Life Insurance Canada – Profits of Investing in the Life Insurance Policy
These days life looks like running rapidly without giving any time for anybody to relax or rest. We have to move according to the pace or else we will be left back. Earlier when only one of the family member was earning it was sufficient to fulfill the desires of the whole family, whereas now almost every member of the family has to make an effort to earn and then he/she has something left so that he/she can save or invest somewhere for the future. Owing to be deficient of time and irregular eating lifestyle many of us are getting addicted to eating fast foods which further leads to some or the other disease. Where we do not have time to exercise also then how far are we from the diseases which may cause health problems? We have to change our lifestyle and even think about the security of our health.
Here are a few tips to how to secure our health and take precautionary measures. The first and the foremost thing we have to do are to get ourselves insured. It has become very important that we invest in the health insurance policy so that at any phase of our life, when we are affected to any illness then we can take the possible assistance from the insurance company and then our maximum medical expenses will be covered by them. Secondly before investing in any of the life insurance policy we should confer with the agents so that they can assist us to identify with the most excellent way to use the life insurance policy or the health insurance policy and they will also make clear the most important purpose and approach of the particular policy in which we have to invest in. Thirdly we should never hasten while taking the decision investing in the life insurance policy because this is the decision which we are going to take for life time so we should think very wisely and then invest.
The most important purpose of the life insurance company is to provide the policy holder an inclusive financial coverage for the whole life or as per the rules and regulations of the life insurance policy he/she has invested in. As years are passing by new schemes and offers are being provided by them and they are making efforts to make the policies more interactive and familiar to authentic life situations so that the policy holders can gain the greatest financial assistance from them. All the way through the system of investing in the life insurance policy we will come across that accepted and valuable financial backing is given by them and this financial backing permits each policy holder to expand and personalize what we have invested and achieved. Once one has invested in the life insurance policy then he/she gets the prospect to fight against all the situations positively towards life's challenges and this way we can also use our life's occurrences and gain worldly facts with assurance.
Standard Life Reveals Its Decrease in Declination Rates for Critical Illness Claims, 2006
Declined critical illness claim rates had been falling significantly down the years. One of the reasons may be that peopleâs awareness has increased concerning certain diseases. Having a visit to the doctor, for example, has become more frequent than before. Better dieting and exercise can be another reason. As a matter of fact, visiting the doctor regularly may have led to nearly any critical illness being discovered prematurely before it becomes lethal. Standard Life, one of UKâs most famous insurance companies had revealed its critical illness claim statistics for the entire year of 2006. Letâs have a look.
Standard Life affirmed that it had paid a total of 360 critical illness claims accounting for around GBP 18.7 million. Furthermore, a decrease in critical illness claim declination rate may have reached around 7.5 percent. Such figures may be encouraging especially to people who have yet to buy a critical illness cover. Also, the average claim value that Standard Life recorded may been around GBP 52,138. Then, the largest amount of critical illness they paid could be approximately GBP 500,000.
Furthermore, around 64 percent of claimants could be aged between 40 and 59 while about 33 percent could be under the age of 39. These figures might be of concern as we may still find quite a large amount of people suffering from critical illness. Additionally, 3 percent of claims could have been made by people over the age of 60. Further figures show that at the time people claimed for their critical illnesses, around 72 percent policies may have been in force since 4 years or more. Finally, 53 percent of critical illness claimants may have been women while the remaining 47 percent could have been men.
In addition to, figures concerning the leading causes for critical illness claims had also been released. As usual, cancer topped the list with around 60 percent of claims followed by heart attack with about 11 percent of critical illness claims. Also, multiple sclerosis recorded 8 percent of claims, stroke 4 percent, benign brain tumour 4 percent and finally other critical illness accounted for around 14 percent of claims. The declination of critical illness claims exist every year. But during the year 2006, the rate of claims turned down had fallen.
Statistics registered figures of only around 7.5 percent of claims rejected during the year 2006. Out of this, about 3.3 percent of claims had been declined as policy definitions were not met. The remaining 4.2 percent could have been declined due to non disclosure. If compared to the year 2005, 18 percent of critical illness claims may have been rejected at that time. 10 percent could have been turned down as policy definitions were not met and 8 percent due to non disclosure. These two causes remain common for many critical illness claims to be rejected.
As seen, there had been a considerable fall in critical illness declination cases of around 10.5 percent in only one year, that is, from 2005 to 2006. Looking at this, one may be encouraged to buy a critical illness. However, to be able to get the best results out of critical illness insurance may mean that a fair amount of shopping and comparison of quotes has to be done.
Life Insurance – The Basics
The idea of life insurance is to help look after your family when you die. The proceeds of a life insurance policy can clear your debts, mortgage and replace some of your income to support those who depend on you when they need it most.
Simply put, you pay premiums, usually monthly, and if you die during the term of the policy, the insurance company will pay the sum assured. There are many factors taken into the account when getting quoted for your life insurance. One is your age. Generally the younger you take out life insurance the cheaper it will be. Another is the state of your health. If, for example, you have a bad heart or any other physical problems, your premiums will reflect this. Another issue considered is if you smoke or not. Life insurance is very much a personalised thing and the cost can vary between companies, so it makes sense to shop around
Who needs life insurance? Mortgage lenders advise all borrowers to take out life insurance, to ensure that your dependents or next of kin are not left with the mortgage debt should you die. Another consideration is critical illness insurance to help cover your mortgage in the event of being diagnosed with a critical illness. However if you are single with no dependants, income protection may be an alternative to critical illness. Find out more about income protection here.
Where to get life insurance? The main rule for life insurance is to shop around. Different companies have different rules and rates. That's why you are better to contact an independent financial adviser who can shop around for you. Make a life insurance cover enquiry here and one of our advisers will help source a competitive quote for you from the whole market, with no obligation. Another thing to consider is that if you have a partner, perhaps buying two separate policies, so in the event of divorce this is one less thing to worry about.
How much cover is needed? The first thing you need to do is cover your mortgage and some of your debts. Then you need to have enough to cover your income, realistically ten times of your gross income should be covered. For your life insurance cover you should aim to have a sum assured to cover your mortgage, other debts, and leave your family with something to live on. Your financial adviser can help with this. Alternatively it is important that you do not over-insure yourself, paying unnecessarily high premiums.
Remember! If you have something to lose, you have something to insure.
General Stats About Critical Illness Cover
While the chances of living a critical illness are increasing, the chance to be affected by a critical illness may still remain imminent. People in the UK may be continuously suffering from cancer, stroke, heart attack, multiple sclerosis and others. A critical illness such as cancer is common among women whilst heart attack shows itself as may be the major critical illness affecting men. Here are some statistics that may shed some light over the subject.
According to Cancer Research Fund, one in three people residing in the UK may suffer from a critical illness such as cancer at some point during their life. If we look at this same statistics on a greater scale, the number of people suffering from cancer may be quite elevated. For example, around 33 people out of 100 may suffer from this critical illness. Furthermore, according to British Heart Foundation each year around 300,000 people may contract a critical illness such as heart attack. Out of this, approximately 150,000 people would have suffered from this critical illness for the first time. Also, around half of all heart attacks may be fatal.
Additionally, according to the Imperial Cancer Research Fund, out of the women diagnosed with a critical illness like breast cancer, around 62 percent may survive for 5 years or more. As per the American Heart Association, 1999 Heart and Stroke, in 10 years, that is between 1986 to 1996 death rates related to heart attacks may have fallen by 25 percent and around 15 percent for strokes. As mentioned by the American Heart Association, Strokes Outcomes Classification, 1998, nearly less than 10 percent critical illness such as stroke is fatal. According to the American Cancer Society, 1999 facts and figures, the survival rate for a critical illness as cancer nowadays may be 50 percent higher than in the year 1950. In addition to, as per the National Centre for Health Statistics, the possibility of surviving a critical illness before the age of 65 is twice than that of dying.
More figures from the Strokes Association reveal that around 100,000 people in England and Wales suffer from a critical illness like stroke each year. Out of this, around 8,000 patients may be under the age of 55. Also, around 30,000 people suffering from stroke may die within 12 months of intervention. Another 30,000 people may be left with long term disability due to this critical illness. Furthermore, according to the Cancer Research Campaign more than 30,000 people in the UK may be diagnosed with breast cancer.
Suffering from a critical illness may sometimes change one’s life completely. While the patient is in the hospital, striving to survive, money is needed for further treatment. For example, to perform a major organ transplant a considerable amount of money may be needed. Critical illness insurance may have the answer as it can provide enough money to make an intervention of such magnitude. Critical illness payout might also replace the loss of income in some cases as well as making the necessary changes to one’s lifestyle in case of disability. The advantage with critical illness insurance might be effective as it can act as a certain way to safeguard someone’s future.
Life Insurance – Tackling the Prelude Reasons Why We Put Off Buying It
Reason 1 I do not have a need for power insurance:Let be honest, this reason is by far the superlatively unvaried besides as most people untrue. Unless you are an individual who does not have children, has central on hand to cover unabridged debts and funeral expenses, and does not traction the need to offset the loss of their addition to a spouse, cede any further chief to family, or to a charity, thus it may substitute true, you do not trust life insurance. But few families swear by the funds readily available to fulfill inappropriate their wishes or draw their obligations after their death. At the exceptionally minimum, if you have anyone who relies on your upping for their day-to-day needs like a spouse or children, or if you have debts like a mortgage, then you ultimate ambition life insurance.Reason 2 Life insurance is too expensive:If in the past kin have found animation insurance to be too expensive it could be as of the type of coverage they were seeking, flip for intact or universal life insurance. Term life insurance is the much affordable of all the products and is utterly popular thanks to of it. Term 10 Life insurance, the most popular Term product clout Canada, offers a premium guaranteed not to change considering 10 years. A male no-smoker examination $100,000 in coverage could be notable as inconsiderable as*:1 $125 for a 30 year-old2 $129 up to a 35 year-old3 $157 as a 40 year-old4 $207 for a 45 year-old5 $281 for a 50 year-oldA female non-smoker seeking $100,000 in coverage could be acknowledged for little as*:6 $106 considering 30 year-old7 $112 now a 35 year-old8 $133 for a 40 year-old9 $163 whereas a 45 year-old10 $219 for a 50 year-oldAs you culpability sees, thanks to very little money a year, you can perform $100,000 in life insurance coverage. Lowest quote online from October 2005 for a Term 10 policy, one of the most melodious life insurance commodities in Canada. Premiums shown are the rates if paid annually.Reason 3I do not know anything about ball game insurance and do not be cognizant where to start:A number of free online instruments swallow been developed to support you finish which characterize life insurance enterprise is matchless for your specific occasion and how much life insurance coverage you should get.1 Term Life Insurance Analyzers. By answering a few simple questions, these instruments consign assess your needs and hire you grasp what labor is most commonly recommended for people with similar lifestyles.2 Term Life Insurance Calculators. These kit commit help you put a dollar value on the cipher of coverage you need force command to ensure that your family, loved ones and your debts are covered in the position of your death.Reason 4Motion insurance is a hassle to get:Thanks to the Internet, getting term life insurance quotes is thanks to fast and accessible. If you want to shop around first, getting quotes online means you can escape hard-sell tactics by someone sitting across from you. Trained is no sales pressure or exigency to buy when you get quotes online. It is easy, importance be done any time at your convenience and is wittily a surpassing way to shop for life insurance because of it.
Itâs a Dogâs Life When the Credit Crunch Bites
Our four legged friends are the forgotten victims of the recession. As families throughout the country tighten their belts, our dogs are the first to feel the chill winds of the economic downturn. With larger and larger household bills having to be paid, it is hardly surprising that families are looking closely at vetsâ bills, rising insurance policies and everyday upkeep.
The recession is hitting the welfare of dogs on two fronts. Firstly many more pets are being abandoned and, secondly, the people who have accepted strays in the past can no longer afford the additional expense.
The well known Battersea Dogs and Cats Home has seen a large increase in the number of strays that have been brought in to them. On the other hand 20 per cent less people are coming forward to provide homes compared to the same period last year.
The Dogs Trust, which runs 17 centres throughout the UK, has reported that a dog is taking five to six months to rehome, compared to only three months in the past.
Problems are particularly acute for dog owners, whose pets require regular medicine and vet treatment. Saga Insurance estimates that an average vetâs bill for a dog is £300, although the cost can run into thousands for serious conditions.
Over the past five years1.6 million dog and cat owners have reluctantly had to have their pets put down as they could not afford the treatment. Many more have foregone treatment recommended by their vets due to the high cost.
Insurance policies can no longer be relied upon to cover escalating costs. The fastest growing sector of the insurance market is providing cover for pets. The value of this sector alone rose to £440 million last year, which insurers blame on the increasing number of claims.
The Blue Cross animal welfare charity and the Powys Animal Welfare Trust have both reported a large increase in the number of abandoned cats and dogs. In an attempt to tackle the problem, Battersea will be publishing a guide suggesting ways in which to save money when caring for your dog.
The Dogs Trust recommends that you buy in bulk, feed your animals with dry food rather than tinned and avoid those costly extras like sparkly collars. Rescue centres are a good place to start when looking for a dog. Your new pet will have had all of his inoculations and often you will receive a few weeks free insurance and advice.
Robert Jones was aware that buying a Bernese mountain dog called Harvey would be a long term financial commitment as they suffer from health problems. Imagine his surprise when he discovered that the dogâs insurance premium was nearly as much as insuring his house. When Harvey was four, Robert shopped around and got cover for £23 per month. However when a dog reaches six years of age it can be difficult to get insurance or the premiums rise dramatically. Harvey is now costing Robert £36, compared with his house insurance of £44.
How To Choose The Right Life Insurance Policies
What does life insurnce mean to you? For some it means security, knowing that their family or business is safe should they unexpectedly pass away. For others it conjures up images of pushy salesmen and confusion about what they are buying.
By learning about the different life insurance policies available you can make an informed decision that will give you peace of mind and satisfaction with your responsible decision.
There are three main types of policies. Here is a brief explanation of what they mean:
Whole Life
Whole life insurance is a permanent insurance. This means that the policy stays in effect for your ‘whole life' as long as premiums (payments) are up to date.
The cost of whole life insurance premiums will usually be more than the cost of an equivalent amount of term insurance because the cost is averaged. While the cost of term insurance goes up with each renewal, whole life insurance never needs renewing. Instead of paying smaller premiums when you're young and high premiums as you age, whole life premiums stay the same.
In some policies a savings option can be added which can be used to borrow against.
Universal Life
Universal life insurance is another form of permanent insurance. Like whole life the policy is in effect until you die. You never need to renew the policy (regardless of health) and the premiums will never go up.
Universal life also incorporates other financial services including a savings plan that can be made in addition to the policy. Otherwise the policy can be surrendered in exchange for the savings that have accumulated. Policy owners can often choose from many options including adding another person to the policy, managing their own investments or using the savings to cover the costs of premiums.
Universal life insurance is the most expensive option because of the amount of flexibility and options.
Term
Term insurance is the least expensive life insurance policy option. Term insurance is selected for a certain period of time (term) such as; 1 year, 5 years, 10 years or 20 years.
Term insurance is a good choice for young families with dependants and high debts (such as a mortgage) that they will be no longer be responsible for in 15 to 20 years when the policy ends. Term insurance has no cash value - it cannot be borrowed against or cashed in. If the policy ends and the individual wants to renew the policy the cost of premiums will be higher.
Using term insurance to cover the basic financial requirements of an individual while also instituting a separate savings plan may reduce the need for insurance later in life.
Policy Riders
Depending on the needs of an individual there are other options that can be purchased with certain insurance policies.
The additions to the life insurance policy are called ‘riders'. This includes adding a spouse, including disability income insurance, Accident and Sickness (A&S), Accidental Death and Dismemberment (AD&D) as well as customized choices for taking loans or cash payouts on certain policies.
Talk to an insurance broker who will explain the benefits of each feature and recommends only what best suits your needs. With a bit of understanding you can make the most responsible choice with your money and be confident your family or business is provided for.
How Do you Know When to Cash in Life Insurance?
When you cash in your life insurance it is often called a Senior settlement, a Life Insurance Settlement or sometimes just an Insurance Settlement. The way it works is that you are trading the cash value (i.e. surrender value) of your policy to a third party for cash. This may happen even though the insurance policy does not have an actual surrender value. At times the cash you receive may be in excess of the cash surrender value of the life insurance policy.
This is usually done at or near retirement age in order to obtain additional cash for living expenses. Not only is cash received but the premiums you have been paying for the life insurance are no longer paid by you thus increasing your cash value.Basically this is a wealth and estate planning method.
In prior years seniors who had life insurance policies and felt that the premiums were a burden or that they no longer needed a life insurance policy just dropped the policy or turned it back to the life insurance company itself.But now they have an alternative.They can sell their insurance policy to someone other than the life insurance company.In this way they get much more cash.
Furthermore persons who take advantage of this method can use the money they receive for any purpose whatsoever although many people assume that such restrictions exist. In fact they can use the money for travel, buy another life insurance policy, purchase real estate, develop their hobbies,invest in a business venture. It is their money to dispose of as they wish.
The question now becomes: just how much money will you get from cashing in your life insurance policy? In most cases you will get about five times the cash surrender value of the life insurance policy. However other factors enter into the computation also.
Not all policies or people qualify for a Life Insurance Settlement. The restrictions are:
You must be at least 65 years old.
The policy itself or what is known as the cash value must be at least $50,000.00
The health of the holder of the policy must not be as good as it was when the life insurance policy was issued and his or her life expectancy must be under 15 years.
The life insurance policy must have been in effect longer than the probationary period.
Almost any type of life insurance policy is subject to being purchased. For instance: charities, individuals, trusts, term and group life insurance policies.
It is recommended that seniors take advantage of this great cash generating tool because the life insurance settlement may be substantially higher than the cash value of the policy. It is a mistake to let such life insurance policies lapse while this cash producing method is available. It is a no loose decision and should be seriously considered by all those eligible.
Thailand Wilderness Adventure
Thailand has always held a special place in my heart. I first travelled there in 1991, a wide eyed kid wet behind the ears with a bucket shop one way ticket to Bangkok. My grand plans of a short beach break before heading down to the east coast of Australia joining the 1000’s of Pommie pilgrims earning a right of passage didn’t exactly go to plan. I left Thailand eleven months later to return home penniless, emancipated and full of great stories, which my friends soon got bored with.
I returned a few times mainly to Bangkok and Koh Samui happy to be back in the land of smiles but feeling slightly disappointed at all the changes. The old story of development being good for the locals but not good for my sense of adventure. That didn’t deter me from joining the Imaginative Travellers Wilderness Adventure two years ago.
Arriving in Bangkok this time was different. I had a hotel booked so no lugging my pack in Bangkok’s suffocating mixture of exhaust fumes, heat and humidity looking for a clean bed. I had a group to meet too, this was also good, eating Pad Thai on your own looking for a fellow traveller to strike a conversation with can be hard work. There were 10 of us, a mix of Poms, Aussies, a Canadian, an American and a South African. We all met for dinner and shortly after my first Thai beer I knew this would be a fun trip
Bangkok to me means food and shopping and the best place to find both is the Chata Chuk weekend market. I headed there with belly empty and wallet full destined to reverse the two. The market is huge, really huge, 35 acres of cheap goodies huge and sells everything from furniture to genuine fake designer clothes. The street food is fantastic but remember the Thai’s like it hot. I left my shopping with the hotel to keep safe as I would be returning there once I finished the trip.
Off to Chiang Mai on the overnight train. I like travelling like this, sleeping while moving makes sense to me and the train is clean, functional, safe and fine. I think Chiang Mai is the perfect place to escape hectic Bangkok. It’s a peaceful, happy place and that reflects in the locals. Sight seeing will take you to the Wat Pratat Doi Suthep temple - stunning and golden on a sunny day. The next stage of the trip was trekking in the surrounding jungle, I decided I needed a massage before we set off.
A trek in the hills of Northern Thailand is a chance to escape everyday life and clear your head. The going is not too difficult for someone with fairly good fitness although if it rains the mud can be tricky. I was enjoying my own head space when we arrived at the first village of wooden homes, pecking chickens and lots of smiles, basic but I couldn’t think of anywhere else I would rather have been. Chan, our guide, was a local from a neighbouring village and before long he had us divided amongst our village hosts before the sun set and got too difficult for us city people to do anything without electric light. That night, with the noise of the surrounding jungle lying on a mattress roll on a bamboo floor, was maybe the most peaceful night’s sleep I have ever had.
The next day’s trek was shorter and we covered ground quicker, maybe we were getting used to the trekking but I think it was the excitement of the elephant ride to come that afternoon. Lunch was delicious but we were too busy watching the elephants wash in the river to notice. Elephants are brilliant creatures and being on one journeying deeper into the jungle is a fantastic experience.
The next morning Chan had us up early helping him and the village men build our rafts to take us down river to civilization. It is all part of the experience helping the guys and by helping I mean staying out of their way while they expertly craft our rafts. A serene float down to the nearest small town where our bus was waiting to take us to a hot shower and another massage.
We left Chiang Mai and headed back to Bangkok where we broke the journey up to the south with an over night stay in the city of angels.
I had heard a few good things about Khoa Sok national park, not too popular with tourists or backpackers alike due it not having a major bus stop. To get there you need to stop the bus by the 3rd banyan tree after 17th stream near the big hill and you will find a bakkie waiting to take you into the park. I’m glad we had a tour leader. The first night we slept with the birds in tree houses the second and third we stayed in raft houses on a man made dam. It is a truly beautiful area and a few of us spent the days swimming in waterfalls, flooded caves, kayaking and hiking and some of just sat back and took it all in.
How to finish this Thailand trip? On the beach of course. The islands around Krabi are what we visualize when we think of a Thai beach and they do not disappoint. The Thai’s have a word called sabai, loosely translated it means an inner happiness and contentment. I woke one afternoon from a napping on the beach and understood exactly what sabai means.
This trip can be found on the Thailand section of Travel Light
http://www.travellight.co.za/south_east_asia_tours/thailand_tours.htm
Spencer Neal has worked in adventure travel since 1997. His many adventures and passion for travel has led him to part own an online adventure travel agency Travel Light www.travellight.co.za specialising in world wide adventures for South Africans. You can contact him at spencer@travellight.co.za
Life Insurance – Make Your Life Easy And Simple!
Ever wondered why one would need life insurance especially as it is seen as an additional expenditure that one might not need. Well, we can surely find somewhere else for that money to go, and the real truth is, we may not really give it much thought until we have a family and begin accruing assets. Life insurance is an insurance policy, just like our auto or homeowner's insurance, which offers us with added assurance that in any eventuality we will be covered financially. In the case of death, life insurance allows our family to ensure of our end of life needs, that includes burial or cremation at the least, and more depending on how much coverage we purchase.
As we live in the age of credit purchases, we bear a considerable amount of debt through our working years. This includes mortgage and car payments, as well as personal loans, credit cards, and student loans, just to name a few. A majority of companies offer their employees some type of life insurance coverage that can be purchased at a reduced group rate. This can either be a minimal amount or it can be twice your salary, it just depends on your personal situation and which options are available to you. A lot of people prefer to buy life insurance with their personal insurance agent for additional insurance that can be bought for varying amounts of coverage. This enables either the surviving spouse of family members to cover up burial expenses and any other outstanding debts of the decedent. Amounts of coverage vary and chosen based on what the individual would like to provide his or her survivors.
Premiums are based on what type of policy is selected and the age of the person seeking coverage. We are constantly getting mailers in our mailbox for a reduced rate policy if we act now, and frankly speaking, all those terms can be rather confusing. So what is the difference between a whole life policy and a term policy? A term policy is just that; when you are purchasing a definite amount of life insurance for a specified term, generally twenty years. The premium remains the same during this time period and does not build any type of cash value. On the other hand whole life insurance policies, do build cash value, and can be either borrowed against, or cashed in at various stages all through the policyholder's whole life. Some policies require a physical exam and medical history questionnaire to be completed before coverage can be instated. Usually smokers pay higher premiums as well as people with chronic illnesses that include high blood pressure or diabetes.
Life insurance is a good idea, in particular if you don't want to leave your family in a helpless situation facing bankruptcy because they can't make ends meet without you. A number of companies specialize only in life insurance, and local insurance agents that can assist you clarify exactly what you need. Remember the older you get, the more it costs, so if you're considering a term policy, make sure to buy it when you are young!
