Whole Life insurance

As the name implies this insurance policy is taken for the life term of an individual. This policy helps the insured to make a substantial investment. However the returns from a whole life insurance policy are not that high. But companies adopt a different strategy for these policies nowadays. The money invested by the insured earns a higher interest than commercial banks. Moreover the insured is eligible too earn tax exemptions. Another advantage of this policy is that the insured continues to be a beneficiary till the end of his life once he successfully completes paying premiums. The insured continues to be a policyholder without paying premiums thereafter.

Universal Life


The insured is required to pay a limited sum of money for a fixed period. The amount of premium you pay is constant, like that of a term life insurance policy. Similarly the benefits reaped resemble a 'whole life insurance' policy. 
Variable Life Insurance
The insurance company invests your premiums in multiple options. These policies are said to be risky as the returns are based on the performance of your stock in the market. These Policies yield great returns when the stock performs exceedingly well.


Variable Universal Life Insurance


Variable Universal Life Insurance is a combination of universal life insurance and variable life insurance. The insurer pays the premiums as in a universal life insurance. Similarly the coverage falls in line with a universal life insurance. The insurance company uses your funds for investing them in the stock market. The terms of investment in a variable universal life insurance policy are the same as variable life insurance.


Premium Life Insurance


This policy enables you to obtain insurance on payment of premium at one stroke. However the amount is quiet expensive and also decided on the basis of your age. This policy is highly recommended for people intending to invest in insurance for the purpose of wealth creation. This policy does not involve any risks because the payments are made at a stretch and the likelihood of not paying the future premiums does not arise.


Survivorship Life Insurance


This policy enables one or more persons to insure their life. The Premiums for this type of policy is less as involves a minimum of two persons. These premiums are not payable if one person dies. On the contrary the policy remains in force even after one insured dies. The second person must continue to pay the premium and it becomes payable only after his death.


Other types of term insurance policy insurance are classified on the basis of time whether short term life or long term life insurance. Group insurance is another scheme offered by employers to employees whereby the premiums are deducted from the monthly salaries of the employees and paid to the insurance company. In group insurance you have the facility of converting your policy to another which is not available with other insurance policies. So as an insurer you are given the freedom to choose the policy as per your choice. 

Term Life Insurance

Term Life Insurance is a type of insurance policy whereby the insured pays a fixed sum for a period of time. This sum remains constant. The premium charged is very nominal. The Policy holders normally survive even after its expiry unless they are affected by fatal disease or injured in an accident. This policy does not cost much. Once the policy expires the insured is also at liberty to renew the same but he will have to pay the revised rates of premium. Such a change could sometimes be too high. This is one of the drawbacks of this policy. But for this factor, it is economical and highly recommended for the salaried youth and middle men. Whole term insurance policy is another classification in term life insurance. In a whole term insurance the insured pays the fixed amount throughout his life. 


The different categories of term life insurance policy are as follows:


Group Term Life Insurance


This type of insurance is taken by the employer for his employees. The employer either pays the premiums from his kitty or by deducting the appropriate amount from the salary of individual employees. This policy provides lot of benefits but it cannot be relied solely to meet your insurance needs. This type of insurance is gaining significance in the developing countries.


Level term Life Insurance


This type of insurance requires you to select a particular period and pay premiums for the selected period. The policy automatically matures on the attainment of the selected period. Once you select the term say 5 10 or 15 years you cannot revoke it. This type of insurance is ideal for those people who are not able to make long term financial plans.


Permanent insurance

Permanent Life Insurance is an expensive Policy. This Policy cannot be stopped on any occasion as long as the premiums are paid regularly and you don't want to end the policy. In a permanent Life Insurance policy you pay premiums for an indefinite period irrespective of the fact they exceed the amount to be distributed to your dependents in case of death. 


Such surplus will be deposited by the company in a separate account. They will yield higher returns if the company performs well. A share of the profits is periodically dispatched to you. You have the option of raising loans out of those funds or accumulate them back in the account. In case you decide to end the policy you will paid back with the surrender value .If the insurer decides to retain the profits made from your investment with him then you are not required to pay income tax for that amount. There is a possibility like, when you withdraw certain amount of money within the given limit you need not pay income tax for that amount. But when you deposit money in the bank you have to pay income tax irrespective of the fact you utilize it or not.


If the insurer decides to retain the profits made from your investment with him then you are not required to pay income tax for that amount. There is a possibility like, when you withdraw certain amount of money within the given limit you need not pay income tax for that amount. But when you deposit money in the bank you have to pay income tax irrespective of the fact you utilize it or not.


It is however advised not to choose permanent insurance if your motive is solely investments and tax exemptions. In that case it is advised to invest in some form of cheap investments and make use of other financial instruments for saving tax because the basic objective of insurance is neither investment nor tax 
exemption.

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Business insurance guide and help topic

‘Business insurance’ is a general term that covers the different types of insurance policies that are advisable or may be a legal requirement for your business or enterprise.
Business insurance options include:
Business premises insurance, also known as commercial buildings insurance
Business assets insurance, also known as business contents insurance
Public liability insurance

Employers‘ liability insurance

Professional indemnity insurance
Other specialist policies
The level of cover available for each different type of policy is subject to the individual policy terms of each insurance company. You should always check the policy documents to see what's included as standard and what is considered an ‘optional extra’ i.e. available at an additional cost.
In this part of our guide we look at insurance for business premises and contents.
Insuring your business premises
If you have business premises then a business premises insurance policy will cover your commercial buildings against a range of risks, for example fire, explosion, storm damage and flooding. Some insurance companies offer ‘all risk’ insurance which provides cover for other damage and loss as specified in the policy terms, including accidental damage cover.
What level of cover will I need?
When you take out a business premises insurance policy you will need to insure the premises for the full rebuilding cost, also known as the ‘reinstatement value’, rather than the market value. The reinstatement value is the cost of rebuilding the property in the event of a total loss; your insurance company may give you the option to add on an additional percentage to protect against underestimates and index linking.
Don't be tempted to under-insure in order to cut costs, as should you need to claim then you will be limited to the amount you insured the premises for regardless of whether the actual loss or damage is more.
What if I am a tenant?
If you are a tenant then it may be your landlord who is responsible for insuring the premises, unless the business has a shop front, in which case the responsibility for acquiring suitable insurance cover will normally lie with the tenant. If your landlord is responsible for insuring the premises and your lease complies with the Code for Leasing Business Premises in England and Wales 2007 then the insurance should be fair, reasonable and represent value for money. You have the right to request details of any commission received by your landlord and the details of the relevant insurance policies relating to the premises.
What if I am a landlord?
If you are a landlord then there will be a variety of policy options available to you, including policies for premises that are unoccupied or let.
Insuring business assets or equipment
Insurance for business assets or equipment is also known as business contents insurance. It's designed to cover items such as stock, machinery or equipment and other contents.
What are my policy options?
When it comes to insuring business assets or equipment you will have a number of options open to you. In terms of cover, you'll normally have the choice of ‘replacement as new’ insurance or ‘indemnity’ insurance.
Replacement as new policies are also referred to as ‘new-for-old cover’ and, if the claim is valid, the policy will meet the full cost of replacing items if they are stolen or destroyed; alternatively, the cost of repair will be met if the items are damaged. Unlike replacement as new policies, ‘indemnity’ policies deduct the cost of wear and tear so that the policyholder is put back in the same state or financial position they were in prior to the loss.
There is also the option to take out a ‘business interruption’ policy to insure against loss of profits and increased overheads resulting from, for example, key pieces of equipment or machinery being damaged or stolen.
Working from home
If you operate your business from your home, or work from home on a regular basis, then you may need a specialist insurance policy as standard home insurance will not provide cover for business-related risks.
In the next part of our guide we explain what public liability insurance is and why it's necessary.

CAR INSURANCE GUIDE

Another excellent kind of insurance policy available for your car is the one that covers medical injuries that are caused by car accident in which you were not the faulty party. Then, there is even the Personal Injury Protection policy that helps to cover the insured for any injury faced from car accident. Moreover, there are even some insurance policies that have the capacity to cover motorist from the car damages in case of a car accident with the driver without liability Another excellent kind of insurance policy available for your car is the one that covers medical injuries that are caused by car accident in which you were not the faulty party. Then, there is even the Personal Injury Protection policy that helps to cover the insured for any injury faced from car accident. Moreover, there are even some insurance policies that have the capacity to cover motorist from the car damages in case of a car accident with the driver without liability insurance. 


Just like other kinds of insurance plans and schemes are available in the market, same goes with your car. There are indeed various types of insurance plans to choose from, depending largely on your needs and requirements. You can find liability car insurance policy that actually cover for the accidental body injuries and property damage to other parties. These are even some plans that cover just the damages that are caused due to collisions with vehicles. More so, there are some comprehensive policies as well that cover for all the damage and loss faced by the insured vehicle by situations apart from car accidents. These may incorporate loss and damage because of theft, vandalism, hail or fire.


There is yet another kind of car insurance that you can choose to have. This includes covering the car damages that are caused by car accident which is done by the other driver with insufficient liability cover. Even for your rental cars, you can enjoy an insurance plan. Knowing what your needs actually are and becoming aware about the best insurance providers can help you choose the most affordable and useful car insurance to cover your vehicle. 


Also, there are different types of discounts offered when it comes to car insurance. These discounts are readily available for the young married couples, people who have reached the age of 25 years or so, for families having various vehicles, for the non smokers, for drivers having good driving record and for people with good credit history. Such discounts can actually make a great difference in premium which is paid and it is good to note that a large number of vehicle owners get eligible for over one discount on their car insurance plan. 




What is more interesting to note is that as per the type of vehicle insurance you take, your vehicle can be replaced or repaired thereby saving huge amounts. In fact, driving on the roads without a car insurance can even result in suspension of your driving privileges and thus in some cases, you might even get entitled to pay huge fines and go in jail. 


Comparison shopping on the net is very important in order to know the best types of car insurance plans available in the market. With comparison shopping, you can get the insurance that suits not just your needs and specifications, but the set budget as well. Maintaining a car insurance serves to be an excellent way of protection. So wait no more and fulfill your responsibilities to protect yourself, your vehicles and others on the road using quality car insurance. In all, be mindful and you can enjoy safe driving. 
insurance. 


Just like other kinds of insurance plans and schemes are available in the market, same goes with your car. There are indeed various types of insurance plans to choose from, depending largely on your needs and requirements. You can find liability car insurance policy that actually cover for the accidental body injuries and property damage to other parties. These are even some plans that cover just the damages that are caused due to collisions with vehicles. More so, there are some comprehensive policies as well that cover for all the damage and loss faced by the insured vehicle by situations apart from car accidents. These may incorporate loss and damage because of theft, vandalism, hail or fire.


There is yet another kind of car insurance that you can choose to have. This includes covering the car damages that are caused by car accident which is done by the other driver with insufficient liability cover. Even for your rental cars, you can enjoy an insurance plan. Knowing what your needs actually are and becoming aware about the best insurance providers can help you choose the most affordable and useful car insurance to cover your vehicle. 


Also, there are different types of discounts offered when it comes to car insurance. These discounts are readily available for the young married couples, people who have reached the age of 25 years or so, for families having various vehicles, for the non smokers, for drivers having good driving record and for people with good credit history. Such discounts can actually make a great difference in premium which is paid and it is good to note that a large number of vehicle owners get eligible for over one discount on their car insurance plan. 

Benifits of insurance

Most of us think of insurance as a necessary evil at best. We rarely, if ever, see the benefits of purchasing insurance.
We need only to look at some of the basics of how insurance adds to our society to understand its value.
First, insurance reduces the money we all have to pay for uncompensated victims of accidents. Without insurance, many who were injured in an accident would become a drain on state and federal government agencies.
In short, your taxes would increase in order to pay for rehabilitation or care of the sick and injured.
You need an insurance policy to purchase a new car or a home. Without insurance to cover a bank’s financial interest as a lien holder in your loan, how would you convince the bank to lend you money in the first place?

Another benefit to us as individuals is mandatory liability auto insurance. If someone ran into your car and caused you bodily injury, how would you pay for the medical bills without insurance?

Or if someone got injured on your property, how would you pay for the damages?
Again, this saves us all from paying huge tax bills. If insurers didn’t buy these bonds, we would have to settle for poor roads and bridges, or foot the bill ourselves via higher taxes.