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TitleWhy is insurance important to a business? | moneyfacts.co.uk
Urlhttps://moneyfacts.co.uk/business/guides/why-is-insurance-important-to-a-business/
DescriptionBusiness insurance is a way to protect your business when something unfortunate happens, protecting you against any losses incurred through the running of your company. Find out more in our business insurance guide
Date
Organic Position
H1Why is insurance important to a business?
H2How does business insurance work?
What are the different types of business insurance in the UK?
Employers' liability insurance
Public liability insurance
Product liability insurance
Business contents insurance
Business interruption insurance
Professional indemnity insurance
Key man insurance
Credit risk insurance
Cyber liability insurance
Business legal protection insurance
Business car insurance
Small business insurance
Which business insurance do I need for a small business?
How much is small business insurance per month?
Landlords insurance
When is business insurance required?
What business insurance do I need?
What business insurance do I need?
Business insurance FAQs
The value of business insurance
You may also be interested in
H3Business Insurance Providers
How much business insurance cover do I need?
What cover is available under business insurance?
How much is business insurance for a car?
What business insurance is required by law?
Will business insurance cover Covid?
Can I run a business without insurance?
Search business
Search business
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The latest business stories, rates and deals
H2WithAnchorsHow does business insurance work?
What are the different types of business insurance in the UK?
Employers' liability insurance
Public liability insurance
Product liability insurance
Business contents insurance
Business interruption insurance
Professional indemnity insurance
Key man insurance
Credit risk insurance
Cyber liability insurance
Business legal protection insurance
Business car insurance
Small business insurance
Which business insurance do I need for a small business?
How much is small business insurance per month?
Landlords insurance
When is business insurance required?
What business insurance do I need?
What business insurance do I need?
Business insurance FAQs
The value of business insurance
You may also be interested in
BodyWhy is insurance important to a business? Home Business Guides Why is insurance important to a business Advertisement Michelle Monck. Consumer Finance Expert Published: 27/11/2020 Share At a glance. Business insurance is a way to financially protect your business should something unfortunate happen. It usually incorporates a package of different products (such as public and employers’ liability, indemnity, business interruption and contents insurance) to cover every facet of your company. As with personal insurance, various levels of cover are available and there are plenty of specialist providers who can offer different quotes, which makes comparing business insurance options vital.    Browse all business products How does business insurance work? Business insurance is a way to protect your business when something unfortunate happens, protecting you against any losses incurred through the running of your company. It usually incorporates a package of different products that are designed to protect you, your business and your liabilities, while satisfying your legal requirements as a business owner, with each insurance product covering a slightly different aspect. Here we take a closer look at the products available and how a comprehensive business insurance package can work for you. What are the different types of business insurance in the UK? There are several different types of business insurance to consider; below is an overview of some of the most common, all of which are designed to protect your business against some of the unique risks it faces.   Business Insurance Providers . Superscript Flexible, monthly cover that puts you in control. Business insurance from £5 per month, get your instant quote in minutes. Tailored cover for your business so you only pay for the covers and limits you need. Manage your cover online and make changes when needed, without fees. We insure thousands of innovative businesses and provide five-star support, if you need it. Go To Provider's Site Direct Line We guarantee to beat your new Small Business Insurance quote or renewal premium from any other insurer (new policies only, qualifying criteria apply). 0% APR on your monthly direct debit payments in the first year (over 18s, subject to eligibility). Unlimited policy changes – no admin fees to make amends. Tailor your insurance so you only pay for what you need. Go To Provider's Site Premierline Insurance for SME’s such as retailers, offices, trades Compare quotes from some of the UK’s most trusted insurers It’s simple to get quotes and protect your business online Speak to one of our expert advisors to tailor cover & provide guidance Excellent customer service rating Go To Provider's Site Admiral - Toolbox Insurance Insure your tools in your van from just £4.49 a month* Pay monthly and cancel anytime with no additional fees Easy claims with 24 hour pay outs for our Pro customers Fast sign up, get covered from your phone in just 5 mins We cover your van overnight both on the road and at home *£4.49 a month based on the Goods and Tools Classic option with £1,000 worth of cover. Price correct as of 04/08/21 Go To Provider's Site Hiscox Cover that grows with you – no admin fees for changes to your policy 4.7 out of 5 customer service satisfaction rating on Feefo Hiscox offers professional indemnity cover up to £10 million for legal expenses 0% interest when you pay monthly by direct debit Our UK-based insurance experts will take the time to understand your situation and guide you through your options to ensure you get the right cover Our award-winning claims team includes legal and PR experts, who can help even before a claim actually happens We have over 100 years of experience and insure over 300,000 UK small businesses like yours Go To Provider's Site Note Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment either if you click the links or if you use their services after you click through to their site. All information is subject is subject to change without notice. Please check all terms before making any decisions. Disclaimer The list of business insurance providers on this page is a selection of services available and gives you an idea of the kind of options available. You can find out more about the individual products by visiting any of the providers listed. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts.co.uk will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts.co.uk recommends you obtain independent financial advice. Employers' liability insurance. If your business has employees, it is your responsibility – as an employer – to protect the health, safety and wellbeing of your staff. Employers’ liability insurance is there to help ensure that your financial commitments to your employees are maintained should an accident happen, while complying with legislative requirements. It’s designed to protect you against any claims for compensation following an injury or illness suffered by an employee if your company is found to be at fault. It will also cover any legal costs if your insurance company chooses to defend your company’s position, as well as the costs and expenses incurred by the employee should you be found legally liable. Public liability insurance . It isn’t just the health of your employees you need to consider, however. Any visitor to your business premises, whether they are an electrician, a courier, a customer or a member of the general public, can make a claim against you if they are injured or their property is damaged as a result of your business activities. It’s the responsibility of the business owner to make sure that any claim for compensation from a third party is met, and business public liability insurance can ensure you’re able to meet your financial obligations. The compensation amount could include loss of earnings, future loss of earnings, damages awarded to a claimant and any legal expenses that you could incur if you are found to be liable (up to certain limits), the costs of which can quickly escalate – so the amount you’ll need to insure against could be significant.  Even if you don’t have an office or premises as such, if your business involves work on-site or at a third party’s premises, you will also need to consider business public liability insurance. Product liability insurance. This is designed to cover any products you produce, sell or repair, as regrettably, things sometimes go wrong once they leave the warehouse. Product liability insurance can cover you for legal and compensation costs resulting from injury to people or damage to their property if the product is later deemed to be defective, protecting your business from the financial impact of a claim. Business contents insurance. Business contents insurance works much like contents insurance for your home. The likelihood is that your business relies on computers, equipment, tools and machinery to ensure it runs smoothly; contents cover is there to reinstate your items should they be damaged, lost or stolen as a result of an insured event, essentially protecting the physical components of your business.  This type of insurance isn’t compulsory, but it’s important to consider how you’d replace all of your belongings if the worst happened; chances are, it would have a negative impact on your firm’s finances. It’s also worth considering your fixtures and fittings and any stock you hold when thinking about your insurance requirements and factoring the costs in accordingly (stock insurance can be another distinct type of cover). Business interruption insurance. This type of insurance is designed to protect your finances should you fall victim to an unforeseen event (such as flooding, fire and theft) and you’re unable to trade for a temporary period. Business interruption insurance can cover you for loss of income suffered while you deal with the aftermath of such an event and, providing that your sum insured is adequate, it can even take into account any growth in income that might have happened had the disaster not occurred. Professional indemnity insurance. This is a type of business insurance designed to cover claims relating to professional mistakes, making it a core part of any business that provides advice in a professional capacity. Offering this kind of advice always comes with risk, as things don’t always go to plan; professional indemnity insurance is therefore designed to protect your business in the event that a client suffers financial losses as a result of the work you do for them or the advice you gave, as without it, you could be held personally liable to rectify the damage.  Key man insurance. If you’ve got a few vital employees whose loss could be financially damaging to your business, you may want to invest in key man insurance. This type of insurance essentially covers the people who keep your business going, and if they can’t work, you’ll be compensated for that loss.  Credit risk insurance. A specialist type of insurance designed to protect your business should it fall foul of a bad debt. It covers credit transactions so that if the customer failed to pay, the insurer would foot most of the bill, helping to protect your cash flow and mitigate credit risk.  Cyber liability insurance. This type of insurance is becoming increasingly important in today’s digital world. As technology continues to evolve, businesses are becoming more vulnerable to online threats and data breaches, and even businesses with the most stringent cybersecurity measures in place are not 100% safe. The vast majority of businesses will hold some form of personal data about their customers, suppliers or employees, and potential exposure of that data could be hugely damaging; cyber and data insurance can help to protect and support you if you fall victim to cybercrime, providing you with crucial support if your IT infrastructure and data is compromised. Business legal protection insurance . Business legal protection insurance – also known as business legal expenses insurance – will cover your commercial legal expenses and provide valuable protection against the cost of any legal action levelled at (or brought by) your business, and considering the potentially high cost of any claim, it’s worth considering. Business car insurance. It’s a legal requirement for any car on the road to be insured, and if you use a car for business purposes, you’ll need specialist business car insurance. This type of cover will protect you should you have an accident when driving between work locations or different clients, for example, and you’ll be unable to make a claim – and could even be committing an offence – if you don’t have specialist cover in place. Bear in mind that, if your job involves you directly using your car (such as taxi drivers or driving instructors), you’ll need commercial rather than business car insurance. Business van insurance is another option for those that use a van in the course of their business activities, and it operates under the same principles.  Commercial vehicle insurance Small business insurance . Many of the business insurances discussed so far are often used in large companies, but what if you run a small business – do you still need insurance? The answer is a resounding yes, but the type of insurance you’ll need, and the level of cover required, will likely be very different.    Which business insurance do I need for a small business? . This depends on how many employees you have, if any. If you have anyone else working for you, then employers’ liability insurance is a must, and after that you’re free to choose which additions you want depending on your circumstances and business interests. How much is small business insurance per month? This depends on the type of policy you choose. Employers’ liability insurance can cost as little as £5 a month for the smallest employers, and public liability insurance can start from around £40 a year for small businesses and sole traders. The more cover you add on, the higher the cost will be, but this should never be seen as an excuse to cut corners.  Landlords insurance. There’s a specialist kind of business insurance reserved for landlords, which can provide cover for your rental property – including the building itself and any furnishings within it – as well as your income. Landlords insurance can incorporate things like buildings and contents cover, accidental and malicious damage cover, alternative accommodation and unoccupied property cover, and even property owners’ liability if your tenants are injured on your property and you’re deemed at fault. It can also protect you from lost rent if your tenants have to move out because of an insurable event (fire or flood, for example), and if you’re a commercial landlord you can often find policies that will cover multiple properties.  Landlord insurance isn’t a legal requirement, but it’s often highly recommended to get such a policy – and it may even be part of buy-to-let mortgage criteria, including first-time landlord mortgages and buy-to-let limited company mortgages. And, as with any kind of business insurance, it can offer peace of mind that your financial interests are protected, no matter what comes around the corner.   When is business insurance required? Business insurance is required by anyone who owns or runs a business, but you’ll only need to use it should an insurable event occur – which, ideally, will never happen. The only caveat to this is if you’re a sole trader and are happy to run the gauntlet of business risk alone – there’s no legal requirement for any kind of insurance unless you employ people or drive for business purposes, but even here, it’s worth considering what kind of protection you could benefit from.    What business insurance do I need? This will depend on your circumstances and type of business. If you employ staff members then you’ll need employers’ liability insurance as standard, and from there you’ll need to consider the cost of your business equipment (for business contents cover) as well as things like business interruption cover and public liability, and professional indemnity insurance should always be considered if you offer some form of advice as part of your service. What business insurance do I need? This will depend on your circumstances and type of business. If you employ staff members then you’ll need employers’ liability insurance as standard, and from there you’ll need to consider the cost of your business equipmentDo I need business insurance if I run a home-based business? If you’re the only worker, then technically you don’t need any home business insurance – but it could make sound business sense nonetheless. For starters, you’ll want to check your home insurance policy to see if your business equipment will be covered (and if not, make sure to seek specialist quotes), and from there you may want to consider things like professional indemnity insurance and business interruption insurance too.(for business contents cover) as well as things like business interruption cover and public liability, and professional indemnity insurance should always be considered if you offer some form of advice as part of your service. Business insurance FAQs. How much business insurance cover do I need? . The amount of cover you’ll need can vary depending on your circumstances and the type of policy you have, with things like public liability and professional indemnity insurance offering cover that can run into the millions. In these examples it’s never worthwhile to under-insure – claims can easily escalate, so it makes sense to have sufficient cover in place – while for things like business contents insurance, make sure to value your assets accurately and seek the right amount of cover accordingly. What cover is available under business insurance? The cover available depends on the type of business insurance that you opt for. Business interruption insurance, for example, can protect your income in the event you’re unable to work due to things like fire or flooding, while business contents insurance will protect your assets from the same risks. It’s important to look closely at what’s available with each insurance policy, taking care to understand any exclusions, and try not to skimp on cover if you want to be sure you’re adequately protected. How much is business insurance for a car? Business insurance for a car will be more expensive than if you use your car solely for personal use, but given that you won’t be able to make a claim without specialist cover, it’s essential to invest. As a general rule, it will add a minimum of £20 to £50 on top of a standard car insurance premium, but as with any type of insurance, the amount you’ll pay will depend on your individual circumstances and the level of cover you opt for, which is why it’s so important to compare the options thoroughly. What business insurance is required by law? If you have employees, you’re legally required to have employers’ liability insurance. Likewise, if you use your car for business purposes or own several vehicles in relation to your business, specialist cover is required by law. Everything else is optional (unless you run a specific type of business, such as a horse riding company, where public liability cover is a legal requirement), but it’s worth considering additional kinds of protection nonetheless. Will business insurance cover Covid? . There are very few insurance policies that will cover the Covid-19 outbreak. Even those that cover business interruption will unlikely have infectious disease cover, and those that do will typically only be covered for certain listed diseases – and Covid-19, given its very recent discovery, won’t be one of them. That said, there are certain aspects of business insurance that will cover the consequences of Covid-19: liability cover will continue to apply for those businesses who have furloughed and home-working staff, for example, business contents cover can be extended to ensure it covers equipment outside the office, and businesses that have unoccupancy conditions will usually be able to extend the allowable unoccupied period. It’s important to discuss any issues with your insurance provider if you’re concerned. Can I run a business without insurance? . No. Many of these insurance products are legally required, and while this doesn’t necessarily include everything that might be included in a fully comprehensive business insurance package (professional indemnity, contents and cyber insurance, for example, aren’t legally required), it could be financially detrimental to run your business without it. By investing in suitable protection, not only will your business interests be covered, but having insurance to protect you financially against accidents, mistakes, theft, damage and legal fees can provide valuable peace of mind, so for that reason alone should always be considered. The value of business insurance. Insurance is an intangible benefit to your business – a service that you have paid for that you may never get to use, but also a service that you hope you will never need to call on. But why wouldn’t you want to fully protect your livelihood, the business you’ve worked so hard to build? Whether it’s theft, fire, a cyberattack or staff injury, incidents in the workplace can be costly and knock you off schedule. This is why the value of business insurance should never be underestimated, and if you’re looking for a policy (or policies) that can meet your needs, make sure to compare business insurance options to find the best quote, or speak to a business insurance broker who’ll be able to find the best policy for your company. You may also be interested in. Public liability insurance Employers' liability insurance Professional indemnity insurance Commercial vehicle insurance Business breakdown insurance The best accounting software apps for business The best card machine and online payment services Business credit cards Browse all business products Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice. At a glance. Business insurance is a way to financially protect your business should something unfortunate happen. It usually incorporates a package of different products (such as public and employers’ liability, indemnity, business interruption and contents insurance) to cover every facet of your company. As with personal insurance, various levels of cover are available and there are plenty of specialist providers who can offer different quotes, which makes comparing business insurance options vital.    Browse all business products Guide contents. How does business insurance work? What are the different types of business insurance in the UK? Small business insurance  Which business insurance do I need for a small business? How much is small business insurance per month? Landlords insurance When is business insurance required? What business insurance do I need? What business insurance do I need? The value of business insurance Related Business Guides Public liability insurance Employers’ liability insurance covers the compensation and legal costs should you be held liable for an employee’s illness or injury. Employers’ liability insurance covers the compensation and legal costs should you be held liable for an employee’s illness or injury. Read More Professional indemnity insurance Professional indemnity insurance offers protection against claims of negligence and the financial loss that could result from it. Professional indemnity insurance offers protection against claims of negligence and the financial loss that could result from it. Read More Employers' Liability Insurance If your business has employees, it is your responsibility – as an employer – to protect the health, safety and wellbeing of your staff. Yet no matter how careful you are and how much you put employees’ safety first, sometimes accidents happen, and that’s where employers’ liability insurance comes in If your business has employees, it is your responsibility – as an employer – to protect the health, safety and wellbeing of your staff. Read More Search business. Related Business Guides Public liability insurance Employers’ liability insurance covers the compensation and legal costs should you be held liable for an employee’s illness or injury. Employers’ liability insurance covers the compensation and legal costs should you be held liable for an employee’s illness or injury. Read More Professional indemnity insurance Professional indemnity insurance offers protection against claims of negligence and the financial loss that could result from it. Professional indemnity insurance offers protection against claims of negligence and the financial loss that could result from it. Read More Employers' Liability Insurance If your business has employees, it is your responsibility – as an employer – to protect the health, safety and wellbeing of your staff. Yet no matter how careful you are and how much you put employees’ safety first, sometimes accidents happen, and that’s where employers’ liability insurance comes in If your business has employees, it is your responsibility – as an employer – to protect the health, safety and wellbeing of your staff. Read More Search business. Cookies. Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies. I accept. Read our Cookie Policy Get our weekly newsletter. Send me Weekend Moneyfacts, Savers Friend, Companies Friend and selected third-party offers. The latest business stories, rates and deals. Send me Companies Friend, Weekend Moneyfacts, Savers Friend and selected third-party offers.
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Result 2
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Result 3
TitleWhy insurance is important - Importance of insurance | BT
Urlhttps://www.bt.com.au/personal/insurance/learn/understanding-insurance/why-insurance-is-important.html
DescriptionInsurance can play a central role in your financial plan by potentially providing financial security for you and your family when it's needed most
Date
Organic Position2
H1Why insurance is important – real benefits for you and your family
H2Insure your greatest asset – you!
5 reasons why insurance matters
Case Study
Contact a BT Wealth Consultant to discuss BT’s insurance options
H31. Protection for you and your family
2. Reduce stress during difficult times
3. To enjoy financial security
4. Peace of mind
5. A legacy to leave behind
Tony and Karen – Young Family
Selecting the right insurance
Term Life insurance
Is it worth having insurance inside super?
Additional insurance options
H2WithAnchorsInsure your greatest asset – you!
5 reasons why insurance matters
Case Study
Contact a BT Wealth Consultant to discuss BT’s insurance options
BodyWhy insurance is important – real benefits for you and your family Discover the importance of insurance and why it plays a central role in your financial wellbeing, helping to provide financial security for you and your family when it's needed most. Insure your greatest asset – you! You insure your car and your home. But nothing is more important than your life and your ability to make a living. So it makes good sense to insure your greatest asset – you! As we move through life, find a partner, raise a family, and maybe start a business, the importance of insurance in a long term plan increases. That’s because insurance is all about providing a financial safety net that helps you to take care of yourself and those you love when you need it the most. 5 reasons why insurance matters. Why is insurance important? Let’s look at five key reasons. 1.  Protection for you and your family. Your family depend on your financial support to enjoy a decent standard of living, which is why insurance is especially important once you start a family. It means the people who matter most in your life may be protected from financial hardship if the unexpected happens. 2.  Reduce stress during difficult times. None of us know what lies around the corner. Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives. 3.  To enjoy financial security. No matter what your financial position is today, an unexpected event can see it all unravel very quickly. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward. 4.  Peace of mind. No amount of money can replace your health and wellbeing – or the role you play in your family. But you can at least have peace of mind knowing that if anything happened to you, your family’s financial security is assisted by insurance. 5.  A legacy to leave behind . A lump sum death benefit can secure the financial future for your children and protect their  standard of living.   Case Study. Tony and Karen – Young Family. The following scenario is illustrative only to demonstrate the importance of insurance and is not based on an actual event. Tony (34) and Karen (33) recently upgraded to a new home to allow their twin boys Nicholas and Rocky (aged 4) more room to play.  This also meant taking on a bigger mortgage on one income, as Karen is a homemaker.  To protect the family, Tony decided to take out Income Protection Insurance. During a simple Saturday afternoon game of backyard cricket with the twins, Tony tripped and broke his leg.  What appeared to be a simple break was more complicated than initially realised and Tony required several reconstructive operations followed by physiotherapy.  It meant Tony was out of the workforce for over six months, and while his employer was sympathetic, Tony only had two weeks of sick leave owing to him. Thankfully, Tony’s Income Protection insurance meant he received a stream of payments equal to a percentage of his regular wage (including super). The couple needed to tighten their belts a little until Tony was back on his feet but they were able to keep up with their home loan repayments, which would not otherwise have been possible without their Income Protection cover. Next: Selecting the right insurance Kids playing with mother in the kitchen Selecting the right insurance . Knowing which types of insurance to select depends on your circumstances. We explain what to look for. Contact a BT Wealth Consultant to discuss BT’s insurance options . Call 1300 553 764 Young child at the beach with his mother Term Life insurance . Term Life insurance can help loved ones avoid financial hardship if you pass away. It can mean they continue to enjoy a quality lifestyle if tragedy strikes. Man with his dog Is it worth having insurance inside super? . When it comes time to make a decision about personal insurance, it’s hard to know where to start. So to help you with this process, we’ve identified some key things you may want to consider when it comes to your insurance if it is held inside super. Additional insurance options . We explain the range of additional insurance options available from BT for homemakers, children and health professionals. A target market determination has been made for Protection Plans products. Please visit bt.com.au/tmd for any of our target market determinations. The Insurer and Issuer is Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728, except for Term Life as Superannuation, Income Protection as Superannuation and Income Protection Assured as Superannuation, issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 as Trustee of Retirement Wrap ABN 39 827 542 991. They are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714, who does not guarantee the insurance. This information does not take into account your personal circumstances. Terms and conditions, and limitations and exclusions apply. Please read the Product Disclosure Statement to see if this insurance is right for you. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714  
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Result 4
Title7 Reasons Why Insurance is Important
Urlhttps://www.hni.com/blog/bid/86285/7-reasons-why-insurance-is-important
DescriptionLet's back up and take a big-picture view of why insurance matters. Here are seven reasons why insurance is important
Date
Organic Position3
H1
H27 Reasons Why Insurance is Important
ART JOSETTIHNI Account Executive
1.) Insurance Keeps Commerce Moving
2.) Lenders Require Insurance
3.) Insurance is Compulsory in Some States
4.) Insurance Grants Peace of Mind
5.) Insurance Ensures Family and Business Stability
6.) Insurance Protects the Small Guys
7.) Insurance is the Right Thing to Do
H3Subscribe to our weekly blog
H2WithAnchors7 Reasons Why Insurance is Important
ART JOSETTIHNI Account Executive
1.) Insurance Keeps Commerce Moving
2.) Lenders Require Insurance
3.) Insurance is Compulsory in Some States
4.) Insurance Grants Peace of Mind
5.) Insurance Ensures Family and Business Stability
6.) Insurance Protects the Small Guys
7.) Insurance is the Right Thing to Do
Body  HNI works with high-performing companies to help them address the hidden risks in their business and avoid The Insurance Dependency Trap. This is done by proactively DE-RISKING their business so they can be less dependent on insurance. HNI also offers the basic services of insurance and employee benefits. HNI has offices in Milwaukee, Chicago, and Minneapolis. © 2016 HNI
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Result 5
TitleWhy is Insurance Important? - IFFCO Tokio
Urlhttps://www.iffcotokio.co.in/general-insurance/why-is-insurance-important
DescriptionRead more about Why is Insurance Important?. For more details, call @1-800-103-5499
Date
Organic Position4
H1Why Is Insurance Important?
H2What is General Insurance?
Why Is Insurance Important?
Here are the Main Reasons Why Having Insurance is Necessary: -
Get a Quote
General Insurance Articles
Buy a New Policy
H3Download Our App:
Thank you for showing your interest. Our team will get back to you shortly
Your Request has been already submitted in our records. One of our executives will contact you soon.
H2WithAnchorsWhat is General Insurance?
Why Is Insurance Important?
Here are the Main Reasons Why Having Insurance is Necessary: -
Get a Quote
General Insurance Articles
Buy a New Policy
BodyWhy Is Insurance Important? All of us wish to achieve financial freedom at some point in our life, and when it comes to doing that, we tend to believe that savings are enough to be financially stable. But, if you look at life from a practical perspective, you would understand that savings alone are not enough to achieve financial freedom; insuring your assets with general insurance policies is equally important. However, some people believe that they do not require general insurance policies as they can save enough money to replace their assets should anything happen to them. But, consider a situation when you have to wipe off all that you’ve saved all your life, just to pay for your medical bills or a car that is damaged beyond repair. What is General Insurance? General insurance, by definition, is the group of non-life insurance policies that provide insurance cover for motor vehicles, houses, health, and travel. These policies have to be renewed according to the tenure prescribed in their respective policy documents, and these have a particular sum insured which is reimbursed depending on the loss from a particular financial event. Typically, it is defined as any insurance type that is does not come under life insurance. Why Is Insurance Important? Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home. The convenient part of it is that you can purchase all these insurance policies online nowadays. Here are the Main Reasons Why Having Insurance is Necessary: -. 1. Financially Security No matter how much you are earning or how much you have saved; your financial position can be dented by an unexpected event in a moment. So, the best way to become financially secure is to cover yourself, your family, and your assets with insurance. You can buy or renew insurance online and receive a payout for financial support, in case there happens to be an unforeseen event. 2. Transfer of Risk The contract of insurance works on the ‘principle of transfer of financial risk from the insured to the insurer’. As an insured, you pay premiums to receive compensation from the insurer, in case of occurrence of an unforeseen event. So, having insurance reduces the financial burden on your shoulders. 3. Complete Protection for You and Your Family Family is the most important asset that you have and your family also depends on you for financial support. This is why it is important to make sure that you and your family are completely secure to face any emergency. 4. No More Stress or Tension During Difficult Times None of us can see the future or predetermine the future events. Any unforeseen tragedy can leave you physically, mentally, and financially strained. So, if you have insurance to take care of the outcomes of such tragedies such as illness, injury or permanent disability, even death- you save yourself and your family from tension and stress. With insurance in place, any financial stress will be taken care of, and you can focus on your recovery. 5. Some Types of Insurances are Compulsory Insurance is necessary because sometimes it is mandatory as per the law. An example of this is motor insurance. As per the Motor Vehicle Act of 1988, it is compulsory to have at least a third-party motor insurance for every motor vehicle plying on road in India. Motor insurances come in really handy during claims. At IFFCO Tokio, we have improved it even further with our Quick Claim Settlement process which, as the name suggests, expedites the settlement of claims. 5. Peace of Mind Having insurance offers you financial security and also peace of mind. No amount of money can replace your peace of mind. So, when you have insurance you know that you are secured against any unforeseen events in life, and this gives you complete peace of mind. The sum of all these reasons provides enough reason as to why insurance is necessary. and with the convenience that you have to buy insurance online from a general insurance company like IFFCO Tokio to secure you, your family, and your assets, both financial freedom, as well as peace of mind, are pretty achievable. **To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.** Get a Quote. General Insurance Articles. Why is Insurance Important? Crucial Insurance Terms Every Policy Owner Must Know Your Handbook to Understanding General Insurance Benefits of Buying Trade Suvidha Policy importance-of-general-insurance-in-life View All Download Our App: . Buy a New Policy. Thank you for showing your interest. Our team will get back to you shortly. Your Request has been already submitted in our records. One of our executives will contact you soon. . .
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Result 6
TitleWhat is Insurance and Why is it Important? | Grange Insurance
Urlhttps://www.grangeinsurance.com/tips/what-is-insurance-why-is-it-important
DescriptionFind out what insurance is, how insurance works, the benefits of insurance and what to consider when choosing an insurance provider in this article
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Organic Position5
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Result 7
TitleWhat Is Insurance, Its Types & Why Is It So Important?
Urlhttps://www.etmoney.com/blog/know-everything-about-insurance-and-why-you-should-have-insurance/
DescriptionKnow everything about Insurance: its meaning, importance, types (Life, Health & Liability insurance) & the main reasons why you should have insurance plan
Date
Organic Position6
H1What Is Insurance And Why Is It So Important?
H2What is insurance?
Life Insurance:
Health Insurance:
Liability Insurance:
Reasons everyone should get insurance
H3Investments
Credit Card & Loans
Insurance
Tools & Calculators
Blog
Money Manager
Blog
Help & Support
About Us
In this article
#1: Insurance ensures family’s financial stability
#2: Insurance brings peace of mind
#3: Insurance reduces stress during difficult times
Term Insurance Premium May Go Up By 20-40% From 2022; Know Why
Everything You Need To Know About Child Education Plans
How to Prepare Financially for a Critical Illness
What are Corona Kavach and Corona Rakshak Policies? Should You Buy Them?
Different Insurance Types in India
Related Post
Term Insurance Premium May Go Up By 20-40% From 2022; Know Why
Everything You Need To Know About Child Education Plans
How to Prepare Financially for a Critical Illness
H2WithAnchorsWhat is insurance?
Life Insurance:
Health Insurance:
Liability Insurance:
Reasons everyone should get insurance
BodyWhat Is Insurance And Why Is It So Important?InsuranceWe all have been advised to buy insurance more than once – for life, health, and even for buying a new car or starting a new business.   In this article. What is insurance? The 3 most important insurances areReasons everyone should get insuranceBottom LineBut, often we shy away from buying insurance, thinking why do I need to buy a life or health insurance being a young and healthy person? Or, why do I need insurance for my car, I have good driving skills?Contrary to such thoughts, no matter how healthy we are or how well we are doing financially or how good a driver we are, we all need insurance. This is simply because insurance acts as a safety net that financially protects you and your family when chips are down. In this blog, we will talk all about insurance, i.e. what it means, what are the most essential kinds of insurance, and why it is important.What is insurance? . The concept of insurance is very simple to understand. You pay a monthly or yearly fee to the insurance company to insure your life, health, vehicle, property, etc for a certain period. In return, the insurer pays for the financial damages in case of any harm to the insured person or object. So you are transferring the risk of a financial loss you might experience due to life’s uncertainties to an insurance company for a small fee. For example, if you meet with a car accident and need to be hospitalized. Your health insurance policy will cover the medical costs for hospitalization. And, your car insurance will pay for the damages to your car.  Meanwhile, if you die during the accident, your family will receive a lump sum amount for your term insurance. From arts to pets, there is insurance available for a number of things, and one should avail of insurance as per their needs and priorities. But there are 3 types of insurances that are most essential.The 3 most important insurances are:Life Insurance:. Life insurance financially protects your family in case you die an early death. Here is how it works. You pay a regular premium to the insurance company for a specific number of years. In return the insurance company pays a sum assured to your family if you die during the policy tenure. There are different types of life insurance policies and in some of those, you get a lump sum amount if you live through the policy tenure. For example, term insurance provides higher coverage for a lower premium amount as compared to other life insurance policies. But no money is paid to the policyholder if he survives the term. Meanwhile, for policies like endowment or moneyback, the policyholder receives a lump sum after the policy tenure ends. For such policies, premium amounts are much higher against the coverage, as compared to term insurance. Health Insurance:. Health Insurance is a way to ensure you and your family can get the best medical care without you worrying about the cost.In a health insurance policy, the cost of medical treatment of the insured person(s) is borne by the insurance company. In exchange for a regular premium paid by you, the insurance company pays for all the expenses related to an illness for which the insured person needs treatment. This includes hospitalization, daycare, post, and pre-hospitalization, etc. And with the cashless facility, your bill is directly settled between the company and the hospital Liability Insurance: . Such insurance is availed to insure properties, cars, businesses, etc. On buying a liability insurance -like car insurance, home insurance, business insurance, in case of any damage to the insured object or property during the policy tenure, the insurance company will financially compensate the owner of the policyholder. Now that you know the important type of insurance, let’s talk about why do you need insurance. Reasons everyone should get insurance. As we said at the start, most people think insurance is an unnecessary expense. The reason is that we feel confident about our future and our ability to tackle unseen circumstances. But there is a huge difference between our perceived ability and reality. For instance, a few years of savings can vanish in case of a medical emergency. That’s just one example.Here are 3 reasons why getting insurance is important#1: Insurance ensures family’s financial stability. No matter how much you have managed to save or what your monthly income is, an unexpected event can burn a huge hole in your pocket or can simply jeopardize your family’s financial future. For example, if you do not have adequate life insurance, your family might have to go through financial hardship if you were to meet with an untimely death. Though no amount of money can replace the loss of loved ones, having life insurance would save them from going through financial hardship. Meanwhile, if you or your family do not have enough health insurance, then huge medical bills during any treatment can completely shake your finances. So it is essential that you cover yourself, your family with an adequate amount of insurance. #2: Insurance brings peace of mind. The premium you pay to the insurance company is the price that guarantees that the insurance company will cover the damage in case of an unforeseen event. And, that guarantee that your risk is covered brings peace of mind. For example, let’s suppose you die an untimely death at a time when you still have several milestones to achieve like children’s education, their marriage, a retirement corpus for your spouse etc. Also there is a debt as a housing loan. Your untimely demise can put your family in a hand to mouth situation. But, if you would have bought term insurance considering all these factors, your family would be able to sail through during the hard times. #3: Insurance reduces stress during difficult times. No matter how hard you try to make your life better, an unforeseen event can completely turn things upside down, leaving you physically, emotionally and financially strained. Having adequate insurance helps in the sense that at least you don’t have to think about money during such a hard time, and can focus on recovery. For example, suppose you or someone in your family had a heart attack and needs immediate hospitalization. Such treatments at good hospitals can cost lakhs. So having health insurance in this case, saves you the worries and stress of arranging money.  With insurance in place, any financial stress will be taken care of, and you can focus on your recovery.Bottom Line: Having insurance – life, health, and liability – is an essential part of financial planning. It can save you from financial hardship in case of any unforeseen circumstances. However, the decision to buy insurance should be determined by three factors – requirement, the benefits you get from the policy, and your ability to pay the premium. Also Read:Top 5 Benefits of Term InsuranceHow Much Term Life Insurance Cover Do I Need?Planning to Buy a Health Insurance Policy? Here are the 5 things to do.5 Things to Know Before Buying Term Life Insurance Plan Don't miss out!Stay up to date with latest content & market trends Subscribe NowCongrats! You just unlocked a reward. A FREE assessment that tells you what kind of investor you are, your risk tolerance levels, and a lot more. Claim it now Share: Subscribe to Our NewsletterDon't miss out!Join our newsletter to stay in the loop Subscribe nowPeople also readTerm Insurance Premium May Go Up By 20-40% From 2022; Know Why. Everything You Need To Know About Child Education Plans. How to Prepare Financially for a Critical Illness. What are Corona Kavach and Corona Rakshak Policies? Should You Buy Them?Different Insurance Types in India. Insurance Helpful LinksHealth InsuranceTerm Life InsuranceTerm Insurance CalculatorCar InsuranceBike InsuranceRelated Post. Term Insurance Premium May Go Up By 20-40% From 2022; Know Why. November 29, 2021 InsuranceGetting life insurance coverage may cost you 20-40% more in 2022, as insurance companies are likely to raise premiums on term insurance policies, said a news article by the Economic Times. ...Everything You Need To Know About Child Education Plans. September 22, 2021 Insurance, Money ManagementRecently, Ajay overheard a colleague claim that he was spending more on his son’s school fees every year than his annual fees at IIT Kharagpur. At first, Ajay thought his colleague was exa...How to Prepare Financially for a Critical Illness. June 02, 2021 InsuranceBeing diagnosed with a serious illness takes a severe emotional toll not just for the individual who falls ill but also for the family members. After the diagnosis, the priority is of course...Never miss out on latest market trends & financial updates! Stay in touch!40Would love your thoughts, please comment.x()x| ReplyInsert
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Result 8
Title5 Insurance Policies Everyone Should Have
Urlhttps://www.investopedia.com/insurance/insurance-policies-everyone-should-have/
DescriptionThe right insurance policy helps protect your assets and saves you money. Read our tips for buying health, life, car, home, and disability insurance
Date
Organic Position7
H15 Insurance Policies Everyone Should Have
H21. Long-Term Disability Insurance
2. Life Insurance
3. Health Insurance
4. Homeowner's Insurance
5. Automobile Insurance
Shop for Insurance Carefully
Insurance Policy FAQs
The Bottom Line
H3Key Takeaways
Renters Insurance
What Is a Whole Life Insurance Policy?
What Is a Universal Life Insurance Policy?
How Do You Cancel an Insurance Policy?
What Is an Umbrella Insurance Policy?
How Much Does a $1 Million Life Insurance Policy Cost?
What Is the Cash Value of a Life Insurance Policy?
What Is the Declarations Page of an Insurance Policy?
Article Sources
Related Articles
7 Insurance-Based Tax Deductions You May Be Missing
Term vs. Whole Life Insurance: What’s the Difference?
Homeowners Insurance vs. Renter’s Insurance: What’s the Difference?
Get Life Insurance Quotes: Compare Top Insurers
With HO5 Insurance, You're in Charge
The Value of Universal Life Insurance at Retirement
Related Terms
H2WithAnchors1. Long-Term Disability Insurance
2. Life Insurance
3. Health Insurance
4. Homeowner's Insurance
5. Automobile Insurance
Shop for Insurance Carefully
Insurance Policy FAQs
The Bottom Line
Body5 Insurance Policies Everyone Should Have By Lisa Smith Full Bio Lisa Smith is a freelance writer with a passion for financial journalism, contributing to popular media outlets like Investopedia and Bloomberg BNA. Learn about our editorial policies Updated August 16, 2021 Reviewed by Ebony Howard Reviewed by Ebony Howard Full Bio Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. Learn about our Financial Review Board Insurance Car Insurance Home Insurance Pet Insurance Life Insurance Disability Insurance Health Insurance Long-Term Care Insurance Liability Insurance Table of Contents Expand 1. Long-Term Disability Insurance 2. Life Insurance 3. Health Insurance 4. Homeowner's Insurance 5. Automobile Insurance Shop for Insurance Carefully Insurance Policy FAQs The Bottom Line Protecting your most important assets is an important step in creating a solid personal financial plan, and the right insurance policies will go a long way toward helping you safeguard your earning power and your possessions. In this article, we discuss five policies you shouldn't do without.  Key Takeaways. Choose a disability policy that provides enough coverage to enable you to enjoy your current lifestyle even if you can no longer continue working.  To protect the people that are financially dependent on you, life insurance should be high on your list of required insurance policies.  The soaring cost of medical care is reason enough to make health insurance a necessity. Replacing your home is an expensive proposition. Having the right homeowner's insurance can make the process less difficult.  Renters insurance offers peace of mind for renters in the event their personal property is damaged due to a covered loss. 1. Long-Term Disability Insurance . The prospect of long-term disability (LTD) is so frightening that some people choose to ignore it. While we all hope that "nothing will happen to me," relying on hope to protect your future earning power is not a good idea. Instead, choose a disability policy that provides enough coverage to enable you to enjoy your current lifestyle even if you can no longer continue working.  Long-term disability provides a monetary benefit equal to a portion (e.g., 50% or 60%) of the insured's salary for covered disabilities. Long-term disability typically begins when short-term disability ends. To receive benefits, the disability must have occurred after the policy's issuance and then, typically after a waiting period. Medical information, often confirmed by a physician, must be provided to the insurer for consideration. Most long-term disability insurance policies categorize disabilities as own occupation or any occupation. Own occupation means the insured, due to disability, is unable to perform their regular job or a similar job. Any occupation means the insured, due to disability, is unable to perform any job for which they are qualified. Similar to short and long-term disability insurance, workers' compensation, or workers' comp, it pays a monetary benefit to workers who become injured or disabled at work or while performing their jobs. Most states require employers to carry workers' compensation insurance for their employees. In exchange, employees may not sue their employer for negligence. While long-term disability insurance and workers' compensation insurance both pay for disabilities, long-term disability insurance is not limited to disabilities or injuries occurring at work or while working. 2. Life Insurance . Life insurance protects the people that are financially dependent on you. If your parents, spouse, children, or other loved ones would face financial hardship if you died, life insurance should be high on your list of required insurance policies. Think about how much you earn each year (and the number of years you plan to remain employed), and purchase a policy to replace that income in the event of your untimely demise. Factor in the cost of burial too, as the unexpected cost is a burden for many families. 3. Health Insurance . The soaring cost of medical care is reason enough to make health insurance a necessity. Even a simple visit to the family doctor can result in a hefty bill. More serious injuries that result in a hospital stay can generate a bill that tops the price of a one-week stay at a luxury resort. Injuries that require surgery can quickly rack up five-figure costs. Although the cost of health insurance is a financial burden for just about everyone, the potential cost of not having coverage is much higher.  4. Homeowner's Insurance . Replacing your home is an expensive proposition. Having the right homeowner's insurance can make the process less difficult. When shopping for a policy, look for one that covers the replacement of the structure and the contents, in addition to the cost of living somewhere else while your home is repaired.  Keep in mind the cost of rebuilding doesn't need to include the cost of the land since you already own it. Depending on the age of your home and the amenities it contains, the cost to replace it could be more or less than the price you paid for it. To get an accurate estimate, find out how much local builders charge per square foot and multiply that number by the amount of space you will need to replace. Don't forget to factor in the cost of upgrades and special features. Also, be sure the policy covers the cost of any liability for injuries that might occur on your property. Renters Insurance . Renters also need peace of mind that they will be made whole in the event of a loss. Fortunately, renters insurance is a type of property insurance available to people who rent or lease properties. This insurance provides coverage for personal belongings, liability, and additional living expenses for covered losses. For one property, there may be two types of property coverage: homeowner's insurance and renters insurance. However, homeowners insurance does not cover the personal property of the tenant. Therefore, it is important for lessees to obtain renters insurance to protect their assets. Although renters insurance differs from homeowners insurance, they have the same components: coverage A for the dwelling, B for other structures, C for personal property, D for additional living expenses (also known as loss of use), E for liability, and F for medical payments. Because renters are not responsible for insuring the dwelling or other structures, coverages A and B are often set to $0. Coverage C covers the personal property of the renter. Coverage D provides additional benefits for living expenses in the event of a loss. For example, if the renter is displaced from the home due to a fire, Coverage D provides covers the cost of living elsewhere, such as a hotel and food expenses. Coverage E provides coverage for injuries and property damage caused by the insured, and Coverage F covers medical expenses for guests of the renter on the property with permission. Dogs are man's best friend, but some breeds, like Pit Bulls and Rottweilers, can prevent you from obtaining coverage. 5. Automobile Insurance . Some level of automobile insurance is required by law in most places. Even if you are not required to have it, and you are driving an old clunker that has been paid off for years, automobile insurance is something you shouldn't skip. If you are involved in an accident and someone is injured or their property is damaged, you may be subject to a lawsuit that could cost you everything you own. Accidents happen quickly and the results are often tragic. Having no automobile insurance or purchasing only the minimum required coverage saves you only a tiny amount of money and puts everything else you own at risk. In addition to the policies listed above, business owners need business insurance. Liability coverage in a litigation-happy society could be the difference between a long, prosperous endeavor and a trip to the bankruptcy court. Shop for Insurance Carefully . Insurance policies come in a variety of shapes and sizes and boast many different features, benefits, and prices. Shop carefully, read the policies, and talk to a licensed insurance professional to be certain you understand the coverage and the cost. Make sure the policies you purchase are adequate for your needs and don't sign on the dotted line until you are happy with the purchase. Consider enlisting the service of an insurance broker as they can search for policies across several insurance companies to find coverage that best suits your needs. Ask the broker to provide you with several options so you can compare features, provisions, and rates. Be in control of your protection by being well-informed to make a decision. Insurance Policy FAQs . What Is a Whole Life Insurance Policy? . A whole life insurance policy is a permanent life insurance policy in which death benefits are paid upon the death of an insured. The whole life policy remains in force for the life of the insured as long as premiums are up-to-date. In addition to death benefits, whole life policies build cash value, which can be accessed during the insured's lifetime. What Is a Universal Life Insurance Policy? . A universal life (UL) insurance policy is permanent life insurance that allows the policyholder to invest their cash value in a separate account, which features funds tied to the stock market. It is a flexible policy, whereby premiums and death benefits can be adjusted. How Do You Cancel an Insurance Policy? . A policyholder must cancel an insurance policy according to the cancellation provisions of their contract. Often, insurers allow policyholders to cancel by phone; however, some require the request in writing. What Is an Umbrella Insurance Policy? . An umbrella policy is liability insurance that provides additional coverage in excess of the policyholder's current policy limits. For example, if damages exceed the limits of a policyholder's property insurance (e.g., home or auto), the umbrella policy will provide the additional liability coverage, up to policy limits. This type of insurance most benefits those with sizeable assets, which could be subject to seizure. How Much Does a $1 Million Life Insurance Policy Cost? . The cost of a $1 million life insurance policy varies according to the type of life insurance issued—whole or term—the insured's age, the insured's health, and other underwriting factors. It could range from a few hundred dollars to thousands of dollars. The best way to find out how much a $1 million policy costs you is to get quotes from a life insurance agent or broker. What Is the Cash Value of a Life Insurance Policy? . The cash value of a life insurance policy is the amount in excess of the premiums that has accumulated in the policy. Cash value is the savings component of a permanent life insurance policy that accumulates interest and can be accessed by the policy's owner in the form of a cash withdrawal or a loan. What Is the Declarations Page of an Insurance Policy? . An insurance policy declarations page is the part of the insurance contract that includes the general policy information. This page lists the policy owner, insured, the face amount of coverage, and terms and conditions. The Bottom Line . In life, losses are inevitable, and the degree to which these losses impact our lives varies. Insurance lessens the impact by providing financial benefits for covered losses. There are many types of insurance available, but there are some which top the charts in terms of importance. Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Patient Advocate. "Long Term Disability and Its Benefits." Accessed June 8, 2021. Effective Coverage. "What Is Coverage A On Renters Insurance?" Accessed July 8, 2021. Take the Next Step to Invest Advertiser Disclosure × The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Service Name Description Related Articles. Tax Deductions / Credits 7 Insurance-Based Tax Deductions You May Be Missing. Life Insurance Term vs. Whole Life Insurance: What’s the Difference? Home Insurance Homeowners Insurance vs. Renter’s Insurance: What’s the Difference? Life Insurance Reviews Get Life Insurance Quotes: Compare Top Insurers. Home Insurance With HO5 Insurance, You're in Charge. Life Insurance The Value of Universal Life Insurance at Retirement. Partner Links Related Terms. Life Insurance Guide to Policies and Companies Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies. more Reading Into Nonforfeiture Clauses A nonforfeiture clause is an insurance clause allowing an insured party to receive full or partial benefits or a partial refund of premiums after a lapse. more Cash Value Life Insurance Cash value life insurance is permanent life insurance with a cash value savings component. more Term Life Insurance: Uses, Types, Benefits, and More Term life insurance is a type of life insurance that guarantees payment of a death benefit during a specified time period. more What Everyone Should Know About Insurance Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies and/or perils. more Noncancellable Insurance Policy A noncancellable insurance policy can't be canceled by an insurance company, nor can premiums be increased or benefits reduced while premiums are still being paid by the insured person. more About Us Terms of Use Dictionary Editorial Policy Advertise News Privacy Policy Contact Us Careers California Privacy Notice # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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Result 9
TitleImportance of Insurance
Urlhttps://www.hdfcergo.com/blogs/general-insurance/importance-of-insurance
DescriptionHDFC ERGO answers all your general insurance related questions. Read the importance of insurance blog by HDFC ERGO to help you compare & choose your ideal insurance plans
Date
Organic Position8
H1Importance of Insurance
H2
H3Let’s understand in detail how and why Insurance as a sector is key to development of any economy
H2WithAnchors
BodyImportance of Insurance The world we live in is full of uncertainties and risks. Individuals, families, businesses, properties and assets are exposed to different types and levels of risks. These include risk of losses of life, health, assets, property, etc. While it is not always possible to prevent unwanted events from occurring, financial world has developed products that protect individuals and businesses against such losses by compensating them with financial resources. Insurance is a financial product that reduces or eliminates the cost of loss or effect of loss caused by different types of risks. Apart from protecting individuals and businesses from many kinds of potential risks, the Insurance sector contributes significantly to the general economic growth of the nation by providing stability to the functioning of businesses and generating long-term financial resources for the industrial projects. Among other things, Insurance sector also encourages the virtue of savings among individuals and generates employments for millions, especially in a country like India, where savings and employment are important. Let’s understand in detail how and why Insurance as a sector is key to development of any economy. Provides Safety and Security to Individuals and Businesses: Insurance provides financial support and reduces uncertainties that individuals and businesses face at every step of their lifecycles. It provides an ideal risk mitigation mechanism against events that can potentially cause financial distress to individuals and businesses. ). For instance, with medical inflation growing at approximately15% per annum, even simple medical procedures cost enough to disturb a family’s well-calculated budget, but a Health Insurance would ensure financial security for the family. In case of business insurance, financial compensation is provided against financial loss due to fire, theft, mishaps related to marine activities, other accidents etc. Generates Long-term Financial Resources: The Insurance sector generates funds by way of premiums from millions of policyholders. Due to the long-term nature of these funds, these are invested in building long-term infrastructure assets (such as roads, ports, power plants, dams, etc.) that are significant to nation-building. Employment opportunities are increased by big investments leading to capital formation in the economy. Promotes Economic Growth: The Insurance sector makes a significant impact on the overall economy by mobilizing domestic savings. Insurance turn accumulated capital into productive investments. Insurance also enables mitigation of losses, financial stability and promotes trade and commerce activities those results into sustainable economic growth and development. Thus, insurance plays a crucial role in the sustainable growth of an economy. Provides Support to Families during Medical Emergencies: Well-being of family is important for all and health of family members is the biggest concern for most. From elderly parents to newborn children, medication and hospitalization play important role while ensuring well-being of families. Rising medical treatment costs and soaring medicine prices are enough to drain your savings if not well prepared. Anyone can fall victim to critical illnesses (such as heart attack, stroke, cancer etc.) unexpectedly. And rising medical expense is of great concern. Medical Insurance is a policy that protects individuals financially against different type of health risks. With a Health Insurance policy, an insured gets financial support in case of medical emergency. Spreads Risk: Insurance facilitates moving of risk of loss from the insured to the insurer. The basic principle of insurance is to spread risk among a large number of people. A large population gets insurance policies and pay premium to the insurer. Whenever a loss occurs, it is compensated out of corpus of funds collected from the millions of policyholders. Deepika Mathur, CEO Market, Insurance Expert since 10 years Recommends Home Shield Insurance to ensure your dream home is protected always! She also recommends tenants to opt for Home Shield Insurance to cover their valuable home belongings like portable electronics and furniture. Know more about our Insurance Experts Share this blog. Facebook Twitter Awards & Recognition Menu Buy . Car Insurance Bike/Scooter Insurance Health Insurance Corona Kavach Policy Arogya Sanjeevani, HDFC ERGO Travel Insurance Home Insurance Cyber Insurance Third Party Vehicle Ins. Tractor Insurance Goods Carrying Vehicle Ins. Passenger Carrying Vehicle Ins. Compulsory Personal Accident Insurance Explore . Car Insurance . Single Year Comprehensive Cover Long Term Comprehensive CoverThird Party Cover Compulsory Personal Accident InsuranceStandalone Car Insurance Bike/Scooter Insurance . Single Year Comprehensive CoverLong Term Comprehensive CoverThird Party Cover Compulsory Personal Accident InsuranceStandalone Two Wheeler Insurance Health Insurance . For IndividualFor Family For ParentsFor Senior Citizen Critical illness Insurance Super Top up Insurance Corona Kavach Policy Arogya Sanjeevani Policy, HDFC ERGO Koti SurakshaOptima Secure Optima Secure Individual Travel Insurance . For IndividualFor FamilyFor Frequent FlyersFor Student Home Insurance . For RenterFor OwnersFor Housing SocietyFire Cover Cyber Insurance . [email protected] Insurance Commercial Vehicle Isurance . TractorPassenger Carrying Vehicle Insurance Goods Carrying InsuranceThird Party Cover Corporate Insurance . Casualty InsuranceGroup InsuranceProperty & Misc InsuranceRisk Consulting ServicesSpeciality InsuranceOther Insurance Rural . Pradhan Mantri Fasal Bima Yojana Cattle Insurance PolicyRainfall Index Insurance Renew . Car Insurance Bike/Scooter Wheeler Insurance Health Insurance Travel Insurance Home Insurance Critical illness Insurance Third Party Vehicle Ins. Goods Carrying Vehicle Ins. Passenger Carrying Vehicle Insurance Claim . Customer Claim Intimation . Car Insurance Bike Insurance Health Insurance Workshop Claim Intimation . Track Claim Status . Car Insurance Bike Insurance Health Insurance Claim process . Car InsuranceBike InsuranceCritical Illness InsuranceHealth InsuranceTravel InsurancePersonal Accident InsuranceGroup Medical Insurance Group Personal InsuranceGroup Travel InsuranceMarine Hull & Machinery InsuranceKidnap Ransom InsuranceCattle InsuranceRainfall Index Insurance Corporate Claims . Track Travel Claims Track Health Claims Track Non Health Claims Third Party Claim. Claim Form. Teleclinic Insurance Gyan Know Your Policy Garage Network Hospital Network Diagnostic Centers Branch Locator About us Workshop Portal HDFC ERGO community Grievance Redressal How can we help you? Email policy copy 80D tax certificate Update contact details Make changes/ endorsements Claim registration Track claim Transfer of insurance - Motor Cancellation of policy Track cancellation Make payments Chat with us Click here for more options Know Your Policy Please rotate your device. Please rotate to portrait mode for better experience.
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Result 10
TitleThe Importance of Insurance in Business | Small Business - Chron.com
Urlhttps://smallbusiness.chron.com/importance-insurance-business-271.html
DescriptionThe Importance of Insurance in Business. Many business owners feel business insurance is an expense they cannot afford, or is a luxury for more established businesses. Although it is true business insurance can be expensive, it is an expense every business, regardless of the industry, size or length of time in ..
Date
Organic Position9
H1The Importance of Insurance in Business
H2Why You Should Have Business Insurance
Types of Business Insurance
How to Find Business Insurance
What Insurance Can I Get for a Cupcake Business?
Business Insurance Frequently Asked Questions
The Types of Insurance Necessary for a Business
Do I Need Business Insurance?
What Is Small Business Insurance?
Insurance Policies for Small Business
Is it Required by Law to Have Commercial Liability Insurance?
Reasons an Insurance Company Would Decline Coverage
Types of Insurance Needed for a Fast Food Restaurant
Types of Insurance Policies for a Business
What Business Costs Are Counted in Overhead?
The Importance of Insurance in Trade & Commerce
H3Related Articles
H2WithAnchorsWhy You Should Have Business Insurance
Types of Business Insurance
How to Find Business Insurance
What Insurance Can I Get for a Cupcake Business?
Business Insurance Frequently Asked Questions
The Types of Insurance Necessary for a Business
Do I Need Business Insurance?
What Is Small Business Insurance?
Insurance Policies for Small Business
Is it Required by Law to Have Commercial Liability Insurance?
Reasons an Insurance Company Would Decline Coverage
Types of Insurance Needed for a Fast Food Restaurant
Types of Insurance Policies for a Business
What Business Costs Are Counted in Overhead?
The Importance of Insurance in Trade & Commerce
BodyThe Importance of Insurance in Business Small Business | Business & Workplace Regulations | Business Insurance By Devra Gartenstein Updated February 06, 2019 Related. Types of Insurance Policies for a Business What Business Costs Are Counted in Overhead? The Importance of Insurance in Trade & Commerce What Insurance Do You Need If You Use Your Own Vehicle to Plow? Types of Company Risk Protection Insurance When you run a business, you assume responsibility for the well-being of a range of people, from employees to customers. Your business activities have the potential to affect these stakeholders in serious and costly ways, and business insurance protects you financially from some of these consequences. Why You Should Have Business Insurance. It's important to have business insurance because the financial consequences of a potential mishap could easily wipe out the assets of a small business. Insurance provides protection in case customers or passersby experience harm at the hands of your company, or if your company is harmed by an incident such as a fire. In addition to protecting yourself, it's also important to have business insurance so you can protect others. If you own a food business and a customer becomes ill after eating one of your products or if you own a delivery business and one of your vehicles hits a pedestrian, you need to be able to pay for the damage you've caused. It's also important to have business insurance because such insurance can be a requirement for certain types of business activities. Some contracts require in their terms that you be insured, and some types of insurance, such as workman's compensation, are required for all businesses in most states. Types of Business Insurance. Business liability insurance pays the parties that are harmed by your business activities. Although customers are most likely to experience harm if your products malfunction, you need to know that innocent bystanders can also be affected. For example, if your business is using a propane tank, and it suddenly explodes. Fire and hazard insurance for businesses protect your company's assets in case of damaging and unpredictable circumstances. Some types of business insurance are required by your state government, such as workman's compensation insurance, which protects your workers if they're hurt on the job, and unemployment insurance, which helps workers make ends meet if they are laid off. How to Find Business Insurance. You can find business insurance by searching online, but it's a better idea to talk to people in your industry and ask for recommendations, especially if you work in an industry such as construction or food, where insurance is extremely important. Rates can vary, and if you find a broker who specializes in your specific field, you're more likely to get appropriate coverage at an advantageous rate. A broker who specializes in your industry will also understand the nuances and details of what you'll need in an insurance policy. References Entrepreneur: 7 Types of Insurance You Need to Protect Your Business Small Business Trends: Top 10 Reasons Why Your Business Needs Insurance Resources American Tort Reform Association: How Tort Reform Works Writer Bio Devra Gartenstein founded her first food business in 1987. In 2013 she transformed her most recent venture, a farmers market concession and catering company, into a worker-owned cooperative. She does one-on-one mentoring and consulting focused on entrepreneurship and practical business skills. Related Articles. What Insurance Can I Get for a Cupcake Business? Business Insurance Frequently Asked Questions. The Types of Insurance Necessary for a Business. Do I Need Business Insurance? What Is Small Business Insurance? Insurance Policies for Small Business. Is it Required by Law to Have Commercial Liability Insurance? Reasons an Insurance Company Would Decline Coverage. Types of Insurance Needed for a Fast Food Restaurant. Types of Insurance Policies for a Business. What Business Costs Are Counted in Overhead? The Importance of Insurance in Trade & Commerce. Most Popular. 1 What Insurance Can I Get for a Cupcake Business? 2 Business Insurance Frequently Asked Questions 3 The Types of Insurance Necessary for a Business 4 Do I Need Business Insurance?
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  • 3
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Result 11
TitleImportance of Insurance - Need of Insurance | ICICI Prulife
Urlhttps://www.iciciprulife.com/insurance/insurance-importance.html
DescriptionImportance of Insurance - Insurance is beneficial to anyone looking to protect their family/property from financial losses. Learn its types and need of insurance @ ICICI Prulife
Date
Organic Position10
H1The Importance of Insurance
H2Need for Insurance
Types of Insurance
H3View
Life insurance :
Health insurance :
Child Plans :
Home insurance :
Auto Insurance :
People like you also read ...
H2WithAnchorsNeed for Insurance
Types of Insurance
BodyThe Importance of Insurance The Importance of Insurance View . Plans Plans Home Insurance Importance of Insurance There is no denying that you will have greater peace of mind if you know that you and your loved ones are financially secure from various unforeseen situations. Uncertainties in life could crop up at any moment, such as an unfortunate death or a medical emergency. These situations also include an accident or damage to your vehicle, property, etc. Bearing the financial impact of these situations can burn a hole into your pocket. You may need to dip into your savings or your family’s hard-earned money. Thus, there is a pressing need of insurance for you and your family for proper coverage and financial support against all risks linked to your life, health and property. Need for Insurance. Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future. The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans. The family can also repay any debts like home loans or other debts which the person insured may have incurred in his/her lifetime Insurance plans will help your family maintain their standard of living in case you are not around in the future. This will help them cover the costs of running the household through the insurance lump sum payout. The insurance money will give your family some much-needed breathing space along with coverage for all expenditure in case of death/accident/medical emergency of the policyholder Insurance plans will help in protecting the future of your child in terms of his/her education. They will make sure that your children are financially secured while pursuing their dreams and ambitions without any compromises, even when you are not around Many insurance plans come with savings and investment schemes along with regular coverage. These help in building wealth/savings for the future through regular investments. You pay premiums regularly and a portion of the same goes towards life coverage while the other portion goes towards either a savings plan or investment plan, whichever you choose based on your future goals and needs Insurance helps protect your home in the event of any unforeseen calamity or damage. Your home insurance plan will help you get coverage for damages to your home and pay for the cost of repairs or rebuilding, whichever is needed. If you have coverage for valuables and items inside the house, then you can purchase replacement items with the insurance money Types of Insurance. There are several types of insurance plans available. Some of the commonly preferred ones include the following: Life insurance :. Life insurance is what you can avail in order to safeguard your family in case of your death during the tenor of the policy.The most basic form of life insurance available to buyers is term insurance. Life insurance helps secure your family financially with a lump sum amount that is paid out in the event of the policy holder’s death within the policy period Health insurance :. This is purchased for covering medical expenses revolving around various health issues, including hospitalisation, treatments and so on. These insurance plans come in handy in case of medical emergencies; you can also avail of cashless facility across network hospitals of the insurer Health insurance Plans Child Plans :. These insurance policies are savings instruments that help in generating lump sum funds whenever children reach a certain age for pursuing higher studies. In these plans, the life assured is that of the child or the recipient of the funds while the parents are the policy owners Child Insurance Plans Home insurance :. These insurance plans cover any damages to the home on account of accidents, mishaps and natural calamities, among other such events Auto Insurance :. These are insurance plans for vehicles, including cars and bikes. These offer protection against natural calamities, damages to third parties (people who have incurred losses or been hurt in an accident with the policyholder’s vehicle) and also damages to the vehicle along with mishaps and accidents Insurance is thus the need of the hour in today’s uncertain times -- evaluate your financial situation to choose a plan best suited to your future financial needs Buy Life Insurance Plans People like you also read ... . Insurance Premium Riders in Insurance Single Premium vs Regular Premium 10 Life Insurance Buying Tips COMP/DOC/Sep/2019/99/2691 Popular Search: What Is Life Insurance What Is Health Insurance ULIP What Is Term Insurance Income Tax Calculator EMI Calculator Calculate Term Insurance Financial Calculator cancer insurance Benefits Of Life Insurance What Is Ulip Term Insurance Comparison Efiling Whole Life Insurance Income Tax Slabs TDS NRI Term Insurance Claim Settlement Ratio Retirement Planning Importance of Health Insurance Features of Life Insurance Term Insurance Tax Benefits Child Plans TDS Rates Chart types of health insurance Tax Saving Life Insurance Savings Plan life insurance plans Term Life Insurance health insurance How may I help you today? I am LiGo, your digital assistant. Check Previous Messages Hi, Please select an option to help me serve you better; I have an existing policy I have applied for a new policy I want to purchase a policy I have group insurance I am an NRI customer Download Mobile App Product Links Buy Online Life Insurance Term Insurance for NRIs (New) Term Insurance ICICI Pru iProtect Smart ICICI Pru POS iProtect Smart ICICI Pru Protect Return of Premium Unit Linked Insurance Plans (ULIPs) ICICI Pru Signature ICICI Pru LifeTime Classic ICICI Pru1 Wealth Savings Plans ICICI Pru Guaranteed Income For Tomorrow (Long-term) (New) ICICI Pru Guaranteed Income For Tomorrow ICICI Pru Assured Savings Insurance Plan ICICI Pru Cash Advantage ICICI Pru Savings Suraksha ICICI Pru Future Perfect Retirement Plans ICICI Pru Guaranteed Pension Plan – Deferred Annuity (New) ICICI Pru Guaranteed Pension Plan – Immediate Annuity (New) Child Education Insurance Plans ICICI Pru Smart Life ICICI Pru Future Perfect - Child plan Health Insurance Plans ICICI Pru Heart / Cancer Protect What is Term Insurance? What is Health Insurance? What is Critical Illness Insurance? Compare Term Insurance Whole Life Insurance Customer Service Customer Service Premium Payment Pay Your First Premium Pay Renewal Premium Download Statements e-Welcome kit/Policy Document Tax/Premium Paid Certificate Policy/Unit Statement Manage Your Funds Check Fund Value Switch Funds Top Up Update Profile Details Update Contact Details Update PAN Details Update Nominee Details Sitemap Sitemap Tools and Calculators Tools and Calculators Term Insurance Premium Calculator Income Tax Calculator Power of Compounding Calculator Retirement Planning Calculator Home Loan Insurance Calculator Child’s Education Cost Calculator Human Life Value Calculator HRA Calculator EMI Calculator Investment Planning Calculator Cancer Insurance Calculator Quick Links Public Disclosure Bonus Declaration Goods and Services Tax Rates 2017 Download Centre Newsroom Do Not Call Local DNC Check Cookie Policy Disclaimer Policy Privacy Policy Terms and Conditions IRDAI IRDAI website for policyholder education Electronic Insurance Account Fund Performance Claims Our Delighted Customers Contact Us Hospital Network Blog Send Me An Advisor Old Products COI PMJJBY Login Assistant Grievance Redressal Tax Planning Tax Planning ULIPS as a tax saving investment Income Tax Slabs & Rates How to Save Income Tax Tax Saving Life Insurance Plans Social Media Links Like Us on Facebook Follow Us on Twitter Follow Us on Instagram Watch Our Videos Connect on LinkedIn Add on Google Plus Group Companies Group Companies ICICI Bank ICICI Lombard General Insurance ICICI Direct ICICI Prudential Mutual Fund ICICI Home Finance ICICI Prudential Pension FMC © ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. irdai cautions public against spurious calls and FICTITIOUS offers
Topics
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  • Position
  • insurance
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  • 11
  • plan
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  • 16
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  • term
  • 16
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  • 11
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  • 11
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  • 10
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  • 9
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  • 8
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  • 7
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  • 7
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Result 12
TitleWhy home insurance is important | Insurance – HSBC UK
Urlhttps://www.hsbc.co.uk/insurance/why-home-insurance-is-important/
DescriptionA property could be the biggest purchase you make. As such having insurance in place may be a sensible option. Check out our guide to see 6 reasons why home insurance is important
Date
Organic Position11
H1Why is home insurance important?
H2Save yourself a call
6 reasons why home insurance is important
What next?
Share
Explore more
H31. Financial protection
2. Getting a mortgage
3. Alternative accommodation
4. Cover against accidents
5. New for old
6. Home emergencies
H2WithAnchorsSave yourself a call
6 reasons why home insurance is important
What next?
Share
Explore more
BodyWhy is home insurance important? Our home is where we store things that are important to us. It’s often one of our most valuable possessions. Home insurance protects your home by making sure you’re covered, should something unexpected happen. And it’s often required if you want a mortgage.  Without cover, you risk having to pay for replacements or repairs if something happens to your home or belongings. For example, if they're damaged in a fire or a flood or if your things are stolen. Here, we look at the importance of having home insurance and things to consider.  6 reasons why home insurance is important . 1. Financial protection . If your home was damaged or your possessions stolen, how would you meet the costs of repairs or replacements? With household insurance in place, if anything happens to your property or possessions that are covered by your policy, you’ll be protected financially.  2. Getting a mortgage . Buildings insurance is often a requirement when you take out a mortgage. Your property is the mortgage lender’s security on the loan so, understandably, the lender will want to protect their financial interest by making sure the property is insured against damage. This may be due to fire, storms or subsidence. Your mortgage provider will usually offer to sell you buildings insurance, but you can shop around for it. 3. Alternative accommodation . Let’s hope it will never happen, but what if a fire ripped through your property? Or a flood caused widespread water damage? Where would you live if your house was uninhabitable? Most home insurance policies will provide you and your family, including your domestic pets, with somewhere to stay if it’s unsafe to stay in your home. 4. Cover against accidents . It’s easy to spill wine on a new carpet or bang a nail through a pipe by mistake. If your home insurance policy includes accidental damage cover, it could pay out for replacements or to repair the damage. You can usually add on accidental damage cover if it isn’t included.  5. New for old . Most possessions will probably be worth less now than when you bought them – your five-year-old laptop, for example. But if something happened to them, you’d want to buy new versions. New for old cover allows exactly that. You get a new replacement if something old is lost or damaged. Not all policies include this type of cover so make sure you check.  6. Home emergencies . If you have a burst pipe or a door that’s been broken in a burglary, you’ll want it fixed fast. Home emergency cover provides you with access to a trades person appointed by the insurance company, often via a 24-hour helpline. Home emergency cover is included in some insurance policies and can often be added on. HSBC Home Insurance is provided by Aviva Insurance Limited. Exclusions and terms and conditions apply. Back to top  What next? . Explore HSBC Home Insurance   Share . Explore more . How much home insurance do you need?   What insurance do you need with your mortgage?   What is home emergency cover?  
Topics
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  • Position
  • home
  • 20
  • 12
  • insurance
  • 16
  • 12
  • cover
  • 10
  • 12
  • home insurance
  • 9
  • 12
  • mortgage
  • 6
  • 12
  • home emergency
  • 5
  • 12
  • thing
  • 5
  • 12
  • policy
  • 5
  • 12
  • damage
  • 5
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  • important
  • 4
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  • possession
  • 4
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  • replacement
  • 4
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  • property
  • 4
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  • emergency
  • 4
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  • 3
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  • 3
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  • emergency cover
  • 3
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  • repair
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  • damaged
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  • fire
  • 3
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Result 13
TitleWhy do you need insurance?
Urlhttps://www.cooperators.ca/en/Resources/protect-what-matters/why-do-you-need-insurance.aspx
DescriptionFind out why you need insurance and the basics of how it works
Date
Organic Position12
H1
H2
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H2WithAnchors
Bodyiframe src="//www.googletagmanager.com/ns.html?id=GTM-TBJ2G5" height="0" width="0" style="display:none;visibility:hidden">
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Result 14
TitleTop Reasons Why Insurance is Important in Everyday Life | by Yash sharma | Medium
Urlhttps://medium.com/@yash7070/top-reasons-why-insurance-is-important-in-everyday-life-2ae23eea2741
DescriptionThere are various types of insurance products like life insurance plans, term insurance, health insurance, home insurance and more. The core of any insurance plan is to offer you with protection…
Date
Organic Position13
H1Top Reasons Why Insurance is Important in Everyday Life
H2Yash sharma
More from Yash sharma
H3
H2WithAnchorsYash sharma
More from Yash sharma
BodyTop Reasons Why Insurance is Important in Everyday LifeYash sharmaMar 24, 2017·3 min readThere are various types of insurance products like life insurance plans, term insurance, health insurance, home insurance and more. The core of any insurance plan is to offer you with protection. Providing protection and mitigating your risk is the simple motive of insurance.Making that small investment in any insurance plans, will enable you to be tension-free and offer security in advance. Insurance is not just a tax-saving tool, but also offers you several key benefits.Here are the top reasons why insurance is important.1. Buy Safety and Protection in Advance and Be SmartLife in very uncertain and has a way of throwing surprises at you when you least expect it. In order to be fully prepared to deal with the contingencies in life, insurance is very essential. For example, life insurance plans safeguard your family and their financial needs, in case of your unfortunate and untimely demise. Your family should not be left alone to struggle in your absence and life insurance plans will come to their rescue. Along with the life cover, they also provide maturity benefit, resulting in a great savings corpus for the future.A prized possession like your car or bike also needs protection in the form of vehicle insurance in order to safeguard you from out of pocket expenses towards it repairs or uneventful loss.2. Secure Future GoalsYour present might be stable with your steady flow of income that is good enough to meet your family’s lifestyle needs. But, what will happen, if you suddenly have to face the end of your life? Will your family be able to meet their future needs without you?This is where a term insurance plan comes in handy. Secure the future of your family and buy a term insurance policy that will help your nominee or dependent receive a lump sum or monthly payout to help them deal with their financial necessities. Term insurance is one of the life insurance plans offers life coverage to the individual for a specified term with affordable premium cost.3. Peace of MindLive a peaceful life and manage your risks that you can face in everyday life. Secure your life with insurance and ensure that you live your life tension-free. With rising medical costs, health insurance is mandatory to hold. Protect you and your family with the coverage of your health insurance that will provide for your healthcare costs.We work very hard for our family. Life insurance plans and term insurance policies are highly imperative to secure the future of your family, in your absence. You can have a complete peace of mind, when you manage the uncertainties of life with insurance.4. Encourage SavingsInsurance is a great investment channel as well. Life insurance plans facilitates systematic savings by allocating funds in the form of premium every year. At the end of the policy term, the policy holder can reap the benefits by getting a lump sum payout that will result in a great wealth corpus.Insurance encourages savings by reducing your expenses in the long run. You can avoid out of pocket payments for unfortunate events like medical ailments, loss of your bike, accidents and more. It is also a great tax saving tool that helps you reduce your tax burden.5. Manage RisksInsurance provides for an effective risk management in life. The main enemy of life is uncertainties and one can plan for the uncertainties in life with insurance. The risk of falling sick, risk of losing your car, the risk of facing an accident when travelling in your bike, the risk of your own death and more can be dealt with an effective insurance policy.In case of term insurance plans, your family will not have to face financial ordeal in the event of your untimely death and you can gain coverage for the given term at an affordable cost. Make use of such insurance plans to alleviate the risk factor in your life.Be it, life insurance plans, term insurance, health insurance or vehicle insurance, the importance of insurance is to be understood by all. People always stress on how much money they need to pay upfront for the insurance product, instead of looking at the big picture. Safeguard your life with insurance and realize its benefits.Yash sharma. Hi, This is Yash sharma Sr. creative writer. I have written several articles on finance, insurance & loans & I like very much to written insurance articles.Follow33 333 33 3Life InsuranceTerm InsuranceLife Insurance PlansLife Insurance PolicyMore from Yash sharma. FollowHi, This is Yash sharma Sr. creative writer. I have written several articles on finance, insurance & loans & I like very much to written insurance articles.
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  • insurance
  • 41
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  • 13
  • 14
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  • 11
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  • 10
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  • 10
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  • risk
  • 8
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  • 7
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  • 7
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  • 5
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  • 4
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  • 14
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  • 4
  • 14
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  • 4
  • 14
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  • 4
  • 14
  • sharma
  • 4
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  • written
  • 4
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  • insurance plan term
  • 3
  • 14
  • plan term insurance
  • 3
  • 14
  • plan term
  • 3
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  • secure future
  • 3
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  • yash sharma
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  • 3
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  • manage
  • 3
  • 14
  • uncertainty
  • 3
  • 14
  • yash
  • 3
  • 14
  • article
  • 3
  • 14
Result 15
TitleHow insurance works ABI
Urlhttps://www.abi.org.uk/data-and-resources/tools-and-resources/how-insurance-works/
DescriptionInsurance is a financial product sold by insurance companies to safeguard you and / or your property against the risk of loss, damage or theft (such as flooding, burglary or an accident). Some types of insurance you have to take out by law such as motor insurance if you drive a vehicle; some you may need as a condition of a contract such as buildings insurance as a requirement of your mortgage; and others are sensible to take out such as life insurance or saving for a pension
Date
Organic Position14
H1How insurance works
H2How it works
How premiums are calculated
Standard policy conditions
For more information
H3
H2WithAnchorsHow it works
How premiums are calculated
Standard policy conditions
For more information
BodyHow insurance works Insurance is a financial product sold by insurance companies to safeguard you and / or your property against the risk of loss, damage or theft (such as flooding, burglary or an accident). Some types of insurance you have to take out by law such as motor insurance if you drive a vehicle; some you may need as a condition of a contract such as buildings insurance as a requirement of your mortgage; and others are sensible to take out such as life insurance or saving for a pension. While it is a good idea to make sure you are not paying for insurance that you don’t need, you should always think about what would happen if disaster struck and you didn’t have cover to protect you. You can buy insurance policies for many aspects of your life, for example for your health, home, car, business, or retirement. An insurance policy is the contract that you take out with an insurer to protect you against specific risks under agreed terms.   How it works. When you buy a policy you make regular payments, known as premiums, to the insurer. If you make a claim your insurer will pay out for the loss that is covered under the policy. If you don’t make a claim, you won’t get your money back; instead it is pooled with the premiums of other policyholders who have taken out insurance with the same insurance company. If you make a claim the money comes from the pool of policyholders’ premiums. To decide on the type of insurance you need think about: why you need cover what you want to include in your cover how much you can afford how long you might need cover for whether you want cover for yourself and / or for loved ones To buy insurance cover you can: contact an insurer directly, either online or over the phone seek professional advice through an insurance broker via the British Insurance Brokers' Association (BIBA)  speak to an independent financial adviser through the Association of Professional Financial Advisors and / or unbiased.co.uk, a comprehensive website where you can find specialist, professional financial advisers check comparison websites to get the best deal on the type of policy you're looking for for more information see how to buy insurance How premiums are calculated. Insurers use risk data to calculate the likelihood of the event you are insuring against happening. This information is used to work out the cost of your premium. The more likely the event you are insuring against is to occur, the higher the risk to the insurer and, as a result, the higher the cost of your premium. An insurer will take two important factors into account when working out the premium they will charge. How likely is it in general terms that someone will need to make a claim? Is the person who wants to take out a policy a bigger or smaller risk than the ‘average’ policyholder (for example, a young person with a high-powered car may be charged a higher premium as they are statistically more likely to be involved in an accident than a mature, experienced driver)? Only a proportion of policyholders will make a claim in any one year.  Standard policy conditions . Although policies have different terms and conditions, in general there are three main principles that are common across all insurance policies. These include: cover is provided for the actual value of the property or item that has been lost or damaged (its replacement value), but does not include any sentimental value there needs to be a large number of similar risks so that the likelihood of a claim can be spread among other policyholders. It must be possible for insurers to calculate the chance of loss so that a premium can be set which matches the risk losses must not be deliberate For more information. read our how to buy insurance page for information about shopping around read the ABI guide on insurance in the UK – the benefits of pricing risk (pdf 1.57MB) to find out more about how insurance works
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  • insurance
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  • term
  • 4
  • 15
  • financial
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  • condition
  • 3
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  • 3
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Result 16
TitleInsurance | Help with types of insurance | MoneyHelper
Urlhttps://www.moneyhelper.org.uk/en/everyday-money/insurance
DescriptionOne of the best ways of protecting your financial future is insurance. Explore MoneyHelper's advice on insurance – from cars and homes to health and life
Date
Organic Position15
H1Insurance
H2Articles
Popular tools and calculators
H3Car insurance
Protecting you and your family
Protecting your home
Protecting your health
Travel insurance
Help with your insurance
H2WithAnchorsArticles
Popular tools and calculators
BodyInsurance One of the best ways of protecting your financial future is by taking out insurance – but it’s often an overlooked part of people’s financial plan. You might be more familiar with car, home and travel insurance, but we’ve covered everything you need to know. We also look at health, critical illness, life and income protection insurance, and cover what to do and where to go if you need help with insurance.  Articles . Car insurance. Car insurance – what you need to know Car insurance – what does a good policy look like? Car insurance for young drivers – the key facts View all Driving in the EU after Brexit Close Protecting you and your family. What is income protection insurance? How to know what kind of protection insurance you need What is critical illness cover? View all What is life insurance? Pet insurance – do you need it? Close Protecting your home. Protect yourself and your home: shopping for insurance What is buildings insurance? Extended warranties – are they worth it? View all What is contents insurance? Do you need mobile phone insurance? Buildings insurance – what does a good policy look like? Contents insurance – what does a good policy look like? What is home insurance Flood insurance – getting the right cover Close Protecting your health. What is private health insurance? Do you need dental insurance? Travel insurance . Travel insurance directory Changes to travelling to the EU and access to healthcare after Brexit What is travel insurance? View all Car insurance when driving abroad Travel insurance for over 65s Travel insurance if you have a pre-existing medical condition Travel insurance – what does a good policy look like? Close Help with your insurance. 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Result 17
Title6 Importance of Insurance to a Business
Urlhttps://www.iedunote.com/insurance-importance
DescriptionInsurance is very important for a business as it allows the reduce the potential financial loss by transferring the risks via insurance
Date
Organic Position16
H16 Importance of Insurance to a Business
H21. The uncertainty of Business Losses is Reduced
2. Business Efficiency is Increased with Insurance
3. Key Man Indemnification
4. Enhancement of Credit
5. Business Continuation
6. Welfare of Employees
H3
H2WithAnchors1. The uncertainty of Business Losses is Reduced
2. Business Efficiency is Increased with Insurance
3. Key Man Indemnification
4. Enhancement of Credit
5. Business Continuation
6. Welfare of Employees
Body6 Importance of Insurance to a BusinessInsurance is a form of risk management primarily used to hedge against the risk of potential financial loss.Again insurance is defined as the equitable transfers of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.The insurance has been useful to the business society also.Importance of insurance is a business are;The uncertainty of business losses is reduced.Business efficiency is increased with insurance.Keyman indemnification.Enhancement of credit.Business continuation.The welfare of employees.Some of the uses are discussed below:1. The uncertainty of Business Losses is Reduced. In the world of business, commerce, and industry a huge number of properties are employed.With a slight slackness or negligence, the property may be turned into ashes. The accident may be fatal not only to the individual or property but to the third party also.New construction and new establishment are possible only with the help of insurance, in absence of it, uncertainty will be to the maximum level and nobody would like to invest a huge amount in the business or industry.A person may not be sure of his life and health and cannot continue the business up to a longer period to support his dependents.By purchasing a policy, he can be sure of his earning because the insurer will pay a fed amount at the time of death.Again, the owner of a business might foresee contingencies that would bring great loss. To meet such situations they might decide to set aside annually a reserve, but it could not be accumulated due to death.However, by making an annual payment, to secure immediately, insure policy can be taken.2. Business Efficiency is Increased with Insurance. When the owner of a business is free from the botheration of losses, he will certainly devote much time to the business. The carefree owner can work better for the maximization of the profit.The new, as well as old businessmen, are guaranteed payment of a certain amount with the insurance policies at the death of the person; at the damage, destruction or disappearance of the property or goods.The uncertainty of loss may affect the mind of the businessmen adversely. The insurance, removing the uncertainty, stimulates the businessmen to work hard.3. Key Man Indemnification. The key man is that particular man whose capital, expertise, experience, energy, ability to control, goodwill and dutifulness make him the most valuable asset in the business and whose absence will reduce the income of the employer tremendously and up to that time when such employee is not substituted.The death or disability of such valuable lives will, in many instances, prove a more serious loss than that by fire or any hazard.The potential loss to be suffered and the compensation to the dependents of such an employee requires an adequate provision that is met by purchasing adequate life-policies.The amount of loss may be up to the amount of reduced profit, expenses involved in the appointing of such persons and payment to the dependents of the key man. The Term Insurance Policy or Convertible Term Insurance Policy is more suitable in this case.4. Enhancement of Credit. The business can obtain a loan by pledging the policy as collateral for the loan. The insured persons are getting more loans due to the certainty of payment at their deaths.The amount of loan that can be obtained with such pledging of policy, with interest, thereon will not exceed the cash value of the policy.In the case of death, this value can be utilized for setting the loan along with the interest.If the borrower is unwilling to repay the interest, the lender can surrender the policy and get the amount of loan and interest thereon paid.The redeemable debentures can be issued on the collateral of capital redemption policies. The insured properties are the best collateral and adequate loans are granted by the lenders.5. Business Continuation. !n any business particularly partnership business may discontinue at the death of any partner although the surviving partners can restart the business, in both the cases the business and die partners will suffer economically.The insurance policies provide adequate funds at the time of death. Each partner may be insured for the amount of his interest in the partnership and his dependents may get that amount at the death of the partner.With the help of property insurance, the property of the business is protected against disasters and the chance of disclosure of the business due to the tremendous waste or loss.6. Welfare of Employees. The welfare of employees is the responsibility of the employer. The former is working for the latter.Therefore, the latter has to look after the welfare of the former which can be provided for early death, provision for disability and provision for old age.These requirements are easily met by the life insurance, accident and sickness benefit, pensions which are generally provided by group insurance.The premium for group insurance is generally paid for by the employer. This plan is the cheapest form of insurance for employers to fulfill their responsibilities.The employees will devote their maximum capacities to complete their jobs when they are assured of the above benefits. The struggle and strife between employees and employers can be minimized easily with the help of such schemes.Read Related Posts /Insurance: Definitions, Features7 Functions of Insurance4 Difference between Insurance and Assurance8 Types of Insurance Organizations6 Importance of Insurance to a BusinessInsurance is not Gambling (Explained)History of Insurance Industry: How Insurance Businesses Evolved
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Result 18
Title6 Reasons Why You Need Life Insurance | Post Office
Urlhttps://www.postoffice.co.uk/life-cover/life-insurance/six-reasons-you-need-cover
DescriptionIf you’re asking yourself the question ‘do I need life insurance?’ then take a look at our guide to 6 reasons why you need life insurance, and find out how it can benefit you.
Date
Organic Position17
H16 reasons why you need life insurance
H2Do I need life insurance?
Why do people buy life insurance?
Get the right cover for your needs
Other ways to get covered
Still have questions?
H3Buying a new home
Just married
Having a baby
Planning for a funeral
Inheritance tax
The next generation
Level Cover
Decreasing Cover
Increasing Cover
Post Office Life Insurance
Post Office Over 50s Life Insurance
Post Office Free Parent Life Cover
Post Office Critical Illness Cover
Already a customer?
H2WithAnchorsDo I need life insurance?
Why do people buy life insurance?
Get the right cover for your needs
Other ways to get covered
Still have questions?
Body6 reasons why you need life insurance It seems there are certain events in people’s life that prompt them to buy life insurance. So, if you’re asking yourself the question ‘do I need life insurance?’ then this is where you may find your answer. life insurance options Do I need life insurance? Why do people buy life insurance? Just married Buying a new home Having a baby Planning for a funeral Inheritance tax The next generation No one likes to think about a time after they’ve gone, but life insurance could offer reassurance and comfort to you and your loved ones for this situation. For most of us, life is a series of important milestones that may cause us to think about the future. Inevitably, when we think about our life and beyond, we can’t help but think of what may happen to the people we leave behind. It’s possible that your dependents or next of kin may become financially responsible for any of your outstanding debts or expenses like childcare costs, a mortgage or even funeral, medical or care costs. Even if you have been careful with your finances and have no outstanding debts, you may simply wish to leave a legacy to your loved ones, help to contribute to the future cost of living for any dependents or give a small sum to help cover the cost of your funeral. Whether you wish to leave £5,000 or £500,000, making this provision early can offer you peace of mind. Do I need life insurance? One way to determine whether or not you need life insurance is to consider what your financial obligations and contributions are and what the impact of this would be on your loved ones if you were no longer around. If your outgoings are not mitigated by a death in service policy, saleable assets or an income, investment, savings or pension plan then you may want to consider a life insurance policy. You may have only just taken out a mortgage, meaning you have a lengthy financial obligation to fulfil. If you have children, you might have elected to send them to a fee-paying school. Your funeral is also likely to be a costly event, even if modestly done. As well as the essentials there are a surprising number of contractual expenses like the cost of running a home, other insurance policies, and raising a child to maturity which contribute to the cost of living and that you may overlook. If you find that you have little-to-no provision for your loved ones after you die, then life insurance might become a serious consideration. Why do people buy life insurance? Here are a few of the main reasons that people choose to buy life insurance: Buying a new home. If you die before your mortgage is repaid, then the responsibility to complete payments falls to someone you love. Life insurance enables you to be proactive about ensuring those you care for can meet those financial commitments after you’ve gone. Decreasing cover life insurance is a type of cover that helps if you have a repayment mortgage or other sizeable reducing debt. The longer your cover is in place, the less is paid out. This is because your debts are also decreasing, and the insurance is there to help cover these payments. The monthly premiums for this type of policy may also be lower. If you have an interest-only mortgage, you might be more interested in level-term life insurance. This is where payouts are fixed and the policy is in place for a pre-determined amount of time. The advantage of this kind of cover is that your family’s payout would be the same whether you died a year into your policy or a year before it expired. Just married. If you’ve recently become engaged or married and are joining families and assets, it can make life easier to know you are both covered if one of you were to die. Life insurance enables you to make financial contributions to your partner’s well-being after you’ve departed – which is a beautiful way to honour your marriage vows. The type of policy that you take out could be single – i.e. only covering you – or joint. A joint policy is usually cheaper than purchasing two single policies, but in most instances it only pays out once, if you make a claim you are no longer covered – the surviving partner would need to take out their own individual policy after that. Two single policies can pay out upon the deaths of each policy holder and can take away the complexity in the unfortunate circumstance that the relationship comes to an end. There are pros and cons to both types of policy, but it's important to know that if a relationship breaks down, an insurance provider may not be able to divide a joint life policy into two single policies. Also if you claim on a joint policy and choose to apply for a single policy later in life, it can be expensive because premiums increase with age. Having a baby. The cost of raising a child is expensive, even before factoring in considerations like private education and university contributions. There are policies available that run until your child reaches maturity – and after they’re 18, it’s up to you what “maturity” means. Providing for your child to protect them against the unexpected is a way to give yourself peace of mind and enjoy the present with them more fully. Level and increasing cover term insurance are policies which pay out lump sums if you die within your agreed term. If you wish to leave a sum of money to your kids rather than pay off debts, then consider an increasing or level term policy. Planning for a funeral. In 2019 the average funeral cost about £3,785 – an increase of 0.7% from 2018 †. Over 50s life cover could help to pay off this cost. Contributions for this type of life cover tend to be smaller than others as the payout is significantly lower. Over 50s life cover differs from term life in that there is no fixed length to the policy; it simply exists as long as you live and pays out upon your death. That doesn’t mean to say that you will pay indefinitely for a fixed sum of money though. You will stop paying premiums either after 30 years, on your 90th birthday or on the policy anniversary following your 90th birthday. The payout doesn’t necessarily need to contribute towards your funeral, however if that is your main motivation for taking out the policy then you might also want to consider a Funeral Benefit Option. Inheritance tax. Another reason people may decide they need life insurance is inheritance tax. Inheritance tax has become a bit of a bogey man for those intending to leave money for their children once they die. Bills can run into tens of thousands of pounds, which can make a significant dent in your children’s inheritance. However, if you were to buy a life insurance policy that covered the tax bill, they could enjoy everything you intended them to receive. You may also want to put your insurance policy into a trust. If the conditions of your trust are met, then this means that your assets no longer belong to you, but to the trust. In accordance with HMRC rules, your assets could then be exempt from inheritance tax. You would be able to decide how the trust is managed, for example whether your assets go straight to the beneficiary after your death or are retained by a trustee until your beneficiary reaches a certain age. Trusts come with important legal implications, and should only be entered into after thorough discussion with an impartial legal or financial consultant. Once you have placed your policy in trust, it is very difficult to undo this, so being certain of what you are doing beforehand is crucial. There are several kinds of trust available, so it is also important to think long-term about how you want your money to be handled when considering this path. The next generation. Getting older is a fact of life, and has a tendency to make us reflect. If you are at such a point in your life – whether due to age, ill-health or any of the above reasons – then the financial security of the next generation will be on your mind. Life insurance helps you put these worries to rest and focus on enjoying the future. Read our articles on whether life insurance is worth it and what to expect when applying for life insurance for more information.  † Source: The Royal London National Funeral Cost Index Report 2019 Get the right cover for your needs. There are three main types of term life insurance: Level Cover. Level cover offers a fixed cash sum. Decreasing Cover. The cash sum paid out reduces over time in line with a debt, loan or repayment mortgage. Increasing Cover. The cash sum paid out increases each year to offset the effects of inflation. As your cover increases, so do your monthly payments To find out more decreasing, level and increasing term life insurance read our guide to term life insurance. term life insurance If you’re convinced that you need life insurance, then consider a life cover policy from the Post Office. Life Insurance Other ways to get covered. Post Office Life Insurance. If you're thinking about investing in life insurance the Post Office have a range of options, each designed to offer you peace of mind based on your needs. Find out more Post Office Over 50s Life Insurance. If you're aged between 50 and 80 Post Office could help you to leave your family the gift of a cash sum or help towards your funeral costs Find out more   Post Office Free Parent Life Cover. If you have children aged under four years old, you could get £15,000 of life cover free for a year. That's £15,000 each for mum and dad. Find out more Post Office Critical Illness Cover. Get extra protection and financial peace of mind by adding the optional Critical Illness Cover to your Post Office Life Insurance. Find out more Still have questions? You can find more information on life insurance by visiting Post Office life insurance guides and articles. Already a customer? Get help with an existing Post Office life insurance policy, or find out how to make a claim. Get in touch
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  • 3
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  • 3
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Result 19
Title5 Reasons Why Life Insurance Is Important
Urlhttps://www.westernsouthern.com/learn/financial-education/why-life-insurance-is-important
DescriptionA life insurance policy can be part of your plan to help protect your loved ones and their future. Learn five reasons why life insurance is important
Date23 Nov 2021
Organic Position18
H15 Reasons Why Life Insurance Is Important
H2Table of Contents
1. It Can Help to Financially Protect Your Family
2. It Can Replace Lost Income
3. It Can Help Your Loved Ones Pay Off Debt
4. It Can Cover Funeral Expenses
5. It Can Help to Pay for Future Education Expenses
Protecting Your Family's Future With Life Insurance
Next Steps
Related Articles
Ready to Continue?
H3Term Life Insurance
Whole Life Insurance
Universal Life Insurance
How to Buy Life Insurance: From Quote to Coverage in 5 Simple Steps
How to Choose Life Insurance: Explore Your Options in 5 Simple Steps
Is Life Insurance Taxable?
9 Factors That Could Affect the Cost of Life Insurance
4 Potential Advantages of Life Insurance
How Life Insurance Helps Protect a Mortgage
9 Reasons People Purchase Life Insurance
Who Needs Life Insurance?
How Does Life Insurance Work?
H2WithAnchorsTable of Contents
1. It Can Help to Financially Protect Your Family
2. It Can Replace Lost Income
3. It Can Help Your Loved Ones Pay Off Debt
4. It Can Cover Funeral Expenses
5. It Can Help to Pay for Future Education Expenses
Protecting Your Family's Future With Life Insurance
Next Steps
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Body5 Reasons Why Life Insurance Is Important Helping to replace lost income is just one of the reasons why having a life insurance policy can be important. Updated November 23, 2021 Life Insurance Share: SUBSCRIBE Table of Contents. It Can Help to Financially Protect Your Family It Can Replace Lost Income It Can Help Your Loved Ones Pay Off Debt It Can Cover Funeral Expenses It Can Help to Pay for Future Education Expenses Whether you're married with kids, or have a partner or other relatives who depend on you financially, having life insurance can be important. Life insurance provides money, or what's known as a death benefit, to your chosen beneficiary after you die. It can help give your loved ones access to money when they need it. Understanding life insurance can help you plan for your family's long-term financial needs. Here are five reasons why life insurance is important. 1. It Can Help to Financially Protect Your Family. Life insurance is meant to help protect your family's financial future. Even if you have savings, it's unlikely that it would be enough to cover your family's expenses for several years or even decades if something happens to you unexpectedly. Typically, there are three types of life insurance to consider: term life, whole life or universal life. Term Life Insurance. This type of life insurance offers coverage for a set period of time — generally 10, 15, 20 or 30 years. Coverage expires at the end of the term. However, most term life insurance policies also offer optional riders that could allow you to renew or convert your policy.1 Whole Life Insurance. This type of life insurance doesn't expire as long as you continue to pay the premiums. It also offers a cash value component that has growth potential. You also can borrow from the cash value, but loans or withdrawals may generate an income tax liability, reduce the cash value and death benefit and cause the policy to lapse. Loans will also accrue interest. The policy may be issued as a Modified Endowment Contract (MEC) for tax purposes. Any withdrawals or surrenders could result in a taxable event. Universal Life Insurance. This type of life insurance is similar to whole life because it also does not expire as long as you continue to pay the premium, and it also has a cash value component. With a universal life policy, you typically have the flexibility to adjust the premium and death benefit. However, there must be enough cash value in the policy to cover monthly charges if a lower premium is paid than the amount selected at issue or if a premium payment is skipped. Additional premium payments may need to be made to keep the policy in force. Increases in coverage are also subject to underwriting. 2. It Can Replace Lost Income. Whether you have a 9-to-5, are self-employed, or own a small business, your income might cover a portion or even all of your family's daily needs. Housing, food, utilities, clothing, car maintenance and health care premiums are likely all part of your monthly budget, and even without your income, your family will still need to cover these expenses. The death benefit from a life insurance policy can help provide the funds your family may need to help cover these expenses. When considering your options, you may want to think about using a life insurance calculator to help you determine how much life you insurance you may need. 3. It Can Help Your Loved Ones Pay Off Debt. Certain types of debt don't go away when you die, which means your loved ones may have to use money from your estate or sell off other assets to cover them. This could leave less money to pay for expenses. Life insurance can help your loved ones pay for any debt you leave behind, including credit card debt, business debt, personal and/or educational loans and mortgage debt. At a time when your loved ones are already dealing with your loss, life insurance can help ease some of the financial burdens they may experience after your passing. MORE How Life Insurance Helps Protect a Mortgage 4. It Can Cover Funeral Expenses. Funerals can be expensive. Dealing with this financial stress can add to the emotional stress your family might experience. Your family could use some of the death benefit from your life insurance policy to help pay for these costs. To do this, the beneficiary of the policy could direct some of the death benefit to the funeral home, or they can pay out-of-pocket and use the death benefit as a reimbursement for these expenses. MORE What Does the Average Funeral Cost? 5. It Can Help to Pay for Future Education Expenses. If you have children, life insurance can help your family pay for future childcare and education expenses, especially for college. Even if you've already started contributing to a 529 college savings plan, the death benefit from a life insurance policy can provide additional money to help cover your children's education if you were to die. Protecting Your Family's Future With Life Insurance. Understanding life insurance and how much coverage you may need can help when making long-term financial plans. Making plans to help support your family's financial stability in the event that you pass could help to mitigate the stress and burden of an already difficult time. Depending on your financial goals and needs, life insurance could be an important part of this plan. For more information, consider speaking with a financial representative. Next Steps . Learn about different types of life insurance Use our life insurance calculator Request your life insurance quote Related Articles . How to Buy Life Insurance: From Quote to Coverage in 5 Simple Steps . How to Choose Life Insurance: Explore Your Options in 5 Simple Steps . Is Life Insurance Taxable? . 9 Factors That Could Affect the Cost of Life Insurance . 4 Potential Advantages of Life Insurance . How Life Insurance Helps Protect a Mortgage . 9 Reasons People Purchase Life Insurance . Who Needs Life Insurance? . How Does Life Insurance Work? . IMPORTANT DISCLOSURES 1 Increases in coverage are subject to new underwriting. Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. The Company does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.  is typing... Ready to Continue? You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com.  Because this site is independent, Western & Southern Financial Group neither manages nor assumes responsibility for its content.  Are you ready to move forward? Yes No
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TitleImportance of Insurance? – Great Eastern Life Malaysia
Urlhttps://www.greateasternlife.com/my/en/personal-insurance/understand-insurance/why-insurance.html
DescriptionKnowing why you need to get insurance is the first step in successful planning. Find out more
Date
Organic Position19
H1Why do I need insurance?
H2
H3
H2WithAnchors
BodyWhy do I need insurance? Unfortunately life’s journey is not always as smooth as we want it to be. Unexpected events may trip us up in life or stop us from living every day to the fullest. For those events that could be expensive, insurance can cover the costs, so that you don’t have to. Print Share Insurance is key to you being able to focus on the important things in life, because it will ensure financial security for you and your family should anything unfortunate happen. When large financial burdens like hospital bills or medical charges arise, insurance helps meet the costs, allowing you to pursue your dreams. Here’s how: Health insurance helps pay your bills should you develop certain illnesses or suffer from injury or disability. Income protection safeguards your salary by replacing it should you become unable to work. Life insurance provides financially for your loved ones should you become unable to work. Having this type of insurance enables them to continue enjoying a comfortable lifestyle with minimum worry. Education and retirement plans allow you to achieve what is important to you – be it an overseas education for your children or a comfortable standard of living during your retirement years. Endowment plans do more than help you build up savings to pass on to your spouse or children. They can also be used to cover medium- to long-term goals, such as a property upgrade, higher education, and perhaps fund a break from work. Now you know why you need it – here’s some more important advice: What is the best time to start thinking about insurance? The sooner, the better! The moment you receive your first paycheck is the best time to start building your health and lifetime protection. Getting coverage early will give you peace of mind for the lowest premiums possible. Choose the cover and premium that best suits your needs and budget, and you will be able to adjust the level of coverage that suits your needs as they change over time. What type of insurance should I buy? Safeguard your health and that of your family first, and then look at life insurance to protect the household finances in case something happens to you. Finally, consider insurance that will give you and your family savings for the future. How much insurance is enough? There are health, life and savings plans to suit every budget and need. In choosing what suits you, it is important to manage your finances well and ensure you set aside a portion of your income for a rainy day or an unexpected health crisis. The amount varies, and it is good to seek a financial consultant who can advise on the best approach for your situation. There are various factors to consider, such as your life stage, budget, and what you would like to achieve in your lifetime. What is the first type of insurance coverage I should think about? As a first step towards getting protection, you should begin with personal health insurance to cover your most important needs. This would include protecting yourself against accidents, and getting coverage for costs related to hospitalisation, surgical and other medical expenses. What should I do to protect my family’s future? It is important to protect yourself first. Then protect your family by ensuring that they have the money to pay for all necessities. These expenses could include paying for your children’s education, clearing your mortgage, contingencies for foreseeable emergencies that could arise, and providing for dependents such as aged parents. Will I be rejected for insurance if there is a history of illness – such as cancer, diabetes or high blood pressure – in my family? Such a family history may incur a loading charge 25–50% higher than the standard case. That is why it is so important to be insured as early as possible – as long as you are reasonably healthy. The chances are that you would be able to obtain insurance coverage despite your family history. In fact, the loading could even be waived. Don’t delay in signing up for health insurance, as, with a family history, any symptoms that develop could increase the loading or disqualify you altogether. At the end of the day, paying a higher premium is better than having no insurance when the illness strikes. What if I am not able to pay my premiums due to financial or health difficulties? There’s a range of options available to help you through this difficult period. One option is to take a temporary premium holiday or premium loan. Another option has been designed to provide you with a monthly income benefit in the event you are unable to work. Some education savings plans have included a thoughtful supplementary benefit that kicks in, in the event that the parent falls ill or passes away, to waive the future premiums on the child policy and ensure that the tuition fees are fully paid for in advance. I financially support my parents. Do plans exist that will take care of them in case something happens to me? Yes, there are numerous insurance plans in which you can nominate your parents as beneficiaries of a lump sum payout in case something happens to you. This payout helps to take care of your parents’ financial needs. You could also sign them up for insurance plans that will reimburse expenses related to hospitalisation, surgery, physiotherapy and even traditional Chinese medicine treatments. These offer monthly benefits or a lump sum payout in the event of disability. Why should I spend my spare money on insurance rather than a high-interest fixed deposit account or a fund for my children’s education? Insurance is multi-dimensional and takes care of many scenarios. Indeed, fixed deposit accounts offer perceived security with high interest rates, but insurance savings plans have been specifically tailored to provide guaranteed payouts at pre-determined educational milestones in your child’s life, so you do not have to worry about rising costs. And should something happen to you, rest assured that your family’s financial security has been taken care of. Having some savings in the bank is a good start, but to make your money work harder for you – and supplement your savings – insurance is the way forward: it offers a better yield and better prepares you for rainy days. Your needs depend on the stage of life you are at, and insurance gives you choices based on those needs. Whether you are young and single, responsible for children, or nearing retirement, insurance offers you valuable benefits and peace of mind. There are a variety of insurance plans that provide conveniences such as guaranteed coverage, payouts and long-term wealth accumulation – all of which grant you financial security affordably. Now that you better understand what insurance is and how you benefit from it, have a chat with your Life Planning Advisor and look at the plans that meet your needs.  Find out more Learn to start financial planning Insurance needn’t be a daunting concept. Discover how to best find the solution for your needs and budget. » Read more Calculate how much money you’ll need Use these simple calculators to get a real sense of the financial support you and your family will need. » Read more Find the product that’s right for you Easily compare and identify the cover that’s right for you. Whatever stage of life you’re at. » Read more Back to top Need help? Calling in Malaysia 1300-1300 88 Calling from overseas +603 4259 8888 Get Help Contact us Make a claim Find a Life Planning Advisor Personal Insurance Our Products Understand Insurance Live Great Get Help Corporate Solutions General Insurance Group Insurance Careers Employee Life Planning Advisor General Insurance Agent About us Company Profile Media Centre Terms and Conditions | Personal Data Protection Notice  | Client Charter Copyright©  2022 Great Eastern Life Assurance (Malaysia) Berhad (93745-A) | Great Eastern General Insurance (Malaysia) Berhad Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd Terms and Conditions | Personal Data Protection Notice  | Client Charter Copyright©  2022 Great Eastern Life Assurance (Malaysia) Berhad (93745-A) | Great Eastern General Insurance (Malaysia) Berhad Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
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Result 21
TitleInsurance : Importance, Types and Benefits
Urlhttps://cleartax.in/s/insurance
DescriptionUnderstand the importance of insurance and the different types of insurances like life insurance, health insurance and general insurance
Date30 Dec 2021
Organic Position20
H1Insurance : Importance, Types and Benefits
H2Maximize tax savings up to ₹46,800 easily
Maximize tax savings up to ₹46,800 easily
What is Insurance?
How does insurance work?
What are the types of insurance available in India?
What are the tax benefits on insurance?
Conclusion
Personal Finance
H3Life insurance
Health insurance
Car insurance
Education Insurance
Home insurance
H2WithAnchorsMaximize tax savings up to ₹46,800 easily
Maximize tax savings up to ₹46,800 easily
What is Insurance?
How does insurance work?
What are the types of insurance available in India?
What are the tax benefits on insurance?
Conclusion
Personal Finance
BodyInsurance : Importance, Types and Benefits Updated on :  Dec 30, 2021 - 08:30:49 PM 08 min read The life and property of an individual are surrounded by the risk of death, disability or destruction. These risks may result in financial losses. Insurance is a prudent way to transfer such risks to an insurance company. What is Insurance? Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/destruction of the property. It’s called a contingency because there’s an uncertainty regarding happening of the event. The insured pays a premium in return for the promise made by the insurer.   How does insurance work? The insurer and the insured get a legal contract for the insurance, which is called the insurance policy. The insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either the insured person or the nominees. Insurance is a way of protecting yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much lesser in terms of money paid. The insurance company takes this risk of providing a high cover for a small premium because very few insured people actually end up claiming the insurance. This is why you get insurance for a big amount at a low price. Any individual or company can seek insurance from an insurance company, but the decision to provide insurance is at the discretion of the insurance company. The insurance company will evaluate the claim application to make a decision. Generally, insurance companies refuse to provide insurance to high-risk applicants.   What are the types of insurance available in India? Insurance in India can be broadly divided into three categories: Life insurance. As the name suggests, life insurance is insurance on your life. You buy life insurance to make sure your dependents are financially secured in the event of your untimely demise. Life insurance is particularly important if you are the sole breadwinner for your family or if your family is heavily reliant on your income. Under life insurance, the policyholder’s family is financially compensated in case the policyholder expires during the term of the policy.   Health insurance. Health insurance is bought to cover medical costs for expensive treatments. Different types of health insurance policies cover an array of diseases and ailments. You can buy a generic health insurance policy as well as policies for specific diseases. The premium paid towards a health insurance policy usually covers treatment, hospitalization and medication costs.   Car insurance. In today’s world, a car insurance is an important policy for every car owner. This insurance protects you against any untoward incident like accidents. Some policies also compensate for damages to your car during natural calamities like floods or earthquakes. It also covers third-party liability where you have to pay damages to other vehicle owners.   Education Insurance. The child education insurance is akin to a life insurance policy which has been specially designed as a saving tool. An education insurance can be a great way to provide a lump sum amount of money when your child reaches the age for higher education and gains entry into college (18 years and above). This fund can then be used to pay for your child’s higher education expenses. Under this insurance, the child is the life assured or the recipient of the funds, while the parent/legal guardian is the owner of the policy. You can estimate the amount of money that will go into funding your children’s higher education using Education Planning Calculator.   Home insurance. We all dreaming of owning our own homes. Home insurance can help with covering loss or damage caused to your home due to accidents like fire and other natural calamities or perils. Home insurance covers other instances like lightning, earthquakes etc.   What are the tax benefits on insurance? Apart from the safety and security benefits of buying insurance, there are also the income tax benefits that you can avail. Life insurance premium of up to ₹1.5 lakh can be claimed as a tax-saving deduction under Section 80CMedical insurance premium of up to ₹25,000 for yourself and your family and ₹25,000 for your parents can be claimed as a tax-saving deduction under Section 80D These claims have to be made at the time of e-filing income tax returns.   Conclusion. Be it life insurance, health insurance or general insurance, you can buy an insurance policy offline as well as online. Just like there are insurance agents who will help you buy a policy, there are websites as well that you can buy a policy from. Ensure that you have done your research before choosing and investing in an insurance policy.   All Articles. Should You Insure First or Invest First Insurance and investment are two of the essential parts of personal finance. Know which of the two are picked up based on varying preferences of a person. Claim Settlement Ratio of Life Insurers: All you need to know The claim settlement ratio of an insurer is the number of claims settled against the number of claims filed: higher the ratio, better the insurer. LIC Login – A Step by Step guide on LIC Portal login LIC Login - Life Insurance Corporation of India is the oldest and largest life insurance companies in India. Read more to know about LIC login Online. Two Wheeler Insurance- The smart and safe way to go about Detailed explanation on two wheeler insurance which contains types, benefits, & process on how to apply for two wheeler insurance online. Read on to know more about it. LIC Online Payment LIC Online Payment - LIC offers numerous methods through which customers can pay for their policies premiums. Payments for LIC policies can be done online on the LIC website, banks, franchises, LIC agents and Paytm. Child Insurance Child insurance is great way to secure the financial future of your child in your absence. Read on to know the features and benefits of child insurance. Car Insurance Online – Applicability, Benefits, Exclusions & more Car Insurance covers the losses that you might incur in case your car gets damaged or stolen. Read this article to know about its renewal, comparison, applicability, benefits, exclusions, documents required, coverage, FAQs & points to consider before buying a car insurance. Home Insurance Home Insurance is an arrangement in which the company undertake a guaranty for loss arising from insured property. Read on to know why its important. National Health Protection Scheme The final Union Budget of the NDA Government for the current electoral term, Arun Jaitley lived up to the government’s promise of delivering National Health Protection Scheme Browse by Topics. Personal Finance. Deposits Insurance Loans Financial Planning Credit score Net Banking Recent Articles. Should You Insure First or Invest First Claim Settlement Ratio of Life Insurers: All you need to know LIC Login – A Step by Step guide on LIC Portal login Two Wheeler Insurance- The smart and safe way to go about LIC Online Payment POPULAR ARTICLES. 46th GST Council Meeting Highlights Mutual Funds ITR Budget 2021 Live How to file ITR Which ITR to File Income Tax Calculator Income Tax Slabs CIBIL Credit Score ELSS Funds SIP Mutual funds Best Tax Saving Mutual Funds Income Tax Slabs Know about Asset Class What is AMC? Know about Hedge Funds LIC Login Two wheeler insurance Income Tax Login You might be interested in. How compounding interest can make you rich Section 206AB Are mutual funds safe? Debt funds win over fixed deposits What are Pension Plans? LIC Login Two Wheeler Insurance Know about Dividend Yield Ratio Useful Tools. 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Result 22
TitleLife insurance, why buy it? | iA Financial Group
Urlhttps://ia.ca/advice-zone/family/why-take-life-insurance
DescriptionLearn about the different types of life insurance, their benefits and how to find the right product for your needs
Date
Organic Position21
H1Life insurance, why buy it?
H2What is life insurance for?
Choosing life insurance
In conclusion..
H3Looking for advice?
Tools and advice
H2WithAnchorsWhat is life insurance for?
Choosing life insurance
In conclusion..
BodyLife insurance, why buy it? Learn about the different types of life insurance, their benefits and how to find the right product for your needs. What is life insurance for? . Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer. This insurance will also replace your family income when resources are less so they can maintain their quality of life. Choosing life insurance. Once you understand the importance of taking out a life insurance policy, you need to make the right choice. To do this, you need to ask yourself about your needs and purchase a product that works for your family and insurance premiums that fit your budget. A financial security advisor can help you with this. You need to ask yourself three main questions to figure out what type of life insurance would work best in your situation. Family and work situation First of all, your insurance needs will be influenced by the following: your family situation, your age, your health situation and whether you are an owner or self-employed. Life insurance is important, whether you are single or in a relationship. In the event of your death, your loved ones will have to pay your funeral expenses and pay off any financial liabilities you have, such as your debts. If you have insurance coverage, your debts will not be a burden for your family members. In addition, your loved ones may also have to bear some of your shared responsibilities, such as your credit card fees, your lease, your car payment, your mortgage payment, your student debt, or other. If you have children, life insurance will let you replace the lost income from one of the parents to provide for the children’s needs. Life insurance is also an effective financial tool for protecting your business. It lets you ensure you and your loved ones’ financial security should something bad happen. If you start your own business with a partner who passes away prematurely, will you have the funds needed to buy out his/her shares and continue moving forward with your dream? An unfortunate event like this could have a major impact on your company. So you need to start thinking about it now. If you don’t have coverage, getting a policy will let you cover your needs as a self-employed person and will avoid future concerns for your family. Life goals Your personal, family and professional goals will also determine your choice of life insurance. For example, do you plan on having children? What are your career and income goals? At what age would you like to retire? This will help you evaluate how much life insurance you should take out to protect your loved ones in the event of death. Coverage type You have thought about your situation and life goals. Now all you need to do is figure out what type of life insurance is best for you. For example, you might ask yourself if you need short-term or long-term coverage. Do you want coverage that generates liquidity and surrender value that you can use to reach your goals, etc.? Once you answer these questions, you will be well equipped to choose the life insurance that works best for you. A financial security advisor will be able to guide you in answering all these questions, and based on your answers, can direct you to life insurance that meets your needs. In conclusion... The important thing is to choose the right life insurance for your budget and your needs. Over the years, your needs, your family situation and your life goals will evolve. When that happens, it will be time for you to re-evaluate the right type of insurance for you to ensure you are covered properly. Remember that you are never too young to buy life insurance, since the younger you are, the lower the cost of your premium. Your financial security advisor is there to provide some guidance in this process, based on your reality and your goals. Looking for advice? A financial security advisor can help you assess your life insurance needs and suggest various options tailored to your situation. Contact an advisor Tools and advice. iA Financial Compass Moving in Together | iA Financial Group Having a Child | iA Financial Group RESP – Registered Education Savings Plan Simplified issue life insurance: 3 reasons to enrol Protect your lifestyle with health and disability insurance 3 reasons to offer savings as a gift
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Result 23
TitleThe Role and Importance of Insurance – Explained!
Urlhttps://www.yourarticlelibrary.com/insurance/the-role-and-importance-of-insurance-explained/7540
Description
Date
Organic Position22
H1The Role and Importance of Insurance – Explained!
H2
H3Your Article Library
Related Articles:
Leave a Reply Click here to cancel reply
H2WithAnchors
BodyThe Role and Importance of Insurance – Explained! Article shared by : ADVERTISEMENTS: The following point shows the role and importance of insurance: Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life and property. ADVERTISEMENTS: Insurance contributes a lot to the general economic growth of the society by provides stability to the functioning of process. The insurance industries develop financial institutions and reduce uncertainties by improving financial resources. 1. Provide safety and security: . Insurance provide financial support and reduce uncertainties in business and human life. It provides safety and security against particular event. There is always a fear of sudden loss. Insurance provides a cover against any sudden loss. For example, in case of life insurance financial assistance is provided to the family of the insured on his death. In case of other insurance security is provided against the loss due to fire, marine, accidents etc. 2. Generates financial resources: . Insurance generate funds by collecting premium. These funds are invested in government securities and stock. These funds are gainfully employed in industrial development of a country for generating more funds and utilised for the economic development of the country. Employment opportunities are increased by big investments leading to capital formation. 3. Life insurance encourages savings: . Insurance does not only protect against risks and uncertainties, but also provides an investment channel too. Life insurance enables systematic savings due to payment of regular premium. Life insurance provides a mode of investment. It develops a habit of saving money by paying premium. The insured get the lump sum amount at the maturity of the contract. Thus life insurance encourages savings. 4. Promotes economic growth: . ADVERTISEMENTS: Insurance generates significant impact on the economy by mobilizing domestic savings. Insurance turn accumulated capital into productive investments. Insurance enables to mitigate loss, financial stability and promotes trade and commerce activities those results into economic growth and development. Thus, insurance plays a crucial role in sustainable growth of an economy. 5. Medical support: . A medical insurance considered essential in managing risk in health. Anyone can be a victim of critical illness unexpectedly. And rising medical expense is of great concern. Medical Insurance is one of the insurance policies that cater for different type of health risks. The insured gets a medical support in case of medical insurance policy. 6. Spreading of risk: . Insurance facilitates spreading of risk from the insured to the insurer. The basic principle of insurance is to spread risk among a large number of people. A large number of persons get insurance policies and pay premium to the insurer. Whenever a loss occurs, it is compensated out of funds of the insurer. 7. Source of collecting funds: . Large funds are collected by the way of premium. These funds are utilised in the industrial development of a country, which accelerates the economic growth. Employment opportunities are increased by such big investments. Thus, insurance has become an important source of capital formation. Related Articles:. What are the Advantages of Insurance? What are the Important Utility of Life Insurance? Articles in Insurance Essential Career Opportunities in the Transport Sector in India The Overview of Insurance Sector in India – Defined Leave a Reply Click here to cancel reply.You must be logged in to post a comment. We use cookiesWe use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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Result 24
Title5 Important Reasons Why You Need Life Insurance | Payoff Life
Urlhttps://www.payoff.com/life/money/5-important-reasons-why-you-need-life-insurance/
DescriptionInsurance can be confusing and it's hard to know what you really need or want. But here are five very good reasons why you need life insurance
Date
Organic Position23
H15 Important Reasons Why You Need Life Insurance
H2Insurance can be confusing and it’s hard to know what you really need or want. But here are five very good reasons why you need life insurance.
H3About the Author / Payoff
H2WithAnchorsInsurance can be confusing and it’s hard to know what you really need or want. But here are five very good reasons why you need life insurance.
Body5 Important Reasons Why You Need Life Insurance Insurance can be confusing and it’s hard to know what you really need or want. But here are five very good reasons why you need life insurance. . As we grow older, get married, build families and start businesses, we come to realize more and more that life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is fairly cheap, which means there’s no excuse not to get coverage now. Plus, over the years, you’ll find comfort in knowing money will be available to protect your loved ones in the event of your passing. Here are a few other reasons why having life insurance is important. To Protect Your Family and Loved Ones. If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you die. This is especially important for parents of young children or adults who would find it difficult to sustain their standard of living if they no longer had access to the income provide by their partner. You will also need to provide enough money to cover the costs of hiring someone to cover the day-to-day household tasks, like cleaning, laundry, cooking, childcare and everything else a growing family needs. To Leave an Inheritance. Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise. To Pay Off Debts and Other Expenses. In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts, like the mortgage, credit cards and car loans. Other expenses include funeral and burial costs that can easily run into the tens of thousands of dollars. You don’t want your spouse, parents, children or other loved ones to be left with any extra financial burden in addition to the emotional burden they’re already suffering. To Add More Financial Security. Like most parents you probably want to know your kids will be well taken care of when you’re gone. You not only want them to get a quality college education, but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is absolutely essential while your kids are still at home. To Bring Peace of Mind. We can’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance coverage will bring you and your family peace of mind. It’s one thing you can be sure of and you’ll no longer have to question whether they’ll be taken care of when you’re gone. Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss. About the Author / Payoff . Connect. Made with love and coffee in Tustin, CA. © Copyright 2021. All rights reserved. Payoff, Inc. Trust and Security, Terms of Use, Privacy Policy, Financial Partners, NMLS #1396805 (NMLS Consumer Access)
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Result 25
TitleWhy is insurance important in financial planning? | DBS Singapore
Urlhttps://www.dbs.com.sg/personal/articles/nav/protection/why-insurance-is-important-and-what-should-I-get
DescriptionInsurance plays an important role in financial planning, yet many of us tend to neglect it. Here’s how you can plan for it
Date27 Aug 2019
Organic Position24
H1Why insurance is important, and what should I get
H2What is insurance, and why is it important?
What insurance should I get?
How much should I spend on insurance?
H3Ready to start?
Learn more
Guide to Health Insurance in Singapore: Medishield and more
TermProtect
SavvySpring (II)
Reality check: Cost of treating cancer in Singapore
Explore more
Keep reading
Personal Accident Care
Finding Opportunities in the Eurozone
How to use a credit card to your advantage
H2WithAnchorsWhat is insurance, and why is it important?
What insurance should I get?
How much should I spend on insurance?
BodyWhy insurance is important, and what should I get Juggling your financial commitments sometimes requires zen-like calmness. There’s the mortgage to pay for, a car loan, parents to support, and perhaps even a new-born. With multiple financial commitments, you might find yourself being spread too thin. Getting an insurance plan becomes the last thing on your priority list. But be warned: this is a major mistake you’ll want to avoid at all costs. Here’s why. What is insurance, and why is it important? The benefits of insurance, by definition, is to protect against unwanted events that could occur. When you’re young, fit, and full of drive, it’s easy to think that “it will never happen to me”. But this is the myth of invincibility. We live in an unpredictable world these days. Thus, there are many legitimate reasons to prepare yourself for those unannounced curveballs. This is precisely why insurance exists. Insurance acts as a financial safety net for your financial portfolio. With the right insurance, you can be rest assured that your loved ones won’t be saddled with a pile of bills, should anything happen to you. That’s because a comprehensive insurance policy covers the immediate bills, and can help to defray the cost of daily living expenses in adverse situations. Endowment is another type of insurance plan that allow you to accumulate your wealth steadily towards achieving a financial goal, such as retirement planning. These plans also offer some protection element, to help ensure that your beneficiary receives financial compensation should the unfortunate happen during the tenure of the policy. What insurance should I get? Where should you start? The easiest way is to start thinking about your priorities and needs in life. Here are some questions to get you started: Are you looking for higher hospitalisation coverage? Are you focused on your family’s well-being? Are you trying to save a nice sum for your child’s education needs? Most people start off with one of these: Health insurance: Against a background of rising medical and hospitalisation costs, you might want wider, and higher coverage for medical expenses. You can choose from plans that integrate and complement the basic MediShield Life insurance, or those that cover critical illness or cancer specifically. Personal accident insurance: This is for the times when you’re injured. For instance, ankle sprains, back sprains, or if you’re knocked down by a rogue e-scooter rider. There are also kid-specific policies that cover playground injuries and diseases such as Hand, Foot and Mouth Disease (HFMD). Whole Life insurance: Whole Life insurance covers you for life, or usually up to age 99. It is a protection plan that comes with cash value that is accessible upon policy surrender. Depending on your coverage plan, you get a lump sum pay-out if you are permanently disabled or critically ill, or your loved ones receive it if you pass away. Term insurance: Term insurance provides coverage for a pre-set period of time, e.g. 10, 15, 20 years. Because of the shorter coverage period and the lack of cash value, premiums are usually lower than life plans. (Read more: Quick Guide To Life Insurance) If you are looking for disciplined savings, an endowment policy helps you to save a certain amount each month. When it matures, you will receive a lump sum pay-out. Money for your retirement or children’s education, check. There are 4 common types of endowment plans: Regular endowment plan: A plan that lasts about 10 years, and provides yearly cash benefits on top of a lump-sum amount when it matures. It typically includes insurance coverage against Total and Permanent Disability, and death. Education endowment plan: This is specifically geared towards saving for your kids’ education. You can choose to time the payout at the age when your child goes to university. Retirement plan: This provides you with a monthly income when you retire, usually on top of insurance coverage. Short-term endowment: This is a way of saving for short-term goals or to make your money work harder against the forces of inflation. It provides a lump-sum payout, and you can typically get it with a one-time upfront payment. How much should I spend on insurance? Now, you may be wondering how much you should be insured for. How do you put a dollar value to your worth? A standard rule of thumb is to be insured for 10 times of your annual earnings. However, there are other factors to consider such as: Your remaining life expectancy The number of dependants you have and their ages Any outstanding liabilities such as mortgages Any inheritance or assets that you’d like to set aside for your dependents. But don’t go overboard. While getting different policies will give you more comprehensive coverage, being overly protected isn’t a good thing either. To avoid unwanted financial stress, compare the policies that you have against this checklist. And if you’re still unsure about what you’ll need, how much, or the type of insurance to get, consult a financial advisor. A good financial advisor will be able to: Help you pin down your needs; Explain the policies you’ve got – and anything else you’re considering; Identify any overlaps in your current financial plan; and Devise an action plan that’s within your budget. Insurance is a long-term commitment. Always be prudent when deciding on a plan, as switching or terminating a plan prematurely usually does not yield financial benefits. Ready to start? Chat with our Wealth Planning Manager now (This chat service is available from 9am to 6pm on Mon to Fri, excluding Public Holidays.) Live Chat You may also leave your contact details and we will get in touch soon. Contact Me Alternatively, check out NAV Planner to analyse your real-time financial health. The best part is, it’s fuss-free – we automatically work out your money flows and provide money tips. Log in Now Disclaimers and Important NoticeThis article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability. All investments come with risks and you can lose money on your investment. Invest only if you understand and can monitor your investment. Diversify your investments and avoid investing a large portion of your money in a single product issuer. Disclaimer for Investment and Life Insurance Products Learn more. Guide to Health Insurance in Singapore: Medishield and more . TermProtect . SavvySpring (II) . Reality check: Cost of treating cancer in Singapore . Explore more. Financial PlanningProtectionFamilyNAV Keep reading. Personal Accident Care . Finding Opportunities in the Eurozone . How to use a credit card to your advantage . Thank you. Your feedback will help us serve you better. Was this information useful? YesNo That's great to hear. Anything you'd like to add? We're sorry to hear that. How can we do better? Enter only letters, numbers or @!$-(),. Submit
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Result 26
TitleWhy Is Life Insurance So Important? | Fidelity Life
Urlhttps://fidelitylife.com/learn-and-plan/learning-center/life-insurance-basics/why-is-life-insurance-so-important/
DescriptionLife insurance is an important part of your long-term financial plan: here's why life insurance is important for policy holders and beneficiaries
Date
Organic Position25
H1
H2
H3
H2WithAnchors
Body"https://www.googletagmanager.com/ns.html?id=GTM-M4WWHF4" height="0" width="0" style="display:none;visibility:hidden"> Loading...
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Result 27
TitleTravel insurance - Citizens Advice
Urlhttps://www.citizensadvice.org.uk/consumer/insurance/insurance/types-of-insurance/travel-insurance1/travel-insurance/
DescriptionWhat you need to think about before you take out a travel insurance policy
Date
Organic Position26
H1Travel insurance
H2Why take out travel insurance?
Where can you buy travel insurance?
Before you buy holiday insurance
What cover should travel insurance include?
The European Health Insurance Card (EHIC)
Home contents insurance
Choosing the right insurer
Next steps
Other useful information
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H2WithAnchorsWhy take out travel insurance?
Where can you buy travel insurance?
Before you buy holiday insurance
What cover should travel insurance include?
The European Health Insurance Card (EHIC)
Home contents insurance
Choosing the right insurer
Next steps
Other useful information
BodyTravel insurance This advice applies to England Print Travel insurance can give you extra protection if your holiday doesn't go as planned. So you should make sure you have cover if you're planning a trip away. It's particularly important to take out travel insurance if you are travelling independently because you may find yourself stranded with no way to get home and no-one to help sort out your holiday problem. Read this page for more information on what you need to think about before you take out a travel insurance policy. Top tips. travel insurance is essential, particularly if you are travelling independently choose a policy that covers your needs compare policies on the cover they offer as well as the cost check if you have other insurance that will cover you away from home Why take out travel insurance? Travel insurance can protect you against the following things going wrong: cancelling or cutting short your trip for reasons beyond your control missed transport or delayed departure for reasons beyond your control medical and other emergencies personal injury and death lost, stolen or damaged items, including baggage, passports and money accidental damage or injury caused by you. If you don't have travel insurance you will have to pay out of your own pocket to deal with a problem while you're away. Or you may lose money if you have to cancel a trip and can't get your money back. This could cost you thousands of pounds. Top tips. Older travellers If an insurer or broker can’t offer you insurance because of your age, most of them will refer you to an alternative insurer or give details of a signposting service such as the British Insurance Brokers’ Association’s (BIBA’s) ‘Find a Broker’ service .You can use this service to find specialist insurers who can offer specific types of cover based on factors such as age and medical condition. You can find the BIBA’s ‘Find a Broker’ service by phoning their helpline on 0870 950 1790 or by going to their website at www.biba.org.uk. You can find out about Age Co's travel insurance at www.ageco.co.uk. Where can you buy travel insurance? Travel insurance is widely available. You can buy it from: insurance companies banks retailers and supermarkets travel agents online comparison websites holiday companies. Sometimes, travel insurance might be included as an extra service offered through your bank account or credit card. You should check how much you're paying for this and what kind of cover it offers. For example, cover may be limited for your spouse or partner. It might be better to buy a stand alone policy. Your travel agent may offer you travel insurance as part of a package holiday. You can opt for this if you want to  but you don't have to buy this insurance. The travel agent is breaking the law if they try to make you take it out or charge you more for your holiday because you refuse to accept it. If this happens, you should get advice. Before you buy holiday insurance. It's important to get the right type of cover for your needs. Think about: where you're travelling to. For example, if you're travelling to the United States you will need extra medical cover how old you are. Travel insurance can cost more if you're over 65. There are special policies for older travellers which may be worth looking at how often you travel. If you go away several times a year, it may be better to buy an annual travel policy rather than several single-trip policies what you'll be doing while you're away. You may need extra cover if you're taking part in dangerous sports, such as skiing or scuba diving whether you're travelling independently or on a package holiday. Package holidays usually offer you greater protection if things go wrong with transport or accommodation so you may not need to make a claim on your travel insurance how you're travelling. Cruises and budget airline flights may not be covered by some insurance policies. What cover should travel insurance include? Your travel insurance should always include the following cover: medical expenses and cover for getting you home if you're injured or fall ill abroad personal injury and cover for accidents or damage caused by you cover for lost or damaged items cover for lost or delayed baggage cover for cancellation or missed departure. How much you pay for your insurance depends on the amount of cover you're likely to need. You should never under-insure yourself just to save money. However, you may be able to keep costs down. The European Health Insurance Card (EHIC). If you're a UK resident and have a European Health Insurance Card (EHIC), you can still use it to get healthcare in EU countries until it expires. If you don't have an EHIC or it has expired, you can apply for a UK Global Health Insurance Card (GHIC) on the NHS website. You can use a GHIC to get healthcare in EU countries at a reduced cost or sometimes for free. You should still get travel insurance before your trip - even if you have an EHIC or GHIC. Home contents insurance. Check if your household contents insurance policy covers you for items you take away from home. If it does, you could choose a larger excess on your travel insurance policy. The excess is the amount that your insurer won't pay out for the claim and is typically between £50 and £100. If you choose a higher excess, your travel insurance may cost less. More about household contents insurance Choosing the right insurer. The cheapest policy may not offer best value for money, so it's important to check what the policy includes as well as how much it costs. You can check what different policies offer and how much they cost by using an online comparison website. However, comparison websites usually only offer general cover. If you have particular needs, it may be better to find an insurer that offers specialist cover. Next steps. Making a claim on your travel insurance policy Problems with making a claim on your travel insurance policy If you need more help Other useful information. Getting medical treatment while travelling in Europe www.gov.uk Travel insurance for families with disabled and seriously ill children or young people through the Family Fund at www.familyfund.org.uk Information on travel insurance for people with pre-existing medical conditions from Tourismforall at www.tourismforall.org.uk Getting travel insurance if you have cancer from Macmillan Cancer Support at www.macmillan.org.uk Page last reviewed: 20 February 2020 Close
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Result 28
TitleReport: The Importance of Health Coverage | AHA
Urlhttps://www.aha.org/guidesreports/report-importance-health-coverage
DescriptionToday, approximately 90 percent of U.S. residents have health insurance with significant gains in health coverage occuring over the past five years. Health insurance facilitates access to care and is associated with lower death rates, better health outcomes, and improved productivity. Despite recent gains, more than 28 million individuals still lack coverage, putting their physical, mental, and financial health at risk
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BodyReport: The Importance of Health Coverage Today, approximately 90 percent of U.S. residents have health insurance with significant gains in health coverage occuring over the past five years. Health insurance facilitates access to care and is associated with lower death rates, better health outcomes, and improved productivity. Despite recent gains, more than 28 million individuals still lack coverage, putting their physical, mental, and financial health at risk. Key Resources. Report: The Importance of Health Coverage Related Resources. Letter/Comment AHA Comments on the CMS’ Interim Final Rule Requiring Vaccination of Health Care Personnel Public Letter to CMS with comments on the agency’s interim final rule for a mandatory COVID-19 vaccination policy for hospitals and other Medicare/Medicaid… Special BulletinUnitedHealthcare Clarifies No Imminent Changes to Coverage Criteria for Emergency-level Care Public This document summarizes UHC’s response to AHA’s letter on forthcoming changes to the insurer’s coverage criteria for emergency-level care. Special BulletinCMS Issues Proposed Notice of Benefit and Payment Parameters for 2023 Member This document summarizes proposal from the Centers for Medicare… Special BulletinAHA Expresses Concern with UnitedHealthcare’s Coverage Criteria Change for Emergency-level Care Public This document summarizes a letter from AHA to UnitedHealthcare on forthcoming changes to the insurer’s coverage criteria for emergency-level care. Letter/CommentAHA Letter to CMMI re Nov. 2021 Listening Session Letter Public Responding to a recent request for input from the field, the AHA yesterday urged the Center for Medicare and Medicaid Innovation to balance the risk and reward… Special BulletinCMS Medicaid Guidance to States on Supplemental Payment Reporting and DSH Requirements Public The Centers for Medicare… Medicaid Access & Health Coverage
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Result 29
TitleHow U.S. Health Insurance Works | Vaden Health Services
Urlhttps://vaden.stanford.edu/insurance/health-insurance-overview/how-us-health-insurance-works
DescriptionHealth care in the United States can be very expensive. A single doctor’s office visit may cost several hundred dollars and an average three-day hospital stay can run tens of thousands of dollars (or even more) depending on the type of care provided. Most of us could not afford to pay such large sums if we get sick, especially since we don’t know when we might become ill or
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H1How U.S. Health Insurance Works
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You are here
Insurance
Quick Links
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Key question #1: Where can I receive care?
Key question #2: What does the plan cover?
Key question #3: How much will it cost?
Contact Us
H3Important Insurance Terms and Concepts:
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You are here
Insurance
Quick Links
Make an appointment
Key question #1: Where can I receive care?
Key question #2: What does the plan cover?
Key question #3: How much will it cost?
Contact Us
BodyHow U.S. Health Insurance Works Health care in the United States can be very expensive. A single doctor’s office visit may cost several hundred dollars and an average three-day hospital stay can run tens of thousands of dollars (or even more) depending on the type of care provided. Most of us could not afford to pay such large sums if we get sick, especially since we don’t know when we might become ill or injured or how much care we might need. Health insurance offers a way to reduce such costs to more reasonable amounts. The way it typically works is that the consumer (you) pays an up front premium to a health insurance company and that payment allows you to share "risk" with lots of other people (enrollees) who are making similar payments. Since most people are healthy most of the time, the premium dollars paid to the insurance company can be used to cover the expenses of the (relatively) small number of enrollees who get sick or are injured. Insurance companies, as you can imagine, have studied risk extensively, and their goal is to collect enough premium to cover medical costs of the enrollees. There are many, many different types of health insurance plans in the U.S. and many different rules and arrangements regarding care. Following are three important questions you should ask when making a decision about the health insurance that will work best for you: Key question #1: Where can I receive care? One way that health insurance plans control their costs is to influence access to providers. Providers include physicians, hospitals, laboratories, pharmacies, and other entities. Many insurance companies contract with a specified network of providers that has agreed to supply services to plan enrollees at more favorable pricing. If a provider is not in a plan’s network, the insurance company may not pay for the service(s) provided or may pay a smaller portion than it would for in-network care. This means the enrollee who goes outside of the network for care may be required to pay a much higher share of the cost. This is an important concept to understand, especially if you are not originally from the local Stanford area. If you have a plan through a parent, for example, and that plan’s network is in your hometown, you may not be able to get the care you need in the Stanford area, or you may incur much higher costs to get that care. Key question #2: What does the plan cover? One of the things health care reform has done in the U.S. (under the Affordable Care Act) is to introduce more standardization to insurance plan benefits. Before such standardization, the benefits offered varied drastically from plan to plan. For example, some plans covered prescriptions, others did not. Now, plans in the U.S. are required to offer a number of "essential health benefits" which include Emergency services Hospitalization Laboratory tests Maternity and newborn care Mental health and substance-abuse treatment Outpatient care (doctors and other services you receive outside of a hospital) Pediatric services, including dental and vision care Prescription drugs Preventive services (e.g., some immunizations) and management of chronic diseases Rehabilitation services For our international population of students who might be considering coverage through a non U.S. based plan, asking the question, "what does the plan cover" is extremely important.  Key question #3:  How much will it cost?  . Understanding what insurance coverage costs is actually quite complicated. In our overview, we talked about paying a premium to enroll in a plan. This is an up front cost that is transparent to you (i.e., you know how much you pay). Unfortunately, for most plans, this is not the only cost associated with the care you receive. There is also typically cost when you access care. Such cost is captured as deductibles, coinsurance, and/or copays (see definitions below) and represents the share you pay out of your own pocket when you receive care. As a general rule of thumb, the more you pay in premium up front, the less you will pay when you access care. The less you pay in premium, the more you will pay when you access care. The question for our students is, pay (a larger share) now or pay (a larger share) later? Either way, you will pay the cost for care you receive. We have taken the approach that it is better to pay a larger share in the upfront premium to minimize, as much as possible, costs that are incurred at the time of service. The reason for our thinking is that we don’t want any barrier to care, such as a high copay at the time of service, to discourage students from getting care. We want students to access medical care whenever it’s needed. Important Insurance Terms and Concepts:. Out-of-pocket expenses:The terms "out-of-pocket cost" and/or "cost sharing" refer to the portion of your medical expenses you are responsible for paying when you actually receive health care. The monthly premium you pay for care is separate from these costs. Annual deductible: The annual deductible is amount you pay each plan year before the insurance company starts paying its share of the costs. If the deductible is $2,000, then you would responsible for paying the first $2,000 in health care you receive each year, after which the insurance company would start paying its share. Copayment (or 'Copay'): The copay is a fixed, upfront amount you pay each time you receive care when that care is subject to a copay. For example, a copay of $30 might be applicable for a doctor visit, after which the insurance company picks up the rest. Plans with higher premiums generally have lower copays and vice versa. Plans that do not have copays typically use other methods of cost sharing. Coinsurance: Coinsurance is a percentage of the cost of your medical care. For an MRI that costs $1,000, you might pay 20 percent ($200). Your insurance company will pay the other 80 percent ($800). Plans with higher premiums typically have less coinsurance. Annual out-of-pocket maximum: The annual out-of-pocket maximum is the most cost-sharing you will be responsible for in a year. It is the total of your deductible, copays, and coinsurance (but does not include your premiums). Once you hit this limit, the insurance company will pick up 100 percent of your covered costs for the remainder of the plan year. Most enrollees never reach the out-of-pocket limit but it can happen if a lot of costly treatment for a serious accident or illness is needed. Plans with higher premiums generally have lower out-of-pocket limits. What is means to be a 'Covered Benefit': The terms 'covered benefit' and 'covered' are used regularly in the insurance industry, but can be confusing. A 'covered benefit' generally refers to a health service that is included (i.e., 'covered') under the premium for a given health insurance policy that is paid by, or on behalf of, the enrolled patient. 'Covered' means that some portion of the allowable cost of a health service will be considered for payment by the insurance company. It does not mean that the service will be paid at 100%. For example, in a plan under which 'urgent care' is 'covered', a copay might apply. The copay os an out-of-pocket expense for the patient. If the copay is $100, the patient has to pay this amount (usually at the time of service) and then the insurance plan 'covers' the rest of the allowed cost for the urgent care service. In some instances, an insurance company might not pay anything toward a 'covered benefit'. For example, if a patient has not yet met an annual deductible of $1,000, and the cost of the covered health service provided is $400, the patient will need to pay the $400 (often at the time of service). What makes this service 'covered' is that the cost counts toward the annual deductible, so only $600 would remain to be paid by the patient for future services before the insurance company starts to pay its share.     Please note that as of June 1st, 2021, MHN will no longer cover the copay for telehealth services as they have done since the start of the pandemic.  The mental (tele)health copay will be $25.00 as of June 1st, 2021 for each appointment with an MHN provider.   2021-2022 Student Health Matters     Student Affairs Vaden Health Services is proud to be part of Student Affairs, which educates students to make meaningful contributions as citizens of a complex world. About Vaden Contact Us. 866 Campus DriveStanford, CA 94305-8580Phone: 650-498-2336Campus MapGive FeedbackStaff Intranet Stanford Home Maps & Directions Search Stanford Emergency Info Terms of Use Privacy Copyright Trademarks Non-Discrimination Accessibility © Stanford University, Stanford, California 94305.
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Result 30
TitleWhy Is It Important To Have Home Insurance? | RAC
Urlhttps://www.rac.co.uk/insurance/home-insurance/guides/why-is-it-important-to-have-home-insurance
DescriptionWhy is it important to have home insurance in place? This article from the RAC explains it all
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