Highlights: Insurance policies offer coverage in case of unfortunate events They are classified under ‘Life’ and ‘General’ categories You can also check out affordable Pocket Insurance policies Purchasing insurance policies online is convenient 2. General Insurance All non-life insurance policies are clustered under General insurance. These policies are for shorter tenures (usually twelve months), but policyholders have the option of renewing them. Popular variants of general insurance include: - Health Insurance: Health insurance covers medical and healthcare costs. These policies can be individual policies or group policies. You can also extend coverage to your family. - Motor Insurance:...
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Published: Tuesday | June 9, 2020 | 12:19 AM WITH THE COVID-19 pandemic affecting many persons financially, two of the country’s leading insurance executives are advising policyholders to resist the urge to cash in on the investment portion of their policies. Orville Johnson, executive director of the Insurance Association of Jamaica, said that the insurance industry paid out $23.2 billion in claims in 2019, with $3.8 billion being disbursed for death and critical-illness benefits while the rest was paid out for living benefit. Johnson pointed out that while it is still early to determine the full impact that COVID-19 will have on the payment of benefits, cashing in on the investment...
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5 Steps to Getting Insured Think of this article as one of those vitamin-enriched, whole-wheat loaves of bread: an honest, wholesome guide to getting insurance. This isn’t another one of those ‘clickbait-y’ articles with a promising title and disappointing content. We chose the title because it’s genuinely easier to explain the linear process of getting life insurance in steps. Think of this article as one of those vitamin-enriched, whole-wheat loaves of bread: an honest, wholesome guide to getting insurance that’s packed full of extra information on how to avoid some of the mistakes people commonly make. And it’s just as ‘nutritionally fulfilling’ to those of you who are already insured,...
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Help for insurance customers from today Insurers are now expected to allow policyholders to defer costs while keeping cover in place. The Finance Conduct Authority (FCA) confirmed last week that insurers would be obliged to defer payments, reduce premiums, waive cancellation fees and offer discounts to people who can’t afford insurance due to Covid-19. The temporary rule change affects people who hold car, home, travel, private medical, life, income protection, and accident and sickness insurance policies. The regulator first put forward plans to help these customers at the beginning of May. The rule change comes amid growing concern that although some providers have offered struggling...
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Tennessee Voices, Episode 36: Jeff Zander, CEO, Zander Insurance COVID-19 has created uncertainty for everyone about health and safety, job security and when it might be best to get on a plane again. Among those trying to navigate the uncertainty are insurance companies that are in the business of assessing risk and offering policies at certain price points for customers. Lingering questions about issues such as mortality rates are causing some companies to withdraw or change offerings on health or life insurance, for example. I discussed this topic with Jeff Zander, CEO of Zander Insurance, an insurance broker, for this episode of the Tennessee Voices videocast. Zander has spent 40 years...
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It was evident that the fever, nausea and loss of appetite Vlastimil Gajdoš felt on his wedding day was not a mere case of cold feet. Gajdoš, 65, fell ill in Honolulu in March after arriving with his bride-to-be from the Czech Republic. He and Sylva Di Sandro, 58, intended to marry and honeymoon on the island. While they did tie the knot, they also engaged in serious battle with the novel coronavirus. He was in the hospital for two weeks, some of it in intensive care, on a ventilator. Like many visitors to the U.S., who are aware that health care prices here can be higher than back home, Gajdoš purchased a travel insurance plan that covered up to $300,000 in medical expenses. But after...
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There are been at least two court rulings on the COVID-19 insurance coverage litigation. In Pennsylvania, the Supreme Court denied the extraordinary request to consolidate COVID-19 cases under what is called Kings Bench Powers. In New York, a federal court denied an emergency request for a preliminary injunction requiring an insurer to pay its policyholder immediately while the coverage case is pending. What can we read into these two rulings? In Joseph Tambellini, Inc. v. Erie Insurance Exchange, No. 52 WM 2020 (Pa. Sup. Ct), an emergency application was made for extraordinary relief under Rule 3309 to invoke Kings Bench Powers to bring all COVID-19 cases under the court’s...
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But while everyone knows they need insurance, most people aren’t clear on what type or how much they require. That’s right: it’s possible to buy too much insurance, and end up wasting your money. Here’s the real lowdown on how this insurance thing works: What are the types of insurance you absolutely need? In order of importance, these are the types of insurance you should have to survive in Singapore: Critical illness coverage 1. Health insurance Every Singaporean has basic health insurance, in the form of MediShield. Now, basic MediShield can cover most of your hospitalisation costs, if you stay in a public hospital, and in a C to B2 class ward. But if you go to a...
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5 Reasons Why Everyone Should Have Life Insurance Life insurance is one of the best ways to leave a significant amount of money for your family in case you die unexpectedly. If you are the sole earning member in your household, your life insurance policy will protect your kids, parents, and partner by transferring the risk of not having a stable breadwinner. Life insurance companies sell hundreds of policies throughout the year. This shows how crucial life insurance is for everyone. Buying life insurance has multiple benefits that you may not know. 1. Investment value Whole life policies work differently compared to term life policies. The former combines your coverage benefits with your...
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Like life insurance policies which can be paid in monthly, quarterly, bi-yearly modes, soon you will be able to pay health insurance premiums similarly. This has come amid Covid 19 outbreak after IRDAI's call on the issue, when people have been facing liquidity crunch and might have otherwise not paid their premiums and let their policies lapse. Who can pay health insurance premiums in installments? This relief wherein health insurance premiums could be paid in installments is allowed or extended for all such policy holders whose policy have to be renewed latest by March 31, 2020. Earlier, the IRDAI issued similar guidelines via a circular with minor changes in September 2019. By when will...
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