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. 

MassMutual Gives Free Life Insurance

The Massachusetts Mutual Life Insurance or MassMutual company is starting a program in which they will give out one billion dollars in free life insurance coverage. The first of this program will start in the Lakewood area by giving free fifty thousand dollar ten year policies to working parents in the area. 


The philanthropic program of MassMutual is called LifeBridge and it is designed to give insurance policies, of which they have already done twenty thousand nationally, to parents who are working and eligible so that their children's education will be paid for in the event that they should die. The policies are typically given to families where the children may not be able to complete schooling as a result of a parent or guardians death. 


MassMutual, based in Springfield Massachusetts, is solely responsible for making all the annual premium payments which can be between $150 and $200. The parents who qualify for this program pay no fees whatsoever for the life insurance policy. In the past four years the company has also paid out on two claims. 


So far the company has issued out 6,200 policies to qualified parents and their children which provided families with over three hundred million in free life insurance coverage and the company plans to increase their current numbers in the near future.


Applicants to the program need to be U.S. residents between the ages of nineteen and forty-two. They need to be either full or part time employed and have a combined family income between ten thousand and forty thousand a year as proved by recent tax returns.

The Affordable Insurance Source

Fast, Easy, and Free!
Getting quotes on  insurance is fast and easy. With our free service, simply enter your information once and you are instantly matched with the most competitive companies in the insurance business whether you're looking for life insurance, health insurance or car insurance. You'll receive up to five quotes so you can compare and save on your  insurance plan. At The Affordable Insurance Source, we shop your insurance so you don't have to.


Your privacy is important to us.
At The Affordable Insurance Source, we use the highest level of security available to safeguard your personal information. We hate spam just as much as you do, so we'll never sell or share your email address for mass marketing with anyone. Getting an insurance quote with us is as safe as going to your local insurance provider - without any of the hassle!


Get started today.
When you want a complete picture of the best insurance rates available to you, continue to our Free Quote request link and you will find the insurance you need at a great rate. Get Started Today!

Loan protection insurance guide

What is loan protection insurance?




Loan protection insurance is designed to cover your monthly loan repayments if you are unable to work due to an accident, sickness or unemployment (depending on the policy terms). Policies can vary widely between insurers with some companies offering additional benefits such as critical illness and life cover; however, typically, cover is available for a period of 6 -12 months only. Taking out loan protection can provide peace of mind that your repayments will be met in case you are unable to work through no fault of your own, but this cover is optional and is not a condition of taking out a loan. 


What cover options are available?


Policies vary widely between loan protection providers but some of the features available may include: 


Accident and sickness cover: To cover repayments if you are unable to work due to illness or incapacity.

Unemployment cover: A monthly benefit if you are unemployed for a pre-determined period, usually for more than 15 days and up to a maximum of 6 - 12 months.

Hospitalisation cover: Some policies will pay if you have to stay in hospital for a pre-determined length of time, usually more than three consecutive days and up to 365 days.

Life cover: Several loan protection insurance providers also offer a lump sum equal to the amount borrowed under your loan agreement less any arrears. 
Additional considerations when taking out loan protection insurance


When taking out loan protection insurance it's vital to examine the terms and conditions carefully and to be mindful of exclusions.


 For example,


 you may not be able to make a successful claim if you have taken voluntary unemployment or you were dismissed for misconduct. Many providers do not pay out if your circumstances change during the policy term, such as if you reach the age of 65, or if you have a pre-existing medical condition. You should also pay attention to the wait period, which is the length of time you will have to wait before you are eligible to claim and receive a payout, and could be as long as 30-90 days. 


How to choose the right loan protection insurance policy




Loan protection insurance are often sold alongside loans themselves, however, it is optional and you may be able to find more comprehensive cover at a cheaper price by shopping around. It’s often worth applying the same forethought to a loan protection policy as to a loan itself by comparing as many policies as possible before you decide which one is right for you. 


Be sure to enter all your information accurately, as omitting or providing inaccurate information may invalidate your claim. Before deciding to purchase a policy you should ensure that the terms of the policy meet your demands and needs.

Unemployment protection insurance guide

Why take out unemployment protection insurance?

With the global economic crisis leading to widespread unemployment, more and more of us are conscious of the fact that our jobs could be at risk. Unemployment insurance helps protect us against this risk by providing payouts for a pre-determined period while we are out of work. This can help us meet the repayments on our debts and could even help with the cost of other bills and outgoings.

Things to consider when choosing unemployment protection insurance
There are several factors to take into account when choosing an unemployment insurance policy:

Debt repayments: You can take out unemployment insurance to cover debt repayments only. However, you can also take out cover for a percentage of your income to potentially account for other bills and outgoings while helping you maintain a certain standard of living
Wait period: Most policies stipulate a period of time that you will need to wait after you have stopped work before you can make a claim. This can vary from 30-90 days

Length of the policy: Consider how long you want the payments to last for should a claim be necessary, and factor in how long you think it would take you to find a new job. Some policies offer cover for periods as short as three or six months, while others will cover you if you are unemployed for up to two years
What is excluded from unemployment cover?
It's important to examine the terms and conditions of an unemployment insurance policy before taking the policy out and to look for exclusions. Typically you will not be covered if your unemployment is the result of industrial action, voluntary unemployment, resignation or misconduct; and you will also not be covered if you were aware of these situations when taking the policy out. Claims may also be turned down if you are not registered as unemployed, if you are not actively seeking new work, or if your loss of employment is a seasonal occurrence.

How to choose the right unemployment insurance policy

When choosing an unemployment insurance policy consider your ability to meet debt repayments without support and the level of payout you would require, and then use a comparison website to look for a policy that's appropriate for your needs. You may also wish to consider accident, sickness and unemployment (ASU) cover for additional protection against a loss of income due to illness or incapacity.

Be sure to enter all your information accurately, as omitting or providing inaccurate information may invalidate your claim. Before deciding to purchase a policy you should ensure that the terms of the policy meet your demands and needs.

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.

Pet insurance guide

To help you decide if pet insurance is right for you, we've compiled a short guide that explains what it is, how it works and how you could save money but still find the right cover.

What is pet insurance?

Pet insurance helps to cover the cost of veterinary treatment in the event of an insured pet falling ill or being injured in an accident. Some pet insurance policies will also pay out if a pet dies, is lost or stolen or causes injury to a third party or damages a third party's property. Far from being limited to cats and dogs only, many pet insurance companies will cover smaller pets too, such as rabbits - and even exotic pets, such as chinchillas and parrots.
Why do I need it?

Pets are a big part of our lives, so when they fall ill or are injured providing the best health care for them is important. With the advances in veterinary medicine, treatments are now available that were once reserved for humans, making once fatal conditions in animals now treatable. Veterinary practices also have access to much more sophisticated equipment than they did in the past, making it possible to detect and diagnose problems that would once have gone untreated. Inevitably, these types of treatments and diagnostics come at a price, leaving some pet owners faced with a difficult choice. For this reason, many opt to take out pet insurance as not only does it provide valuable peace of mind against spiralling vets fees, but it also allows them to fully explore all available treatment options.
Pet insurance policies in more detail
Some pet insurance companies will allow you to choose from a range of excess amounts when you take out the policy – the higher you set the excess, the cheaper your premiums are likely to be. However, remember to always set the excess at an amount you can comfortably afford should you need to make a claim.
What about pre-existing conditions?
A pre-existing medical condition is one for which a pet actually received care, treatment or veterinary advice before the cover came into effect. Most pet insurance companies will be willing to insure the pet, but will exclude the pre-existing condition from the cover.
Is pet insurance available for older pets?
Pet insurance companies typically treat dogs and cats aged eight and over as 'older pets'. Whilst cover is available for older pets, premiums are usually higher than for younger animals as they are considered to be at a greater risk of illness, particularly long term illnesses that are associated with age. Some pet insurance companies are still able to offer competitive premiums by increasing the policy excess or requiring that an additional contribution is made towards any claims. Where this is the case, it is usually a fixed percentage of the amount of the claim.
If you are looking to insure an older pet, the level of cover is important. Therefore always shop around and compare policies by features as well as price.

When comparing policies always compare on policy features as well as price, that way you can be sure you are getting the right cover for your needs. Spending a little more, rather than simply choosing the cheapest policy, may offer better value for money – but remember to check the excess on any policy you’re interested in before you buy. If you don't, you may have a nasty shock when you come to make a claim

Health Insurance guide

Finally, selecting the perfect health insurance policy is all about careful self evaluation and extensive research. Some time and efforts put can actually save you a huge amount of money in case of the medical emergencies. If you strictly follow the guidelines mentioned above, you are surely on the way to a quality health insurance policy.
Almost every single person in this universe has fallen ill at some point of time. Apart from general illness, a large number of people meet with an accident very often. This has thus made visits to a doctor surely imperative. However with the introduction of new technologies in the realm of medicine, the expenses and cost of treatments are on a rise as well. All these thus leave the sufferers in great financial burden. So in order to make the scenario a better one, various health insurance plans have been introduced.
Also, with coming up of technologies such as computer and television, there is even an increase in the eye problems faced by people. But the cost of visiting an eye specialist can actually leave a hole in your pocket. Thus, vision health insurance helps to cover all the costs that you incur on contact lenses, glasses, laser surgeries along with the regular checkups and emergency treatments.
In case you have a low budget, you can then purchase a short term insurance plan in order to offer health care facilities to your entire family. Moreover, another type of health insurance is the student insurance plan. It has been observed that students are more prone to illnesses due to their unorganized and tiresome lifestyles. With quality student health insurance, students can easily get covered for their health and medical expenses with much ease.
You can even save a huge amount of efforts and time when you take the health insurance quotes from online portals. If you plan to take quotes from individual health insurance providers, it will take you a huge amount of time to do so. But with the help of online comparison sites and health portals, you can carry out comparison shopping and best free health quotes.
A large number of people think that when an employer provides certain kind of health insurance plan, the insurance is not complicated. However this is not true. There are doctors to select from, plans to consider and the deductibles that are worth all the consideration. In case you are self employed, having the best health insurance can prove to be a difficult task. You may see yourself lost in the ocean of details and insurance companies available. All such difficulties can be easily sorted by getting insurance quotes from the service providers and then carefully going through their fine prints.
Even a pregnant lady has to undergo regular scans and checkups with the doctor and the midwife in order to ensure that her pregnancy is progressing safely. Though various insurance plans do not cover general pregnancy, it is crucial to note that every insurance provider has its own rules and regulations regarding pregnancy coverage. While some insurance companies cover for the issues related to pregnancy, others cover all treatments, scans, checkups that are done during the entire course of pregnancy.