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Two Approaches Utilized in Buying Insurance Policy Posted: 12 Nov 2013 09:28 PM PST There are different types of insurance policies that insurance shoppers can buy. However, these insurance types are not of the same important to everybody. An insurance policy may be of great important to Mr. A but buying it will be a waste of money or wrong investment plan for Mr. B. The reason for this is obvious. People have different financial needs and so their insurance needs are not the same. Each type of insurance types is meant to serve a particular need and so, it is only suitable for people that have that need. Most people do not understand this fact and thus they buy the wrong insurance type. There are two approaches insurance shoppers employ when trying to choose the right insurance type for them. Below are the two approaches that insurance shopper normally apply. Product-driven approach In product driven approach, the insurance shopper considers only the various products offered by the insurance companies. This is the approach that most insurance companies apply. Using product driven approach is not bad. It is a good approach. However, what is bad is using the approach alone when shopping for insurance package. You should apply it together with the second approach which is process-driven approach. Process driven approach This approach considers the shoppers aim or objective of shopping the insurance policy. People and businesses shop for insurance policy because they want to protect their wealth, business or home or any of their valuables. Following this approach, the right insurance for you is the insurance policy that gives maximum protection to your wealth or any of the valuables that you want to protect. You have made the wrong choice if you any insurance policy that does not offer maximum protection to your wealth or the valuable that you insure. Given the above, if you are shopping for insurance policy, it is important that you take into consideration the financial objective of the insurance type you want to buy. This will enable you to ascertain whether the insurance type will offer maximum protection to your wealth. In process driven approach, various types of insurance policies are considered together with their objectives. Each of these insurance policies has its own objective which the insurance shopper should know. Some of the types of insurance policies available for shoppers are listed below.
There are other types of insurance policies that are considered.
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Factors that Can Lead to Insurance Modification Posted: 14 Nov 2013 01:26 AM PST One of the ways through which most businessmen and companies invest their money is buying insurance policies. There is no doubt that many people will not consider insurance as true investment of time and money. But, the truth is that buying an insurance policy is a veritable means of investing money and time. Every insurance buyer has an investment needs or goals that they want to achieve by buying the insurance plan. However, these needs are not fixed in nature. They can change owing to a number of reasons. When your insurance needs change, it is also important that you modify your insurance needs. Below are some of the factors that can lead to the insurance modification. Change of job One of the factors that can lead to change in insurance plan is change of job. Change of job can affect your insurance plans in many ways. On the positive side, if you get a better job offer, you may consider enlarging your insurance portfolio. There are some personal insurance policies that may be important for you but due to lack of fund, you forgo them. If you get a better job, you may include them in your insurance portfolio. Change of job can also make some insurance policies that initially were not important for you to be important for you. For example, if you get another offer that requires you to travel frequently, it means that you are now exposed more to auto accident. Change position in the office and salary increment If you are promoted or your salary is increased, you may consider adding some insurance policies in your insurance portfolio because you have more funds available to you now. Your company may even buy key person’s insurance policy to you if you are promoted to that level. Change life status Life status is one of the factors that determine insurance policies that will be useful to you. The type of insurance policy that you require as a single individual is not the same with the type of insurance that you require as a married person. So, your insurance needs will change if your life status changes. For example, marriage comes with its own need. So, if you marry, you will require an insurance policy that will meet your family need. They will also change if you have more children. The number of children you have will also affect your insurance policy. The same thing is applicable when you become divorced. Change in age Age is another factor that affects a person’s insurance portfolio. A 25 year old person who has no little or no need for long term care insurance but a 70 year man will require such insurance policy. So, change in age will lead to modification of insurance portfolio. The more you advance in age, the more your insurance need will continue to change. Other factors that will lead to change of insurance portfolio include: · Acquisition of new valuables and property · Additional financial commitment · Increase in number of dependants · Health status Related posts: |
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Updating Your Insurance Portfolio: Factors to Consider Posted: 15 Nov 2013 01:32 AM PST There are various types of insurance policies which are designed to meet different financial needs. Given the fact that the financial needs of every individual or business may differ, our insurance needs are not the same. The insurance type that may be suitable for you or that may serve your needs may not be the same insurance type that may serve my needs. However, these needs are not constant. They change from time to time as a result of a number of factors. If your insurance needs change, it means that you have to modify your insurance portfolio to satisfy your new needs. There are some factors that you should consider when you want to modify your insurance portfolio. Below are some of those factors which depend on the type of insurance policy in question.
In the light of the, it is important for every insurance shopper to review its insurance portfolio periodically and make the necessary changes.
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Tips for Planning Your Own Insurance Posted: 16 Nov 2013 09:22 AM PST A good number of insurance shoppers make mistakes when they are shopping for their own insurance. This is because most of them have not bought insurance before and so they did not follow the right steps. Indeed, most insurance policyholders especially health insurance policyholder did not buy it by themselves. So, they make mistakes when they want to shop for their insurance. If you are a first time insurance shopper, you should be very careful in going about the transaction. Buying an insurance coverage is a big investment and it requires carefulness. You are expected to first understand the buying process and various options available for you. Making any unwise decision is tantamount to making wrong financial decision. Related posts: |
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Posted: 17 Nov 2013 07:44 AM PST There are different stages of life which every human being must pass through. We begin life as babies and gradually grow into teenagers and adults. However, each stage of life has its own financial needs when it comes to insurance policy. The financial need of a married person who has not gotten any issue is not the same with the financial needs of a single individual or a married person with children. Your financial needs at each stage of life will determine the type of insurance that you will require. Here, we will consider the financial needs of singles and the type of insurance policy that will be suitable to them according to their financial needs. Understanding the meaning of the term singles In the context of our discussion, single is used to mean any grown up person or any person who has reached a marriageable age and is not yet married. Such individuals include young graduates and other person that has no person depending on him or her for feeding (siblings, spouses, children and parents). People in this stage of life have similar financial needs which include the following: · Mobility needs · Establishing a strong career or income generating building · Furthering one’s education (obtaining M.A and PhD) Given that the people in this class have no dependant, some people may tend to think that they do not have any need for insurance. But from the above, it is evidently clear that they are in need of insurance. This is because having insurance coverage is important for any person that has financial needs. Singles from the above has some financial needs and so they have needs for insurance policy. Given the type of financial needs that singles have, the following types of insurance policy will be suitable for them. · Health insurance Singles can also fall sick. Therefore, they will also need to buy health insurance policy in order to get money to pay for their medical expenses. · Saving plan As implicit from the name, it is a type of insurance plan or saving program that enables a person to save money to take care of future needs. Saving plan has two types which include long and short term plans. Short term saving plan is suitable for any single that wants to save in order to solve immediate problem such as mobility needs. Long term saving plan is designed for singles that want to save money to enable them achieve their long term goal. · Personal accident and disability insurance Singles whose work make them more susceptible to accident will require this type of insurance policy, but any person can buy this type of insurance policy since any person can be a victim of accident. · Life insurance This is only necessary for singles especially seniors who are not married but they want to live a legacy. Singles who have nephews, nieces and cousins that are dependent on them can buy this type of insurance policy. Insurance needs of unmarried seniors include: · critical illness insurance · hospital and surgical insurance · life insurance for those that want to leave legacy · long term care insurance
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Financial Concerns and the Insurance Needs of Married Couples without Kids Posted: 18 Nov 2013 12:46 AM PST Marriage opens a new chapter in the life of every individual. Anyone that marries requires making certain adjustment in their lifestyle and expenses in order to accommodate their partners. It comes with its financial needs. However, the financial needs of married people vary depending on several factors such as the number of children they have and their ages. Here, we will group married people into two, namely, married individuals with no kids and married couples with kids. Though individuals in any of these groups are married but they do not have the same financial and insurance needs. Married couples without kids There are a number of married couples that have no kids. Some of them do not even have the intention of making babies. Marriage is not all about making babies. However, the fact remains that these individuals are now seen as couples in the eyes of the law. So, they will be treated as such. Given this, their financial and insurance needs are not the same with the financial needs of singles. · some of the financial needs of couples without kids include · purchasing a home · preparing to make babies (if they want) · taking care of the household bills The above needs come with its insurance needs. Below are the insurance needs of married couples without kids. Life insurance At this stage in life, the loss of any of the partner especially the bread winner of the family will put the other person into serious financial difficult. So, if you are newly married whether you have kids or not but you do not want your partner to suffer any financial difficulty if you suddenly die, then you should consider buying life insurance policy. Disability income insurance A number of situations like accidents can disable a person making it impossible for the person to earn a living. Disability insurance provides fund for the policyholder to take care of their daily needs in case they lose their ability to earn income. Personal accident insurance This is similar to disability income insurance. It is a type of insurance that provides fund for a person to look after himself/herself and the family if he/she gets involved in an accident. Critical illness coverage Certain illnesses such as cancer, heart disease, stroke, cancer, diabetes and others are life threatening. Besides, their sufferers require huge amount of money in order to look after themselves and pay for their hospital visits and drugs. Most people suffering from such critical illness die out of proper maintenance and care. So, in order to ensure that you will have fund to look after yourself if you suffer from such illness, you will require this type of insurance especially, if there are history of such critical illnesses in your family. Home insurance If you have gotten a home, there is need for you to protect it against fire outbreak and similar unfortunate incidences that may lead to the loss of a home. Investment plans It is a good means through which you can save money for other future investments. Related posts: |
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Financial Needs of Married Couples with Children Posted: 19 Nov 2013 01:26 AM PST Getting married and having children have some financial implications and constraints. When you get married and your source of income has not increased, you have to curtail certain expenses in order to make ends meet. You will still need to reduce your expenses and those of your partner when you have children. Your expenses at this time have drastically increased depending on the number of children you and their age. You have to feed your children, take care of utility bills, pay your children’s school fees and also look after yourself and your spouse. The protection of your family financially and in other aspects of life will become your utmost priority. So, at this period, you need to establish a strong financial security for your family. In other words, your insurance needs will change. You will require any insurance type that will help you to build a financial future for your family. Below are some types of insurance policies that are crucial for married couples with children. · Family health insurance As a single, you bought health insurance that covered only yourself. But now that you have a partner and a child or children, you have to change to family health insurance which will provide fund for you to pay for your hospital bills and those of your family members. The rate, the premium and in fact the amount of family health insurance that you need depends on the size of your family. You should buy insurance policy that will cover your entire household. · Life insurance Married couples with children will require life insurance. But this depends on their age as well as the age of their children. If your children are still young and have not started working, then you will require a life insurance policy. It will protect your family from having any financial difficulty in case you suddenly die. The insurance company will pay a lump sum as stipulated in the policy to your family or any person you stated in the policy. With the money, your children will be able to take care of their education and also give you a benefiting funeral. Life insurance is also a good insurance option for parents that have not cleared their mortgage. If they suddenly die, the family will not lose their belonging. · Endowment policy This is a type of saving plan that provides the policyholder a large sum of money at its maturity. · Child personal accident insurance Children could be described as little scientists. They always move about exploring their environment. Sometimes, they do things that will injure them without knowing the implication of what they are doing. So, they are vulnerable to accidents. If you have children, there is a need for you to buy child personal accident insurance. The insurance company depending on the stipulation of the policy will provide you fund to take care of your child in case the child is a victim of accidents. Some of the benefits that can be paid by this type of insurance policy includes personal liability benefits, rehabilitation cover and broken bone benefits. · Saving plans Married couples with children can also opt for saving plans. Related posts: |
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Financial Needs of People Approaching Retirements and Senior Citizens Posted: 19 Nov 2013 10:19 PM PST A person who is getting up to 65 years of age is now preparing for his or her retirement. The retirement age in some countries is 65 years while in some it is 70. Married people who are preparing for retirement are no longer bothered so much about their children because it is expected that their children should be of age by this time and have graduated from the university or are already working. But people who got married at a later age may still have growing up children. There are also some individuals who are preparing for retirement but they are not married or they are married but have no children. This shows that financial needs of individuals preparing differ depending on the person’s circumstance. In other words, their insurance needs may not be the same. Below are some insurance needs of people preparing for retirement. Health insurance This is a type of insurance policy that provides the policyholder with fund to settle his or her hospital bills. It is of different types. It is the insurance policy that determines what and what are paid by the insurer. In some policies, the insurer will pay the insured all their medical expenses including consultation fees, medication cost and any other fees they are charged by the hospitals. But in some policies only a part or a stipulated amount is paid. Senior personal accident plans This type of insurance policies is designed for seniors who are susceptible to falls. The insured is paid by the insurer any time they insured had accidents. People who are approaching retirement or who have already retired require this type of insurance. Their children can also buy it for them. This is because they are more vulnerable to falls which can lead to breaking of bones. So, in order to have fund to clear bills and take care of oneself in such conditions, seniors and people preparing for retirement should consider buying this type of insurance policy. Long term care Old age or certain conditions can make a person to be in capable of taking care of himself or herself. He/she will require another person to carry out certain essential functions for him or her. For example, at a certain stage in life, one may not be able to bath themselves. Another person has to bath them. It is costly to hire such a service. Only people whose children are rich or have made enough investments and savings that can obtain such services. Long term care insurance provides seniors fund to hire care services when they are not capable of looking after themselves. Life insurance Life insurance is not a good insurance option for seniors or any individual preparing for retirement whose children have grown up. However, a senior who wants to leave a legacy to his children or dependant can also buy life insurance. A large sum will be paid to the beneficiary at the death of the policyholder. Annuity plans This type of insurance policy guarantees senior regular income when they are no longer capable of doing any work.
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Homeowners Insurance at a Glance Posted: 21 Nov 2013 06:14 AM PST Indeed, virtually everybody will like to build a house of their own but owing to the financial implication of such project, it is not possible for them to accomplish such project. It is a huge investment of time and money. If you have a home of your own, you have invested your money wisely. However, the house is not yet secured. It can be destroyed by fire, elements of weather and similar hazards. So, you need to go the extra mile in securing your home with homeowner’s insurance. What is homeowner’s insurance As implicit from the name, homeowner’s insurance is a type of property insurance policy designed for homeowners to enable them to protect their homes against any hazards or damage. The insurer will pay the insured compensation in case the home is destroyed or damaged during any hazards including riot, element of weather and others. This type of property insurance policy is also known as hazard insurance. It is not only homeowners that require this type of insurance policy. Some policies provide fund for the policyholder to pay for claims brought against him or her by any homeowner whose property was damaged by the policyholder. So, if you have it and any person claims that you damage their property, the insurer will pay for the claims. How to buy homeowner insurance Homeowner insurance has its own benefits and disadvantage. It also has its own buying process. If you have made up your mind to buy this type of insurance policy, it is important that you first understand the buying process, the pros and cons of the insurance policy so that you will be able to make informed decisions and avoid certain pitfalls. Take your time to go through the policy. Just like any other insurance type, homeowner insurance policy is a legal document and so anything contained inside it is legally binding on any of the parties that signed the policy. If it is possible, you should hire a lawyer to explain the document for you so that you understand what you are signing. Ask about the incidence that will entitle you to compensation by the insurance company when it occurs. This will help you to know when you should make claims. It will also help you to know what you are paying for. The insurance company does not pay for any other thing that is not stipulated in the policy. Making claims If any incidence stipulated in the insurance policy occurs and your property is damaged, you will definitely make claims. Making claims is not always easy. There are some tips that you should apply. Remember that the insurance companies are into business and so will not be willing to make payment. So, you need to hire a lawyer who will look into the policy and see if you are entitled to compensation. The lawyer will explain everything to you. If you are entitled to compensation, ask your lawyer to file for claims. You can also do it yourself. But if you are doing it yourself, do not allow the insurance company to confuse you. Related posts: |
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Insurance Needs of Businesses at Various Stages of their Development Posted: 21 Nov 2013 10:44 PM PST As Heraclitus one of the ancient Greek philosophers said, change is the only thing that is constant in life. We passed through various stages in life. The same could be said of any human activities. Businesses also passed through various stages before they get to full capacity. No business becomes a multinational business from the time it was inaugurated. It passed from initial startup stage to a higher level. Each business at any particular point in its stages of development is faced by certain financial needs. Its financial needs at the first stage of its development will not be the same with its financial needs at the other stage of its financial needs. Here are the various financial needs of a business at its various stages of development. Research and development stage Every business starts from this level of research and development before it moves up to the next level. During this stage, a business is known as a startup with only a few employees. Its operation is still limited within a particular locality. During this time, the major need of a business is getting adequate funding and partnership. Given its financial needs, a business at this initial level will have the following financial needs.
Growth stage The second stage in the development of a business can be referred to as the growth stage. A business at this stage of its development is faced with the financial challenges of promoting its products among consumers, obtaining outside funding, hiring more labor and paying them. These needs bring their own insurance needs. So, the business at this stage will require the following insurance policies:
IPO State IPO stage is the third stage of the development of a business. A business at this stage is faced with the challenge of getting share holders and also being able to manage them. The business will require the following insurance policy to protect the objective of the business at this stage:
Large company A business at this stage has gotten to its apex stage of development. Its major challenges now are to diversify, extend to other nations, monitor company’s growth, strong risk management foundation and others. The insurance needs include:
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