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.