There are a wide range of life insurance products that are floating in the market. Choosing the right life insurance policy involves assessing your particular situation and evaluating the right policy for you. It is imperative to choose the right life insurance that fits your bill or which can be customized to suit your particular needs. Unlike whole life insurance, term life insurance is purchased to cover a limited term period. Term life pays the insured sum only when the insured dies within the time span of the policy. Term life policies do not accrue any cash value. So if you live past the length of the policy, you won’t receive any money. It is also important to understand that premiums for term life policies may not be fixed, and may increase from time to time. To avoid this, be sure to look for a guaranteed level premium term life insurance policy. These policies guarantee a level premium throughout the term period. Advantages of a Term Life InsuranceTerm life insurance covers the maximum insurance for your money. It can be beneficial for those families that have more financial obligations than current assets. Here are some of the advantages of a term insurance:AffordableTerm life insurance offers the most affordable premiums against high death benefits. SimpleTerm life insurance is the most simple life insurance product available in the market. Competitive PricingSince term life policies are simple in nature, they can be easily compared on the basis of price and features. This makes term life insurance an appealing commodity in a very competitive market. FlexibilityTerm Life policies may include “renewability” and “convertability” options. The renewability feature enables you to renew your term policy at the end of the term, without having to undergo a medical exam. A convertible feature allows you to convert your term life policy into an equivalent whole life policy, which accrues cash value, should you feel the need to switch to a permanent policy. Waiver of premiumThere is an additional optional feature called “waiver of premium”, which means that in the event of your inability to pay premiums due to circumstances stipulated in the term life insurance contract, the insurance company will waive payments for a stipulated time. However, this feature comes with an extra charge. Short Term Coverage to Suit Your NeedsTerm life is suitable for short term coverage. If your mortgage can be paid up in ten years you may want to choose a term policy for ten years. Most people do not envisage requiring life insurance in their senior years, so a term life policy makes sense for short term financial planning. Deciding If a Term Life Insurance Policy is Right for YouDeciding the right life insurance policy is a very important step in securing your family’s future. If you are looking for a low cost, budget friendly life insurance plan, choosing a term life insurance policy would be your best option. Moreover, term life insurance is a good choice for people on fixed incomes and with a growing family. If you have a mortgage, educational loans, estate taxes or other liabilities, your sudden death would place an overwhelming financial burden on your family. Term life insurance provides high death benefits at the most affordable rates. This is why term life policies are the most popular life insurance policy. You should determine the amount of life insurance coverage that enables your family to clear all debts and provide a tidy some for their future. You may want to include college funds for your children in your coverage. Here is a quick check-list that can help you to decide if a low cost term life insurance policy is right for you: If you’re on a budget and cannot afford a very high premium. If you are young, and in good health. You can take advantage of low premium rates. If you are looking for a simple, straight-forward, low cost life insurance plan to protect your beneficiaries. Most people need life insurance and term life is suitable for all stages of life. Term life policies offer a cheap option to suit your needs. Term life is also easy to purchase. Many online life insurance providers have access to hundreds of reliable life insurance companies. By feeding in your personal information, you can receive numerous quotes for comparison within minutes. Remember to be completely honest in answering questionnaires. Use sites that are absolutely safe and are certified by the Better Business Bureau to safeguard your interests. Many online sites, provide cheap initial quotes to attract customers. They may end up being a disappointment. Many people think they may not be eligible for a term life policy or they will have to pay high premiums because they suffer from certain health conditions. But there are online life insurance providers who can help you find life insurance companies that may look more favorably on certain medical conditions than the regular life insurance companies. This is where shopping around for term life policies will come into play. If your health is poor, you may want to check out these Insurance FAQs for help in how to find companies that may be able to offer you more favorable quotes even if you do suffer from certain medical conditions. ConclusionChoosing the right life insurance that suits your needs is simple once you’ve studied your options thoroughly. Utilize the Internet’s resources to educate yourself about life insurance basics. Factor in your personal situation, present debts and future liabilities and you will be able to gauge how much life coverage your family would need. Many online insurance quote providers can help you with your queries and offer professional advice on choosing the right policy for your particular situation. And once you factored in all the scenarios, and have numerous term life policies to evaluate, choosing a life insurance not only becomes easy, but beneficial too.
Whether you have a $1,500 fender bender or you write off a Bentley, it doesn’t matter. Either way, if you’re considered to be at-fault, or partially at-fault, your rate increase will be based on the fact that you caused an accident, not on the amount of the claim. Many drivers make small claims of under $1,500 and end up paying thousands of dollars for it in insurance premiums. Any reported accident, even if there was no damage at all, stays on your insurance record for six long years, seriously impacting your insurance rates.
Do lower insurance rates mean poor service, disappointment and dissatisfaction? NO. Auto insurance policies are identical, word for word. Drivers with high insurance rates DO NOT receive extra coverage or more value. All standard insurance companies report that their claims satisfaction levels are between 75% to 85%. You’ll never know if you’re going to have a claims problem, until you have it, regardless which insurance company you’re with or how much you paid for your insurance.
Claims History Report: When you receive an online quote from a site such as InsuranceHotline. com, you are given access to your Claims History Report. This report shows all your claims since you were first licensed. Like your credit history report, it is good for you to periodically check this report to be sure that it is completely accurate. Your insurance rate depends on it!
Accident Forgiveness
Many insurance companies throughout Canada and the US use the term “Accident Forgiveness” to attract new business. Be careful, as it does not necessarily mean your insurance company will forgive you for having an accident.
In Canada, if your insurance company offers “Accident Forgiveness” it means that if you have an at-fault accident your “star rating” drops. When your rating drops, your rates increase.
The accident also appears on your insurance claims record and will count against you for six years. The term “Accident Forgiveness” would more accurately be called “Falling Star”.
To determine the true definition of “Accident Forgiveness”, ask your insurance representative the following questions:
1. Will the accident go on my claims record?
2. Will my rate increase on renewal?
3. Will my preferred “Star Rating” drop?
If “yes” is the answer to all these questions, ask your rep to point out where, exactly, the forgiveness is.
Claims Protection
Claims protection keeps your insurance rate from increasing upon renewal, after an at-fault accident. The accident will, however, be recorded on your driver’s history.
The claims protection is removed after a claim. A second accident would not have this protection.
Further accidents or a combination of claims and tickets for driving infractions could result in the non-renewal of your policy. In some cases, claims protection will entitle the policyholder to an extra at-fault claim before the insurer will refuse to renew the policy.
Most insurers will sell drivers who have been driving for 5 years or more accident free claims protection. If you qualify, buy it. It is like buying insurance to keep your insurance premiums low. The cost is usually around $35 to $50 dollars a year. But before you do that, make sure you’re with the insurance company that has the best rate. Otherwise, all you’ll be doing is paying more money to protect a lousy rate.
Repair Shops
After your accident, your insurance company may suggest where to take your car to get repaired. The advantage of using one of your insurance companies preferred repair shops is that they guarantee the repairs.
Your rights: In spite of which shop your insurance company suggests, you ultimately have the right to choose the place you wish to get your vehicle repaired. This is the law. The advantage of using a repair shop of your choice is that they can act as a mediator if you’re unhappy with the adjuster’s assessment of what needs to be repaired.
Repair job: Before you authorize any repairs, make sure you show your insurance company the estimate. Insurance companies will restore your vehicle to the same condition that it was in prior to the accident. Previous damage is not covered. A fraudulent attempt to get the insurance company to pay for damage unrelated to the accident could cause them to deny payment of the true cost of your claim. Adjusters have high tech ways of determining previous damage not caused by the accident, and you could be charged with fraud.
Original equipment: As a rule, if the vehicle is less than two years old, you should get the Original Equipment Manufacturer (OEM) part. Older vehicles will be repaired using after-market parts or used parts. The OEM part comes from the original manufacturer; the after-market part is produced by a separate company. It’s like getting a brand name versus a no name product. Once the vehicle is fixed, by law you will get a minimum warranty of three months, or 5,000 km, whichever comes first.
Generally, you should receive a 2-year warranty. You should investigate this when you are calling around for estimates.
Before driving away, check the appearance of the repaired area close up and at a distance, examine the paint for color match, texture and over-spray, take a test drive to check mechanical repairs, and check that the vehicle is clean. If you are not satisfied, mention your concerns immediately.
In most vehicles, the paint will not be an issue unless it is an older vehicle, as the original color may have faded over time.
Value of your car after an accident: Many people feel that the vehicle will never drive the same if it sustains heavy damage. This is now a myth. Ten years ago, this may have been true, but with the technology today, frames and other parts can be repaired to their original condition.
However, insurance companies in Canada do not reimburse you for the “loss of the value” to your vehicle because of an accident. Insurance companies pay for the repairs only. If you decide to sell or trade in your car, there may be a depreciated value because it had been in an accident. Some dealerships minus $1,500 to $2,000 from the value because of a collision.
In the US however, some insurance companies do take the new value of the vehicle into account when settling a claim. The best solution is to have the garage where you are most likely to purchase a new vehicle do the repair work. Let them negotiate with the insurance adjuster to make the point that the car they repaired is not worth as much as the car before the repairs.
Insurance adjuster: Not all claims adjusters are created equal. If you’re unhappy with your adjuster, there are options available to you. You can speak with different levels in the insurance company’s claims department. You may also speak with the company’s Ombudsman. If you still are unhappy with the way your claim is being dealt with, you can contact your province or state’s regulatory body on insurance and speak with their Ombudsman.
Rental vehicle: While your car is in the shop, you’ll probably need a rental vehicle. This is covered under an insurance endorsement called “Loss Of Use”. The price of the endorsement is around $20 and if you do not already have it, get it! If you’re at-fault for the accident, your rental vehicle costs will be covered. If you are 100% not at-fault and do not have this endorsement, you may still receive it under the “Direct Compensation” part of the insurance policy, subject to the policy restrictions and limits.
Insurance rates: The fear of skyrocketing insurance has many people paying for the damages out of their own pocket. Many body shops now ask whether the repairs are going to be covered through insurance or out of your own pocket, as some repair shops now offer payment plans.
The purpose of insurance is to put you back in the place you were in before the loss. Unfortunately, that doesn’t include your insurance rate.
Rate comparison: Paying insurance rates for one accident for two years can cost more than your car is worth. So be careful and do the math. Maybe you don’t need collision coverage, saving you insurance dollars.
Here’s an example of a 1997 Chrysler Intrepid, driven in a metropolitan area, showing a spread of 30 insurance company rates, lowest to highest. To purchase this car would cost around $3,000. The amount for insurance after one accident, which affects your rate for 6 years, more than doubles the cost to purchase the car.
Profile Lowest Highest
Clean $1,463 $2,629
1 accident $2,634 $8,212
2 accidents $5,627 $8,427
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Love is one thing that unites all in this world. There are many ways to express the love for other and one of the best ways which is followed for a long time is sending greeting cards to our loved ones. In this modern world time is precious so greeting cards are sent through e-mail etc… Whatever it is, one feels happy when somebody loves or cares for him or her… Corporate Christmas Cards which are mostly sent to all. Here there are many varieties of cards which can be sent for any function or festival or just too express ones love and affection for other. In those days when cards are sent through post it is difficult to know whether it has reached the person or not but now in this trend through internet instantly cards can be sent and viewed immediately. Now we can design our own cards, its font, color etc and it can be sent to our beloved ones through internet. Just logging on to the net and emailing the card will bring one step closer to our loved ones.
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