Insurance Sales is an upcoming and growing job opportunity for many graduates and other professionals. Selling insurance covers and other financial products is the main job responsibility of insurance agents. In India, the number of people already under insurance covers is much less than the potential number of people who require such a cover. Thus, demand for insurance agents and job opportunities for them are rising.
Nowadays, the job of insurance sales agents is not just limited to selling insurance policies. They are diversifying their profile to sell more and more financial products. Mutual funds, retirement funds and other securities are also now sold by insurance agents. Thus, the purview of their job is expanding.
The job of an insurance agent is very client oriented. Insurance sales agents are the first point of contact between a consumer and an insurance company. These agents help businesses, individuals, and families in selecting insurance policies that best suit their needs. These insurance policies are meant to provide the best safeguard for their health, lives, and property.
Insurance sales agents could be of two types: independent agents, and captive agents. As the name suggests, independent insurance agents work independently. They are not bound by any company instead represent several different insurance companies. They are also referred to as brokers. Their job includes making the client buy product from such an insurance company whose policies, rates, and coverage best satisfy the needs of that particular client. On the other hand captive insurance agents or dedicated agents work only for a specific insurance company that has hired them. They find policies within their company to fit the needs of their clients. Although the function of both types of agents is more or less the same, their mode of payment is different. Both are required to maintain records, prepare reports, find new clients, and help policy holders settle their insurance claims. Independent agents work on commission basis whereas captive agents work on salary plus incentives basis.
In the job of insurance sales, the agent sells insurance policies such as property, casualty, life, health, disability and long-term care. Property and casualty policies are sold to individuals and businesses who want to protect themselves from financial loss due to fire, theft, natural calamities, automobile accidents, and various other things that can cause significant damage. Some insurance agents specialize in selling life insurance polices that provide beneficiaries with income when a policyholder dies. Health care agents find clients who wish to insure coverage for medical care in the case of illness or injury. They may also sell dental insurance and short- and long-term disability policies.
The first task of an insurance agent is to convince the client that the financial product offered by the company is useful for the client. Once the client is convinced, the insurance sales agent helps the client select the best policy that suits his needs. This could be buying insurance cover for self, spouse or children, mediclaim policies, child education policies, pension plans and so on. After this, the agent helps the client through all the paper work and legal formalities that are involved. Then, the agent has to maintain relationship with the client for reminder of premium deposits, any other settlements, claims or if the client wishes to upgrade his policy. Also, since much business is generated through referrals, it is always important to maintain a good relationship with the client.
These days, the job of an insurance agent has become relatively simpler with the advent of technology. Internet enables easy access and regular communication with the client. It is also easier to keep records and make reports using increasing technology advancements. This improves the efficiency of insurance sales agents allowing them to take on more and more clients and servicing them well.
With the increasing competition in the insurance domain, there is need for aggressive insurance sales agents. With so many players in the market, it is the agents who can ensure a customer’s satisfaction with the services of the company. The agent should be smart, pleasing to talk to and convincing enough. He/she should also have thorough knowledge of the products of the company. There should also be certain quickness and the ability to think on feet while processing claims, answering questions, making changes in policies, and selling more products.
The job of an insurance agent is both rewarding and challenging. As long as one keeps getting clients and the business keeps flowing in, it can be monetarily very rewarding but if the clients dry up, it becomes very frustrating. One can enter this job as a graduate and entry level and grow to a higher level. There are opportunities galore and for aggressive young people with good sales ability, this could turn out to be a long-term career with ample scope of growth.
Some useful links: www.naukrigulf.com www.naukrigulf.com/ni/nijobsearch/loc-jobs-dubai/
If your home is like 72.9 million others in the U.S., it is home to at least one pet. According to the 2011-2012 APPA National Pet Owners Survey, 62 percent of households in the U.S. have at least one pet. It’s not hard to imagine why. Pets, whether furred, hoofed or winged, bring so much to our lives. But, along with unconditional love and unquestioning devotion, they can also bring significant vet bills. In fact, the APPA (American Pet Products Association) estimates that U.S. pet owners will spend $14.1 billion on veterinary care in 2011.
Some pet owners opt for pet insurance as a method of reducing the costs of routine and emergency vet visits. However, Consumer Reports recently published a review of several pet insurance plans. The review was not favorable. Their basic conclusion: “Pet insurance is rarely worth the price… Only in uncommon cases, when a pet required very expensive care, would the coverage have more than paid for itself.”
Here are a couple of reasons why a pet insurance plan may not be your best option to save on your pet’s healthcare costs.
1. Lack of Coverage
Most pet insurance companies promise to cover 70 to 90 percent of your pet’s veterinary costs. However, these companies have adopted much of the fine print that the large human health insurers use: cumbersome claims processing, deductibles, per-visit reimbursement limits and per-incident limits. They may also deny coverage for many common conditions, including those deemed “inherent to the breed” and “pre-existing” conditions. As a result, their insurance rarely covers more than 50 percent of a pet’s annual medical costs. And since they charge $400-$1100 for a policy, the insurance typically costs the average pet owner far more than it saves.
2. Poor Return on Investment
In the aforementioned Consumer Reports review, they analyzed the lifetime vet bills of Roxy, a 10-year-old beagle in Dobbs Ferry, NY. Costs were totaled for nine different pet insurance policies, calculating how much would be paid out in reimbursements. Over Roxy’s 10 years, none of the policies Consumer Reports evaluated would have paid out more than the cost of the plan. Even when treatments for several hypothetical serious ailments were added in, the average policy would only have saved Roxy’s family $65 over her lifetime.
Consumer Reports concludes: “We believe most pet owners will be better off passing up pet insurance.”
So what should pet owners do to help cover rising vet costs? Here are a few alternatives to help:
1. Financial Assistance
There are a number of financial assistance programs financed by grants and private donations. While each one has different guidelines and requirements, your local shelter is a good place to start. Many shelters have updated listings and information on financing opportunities.
2. Veterinary Discount Plans
Veterinary discount plans provide discounts on services at participating veterinarians, immediately reducing the amount you have to spend on routine and emergency care. In Consumer Reports hypothetical case of Roxy, the largest veterinary discount plan showed Roxy’s family saving almost $2,500.
3. Start a Pet Savings Plan
Open a savings account with a high interest yield that you can use an emergency fund. If you put away just $25 a month for 4-5 years, the compounded sum will cover almost any procedure.
Be creative! Mix a Pet Savings Plan with a Veterinary Discount Plan and Financial Assistance plan. Now that’s something to crow (meow, bark or chirp) about!
When you struggle to track where prospects are in your sales funnel and how likely they are to do business with you it’s easy to drop the ball and miss prime opportunities. Many tracking systems are complicated and unwieldy. You need a simple tracking system. You need to know at a glance exactly who your prospects and leads are, how likely they are to do business with you, their contact information, the commitments agreed upon during your last contact, and the next action you must take to close the business.
And you need all that information in one place. Sales is a hectic fast paced business. You need to know exactly who your prospects are at any given moment. When you try to track all your prospects in your day planner, a call sheet, or many CRM’s you really can’t access everything you want and need to know quickly and easily and everywhere you are.
You can use a single sheet to record all the information you need to track your sales funnel. This will make the whole tracking process easier for you. Plus it helps you to have everything you need in one location when you need it.
Prospects don’t usually enter and exit your sales funnel as customers in one step. Most sales cycles involve multiple and incremental steps that occur over a period of time. Some sales cycles are extremely long especially when the sales involves high ticket decisions. The sales cycle itself poses a stumbling block for many sales professionals.
Define the required steps for advancing the sale in your sales process. Based on your sales experience what sales techniques do you have to advancing a prospect that doesn’t fall within your standard sales process? You’re sales success depends on your ability to move people through the buying selling process. If you don’t have a next step option for your prospect you can’t expect them to come up with one for you. Plan clearly defined advancement options that both you and the prospect can agree to. If you don’t have advancement options you have to have far more leads in your sales funnel that someone who does. You’re letting valuable prospects slip through your fingers because you don’t have a plan for keeping prospects on track and on board with your solution.
All too often sales professionals drop the ball and allow months to pass without taking the appropriate next action. This probably happens more often than you’d like to admit or than you even realize. These time gaps hurt your relationship to the point where you almost have to start over with the prospect. You’ve lost your connection and now they don’t trust you because you’ve demonstrated that they can’t count on you. That kind of relational damage is hard to repair. Effectively tracking all your leads and prospects and the next actions you’ve committed to reducing the likelihood of dropping the ball. It’s much easier for you to monitor your entire sales process and everyone in your sales funnel, and you close more business.
If you want consistent and predictable result you have to know exactly how many people you need in your sales funnel at all times. As soon as you close a prospect you know you immediately need to replace that prospect in your sales funnel. Through experience you’ll discover both your capabilities and limitations. You’ll discover how many leads you need to consistently generate to produce prospects for your sales funnel. Eventually you want to develop lead generation systems that produce the right number of new prospects entering and leaving your sales funnel as customers so you obtain the sales objectives that fit your needs.
When our pets get sick, we want to provide the best health care possible. But how do we do that if hospitalization, treatment and medication would cost about $3000? Pet insurance enables pet owners to have options on how they could provide better for their pets, after all our pets are not just animals around the house. They are our companions.
In the United States, only 3% of Americans got their pet friends insurance. This is lower compared to other countries like Canada which has 19 % of pets insured and with Sweden with an outstanding 49%.
There are undecided pet owners on whether getting pet insurance would be able to benefit them and their animal companions. Let’s understand the advantages and disadvantages of getting pet insurance, to be able to guide us in making the best decisions.
The gist of having a pet insurance policy is to make sure that in terms of medical emergencies and accidents, your pets are well provided for. When unforeseen circumstances happen, it would be difficult for the pet owner to come up with a big amount immediately. How many pet owners were forced to touch their personal funds for the sake of their pets.
Depending on the kind of insurance plan, coverage could also include vaccinations, spray, neuter and even flea medications. Veterinary costs are increasing fast. There are already sophisticated medications that could deal with your pet’s sickness. Having a pet insurance could actually save your beloved animal from euthanasia.
Aside from medical reasons, there are also insurances that could cover rewards, posters, advertising and financial assistance for pet owners whose pets have been stolen. In these cases, insurance companies could even provide assistance in acquiring a new pet.
Another kind of insurance will be for kennels and boarding, which will answer to the question when something bad happens to the owner and nobody could take the pets in. A pet insurance policy could help with the cost of kennels and boarding.
Some pet insurance tend to be overly expensive. However, there are pet insurance companies offering lower plans. You just have to know what kind of coverage you would like to be in your plan so you can choose an appropriate insurance for your pet. The prices also tend to be different based on the animal and its breed. There are some animal breeds that would require expensive medical treatments. For example, when a big dog like a German Shepherd injured his hip, the procedure tends to be expensive.
Pet insurances are also very particular with pre-existing conditions. If you dog is sick and old, then definitely you would have problems getting them and insurance plan. Most insurance companies does not pay the bill upfront. What happens is that the pet owner would have to pay for it and then will have to reimburse if after.
There are times when the pet owner does not have the money yet, there are vet clinic who would allow the pet owner to pay part of the bill and the insurance company will be fixing the balance directly. Before a pet owner could take advantage or use the insurance, it would need a two-week or a few days of wait before the coverage would start.
Thinking about it, getting a pet insurance policy definitely would have its pros and cons. It would definitely be your call as a pet owner if you would like to get one for you pet, but it is important to always keep in mind our responsibility as pet owners and our pets’ welfare.
Pet care insurance is all about becoming a responsible pet owner. Lately owning and correctly caring for a animal is a huge responsibility. Not only do you have to offer adequate food and shelter for the family pet, but they also require appropriate health attention.
Sadly for ninety-seven percent of the pet owners, the concept of “suitable medical treatment” is not taken very sincerely with respect to buying pet care insurance to ensure that a policy is in place to supply medical care if and when it’s needed.
When speaking about this responsibility for providing good health care for a animal, this includes a price tag. Personal time, along with the monetary side of having your animals taken to the veterinarian for regular check ups, vaccinations and potential treatment for injury or sickness are some of the key reasons why owning a family pet is a huge liability. Scientific studies show that around 65% of veterinarian visits are spontaneous because of emergencies. In lots of cases these unforeseen visits to the veterinarian may result in an unexpected blow to your private finances when a huge veterinary invoice rolls in.
You possibly can keep away from this gigantic “hit” on your wallet with a family pet health plan. Pet care insurance assists you to lessen family pet care expenditure through reimbursements on veterinary charges, diagnostic exams and diagnostic treatments.
Not all pet care insurance plans are equivalent, as a result as the animal owner you must be willing to perform some detective work to obtain the most applicable pet care insurance for your own family pet. Doing research and obtaining pet insurance quotes often contributes to financial cost savings and realizing what is the most comprehensive plan for you and your animal.
Some key ideas to help find the top animal health care :
1. Compare pet care insurance companies. This will help you to locate the most cost efficient pet care provider for you.
2. Institute a sum you are agreeable to purchase family pet services. Setting aside an affordable sum for health care can safeguard you from getting talked into an expensive coverage that you can not pay for.
3. Get in touch with a number of vet clinics in your area to inquire on the subject of their fundamental treatment plan costs. Like any other business, competition will lead to a wide range of charges for the same treatment between vet hospitals.
4. Ask in relation to free samples from your local vet. Oftentimes pharmaceutical organizations that provide drug treatments to the pet marketplace recommend free of charge samples to see if their products perform. Check with your vet if there are free samples as this may save you money on fundamental prescription drugs.
5. Carefully look over any family pet insurance policy prior to signing. It is vital that you read and comprehend the “fine print” in pet care insurance plans to totally grasp the inclusion and exclusions for the coverage.
While pet care insurance may well not look important now, believe me when I declare, that as a pet owner myself this is something that will save you from both psychological and financial heartache if and whenever you possess a sick or gravely hurt animal and are confronted with huge veterinary costs guarantee your animal of the top attention and treatment viable.
Show your pet that you truly care! Take action now to find out more about pet care insurance and protect both yourself and your pet. Visit our website now to find how to cheap pet insurance and much more. Articles on pet medical insurance, pet health food recipes and tips and links to many other resources. Let us help you as we have already helped hundreds of other concerned pet owners find pet care insurance.
In todays fragile economy, mortgage protection insurance makes more sense than ever. Not to be confused with private mortgage insurance, often simply abbreviated to PMI, mortgage protection insurance is designed to pay off your mortgage, or make payments toward your mortgage for a specified period of time, if certain specific events make it impossible for you to make your mortgage payments. As with any kind of financial product, it is very important to assess your needs, and carefully examine the insurance policies available to you before you make a decision to buy mortgage protection insurance. Below are things you need to know about mortgage protection insurance before you buy.
What is mortgage protection insurance?
There are two kinds of mortgage protection insurance, commonly called mortgage protection life insurance and mortgage protection payment insurance. Mortgage protection life insurance is designed to pay off the remainder of your mortgage if you should die before the mortgage is completely paid off. Mortgage protection payment insurance is designed to pay your monthly mortgage for a period of time if you should become disabled or lose your job before your mortgage is paid off.
How is mortgage protection insurance different from private mortgage insurance?
Private mortgage insurance, or PMI, is designed to protect the bank if you should default on the mortgage. Most lenders require that the buyer purchase private mortgage insurance if they finance more than eighty percent of the homes value through a mortgage. Unlike mortgage protection insurance, which is meant to benefit the homeowner, private mortgage insurance guarantees that the lender gets their money back even if a foreclosure auction does not recover the full value of the house.
Private mortgage insurance, on the other hand, is designed to prevent foreclosure by paying a benefit to the homeowner.
What is mortgage protection life insurance?
Mortgage protection life insurance is term life insurance in the amount of the mortgage on a home. In many cases, policies that are labeled mortgage protection life insurance are priced higher than other term policies even though they do not provide any additional benefits. Since there is no standard for these policies, it is important that you read through each policy and understand exactly what benefits you are being offered. Certain policies, for instance, will reduce the amount of the benefit as your mortgage is paid off. Some policies may also reduce the premium, while others have level premiums that are calculated over the life of the policy.
What is mortgage payment protection insurance?
In most cases, mortgage payment protection insurance is an accidental death and disability policy which pays you or your beneficiary a specific amount each month, if you should be disabled or killed during the time that the policy is in force. Many mortgage payment protection policies will also pay benefits if you are laid off from your job during the time that the policy is in force.
Is mortgage protection insurance necessary?
Mortgage protection insurance is not extremely necessary, but it may be an excellent investment especially during this fragile economy. While no one wants to imagine their own death or disability, it makes sense to protect your family against losing their home in the event that you are killed or disabled. Protection similar to this is not always called mortgage protection insurance. In certain situations, it may be less expensive to take out a term life insurance policy for the length of your mortgage term. For example, if you have a 30 year mortgage for $150,000, it would make sense to take out a term life policy for $150,000, and keep it in force for 30 years. If you die before your mortgage is paid off, the insurance company will pay out $150,000 to your surviving spouse or children so that they can pay off the mortgage and not have to deal with the loss of their home.
How long will mortgage payment protection insurance pay my mortgage?
The number of payments that your mortgage payment insurance will cover is dependent on the policy that you choose. The most common policies will pay out for up to twelve months if you are unemployed due to illness or accident. A policy that also includes coverage if you are laid off will generally require that you establish that the job loss was not your fault before they make payments on the policy.
How much does it cost to have mortgage protection insurance?
The amount that you pay for mortgage protection insurance will depend on the amount of the benefit. In other words, if the policy pays $150,000 you will pay a higher premium than someone who has a policy that pays $100,000. Likewise, the premiums on a disability policy will vary according to the amount of the benefit paid out.
If your policy contains in depth coverage, and your vehicle is outfitted with an alarm technique, you may possibly be qualified for a price reduction. The alarm signifies your car or truck is a lot less very likely to be stolen. As a result, you’re much less possible to file a claim stemming from theft.
Are You Retired?
In November 1996, a bill titled the Vehicle Insurance Price Stability Act was handed. A person of the bill’s stipulations was that automobile insurers have been necessary to extend a price reduction to all those more than the age of 65. Alas, many retirees are unaware of this clause.
If you are 65 or older, call your insurance business, and request for an Vehicle Insurance Declaration for Retiree Discount type. You could generate a reduction in premiums with a single cellular phone contact.
Is Your Car or truck Outfitted With Safety Products?
If your automobile is outfitted with sure security attributes, your insurer may perhaps be inclined to lessen your costs. The cause is mainly because a increased stage of security for you and your passengers usually means a reduce likelihood you are going to be severely injured during an incident. Winter months tires, anti-lock brakes, and airbags on the side, rear, or in the vicinity of the knees, may well prompt your insurer to lower your premiums.
What Is Your Occupation?
Some insurance coverage providers present a low cost for policyholders who perform in unique fields. For instance, lecturers, accountants, engineers, and medical professionals typically like reduce costs. The reason? Lots of insurers take into consideration them to be safer drivers, which suggests less likelihood of claims.
Consult your insurer regardless of whether they supply a career-centered price reduction. If they do, consult regardless of whether you are eligible.
Have You Transferred Your Residence Insurance plan?
Numerous shoppers have their residence insurance coverage underwritten by a unique firm than the one particular that insures their motor vehicles. This presents an opportunity to save money on your premiums. Most businesses are keen to lower them if you consolidate your coverages underneath a solitary roof.
If you at this time have your vehicle and property insurance coverages held with various insurers, call the two corporations and request for a low cost for consolidating them. You may find that you can preserve hundreds of dollars over the extended operate.
How A great deal Do You Drive Just about every 12 months?
The less you push, the far more most likely you can delight in a discount on your premiums. Most insurers present a very low-mileage price reduction to policyholders who limit their time behind the wheel. Here once more, the good reason is due to the possibilities of your filing a declare. The fewer miles you generate, the lower the odds you will be concerned in an accident.
If you cover significantly less than 10,000 miles (approximately sixteen,093 kilometers) every single year, request your insurance plan provider to reduce your premiums. There’s a excellent likelihood they’ll agree to do so.
As we described before, every insurer is various. Some present a litany of money-saving savings although other individuals are remarkably tightfisted about them. If your insurance policies company gives you several to none, invest a couple of minutes to review quotes from other insurers.
Most of the people in the society are animal lovers and having pets at home. Everyone wants to insure good health and long life of the pets they have. But costs of Insurance policies for the pets are increasing higher. The main reason is the rising bills of veterinary bills. The vet bills are getting higher by 12 per cent a year which is 6 times more than rate of inflation.
Most of vets claim that the rise in veterinary treatments is due to the fast developing medical technology and the increasing cost of drugs. Of course it has helped the pets in recovering faster and getting better and longer lives. But there are some practices where vets charge more for unnecessary tests & check-ups.
Lets us discuss more about Pet Insurance Policy which can help you in getting more information about insurance policy.
How does pet insurance work?
Pets are covered under the insurance policy mainly to cover all the expenses relating to the treatments when ill, injured or suffer from diseases. Insurance is made depending on the pets condition and type of insurance owner chooses.
The types of insurance policies are discussed below:
There are four types of insurance policies for the pets which have different purpose and different options to choose from.
- Accidents only :
It is very basic policy which covers all the treatments and the vet bills after the pet met with an accident only. The treatment will not be covered if the pet is suffered from any illness when covered under accident.
- Insurance policy having a condition and time limit:
It is one of the cheapest policies having covered vet bill for either accidents or illness of the pet but only for a period of 12 months after the diagnosis of disease. The policy covers the pet for a limited period of time. In some policies the limit of cost of treatment is fixed over a period of time and owner has to pay the bill if it exceeds the fixed amount.
- Insurance policy having condition but no time limit:
The cover is set for 12 months of treatment to provide for both disease and injury the pet suffers from. There is no limit for offering treatments till 12 months when you can renew the policy.
- Lifetime policy:
It is on e of the expensive policies with and covers maximum treatments even including dental or burial expense too. It is extensive policy and very few selected owners select it.
Anyone anywhere can have a gum swelling or if their teeth are not properly brushed cavities and plague formations can deposit over the teeth’s and would lead to dental surgery through a well professional dentists who have the license and expertise to do dental Implants NYC. Dental Implants NYC is being done by cutting the gums and implanting and make the teeth’s bone exposed so that he/she could very easily drill the teeth bones and successfully implant the dental implant NYC. As, it’s a risky dental operations it’s always necessary to be covered under Dental Insurance coverage. If you are also a victim of tooth decay make sure that you are covered under Dental Insurance coverage. Of recent many people in USA had awaken with the thought and look back for their dental Insurance Cover of Invisalign braces NYC. Once you are suffering from dental Implant NYC your professional dental surgeon would recommend you to go for Invisalign braces NYC treatment in which your weak teeth would be provided additional strength without being provided the support of traditional teeth braces. Through the TMJ botox therapy your professional dental surgeon would perform a small operation and joint your lower joints with your skull. Thus after the TMJ botox therapy is completed, if Invisalign braces NYC are being planted through dental Implants NYC. Although Invisalign braces NYC is a very costlier dental operation involving both TMJ botox therapy and dental implants NYC, its considered to be one of the safest dental care operations. Whether Invisalign braces NYC treatment can be covered under dental Insurance cover, let’s find it out through proper instructions like:
Firstly get in touch with all those doctors who do Invisalign braces NYC treatment using both dental Implants NYC and TMJ botox therapy. Then consult with your dental Insurance and find out whether these are covered or not. Usually, all dental implants NYC has an insurance coverage ranging from $1000 to $2500 on these treatments whose limits can easily be enhanced with the additional short-time coverages;
Secondly, if you are suffering from tooth decay problem and your dentist had recommended you to go for Invisalign braces NYC treatment, make a courtesy call to the Orthodontic Insurance Call Center and make possible verification whether your dental policy fully covers your Invisalign braces NYC treatment after forwarding your dental Insurance Policy Number. If the Orthodontic Insurance customer care answers -No- to your Invisalign braces NYC treatment including your TMJ botox therapy and dental implants NYC, make sure to retrieve all the informations of your dental Insurance NYC;
Thirdly, get in touch with your local NYC agent of the Orthodontic Insurance Company and also enquire with them if you require additional dental Implants NYC and TMJ botox therapy Insurances as well or not. If they say, -Yes-, you need additional dental implants NYC and TMJ botox therapy Insurances your Insurance premium rates would shoot up once again;
Fourthly, through Internet survey get in touch with your dentists who do Invisalign braces NYC treatment using both dental implants NYC and TMJ botox therapy with ease. Ask the charges which might vary any amount between $ 2,500 to $5000, which would depend largely upon the teeth cavities and the treatments required to being operate upon;
Lastly, ask whether your Invisalign braces NYC treatment can be covered under your dental Insurance coverage. Mostly all NYC dentist allow these Invisalign braces NYC treatment coverages along with supplementary dental implants NYC and TMJ botox therapy Insurances as well, still proper guidance and advices are necessary to clear it out totally.
Thus, Invisalign braces NYC treatment can be covered under dental Insurance cover provided your dental Insurance is been taken from a well-known repudiated Orthodontic Insurance Company NYC.
Is There A Significant Difference Between Whole Life And Term Insurance?
I’ve had several people ask me what the real difference is between Term And Whole Life Insurance, And what their best option is. As much as I like to help, the best that I can really do is explain the difference between the two and the pro’s and con’s of each type of policy. This will let you, the consumer, make an educated decision before you purchase a policy.
Whole life insurance provides insurance throughout your lifetime, as long as you maintain the premium payments. The policy will cover you up until your death or age 100, whichever occurs first. Some of the pro’s of a Whole Life Insurance policy are that you will also build an account that has actual cash value. This is how it works. Some of your premium goes to buy life insurance, and the rest goes into a savings account. You may borrow against this account if you need to, but you must repay the loan. This gives you a bit of piece of mind in case of an emergency like unexpected hospital bills, vehicle breakdowns, home repairs or any other of life’s little emergencies.
Some of the con’s of Whole Life Insurance is that it’s not cheap. The premium payments for Whole Life Insurance coverage will be significantly higher than a Term Life policy would be. Another concern is that, as you get older the savings account feature becomes less attractive. This makes more sense for a younger person because they have their entire lives ahead of them, but for someone middle aged or above, I’d buy Term Life Instead.
Term Life Insurance is just what it sounds like, “Term”. This means that you are only covered for a specified period of time or “Term.” You could buy a “10 Year Term”, a “20 Year Term”, “Recurring Term”, Guaranteed Term”, ect. Does this make sense now?
Term Life is also known as “pure life insurance” because that’s all you’re buying. Some differences between the two policies are, unlike Whole Life policies, there’s no savings account that accumulates or to borrow against. You only pay for insurance coverage. Another con is that, as stated above, some Term policies are only for that specific Term or time frame, not your entire life. See my website below.
Most Term policies are temporary insurance. An example of how this can be used would be for the “breadwinner” of the household who is middle aged, the kids are grown, but still in college, he or she has been paying on their major assets, like their home, ect. for several years and they need some security to make certain that if anything happened, everything would be taken care so that the family could go on without any issues, other than the loss of their loved one. A 10 or 20 Year Term Policy might be a good option for the fictional example above, depending on their specific circumstances
My hopes are, that you understand now why it’s difficult to give specific advice to people without knowing their specific circumstances. Just learning the differences between these two more popular types of insurance policies should help you to further understand how life insurance works. Best of luck! Joe Stewart is a former Life & Disability agent. He’s made understanding life insurance more manageable for consumers. You can read detailed information about life insurance at his website TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Quote Online