Do You Need Life Insurance? Tips For Getting the Best Life Insurance Quotes

Life insurance policies help to cope with sudden instability in financial status, especially after the tragic loss of an earning member of the family. You can invest in various types of policies that provide numerous options of financial coverage after your death or disability, to take care of the monetary needs and requirements of your family and loved ones. Thus a life insurance policy is an essential long-term investment that everybody must think of early in life so as to make concrete financial arrangements for the unpredictable future.

How much financial cover one needs actually differs from individual to individual depending on how much your family (specifically your spouse/partner) requires to cope with post-death expenses, repaying mortgage, car loans, credit card dues, real estate taxes/debts, retirement income, children's education, maintaining living standards, and so forth. While deciding which policy to buy, always contact a genuine and licensed insurance agent who can assist you in determining precisely how much insurance you will need, calculating from your requirements and aspirations for the future. They can also suggest which type of policy will be ideal for you in fulfilling your needs. There are two broad categories of life insurance policy that most US citizens invest in as per their necessity. These are:

* Term life policies - Its sub-categories include: Level term policy, Renewable/non-renewable term policy, Decreasing term policy, Convertible/non-convertible term policy, Short/long term policy, Group life insurance policy.
* Permanent life policies

Its sub-categories include: Traditional whole or ordinary insurance, Universal or adjustable insurance, Variable insurance, Variable-universal insurance.

How do you grab the best quotes and save lots of money on your life insurance coverage? Well, you just need to click your mouse and log on to the various websites on the internet where several top insurance companies compete with each other, offering attractive premium rates on different types of policies. You've got to search for sites that give you a list of insurance companies and offer free, instant life insurance quotes within minutes. You shall need to fill out an user-friendly online life insurance rate request form mentioning your requirements and specifications. After filling out the form you will be provided with instant life insurance quotes from half a dozen different insurance companies/agents. So there you get the opportunity to compare different premium rates and find the best quote that will securely seal the financial fate of your family after your death.

Many of the top insurance companies sell their products through agents rather than directly to the public. So you should first get hold of a good online quote before selecting an independent insurance agent. A good life insurance quote depends on several insuring factors related to your overall health and lifestyle such as smoking, health history of you and your family specifying heredity heart/cancer diseases, height, weight, driving record, etc. So instead of spending hours talking to every insurance agent in the yellow pages and cramming your mind with complicated options, simplify your search for the best rates on your insurance policies by just spending a few minutes online to get the cheapest and best quotes today! Click here for more tips and article to help you save money on your next life insurance policy.

Article Source: http://EzineArticles.com/?expert=Doug_Cohen

What is the Best Way to Choose a Term Life Insurance Company?

Once you have determined the term insurance policy that is suitable to your lifestyle, choosing the term life insurance company is your next step. Selecting the right company can be difficult and risky if you don't have sufficient knowledge and information about them. Several factors must be considered in determining the right company. Background, stability, and financial solvency are three important factors to consider.

Having a good track record of paying out claims is a good indicator that the company is reputable and reliable. This can also be use as a gauge of the company's stability. Knowing full well that they payout claims should be enough to put your mind at ease.

However, it shouldn't stop there. Financial solvency of the company must also be checked. It is, in fact, the most important factor in selecting a life insurance company. Without the financial stability to stay in business and pay claims, the insurance policy itself is worthless.

In today's financial climate, many insurance companies, even established ones, are finding it harder to be competitive in the business. Just because a life insurance company has been in the industry for years, it doesn't mean that it is financially stable. There are a lot of ways to check the company's financial stability. One way is to check their financial ratings. A.M. Best, Standard and Poor's, and Moody's are three financial ratings services that grades life insurance companies. They use a letter grading system where A is the highest. For your peace of mind, it will be wise to go for A-rated life insurance companies.

Though keep in mind that not all companies offer the same policies. As with other businesses, insurance companies keep a portfolio of their policies. Since term insurance is a low profitability product, it should be only one of the many lines of insurance that the companies offer. Permanent life insurance is more profitable for the insurance company. Thus, it will be beneficial to find a company that offers a permanent coverage.

In conclusion, finding the term life insurance company is something that should not be taken lightly. Good amount of information is needed to make a sound and wise decision of which company to consider.

Article Source: http://EzineArticles.com/?expert=Anna_Kowalski

Looking For a Good Life Insurance Policy? - Where Do You Begin?

For some people, life insurance can be a pretty touchy subject. Nobody likes to think about their own mortality but once you get past that and start thinking about protecting your family's financial well-being you'll quickly realize that having a good life insurance policy can be a very valuable investment. If you've come to the realization that a life insurance policy would be a good idea, where do you start looking?

The first thing you have to do is determine what your goals are and what you need your policy to do for you. Is the goal simply to make sure the kids get a college education. Maybe you just want to make sure there's enough money to pay off the mortgage and some credit card debt. Perhaps you want to leave a large nest egg for children or grandchildren. For people that own a business or have substantial real estate holdings, life insurance can be a valuable tool for estate planning. You need to figure out exactly what you want your insurance to do for you before you can decide which type of life insurance is right for you and how much coverage you need.

Once you've figured out which type of policy would be best and the amount of coverage you require it's time to start investigating some of the companies that you might want to do business with. To do this it would be a good idea to find some reviews from actual customers of some of the various companies. You can find consumer reviews of things like coverage options, the ease of the claims process, pricing, customer service, and overall customer satisfaction ratings. Getting feedback from actual customers can give you the information you need to make an informed decision and select the best company.

Another important consideration of course is the price. There are many different life insurance companies competing for your business but this is good news for you because this competition creates opportunities to save money. The price for the same type of coverage can vary substantially from one company to another so all you have to do is find a company that offers the type of coverage you are looking for at the most attractive price. Doing this is even easier than it sounds. There are websites that allow you to quickly and easily get multiple quotes from a number of different companies and being able to compare prices side-by-side makes finding the best deal incredibly easy.

Article Source: http://EzineArticles.com/?expert=Ryan_Richardson

Benefits of Life Insurance Coverage

Possessing a life insurance cover ensures a steady income to the family and serves as a security for the future. The major advantage of a Whole life insurance plan is that it remains valid till the survival of the insurer. Besides, younger individuals are entitled the benefit of payment of lower premium rates as there is considerable time for accumulating of cash values thereby the covered life amount increases.

The estimation of the amount to be insured for, is a bit confusing, with regard to meeting the individual calamity ensuring reasonable amount to be left for the bereaved family, in the absence of the insurer.

It should be kept in mind that irrespective of the gender, the individual is valued a lot by family members, moresover when he/she is the main earning member of the family. In such cases, without his/her financial support, it is impossible to even keep up with basic expenses like payment of power, medical bills and other essential expenses which are unavoidable, and as such the absence of the insurer cannot be thought of at all.

If the family members are quite tender in age, the financial needs keep mounting up with the age of the dependents. This factor can be taken into consideration of the significance of money in the individual's family.

The insurance policy rates in respect of Senior people, as compared to younger generation, at times, is high since the companies visualise early death in case of senior people, in comparison to the younger ones. In order to make more money in the insurance business, the companies prefer casting a net towards younger people and by offering lower premium rates, considering their life longevity, and capability to do roaring business.

One major point to be remembered with regard to the life insurance cover is that the insurer should always keep his family members posted of the details of the insurance policy and the location of the policy documents, to be easily accessible, in case an unforeseen calamity arises abruptly.

Article Source: http://EzineArticles.com/?expert=Lana_Leicester

What You Need To Know About Health Insurance Benefits

When evaluating potential job offers, health insurance benefits are most likely one of the first issues you inquire about, second only to salary. Indeed, if you have a large family or a history of medical problems, this may be the first thing you ask about.

Of course, health insurance benefits will vary by health insurance plan, so if you are unsure about any aspect of your health insurance options, it's important to get help from either your Human Resources department at work or a health insurance broker if self-employed or unemployed. It's easy to make the mistake of assuming that features or benefits exist when they don't. If your assumptions are wrong, you could be left facing insurmountable medical bills. This is especially true for low cost, cheap health insurance.

In a perfect world, all individual or family health plans would pay for every health issue that may arise?pregnancy, blood transfusions, sick and well care, minor and major surgery, hospital stays, etc. But the truth is health insurance benefits typically are limited and they seldom will cover 100% of the costs, which is why it's so important to read the policy's fine print. You've got to know exactly what is and is not actually covered.

The majority of valid health insurance policies provide a minimum level of coverage that typically includes major medical expenses such as hospitalization and emergency/urgent medical care. Some of the most sought after additional benefits include annual physical exams, referrals to and treatment by specialists as needed, hospitalization and emergency care, prescription drug coverage, laboratory work including blood testing and x-rays, maternity benefits, prenatal and well-baby visits, vision benefits, and dental care.

Health insurance benefits less commonly include mental health care and treatment, rehabilitation services for drug and alcohol abuse, home health care, hospice care, physical therapy, and chiropractic care.

One thing to keep in mind as you evaluate various health insurance benefits is that the primary purpose of any health insurance policy is to protect you from a major financial loss - not to protect you from spending "small" sums of money on office visits. These small expenses can be a burden, but they generally will not break you.

To conclude, with something as important as health insurance and the impact it can have on you and your family, be careful not to make any assumptions. Granted, a typical health insurance policy is not exactly a ?beach read?, but in the long run it pays to have a clear understanding of your actual benefits. At a minimum, you need to have someone from your Human Resources department or your broker if you are purchasing your policy as an individual, go through and summarize each section of the plan. Again, this may not be your idea of a good time, but in the end it just may save you a bundle.

What New Home Owners Need To Know About Term Life Insurance

Buying term life insurance for your family is a great gift that you can offer them by allowing them to continue to live in your beautiful new home, even if you should happen to pass away unexpectedly before the mortgage is paid off.

Buying a home for your family can be an extremely tedious, stressful and lengthy process. Your emotions will run the full spectrum from fear and anxiety to total elation, and you will probably find yourself wondering if it's the right decision, or if you really can afford it. You'll probably sit in anticipation, waiting for problems, cancellations, but then escrow will finally close and you find yourself relieved beyond words because you finally are the proud owner of your own home. In these joyous moments, it is difficult to think about the potential of a tragedy, but thinking about term life insurance is an unfortunate but necessary part of every family's financial planning plan.

Term Life Insurance is the Best Protection

Term life insurance policies are straight forward in nature. You buy a specific face value of insurance with a certain time period of coverage. There are several factors that contribute to the face value of your term life insurance quote. The traditional rule of thumb for purchasing term life insurance is usually to aim for between five and ten times whatever your annual salary is, but your debt and yearly expenses should also come into play. Length of time that your term life insurance rate is set for will also differ. This is typically based on the age of your children, and how much income you anticipate to have once they are grown and self-sufficient. Take both the loan amount and the time frame into consideration when choosing a term life insurance policy if you want to best protect your family should you pass away unexpectedly before they can take care of themselves. Check out http://www.equote.com/li/life-insurance.html for more information about term life insurance.

When it comes to buying term life insurance for new homeowners, the most important consideration is whether or not your life insurance payout will be enough to pay off your mortgage as well as to support your family until they can support themselves. Even if your spouse decides to take on the monthly mortgage payments for tax purposes, will the insurance benefit offered to him or her be enough to sustain them completely for the rest of the time on the home loan?

3 Key Term Life Insurance Tips

1) All term life insurance policies are developed to be the most cost effective but you should still shop around because there are deals out there.

2) Shop around and obtain as many term life insurance quotes as you can to ensure that you are getting the best price and the best coverage to protect your family in the event of your death. You may find the exact same coverage in several different carriers, but may be cheaper in some states and much more expensive in others. A great place to start searching for term life insurance quotes is at http://www.equote.com/li/term-life-insurance-quote.html.

3) Make sure you are getting the right kind of term life insurance. Because there are three different forms and each is a little different and offers a different level of benefits at different monthly rates.

Getting the Most Benefit From Your Policy

The key to getting the most benefit from your health
insurance policy is knowing your policy coverage.

Many people don’t actually read the policy for the
policy plan book; they may not be aware that the
policy may pay 100% of certain procedures, like annual
physicals, mammograms, flu shots or certain labs
tests.

The policy plan book will outline for you what
procedures are not subject to the deductible or co-pay
(your out-of-pocket expense).

Some insurance companies have shifted their emphasis
from health insurance to health improvement and
maintenance and will pay for the cost of gym
membership, nutritional counseling or plans to stop
smoking.

If you were trying to lose weight and knew that you
could get these services at no cost, wouldn’t you take
advantage of them?

If you wanted to quit smoking, wouldn’t it be
beneficial to know that you could get the patch for
free?

It is very wise to know what services are available to
you through your insurance company, and you will only
know if you take the time to read through your policy.

Health insurance is an expensive item; take advantage
of every aspect of it that you can, not only for
yourself but for the members of your family.

By taking full advantage of the free benefits of your
health insurance policy, you will be healthier and
possibly require fewer visits to your doctor.

SOCSO-The Coverage of Employment Injury Insurance Scheme

• The Employment Injury Scheme provides coverage for accidents that occur while :
  • 9.6.1 Traveling (Commuting accident)
    • while traveling on a route between the place of residence or stay and the work place
    • while traveling between the work place and the place where the employee takes meals during any authorized recess
    • while traveling on a journey directly connected to work
    Except for accident that occurs during a stoppage or deviation done for personal reasons, all commuting accidents are considered as employment related.
  • 9.6.2 Arising out of and in the course of employment
    • Accident that happens while performing official duty at the work place which arise out of the employment.
  • 9.6.3 Occupational diseases
    • An employee contracting a disease to which he is exposed to various hazards by the nature of his duty.
    • The list of occupational diseases is found in the Fifth Schedule of the Employees' Social Security Act 1969.
• Several benefits are provided under the Employment Injury Insurance Scheme :
  • 9.6.4 Medical Benefit
    • Where an employee contracts any occupational disease or meets with an accident, he is entitled to treatment at a SOCSO Panel Clinic or any government hospital or clinic.
    • To be eligible for free treatment, a employee or his representative is required to bring along an :
      • Accident Report (Form 21) or an Identification
      • Letter from his employer or Report of Occupational Diseases Form 68 & Form 69 (whichever is relevant)
    • SOCSO will settle his medical bill on behalf by paying the medical treatment provider directly.
    • Where the employee initially receives treatment in a SOCSO Panel Clinic, treatment must be continued at the same clinic until recovery or unless he is referred to a Government Hospital.
    • In the event of serious injury, the treatment should be at the nearest government hospital.
    • Where an employee requires in-patient treatment, he is eligible for second class ward treatment at the hospital. Where an employee requires specialist treatment, such treatment can also be provided at a government hospital.
    • Reimbursement for medical expenditure incurred at a non SOCSO Panel Clinic may only be submitted for consideration.
  • 9.6.5 Temporary Disablement Benefit
    • An employee who has been certified by a doctor to be unfit for work for not less than 4 days including the day of the accident is eligible for this benefit. This benefit will be paid for the period the employee is on medical leave.
    • The daily rate of this benefit is equivalent to 80% of the average assumed daily wage. However, the employee will be paid a minimum rate of RM10 if the daily rate is below RM10. An employee whose wage exceeds RM1,900 per month will be paid a maximum rate of RM52 per day.
  • 9.6.6 Permanent Disablement Benefit
    • An employee who has been certified by a Medical Board or an Appellate Medical Board to be suffering from permanent disablement as a result of an employment injury is eligible for this benefit. Where the permanent disablement is assessed to be 100%, an employee will be paid a daily rate equivalent to 90% of the average assumed daily wage, subject to a minimum daily rate of RM10.
    • An employee can claim the benefit to be paid as a lump sum if the permanent disablement is assessed to be 20% or less.
    • However, where the assessment of the loss of earnings capacity exceeds 20%, the employee is given an option to exchange 1/5 of the daily rate of permanent disablement benefit into a lump sum payment while the balance will be paid as a monthly pension for life.
    • While receiving this benefit, an employee may continue to work.
  • 9.6.7 Constant Attendance Allowance
    • This allowance is paid to an employee who is suffering from permanent total disablement or 100% loss of earnings capacity, and is so severely incapacitated that he constantly requires the personal attendance of another person. Subject to a maximum of RM500, the allowance is equivalent to 40% of the rate of permanent total disablement benefit.
    • The Medical Board or the Appellate Medical Board will determine the eligibility for this allowance and the payment will be paid directly to the recipient of the benefit.
  • 9.6.8 Funeral Benefits
    • Where an employee dies as a result of an employment injury or while receiving disablement benefit, an amount of RM1,500 will be paid. Payment will be made to the eligible next-of-kin. Where there are no next-of-kin, the person who incurred the funeral expenditure will be paid the benefit. The maximum amount for the benefit is the actual amount incurred or RM1,500 whichever is lower.
  • 9.6.9 Rehabilitation Benefit
    • SOCSO provides facilities for vocational and physical rehabilitation to employee who suffers from permanent disablement.
    • Physical rehabilitation includes physiotherapy, occupational therapy, reconstructive surgery, as well as the supply of artificial limps such as artificial leg, hand, eye and dentures and other prosthetic appliances such as wheelchairs, hearing aids, crutches, spectacles, calipers and orthopedics shoes, including their repair and replacement.
    • An employee who is unable to find a suitable job due to his permanent disablement, can apply to undergo vocational training in courses such as radio or television repairs, metal trade, electrical wiring, repairs of refrigerator and air-conditioner, tailoring, plumbing, typing and secretarial work.
    • SOCSO will bear all expenses incurred for the purpose of vocational and physical rehabilitation based on rates and conditions determined by SOCSO.
  • 9.6.10 Dependant's Benefit
    • Where an employee dies as a result of an employment injury, the dependants are entitled to this benefit. Subject to a minimum rate of RM10 per day, the full daily rate of dependants' benefit is 90% of the average assumed daily wage.
    • Where there is no widow, widower or an eligible child, the following persons can receive the benefits if they depend wholly or partially on the employee's income at the time of his death.

Travel Insurance Benefits

Travel insurance is one of the most searched from all the insurance policies available, one that is especially created in order to cover a range of financial and medical expenses, as well as other unavoidable losses that occur sometimes while traveling, be it on a local level, within one's own country, or internationally.

Regarding its elaboration, you should know that travel insurance is one of the most "comfortable" insurances from this point of view, meaning that this particular type of insurance can usually be arranged when you book a trip and has as the specific purpose of covering all the risks that may arise within the duration of the trip. Or if you are a more "careful" person, you can always choose a continuous insurance that can easily be purchased from (in most cases) travel agents, travel insurance companies, or you can get it directly from different travel suppliers, such as cruiselines or tour operators.

Regardless of the way of purchasing it, you should definitely not leave in a trip without having some kind of travel insurance, because this specific type of insurance offers in many cases a coverage that is as complete as it is worthy of any cost and that certainly has the ability of satisfying the tastes of different tourists. Travel insurance policies have diversified at the demand of potential insured clients complaining of the lack of diverse policies, suitable to varied needs and financial possibilities. Now we can choose between adventure travel, business travel, student travel, leisure travel, cruise travel, and international travel - all these options having the possibility to be included within regular travel insurance.
The risks that are most encountered in the coverage provided by a travel insurance are:
• Accidental injury, death or disablement benefit
• Cancellation
• Curtailment
• Delayed baggage (and emergency replacement of essential items) etc.

If you have solved the insurance problem it means you have already chosen from the range of travel destinations choices the one that best suits your personal preferences. Your dream vacation should definitely include the top holiday destinations of 2007, even though the prices may be a little bit spicy. The votes have already been counted. This year, professionals in this field have scoured the globe and gathered an "army" of authors and experts with the specific purpose of identifying the most emerging, surprising or thriving travel destinations. After an elaborated process of thinking and taking in consideration many different aspects, they've announced the places not to be missed in 2007.

The top travel destinations are:

• Krakow, Poland - Krakow is now, with its outstanding historic landmarks, a UNESCO World Heritage Site
• Tokyo, Japan - Tokyo has the largest metropolitan gross domestic product in the world for a city, and it held the title of the world's most expensive city for over a decade from 1992 through 2005
• Minneapolis, Minnesota - A Midwestern city famous worldwide for its fine arts community and gorgeous city layout, Minneapolis is experiencing a cutting-edge design boom
• Panama - Panama has the same kind of appeal as a destination like Costa Rica - rainforests, snorkeling and volcanoes

Child Education Plan

The child education policy is a life insurance product specially designed as a savings tool to provide an amount of money when your child reaches the age for entry into college (18 years and above). The funds can be used to pay for your child's higher education expenses. Under this policy, the child is the life assured, while the parent/legal guardian is the policy owner. If you opt for a payor benefit rider, the education policy also provides assurance that, in the event of the policy owner's untimely demise, the child will have access to the funds to help finance his or her studies. The cost of higher education is increasing. The need for access to higher education and the cost will put a financial strain on you and your family. That is why it is important to start planning for your child's education as soon as possible, because the earlier you begin, the more time you allow your money to grow. The child education policy will provide the funds needed by your child to pursue further education and assures that whatever happens in the future, your child will still have the means to pursue some of his/her goals in life. When choosing a policy, always: Consider how much money you want to set aside for your child’s education. Make sure that the premium is affordable. Choose a policy that gives you flexibility so you can gradually increase the savings in the future. Ensure that you opt for the payor benefit rider.

Health Insurance Benefits

Health insurance services are designed to offer people financial protection against any sort of losses which can be caused due to accidents, injuries or any other type of health illness. Today, in the market place you can find a health insurance policy to almost all types of health related issues. People have certainly realized the benefits of these policies in quite a big way, at least in the recent times.

Some of these policies can be purchased in the form of an individual policy. This type of policy can provide coverage to an individual only. So, only the individual who has taken the policy can enjoy the insurance benefits. There are some other health insurance policies which can be purchased as group policy. With this policy the whole group of individuals can enjoy insurance benefits.

Generally, individual policies are more expensive than the group insurance policies. One of the most important reasons for this is, the administration costs that are associated with the these policies are less when compared to individual policies. Through unions, or associations, or employers the group health insurance policies are purchased. Normally, the association will be a part of the policy. So, they will select the policy with maximum insurance benefits for their employees.

Almost all of the current organizations, group health insurance policies are provided as incentives to all their employees. This trend became quite popular especially in the last few years, because of increase of competition for talented and trained work force in the market place. Group and individual insurance plans have become an integral part of the HR activities. Now, the employees are feeling it as their right to get insurance benefits. They are no more treating it as a benefit or an incentive that they are getting from the organization.

These can provide a lot of insurance benefits. Just for an example, it may pay for the cost of hospitalization or surgery. At the same time it may also pay other hospital expenses such as the cost of the hospital room. How ever all group health insurance policies are not same in these aspects as some pay a flat rate daily for the cost of a room. So, as an employer you should take care of all these minute details while going for a good health insurance policy, if you are committed to provide maximum insurance benefits to your employees.

Minimum Insurance Benefit

Many reform advocates have claimed that the federal government should mandate a package of insurance benefits that all private and public health insurers would be legally compelled to provide. Switzerland is one country in which the government defines a what the insurance benefit will be for all standard health insurers. The National Coalition on Health Care also proposes “…requiring insurers to establish explicitly separate premiums for the core benefit package.” Is having the federal or state government mandate a minimum benefit package a good idea?

Cons

Most neo-classical economists would say that having the government mandate an insurance package is a bad idea. Regulation restricts choice. If consumers would prefer an insurance company to cover mental illness and another person would prefer their insurance company have more generous coverage for cancer treatment, then it would be welfare destroying to eliminate the individual’s choice. Even if regulators were able to determine an ‘optimal’ benefit package–even a benefit package deemed optimal for society is unlikely to be optimal for each individual–this optimality could only be achieved in a static setting. When new medical technologies and procedures became available would they be adopted? Adopting unproven medical technologies may not increase quality of care, but would increase the cost of premiums. Adopting technologies too late will harm the sick patients who could benefit from these advances.

Another issue is who would be deciding which procedures are included. Whether it is Congress or a medical “Federal Reserve,” these groups would be influenced by lobbying from the AMA, pharmaceutical companies, and patient interest groups. Further, Congressmen will have their own favorite diseases that they will include in the basic coverage plan, even when funding coverage for these diseases may not be as beneficial as for other diseases.

Pros

One benefit of the standardized medical package is that people would better be able to comparison shop. Currently, it is nearly impossible to determine what your insurance company covers unless you are an expert. With a mandated core benefit package, insurance companies would only be able to compete on the dimensions of price, service, and reputation. They would be no competition with regards to which procedures were covered. Also, this would help to attenuate the problem of adverse selection. Many insurers currently do not offer generous coverage since they know by doing so, they will attract the sickest individuals and likely decrease their profits.

Further with a standard benefit package there should be lower legal costs for both the insurance companies and patients. With a clear core benefit package, litigation would not be eliminated but it would certainly be curtailed since much of the payment ambiguity would be cleared up.

Supplemental Insurance

Regardless of whether or not you prefer a minimum insurance benefit, the government should allow supplementary insurance markets to exist. In this way, those who prefer more generous coverage could purchase additional insurance. Further, it is likely that supplemental insurance would be the first-adopters of new technology and could provide a testing group as to whether or not a new medical treatment should eventually be included into the core benefit package.

Whole Life Insurance Benefit

Details of each whole life insurance benefit will be listed and explained here on this page but first let us get an overview of what whole life insurance is about. Whole life insurance is permanent life insurance that maintains a level premium and a level face amount for as long as you keep your policy...even if it is to age 100. That is why it is referred to as permanent life insurance as compared to term life insurance which is kept in force for a specific period of years.

• Cash Values

  A prime whole life insurance benefit is the cash value contained in the policy. Although the premiums are higher than term insurance premiums these cash values tend to offset the extra premium over time. In many a case the total cash value plus the dividend...if any is earned...at the end of 15 or 20 years will return all premiums paid if the owner of the policy should decide to terminate the policy at that time. Dividends, however, are not guaranteed but are based on the investment and expense experience of the life insurance company.

  The policy owner can take loans from the cash values of their policies. They should, however, be repaid because if they are not the death benefit of the policy will be reduced by the amount owed plus any outstanding interest.

• Death Benefit

  An important whole life insurance benefit is the death benefit. This is what life insurance is all about...isn't it? The policy proceeds can be paid to the beneficiary either in one lump sum...the usual method of payment...or the beneficiary may elect to have it paid in the form of a monthly income. There are several income options to choose from.

• Policy Riders

  Another great benefit of owning a whole life insurance policy is that you can add several different riders to your whole life insurance policy. You can add various types of term policies to enhance your death benefit. Some companies even allow you to add these term riders on different members of your family. For example, you may choose to add a $50,000 term rider on your wife and a $10,000 term rider on each of your children. These certainly are great whole life insurance benefits...don't you think?

  Another whole life insurance benefit is the waiver of premium rider. You add this rider at a very low cost. Also available is the accidental death benefit rider otherwise known as the double indemnity rider. This is certainly another whole life insurance benefit.

There are considerably more benefits to the whole life insurance policy. Get an illustration and examine more of them.

Health Insurance Benefits Laws

Once you're done comparing health insurance quotes and plans and you've settled on employer-based health insurance, it's good to keep in mind the Department of Labor's Employee Benefits Security Administration (EBSA) administers a number of laws that cover these health insurance plans.

Here is a list of some of the laws affecting health insurance :

1) The Employee Retirement Income Security Act - This law protects people in retirement, health and other benefit plans through private employers by providing rights to information and a grievance and appeals process for private employer health insurance participants.

2) The Consolidated Omnibus Budget Reconciliation Act - This law only applies to special instances, but if you qualify as a former employee, retiree, spouse or dependent child you can purchase a temporary continuation of health insurance at group rates.

3) The Health Insurance Portability and Accountability Act - This law applies to working Americans and families with preexisting medical conditions. Through this act there is a guarantee of individual health insurance policies for eligible people and it prohibits discrimination in health care coverage.

4) The Newborns' and Mothers' Health Protection Act - Just as it sounds, this law offers rules on minimum health insurance coverage on how long the mother and child can stay in the hospital after childbirth.

5) Mental Health Parity Act - This law ensures mental health is given as much emphasis as physical health by requiring annual, or lifetime, limits on mental health benefits to be no lower than limits for medical and surgical benefits provided by a group health insurance plan.

6) Women's Health and Cancer Rights Act - Breast cancer is a frightening diagnosis and treatment runs a wide range of intensity and invasiveness. This law protects breast cancer patients who want to have a breast reconstruction after a mastectomy.

7) Mental Health Parity Act - This law ensures mental health is given as much emphasis as physical health by requiring annual, or lifetime, limits on mental health benefits to be no lower than limits for medical and surgical benefits provided by a group health insurance plan.

When you are part of an employer - based health insurance plan the Department of Labor’s Employee Benefits Security Administration is a great source of information on subjects such as your rights to information on how your plan works, how to quality benefits available in your plan and how to make claims on your health insurance plan.

Remember EBSA administers these laws that help protect your health insurance when you lose coverage, change jobs or if you suffer from certain special medical conditions. Also remember when choosing employer-based plans to carefully compare your health insurance options to make sure your plan works best for you and your family's medical needs.

Type of Life Insurance Benefits

Since I am an insurance agent myself, it is my job to always ensure my clients are all well protected. I will try to put it in a simple form so that you will know what can be insured in a life insurance policy. There are 5 major benefits:

1. Accidental Care
This is usually a rider attached to a main policy. It covers permanent disability, and death caused by accidents only. Accidents include car accident, fall down, etc. Normally it pays double the amount of sum assured if accidental death happens at a public conveyance (bus, passenger airplanes,LRT)
Adequate coverage: 5 times annual income
It is cheaper to get this accidental policy as a standalone plan from General Insurance companies.
Some people only have this type of policy. I always laugh at them. They never realize that they actually go to war with underwear only, no armour, no helmet, no nothing!

2. Hospitalization and Surgical Benefit (known as medical card or health card)
This benefits can cover all or most if not all of your medical expenses at hospital.
Adequate coverage: >RM150/day room and board benefit. Yearly limit of >RM50,000. Lifetime limit of >RM150,000.
Health card is not a credit card and it does not have money in it! If it is genuine cases, there will be not much trouble to get the Letter of Guarantee from the insurer when you are hospitalized. However, insurance company have the right to investigate before they pay out the claim.
3. 36 Critical Illnesses (Cancer, Stroke, Heart Attack etc)
It is different from the health card. This benefit is paid in a lump sum to our account, but not to the hospital. The purpose of this benefit is to replace out potential income loss when we take long leave for medical care.
Adequate coverage: 3 times annual income.

4. Total Permanent Disability (TPD)
TPD is a very severe case. After a person becomes TPD, it can be defined that he lost his ability to earn a living. There are 2 forms of benefit for TPD:
a) Lump Sum - this benefit is normally included when you purchase the policy for 36 Critical Illnesses.
b) Annuity - This is a separate rider which will pay you a yearly benefit. It is advisable to get the protection up to our annual income. However there is a maximum cap of RM50,000 per year per life assured per insurance company. If your income is more than that, you can consider to buy different policy from different insurer to get yourself fully covered.

5. Natural Death
No matter how you die, they will still pay your family this death benefit, except committing suicide within the 1st year. Since the life assured can’t enjoy this benefit, it is up to the individual commitment to their dependants to calculate how much coverage they should get. For instance, a father whose wife is taking care of his 1 year old son full time, it is advisable to be insured for at least the expenses of the family for up to 25 years.

Insurance Benefits

Insurance Benefits encompass the facilities associated with buying of insurances. Insurance is mainly a instrument used by consumers for hedging the future contingent risks related with life, health and non-life general issues. Insurance benefits help the policy holder or beneficiary in combating with the losses or hazards associated with him/her.

The policy holder buys the insurance to hedge against the future perceived losses by paying a regular amount to he insurance company known as the Premium. Insurance companies ensure financial reimbursement of the insured losses to the policy holders or his/her beneficiary. This is the most coveted Insurance Benefits.

But with time, more and more insurance companies have cropped up and consequently the competition among them has increased. Every company is trying to woo all the customers into its fold and in a way offering more and more innovative Insurance Benefits to the consumers.

• Affordability of Insurance
  The foremost insurance benefit in todays world is the low insurance rate and premium one has to pay. While choosing a insurance policy, every customer looks at this rate first and then to the other associated benefits. The lesser the insurance rate, the more affordable the insurance becomes. Thus, among all the insurance benefits, low insurance rate and premium is the most coveted one.
  
  
• Accessibility Of Insurance
  The easy accessibility of a insurance is the next most coveted Insurance Benefits that the customers look for. The online access to insurance companies and their policies has made them more lucrative to the customers. Now-a-days, customers can search, compare and select their insurance coverage through the click of a mouse from their own residence. This has been observed that through online services, the insurance companies have been able to reach more number of customers and consequently their customer base has also mopped up significantly.
  
  
• Some of the other Insurance Benefits are :-
  • Basic benefits of the insurance policy. That is, the person enrolling for the policy is entitled to receive the financial compensation in case of actual occurrence of the loss/hazard/damage.
    
    
  • Optional Insurance Benefits are also given by the companies to their policy holders in order to entice them to access their insurance package. These optional benefits include
    
    • health and dental insurance of the family, life insurance of the spouse and the child,
    • accidental death policy for the policy holder in addition to the actual insurance for which he/she has enrolled for,
    • long term and short term insurance plans against disability of the policy holder
    • unit linked insurance schemes meant for appreciation of the accumulated capital during the life span of the same, managed by an experienced and well-learned fund manager
    
    
    
  • Pre-tax insurance benefits
    These benefits are an added advantage to the insurance holders because they help them in saving a large portion of their tax payment. When the tax-payment gets curtailed then consequently their disposable income increases leading to more enjoyment out of a secured life.