Two of the most common types of insurance are life insurance and health insurance. While they may seem similar on the surface, their benefits are very distinct and serve different needs. So, how do you distinguish one from the other? Life insurance is a type of insurance that pays out a sum of money to your beneficiaries when you pass away. The regular premium payments you make as the plan holder covers this sum. Life insurance is crucial as this sum can provide a bit of cushion for the beneficiaries to use for their needs or to address expenses incurred from death. These types of people include sole income earners in the family, parents with young children, and parents with special needs...
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As we grow up with each passing year, there comes additional responsibilities. Every New Year is also welcomed with various goals and promises we have for ourselves. It is also coupled with several challenges and surprises in our way. To ride through any challenge or mishappening, it is insurance cover (both life and health) that comes in handy. Though we might be insured, it is always fruitful to revise our insurance policies every year as there might be some changes that may have occurred and thereby needs revision. Therefore, in this article, we will discuss about the checklists or the important points to remember. Life Insurance Checklist for 2019 Reassessing our current life...
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Your life insurer could soon double up as your health insurance provider too, if a committee set up by insurance regulator IRDAI votes in favour of this proposal. Will this work in favour of customers? Industry voices weigh in on the debate. RM Vishakha, MD and CEO, IndiaFirst Life Insurance Life insurance and health Insurance are both insurance contracts on a human life. Life Insurers already offer fixed health benefit products such as Critical Illness, Hospital Cash and Cancer cover. As the underlying risk remains the same, health insurance remains a logical growth path for a life insurance company. Being risk managers for a longer term, life insurers have a natural advantage to offer a...
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A new business intelligence report released by HTF MI with title “COVID-19 Outbreak-Global Life and Health Insurance Industry Market Report-Development Trends, Threats, Opportunities and Competitive Landscape in 2020” is designed covering micro level of analysis by manufacturers and key business segments. The COVID-19 Outbreak-Global Life and Health Insurance Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are Anthem, Inc...
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What is Life Insurance? 1. Life insurance comes in two types, term life insurance or whole life insurance plan. A Term Life insurance plan is a fixed term plan that pays out a sum of money in the event of death or total permanent disability. Whole Life insurance plan covers you for a full term and it pays out a cash value upon maturity. 2. Life insurance can be purchased for savings, retirement or investment purposes. 3. You can add on other protection benefits to the plan, such as critical illness coverage and hospitalisation benefits. 4. As of 2019, you are entitled for a tax relief of RM3, 000 for life insurance premiums. What is Health Insurance? 1. Health insurance comprises of...
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References Babbel, D.F., and K.B. Staking. 1983. A capital budgeting analysis of life insurance costs in the United States: 1950–1979. The Journal of Finance 38 (1): 149–170. Babbel, D.F. 1985. The price elasticity of demand for whole life insurance. Journal of Finance 40 (1): 225–239. Beck, T., and I. Webb. 2003. Economic, demographic, and institutional determinants of life insurance consumption across countries. The World Bank Economic Review 17 (1): 51–88. Beenstock, M., G. Dickinson, and S. Khajuria. 1986. The determination of life premiums: An international cross-section analysis 1970-1981. Insurance: Mathematics and Economics 5 (4): 261–270. Bernheim, B.D., K.G. Carman, J. Gokhale,...
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Rahima Moosa Hospital (Rafik Sarlie via Flickr) For the privileged South Africans who have private health insurance, the National Health Insurance Bill is a profound shock. The need for a better healthcare system for all South Africans is nowhere in dispute, but the idea that members of the private system will have no choice but to be served by the dysfunctional public system is, well, heartstopping. But is that what the new system will require? If so, could the Constitution come to their aid? Lawyers are already debating both those points. Leaving aside the issue of the effectiveness of SA’s existing public healthcare, the debate about a single national health insurance system rests on...
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Life insurance firms may again sell health plans for hospitalisation 3 min read . Updated: 26 Feb 2020, 01:41 PM IST Disha Sanghvi Indemnity-based health plans protect you against unexpected medical expenses by reimbursing the actual expense incurred on hospitalisation Irdai had first allowed life insurers to sell individual and group indemnity-based health plans in 2013 “As of now, Irdai has only asked for a committee to be constituted. The reason why they’re doing this is because life and health policies are sold by a similar kind of advisory. They are both heavily advise-based products and though Irdai is saying health segment is growing at 20% CAGR, penetration is still quite low in...
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Many of us do not realise the true value of insurance until an unforeseen event or accident happens. When that day comes, we are quick to ask if there was insurance in place. It is not a grudge purchase, but an absolute necessity. It is therefore vital you ensure that your insurance policy is valid and that your claim will be paid as expected. Henk Meintjes, head of risk product development at Liberty, says: “When you consider that Liberty paid out R4.46-billion in 2017, the need for long-term insurance cover becomes clear. This is money that our clients and their families need to manage their finances through these difficult times.” Life and health insurance helps you and your family make...
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Would you do away with life insurance? Do you think it’s OK to NOT have life insurance? If you do, you are probably one of the 0.001% of the populace who thinks so. Jokes apart, there are no two ways about the fact that life insurance is a must-have financial product for everyone. Life Insurance provides a lump sum benefit payable upon your death, to your next of kin. Most life insurance policies are term life insurance policies as the contract is only renewable for a certain term. Typically, all term life insurance policies have the age limit of 65 years, beyond which, the policy can no longer be renewed. Beneficiaries of life insurance policies are normally your dependants. Life insurance...
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