I read somewhere of a cheap policy with 150,000 Pounds cover at a premium of only 17pence per day. Think carefully whether you are getting the best deal at the lowest rate. One such site I have seen is confused.com. You may land up with a very good bargain and interesting results and the whole process would be easier and faster due to their constant and regular interaction with the insurance companies.
A resultant comprehensive policy would not only give you the confidence that your family is provided for even after you are gone but also the satisfaction that you have got the best deal for them during your life time. A proper deal will help your family retain their life style, settle your mortgage loans and credit cards, helps finance your children’s education and even cover your own funeral rites.
Once you have decided on an insurance deal and its quantum, you must dedicate yourself to select the one most suitable and beneficial to you, some of which are detailed below.
Long Term Life Insurance – pays fixed amount at the end of the contract.
Mortgage Life Insurance – designed to adjust payments to decrease mortgage value
Critical Illness Cover – covers specific illnesses mentioned in your policy.
While making a deal select your beneficiary with care and keep confidentiality so that you do not become a victim of fraud and even murder perpetuated for monetary gain. Also check out the tax benefits that may accrue on the amount of premium paid. The rules are different for every country, which please note.
Another deal is the Whole Life Insurance Scheme which pays to the beneficiary the full amount insured plus bonuses if any whenever the insurer dies. I read that Max New York Life has a deal which caters to every need, be it long term or short term such as Life Plans for the family, Gratuity deals for superior returns on the long haul, Pension Plans to make you retirement a pleasure and Child Plans for insurance cover from birth .Health plans providing cover and cash reimbursement from hospitalization to recovery which is now referred to as cashless hospitalization is fast catching up.
Royal Health Insurance on-line is a comprehensive cashless boon to the entire family including parents up to 50 years of age provided the treatment is taken in hospitals designated by the company. This is a deal that allows the family to enjoy the best medical facilities at all times of need.
Lombard offers you a One Policy One Premium deal which covers cashless hospitalization to all family members and do not insist on any medical check up till 58 years .This deal also comes with income tax benefits and covers exposure to terrorist risks.
The global financial melt down has weakened the insurers as a result of which they are joining hands with weaker companies in roles such as middlemen / arbitrator in their effort to reduce premiums .This was taken up at the REUETERS GLOBAL FINANCIAL SUMMIT in New York but this deal was secluded to life insurance sectors and not the others for the moment.
The Army is now an aggressive client for Deals that will go at least to a large extent to cover the social stigma facing their disabled personnel who are crying hoarse that their sacrifices for their country is not appreciated by society and country.