How Do I Choose the Right Insurance Policy for My Needs?

In the last couple of decades, the available options while buying an insurance plan have gone up by several folds. There are a plethora of life insurance companies and banks that are now providing you some of the best options in the insurance sector. These insurance policies are available with or without the investment plans and you can select one based on your insurance need and the money in hand.

While choosing the right insurance plan, it is very important to select the best possible company with a fair track record in clearing the claims. Also, the insurance policy should have specific benefits that secure you and your family’s future. The following are the points that you should keep in mind while opting for your insurance plan.

Where to begin?

You need to understand your current and future liabilities. If you are unmarried, you can start with a smaller plan and invest further with riders and top-ups.

Choosing the right one

There are four main types of insurance policies which are available with the life insurance companies in India.

  • The first one is the term insurance plan which is affordable and needs only a small amount of premium every time. This insurance plan is best suited for those who want good cover in case of demise but do not have enough funds to invest.
  • The second one is the Whole Life Insurance Plan which has a higher premium than the term insurance. These plans are best suited for those who do not want to invest,however,want good cover in case of the death of the policyholder.
  • If you want to invest for the savings and the bonuses, then the endowment plan is the best fit for you. The sum assured is either paid to the survivor of the policyholder or the holder if he or she survives.
  • The last option is the ULIP plan which is a combination of investment and insurance policy. There is a risk involved in this type of policy.Thus, it is always wise to have a term insurance plan on the side with ULIP plan.

For selecting the insurance agency, consider the best life Insurance companies.Always get multiple quotes with all options that will give you a clear idea of what is available and seek an explanation from the agent or company even in case of the slightest doubt. If you have chosen endowment or ULIP plan, make sure to keep an eye on the number and price of the units. If there are additional liabilities that happen to include in future, make sure to top-up the insurance plan to cover them up or add a new life insurance plan. For further questions, please contact us.

Five Must Buy Forms of Insurance

The world of insurance simply cannot stop inventing new or recreating enhanced versions of insurance. But there are select few forms of insurance that most middle class Americans should consider and own.

Yes, you can save money by avoiding some of them, but in the long run, you are not likely to come out ahead by skipping any of these.

Term Life Insurance:

Everyone does not need life insurance, but most people do, at least at some point. If you do not have children, plan to have children, have someone that financially dependent on you, or are independently wealthy than you may not need life insurance. For everyone else- a simple and affordable term policy can solve a complex financial problem caused by an untimely death. Often buying term life insurance when you get married and begin to have a family is the perfect time. Shoot for a length of time that will get your last child (or last planned) out of the house and potentially through college.

Term as opposed to whole life insurance, is simple and pure insurance, which has no investment component. Although many insurance agents will push you to consider whole or universal life policies, often because it may guarantee coverage for your entire life, term can offer you the exact same protections, but for just the limited crucial time when you are raising your family. The policy generally ends after the term, leaving you with no insurance coverage, but because you spent so much less for the term policy, you will have been able to save up your money and will probably no longer need it.

Home Insurance / Renters Insurance:

Just about every adult needs a home or renters insurance policy, even if you have paid off your mortgage, or if you do not yet own a home.  Why? Because both home and renters insurance provide coverages way beyond the property coverages for the structure and your personal belongings. Among many useful coverages, both home or renters insurance covers you for is premises and personal liability. This liability comes from numerous things such as incidents you make get involved in, or when someone comes onto your property and trips.  The liability coverage can also help you from your exposure if you own certain types of pets. From the liability side, most policy holders should request a “personal injury” endorsement to their policy to assist in broadening their overall liability protection.  This useful endorsement can be had for a very low dollar amount and can end up saving you thousands in a rare but potentially financially ruinous situation.

Auto insurance:

Auto insurance is often required by various state and national authorities in order for you to purchase an automobile. But even non owners of cars should consider buying automobile insurance for cars that they rent or use.  Aim to raise your Bodily Injury coverage to amount sufficient to protect your overall net-worth.  Match this amount with your Uninsured motorist coverage. Uninsured motorist is perhaps the worst named insurance term; a better name might be “Self Bodily Injury.” Uninsured motorist typically only kicks in when the other driver either does not have any insurance, enough insurance, or flees the scene of an accident. Please don’t get into any car without uninsured motorist coverage.

Health Insurance:

Health Insurance which is much debated in the industrialized world may be the number one most important type of insurance that you need. Health insurance can help pay for either emergency care or planned healthcare checkups. Unlike many other forms of insurance, health insurance can be used on an almost weekly basis for various doctors, hospitals, and pharmaceuticals prescriptions. Many people wrongly assume that forgoing health insurance will save them money. Although sometimes this works out in the short term, you will rarely come out ahead in the end.

Umbrella Insurance:

A middle class American may or may not need an umbrella policy, but the general qualifying calculation should be done regardless of who you are. Most home and Auto insurance policies cap out their liability coverage at $500,000. If your overall net worth is more than $500,000 than you really ought to consider purchasing an inexpensive umbrella policy, typically through the same company that does both your home and auto insurance.  Umbrella polices, are extended forms of liability coverage that will efficiently sit over the underlying home, auto, and even other personal liability policies (such as a boat.) These insurance contracts sold in brackets of $1 Million dollars, can be a real financial life saver in the event of a horrendous liability claim, such as hitting and killing another driver.

Umbrella insurance is really one of thebest little secret in the personal financial space. For as low as $250 you may be able to dramatically protect your hard earned wealth.

The Flood, Landslide, and Earthquake Consideration:

These forms of insurance are definitely not necessarily must buys, but every homeowner should consider them in relationship to their cost and benefit. If you own your own house you may want to consider each of these various property insurances that protect your structure from general homeowner exclusions. Each one of these forms of insurance could have a varying degree (and cost) of value depending on the exact location of your home.  Often it’s best to ask homeowners who have paid down a significant part of their home, to consider where they would get the funds to rebuild their home if it were torn to shreds by one of these catastrophic events.

Scott W Johnson is the owner of, a division of Marindependent Insurance Services LLC – an independent insurance agency focused on providing the best insurance value for a family’s financial situation. Johnson and his insurance firm are a certified California Green Business. “Insurance is Complex – Don’t Get Lost.”

Advantages of A Personal Injury Policy

Farhan was driving back to his office after having a meet a client! As the traffic signal turned green, he made a turn towards his office place. And suddenly, there was a loud bang. A speedy bus banged the car just then. And Farhan was trapped inside! The nearby people took Farhan to the hospital. The doctors suggested complete bed rest for Farhan. So that meant he had to take a leave off from his work from the office, right! The person who was being treated just next to him wondered about how Farhan can be at peace and portray such clam behavior to this fact.

What is your take on this situation? What can be your afterthoughts after meeting with an unfortunate condition? Will it be more of a calming situation or that of a daunting one? These questions are a must to understand the importance of personal injury policy! To the above situation, Farhan replied that although the injuries are hell painful, yet it is the only thing he has to worry about. So, why is it so? It’s because he did not worry about the expenses as it was already. After all, he took a good personal injury policy scheme!

You may be thinking about the various aspects of choosing the personal injury policy for your financial condition. You should always have a better approach to dealing with any unfortunate situation. Moreover, when it comes to planning life, one of the biggest opportunities and challenges that are in front of you is personal injury policy schemes. Scroll down till the bottom to explore some of the distinguished aspects of the investment program’s expectations versus the personal injury policy scheme’s reality!

What is really covered in personal injury policy schemes, and what is not covered?

The first thing that you may be seeking an answer is the type of coverage that is offered under the personal injury policy or personal accident insurance. Contextually, if you see a typical context, here are the things that the personal injury policy schemes tend to provide you!

Total/Permanent Disability Cover

In some cases, you might have seen that major accidents can result in a person’s permanent disability. It can also be a lifelong total impairment. These conditions can have the nature of loss for both the limbs and the hands. In this case of total/ permanent disability, the personal injury policy schemes can act as a boon. It offers a specified sum insured to the member.

Accidental Death Cover

Indeed, this is one of the most common reasons to choose from the best of the personal injury policy schemes. Death due to an accident can be a devastating thing for the entire family, right! In such a case, the whole sum is paid to the nominee!

Permanent Partial Disability Cover

It can also be possible to have a case where the injuries sustained during an accident sometimes result in permanent partial disabilities. Personal injury policy programs can tend to be one of the best ways to handle the loss effectively.

On the other hand, many of us find it difficult to choose from the best list of personal injury policy schemes, right! Indeed, various factors decide the applicability of a particular policy for your financial conditions. If the above case seems familiar to you, you can have multiple reasons to hire a personal injury lawyer. Yes, it can be an excellent idea!

Note down the advantages of personal injury policy schemes for better coverage-

  • It offers one of the best ways to be financially stable in case of accidents or unfortunate conditions while at work.
  • There is a lot more compensation for the policyholders, in case they meet with any injuries. Personal injury policy schemes can also be beneficial for minor nature. In fact, you will find some of the companies’ policies that get more benefits and enhanced coverage, although when the premium is on the higher sides.
  • The personal injury policy programs offer added protection for temporary and partial protection in case of devastating accidents. These can also include the unfortunate situations that lead to the loss of livelihood for some of the members.
  • The death coverage with the sum assured is being paid out to the family.

The bottom line

Indeed, education grants can also be available for the policyholders’ wards as it is offered by some of the top health insurance companies. The personal injury policy schemes have different things to offer to the many policyholders. But remember that it is necessary to read the terms and conditions of the policies as it can vary from provider to provider. Get your financial aspects to be safer and more precise with the best personal injury policy for safeguarding your future!

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