financial independence for a person after he/she retires. Senior citizens can also get coverage for life and their loved ones will receive the ‘death benefits’ following the policyholder’s demise. This can ensure that their family remains financially secure at unprecedented times.

  • Myth 4 – All term insurance plans are the same and the cover cannot be increased

One of the major myths about a term plan is that the plans cannot be customised. However, that is not true as term insurance plans can be customised as per your needs. You can even add to your term plan to get more benefits and the add-ons can range from the ones accelerating the pay-outs of the base or offering additional cover.

  • Myth 5 – Purchasing term insurance online can be cumbersome and time-consuming

People are often hesitant to buy term life insurance only because the process of buying them through an offline channel can be quite lengthy. However, thanks to the power of technology and the internet, today, you can buy term insurance online without any hassles. Offline procedures will require one to fill up several forms and submit various documents, but it takes a few clicks to buy an insurance policy online from the comforts of your home. You can also calculate the premium that you need to pay by using online term insurance calculators.

In conclusion, a term insurance can be considered as a pure life cover that can provide you high coverage for a low premium. Hence, it’s best to steer clear of the myths around it and know the appropriate policy that you require.


Guide to get best health insurance for parents online

Our elders need a little looking after as they grow older! While we try to give them every qualitative facility and luxury, a health insurance policy is also crucial. Not because it will protect them from diseases or natural deterioration, but because it will help them avail the best treatment during a health crisis. Health insurance for parents has become a necessity given the ever-increasing medical expenses can exhaust one’s savings. Check all the available plans and schemes to get health insurance for parents. Keep a few things in mind before choosing the best one available.

health insurance

Things to Look Out for In The Plans

A few determinants in the best health insurance for parents must be in everyone’s checklist before buying a health policy. One must know the grounds of comparison of the available options to end up buying the best item!

Check the Waiting Period

The waiting period is an essential factor when buying health insurance for senior citizens as a long term plan might not be beneficial in case of health emergencies. Although most of the companies try to keep the lowest waiting period possible, one must always keep a check on the available policies.

Pre-existing Illness Coverage

Most of the elders are likely to have mild health conditions. Coverage for pre-existing illness counts as a must in this case. Also, check whether or not the insurer demands a pre-policy health check-up report. Some of the leading insurers are not putting this factor in their terms and conditions. So, one can easily dodge this additional expense before buying the health policy.

Annual Health Check-up Facility

To look after our parents efficiently, we need to keep tracking their health condition to take precautionary measures. It is easy to avail a free health check-up annually for every no-claim period.

Organ Transplant and Donor Coverage

Organ damage is one of the most common ailments in older people, as the natural deterioration in their health can cause organ failures. A health insurance plan that offers organ donor and implantation coverage will be the most beneficial in this case. Thus, in the case of elders suffering from serious ailments, this coverage is a must!

Network Hospitals and Cashless Claim Facility

The availability of cashless claim facilities in the network hospitals is also a factor which determines the quality of treatment the patients will get. Therefore, one must go through the list of hospitals and the claim ratio of the company to make the most of the health policy!

Steps to Buy Health Insurance for Parents Online

  • Buying health insurance for parents online is entirely convenient and time-saving if one chooses the right platform.
  • Several online insurance brokers in India offer end-to-end support and services to the customers who are not well-versed with the insurance market.
  • Find the best one available and choose the top-rated companies to compare the available plans. Check the ICR (Incurred Claim Ratio) to shortlist the best ones, apart from other considerable factors.
  • Go through the available plans for senior citizens and put them in the compare dashboard. Yes, it becomes easier and efficient to make a comparison between available dispositions using this process.
  • Go through the coverages offered and check all the necessary factors concerning the premium rate.
  • Choose the one that is offering the most useful number of coverages at reasonable premiums.
  • Complete the formalities online, and the job is complete!

A comprehensive health insurance plan for parents is the best gift one can give them. Insurance companies take care of all the requirements and general concerns of people to serve the best coverages! All one has to do is make the right choice at the right time without falling into market traps.


Know What You Might Have Overlooked About General Insurance Policy

Hundreds of different insurance plan exist, from dental to life to house they can all be extremely crucial. The complying with short article will certainly discuss one of the most essential components of insurance to you, consisting of plan kinds as well as cost efficiency.

Things You Might Have Overlooked About General Insurance

  • You should find an insurance company that can manage every one of your insurance policy requires. Very usually, if you pack all your insurance needs as well as bring them all to one service provider, you are qualified for significant discount rates. Changing car coverage far from your residence insurance provider can cause your home rate to spike.
  • If you desire a quick feedback to your claim, explain plainly what happened. Paper the problems by taking images. Do not embellish your account of the incident or make the damages worse that it in fact is to try to gather additional loan. This fraudulent action might land you in major difficulty as well as you might need to forfeit any settlements for the damages.
  • Having a cops record can make it easier for your auto insurance company to pay your claim. If you speak with an insurer depictive concerning your claim, take down the individual’s name as well as the date on which you spoke with that person. Follow-up letters or e-mails can get written verification of what was gone over or made a decision when you spoke.
  • Shop up until you drop when you’re looking for an insurance coverage. A great deal of individuals keeps the insurance policy they have due to the fact that it is easy to do so. They never mind to look and also see whether they can get a far better deal. A few hrs invested doing comparison shopping are barely squandered, particularly when the possible savings can be numerous bucks every month.
  • Use the power of the Web to look for quotes for insurance. Exploring different prices in this way will offer you some history on what types of prices you are most likely to encounter while determining which insurance provider to make use of. Bear in mind, nonetheless, that any kind of quote you acquire via the web is most likely to have specific stipulations for qualification, consisting of the filling out of a lengthy application and going through a medical examination.
  • See if your pet insurance coverage agreement is still the exact same when it comes time for revival. Some family pet insurance provider deal with revivals fresh applications. If your insurance provider does this, your premiums may climb dramatically if your family pet currently has a persistent ailment that he really did not have last year. It’s ideal to avoid signing up for plans with insurance companies that practice these approaches.
  • Before picking to deal with an insurance company, make the effort to consider their documents. Frequently, these companies can even give comparisons of insurance companies, premium prices and other relevant information. There are fewer companies like Click4Gap for best insurance services and offers.
  • Most likely to your state insurance policy company to discover even more regarding the business and policy you have an interest in. All problems as well as cost walking need to be submitted with your state insurance division. Any kind of cost adjustments need to be filed as well as warranted with these firms. Do some searches on the web on public information.
  • Make certain to compare rates when buying insurance. By doing this, you can get the best bargain. Lots of sites provide free quotes for numerous firms where you can contrast policies, protection as well as expenses.

Good to go for instant auto insurance

Instant Auto insurance no down payment? This sounds too good to be true! Well this is not a myth and if you do even a small amount of research on automobile insurance policies, you will surely find there are a number of insurance agencies providing buyers with an instant auto insurance no down payment facility. Usually insurance agencies will not insure your car without any upfront down payment, which can be a sum or an advance for the next three or six months.

However, with the passage of time, the world of insurance market grew bigger and bigger and the agencies are offering insurance options on much cheaper and buyer friendly terms to gain more customers. As a result of this buyer friendliness in the limelight, the concept of instant auto insurance no down payment is becoming a norm. There are a large number of vehicles, which are provided to the employees from the organizations where they work for official or personal use. So, organizations have to commit to a contract with insurance agencies for a number of vehicles.

Attracting large organization

In order to attract large organizations which own a number of cars and vehicles, instant auto insurance no down payment schemes are becoming more and more popular. With such schemes, the agency is signing up a contract comprising a number of cars and do not worry about the down payment, which is otherwise a relatively good sum of money. However, the agencies tend to cater for well-known organizations which have a good market portfolio for these schemes. For smaller, less known organizations, or new ones, it is sometimes difficult to get such insurance scheme from large insurance agencies.

Apart from the instant auto insurance no down payment, there are other insurance policies too, where just a very nominal amount of down payment is required which is more of a formality than an actual amount like, for instance the car insurance first month free no deposit. In this case, the auto insurance can be of variable duration. You can buy policies for six months, a year, 5 years or more. Irrespective of the period of the insurance plan, the initial amount will be deposited followed by a monthly fee. For newer vehicles you can source better plans with less down payment and smaller monthly fees. However, as the vehicle ages, it becomes more difficult to insure. And even if you do get it insured, it will cost you more. It is best that whenever you purchase a new car, have it insured right away to get the best insurance policy rates.

No down payment car insurance companies are gaining users’ favor and trust rapidly

You can easily Google and find a number of insurance websites and adverts, in the vicinity of where you live, which will claim in bold letters that Instant auto insurance no down payment is available here. But sometimes it can be a hoax too, and although no down payment is required, there are other hidden dues as well that people pay instead of a down payment. At times, apart from the premiums payable, other dues after a certain period of time become payable, and are somewhat similar to a down payment with another name. So, it is necessary to ensure that before buying a policy, whether you are being given the facility of Instant auto insurance no down payment, or whether you are being a victim of fancy marketing and big hollow slogans.

Apart from becoming a victim of any insurance hoax, conducting a thorough research is also essential to differentiate between the many insurance options available. It is usually a bit overwhelming to decide which insurance option is right for your automobile. Sometimes attractive slogans like no money down payment car insurance, which seems to be very beneficial to your company is in fact not really a good option because of high monthly installments or some hidden payments, which have to be made after every 3 months or so.

Good insurance plans and schemes for automobiles

However, this is not always the case, and there are some very good insurance companies who try their utmost to provide buyers with the best plans to suit their requirements and needs and would not just be an additional monthly cost and burden on their budgets.

Finding a good insurance plan for your automobile is quintessential for your safety and to avoid extra dents in your wallet when your car is dented at any time. Good insurance plans and schemes for automobiles are available and many smaller companies are also offering them at a low rate, but our advice would be to go for well-known insurance providers, as on average, your car might be in need of insurance services three to four times per year. When you have this frequency of dealing with insurance providers, it is essential that those instances are professional and reliable.

Policy Genius is a good website, which helps you to compare rates from different insurance policy selling companies. You can compare the rates online for a better idea, so when you go into the market physically to make inquiries, you already have a heads up about the rates from different insurance sellers. This will help you make a sound decision about which automobile insurance to buy and which one to avoid.

Here are some points which you should check when buying a good insurance policy

  • Liability Charges: if you are at fault during a collision, you must pay for the damages. The liability charges can be paid fully or partially by the insurance sellers if it is covered in your policy.
  • Personal Injury Protection: (PIP) This will cover the medical charges of the policy holder and also the passengers in his car, no matter whose fault it is.
  • Gap insurance: If you are getting a brand-new car, its lease value is more. In this time period you can utilize the gap insurance.
  • Collision Coverage: When your car collides with any object, you can file for the collision coverage charges.

These are some of the points one should consider before buying an auto insurance. If you want to go for instant car insurance no down payment, go for it, however do proper market research to know whether you are getting the best deal or not.


Hong Kong’s Most Under-the-Radar Billionaire: Calvin Lo

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While Jack Ma and Li Ka Shing can’t avoid the spotlight, other fantastically rich people do manage to slip under the general public’s radar, often because they built their wealth through privately held companies and keeping it off public records. Take how the extra-secretive Lo family in Hong Kong keep a low profile.

The largest independent life insurance broker, R.E. Lee International, is still 100% privately owned by the Lo family. Unlike Ma, who must disclose his Alibaba stock holdings in public filings, Los’ under no such obligation.

Calvin Lo, the heir of the family, is the CEO of R.E. Lee International, a life insurance brokerage providing estate planning and business succession services for ultra high net-worth individuals and businesses. It’s estimated that his group places $1 billion of premiums annually. Under Lo, the company formed R.E. Lee Capital providing wealth management and advisory services with a few billion dollars under management. He is also a successful investor whose massive, far-reaching business has its fingers in industries as diverse as pulp and paper, real estate and wineries.

The rarely seen Lo was pictured at a charity function. Forbes estimates Lo’s personal net worth to be $1.7 billion, making him one of the wealthiest people in Asia, yet he chooses to lead a private life and has never appeared on any wealth ranking. This can be pretty common. A desire for security and a life free from the pestering of luxury retail companies and philanthropic organizations are motivations for keeping extreme wealth under wraps.Despite managing to stay virtually unnoticed by the rest of the world, even media-shy billionaires will occasionally surface in the public eye. It was only when the Hong Kong media uncovered Lo’s visit to Champagne, France, earlier this year that the world start noticing him. It turns out that Lo is Asia’s biggest purchaser and collector of champagne, and his most recent transaction was forking out $230 million for his champagne collection.

Other than being in the ultra exclusive billionaire club, Lo and Ma does share something else in common: they both keep a residence in Hong Kong’s most prestigious address. Every city has that neighborhood, an address that signifies wealth. New York City has Fifth Avenue, London has Kensington, and Miami has South Beach. Hong Kong has The Peak, a neighborhood that has been synonymous with prestige, luxury, and exclusivity since the colonial era. It’s the kind of neighborhood that consistently breaks records for the most expensive real estate in the world. Lo’s mansion is estimated to be worth $70 million, not a small amount by any stretch of the imagination.

Privacy and security are definitely important when you’re this rich and successful. Unlike entertainment celebrities, billionaires like Lo simply like to keep a low profile and are not recognised in public except by people who either are familiar with their industry or who know them personally.

While not brokering deals or buying up chateaus, Lo spends his time with the world renowned primatologist Dr. Jane Goodall to promote the wellbeing of animals, the community and environment. Public filings show that Lo sits on the Jane Goodall Institute board.

Lo’s determination to preserve his privacy while simultaneously emblazoning the NGO he supports with his name (and money) is just one of the many contradictions that make this hidden billionaire fascinating.


How to Get Inexpensive Car Insurance Policies

When you buy a new car, the dealer almost certainly will provide you with car insurance. Thus, we do not spend a lot of time in understanding the policy or its benefits. However, when the renewal period arrives, one starts to spend some time on car insurances and finding out the best ones. Sure, there are the usual insurance benefits but apart from that car insurance makes it legal for you to drive your car in India. Thus, if your renewal is just around the corner do not take it lightly and start looking out for a car insurance policy.

Car Insurance- Get All the Basics Right

Imagine this, you take your car out for a spin and some idiot rams his car into your car. Though there is no fault of yours, you will now have to pay for all the expenses of the car. If you have a hatchback, the headlights repair would cost you on an average of Rs.3500, bumper Rs.5000, any damages to the fender would account for additional Rs.5000. You see where this is going. Even if it’s a scratch, you will have to repaint the entire part, be it the door or bumper.

If you do not have car insurance, a small to a medium accident would seriously dent your bank account. Not to mention the hefty fines the traffic police might charge you with when they find out that you do not have car insurance. To keep yourself safe from any such unexpected events, getting a car insurance is a must. There are no doubts that you could be an exceptional driver with some serious driving skills, but given our road conditions and the variety of people behind the wheels of other cars, that is too much of a risk to take.

There are usually two types of car insurance that insurers offer, third party liability and comprehensive car insurance. We will learn a bit more about them in the following segment. So here are the main reasons why you should opt for car insurance.

  • Makes your car road legal in the country.
  • Pays for the damages to your as well as other cars, people or property that you come in contact with.
  • Coverage against natural calamities such as flood, earthquake and so on.
  • Personal accident insurance should the insured pass away as a result of an accident or face disability of any form.
  • Covers your car against vandalism or theft, so that you do not lose your sleep over it.

A Brief Overview of Car Insurance

A third party liability is the most basic form of car insurance that you can buy. In fact, it is the bare minimum requirement for your car to be legally on the Indian roads. In the event of an accident, if there is any injury or damage to another person or property, your insurer will pay for the same. This is also the cheapest car insurance that you can buy but not the recommended one. The premium amounts largely depend on the engine capacity of the car.

A comprehensive car insurance is what you should opt to buy. Why you ask? Well, it not only provides the bare minimum third party liability cover but also a lot more than that. When you have a comprehensive insurance, it also pays for own damages. Comprehensive car insurance also makes way for NCB or No Claims Bonus. It is a simple mechanism by which you can save some money on your insurance premium. It only kicks in if you haven’t claimed your insurance within a certain time period.

You can reduce the burden of car insurance premiums by using any of the following methods.

  • Select Right IDV

Insurance premiums are directly related to IDVs, so a lower IDV translates into a lower premium.

  • NCB

If you are someone who hasn’t claimed their car insurance policy, NCB is yours for the taking. You can avail discounts of up to 50% under this section.

  • Security Devices

Insurers love policy holders who have security devices installed on their cars, thereby, reducing their premiums.