In January 2010 the Qatar Financial Centre Regulatory Authority ("QFCRA") issued Consultation Paper 2010/01 ("Paper") inviting comments in relation to possibly allowing general insurers to offer certain short-term life insurance policies in or from the Qatar Financial Centre ("QFC"). The QFC Financial Services Regulations ("FSR") categorise certain types of insurance as either "general insurance" or "long term insurance" (ie life insurance). The QFC, as with many regulated jurisdictions, prohibits insurers from offering both general and life insurance products from the same entity ("composite insurers") except in limited circumstances. The exception to this general prohibition relates to a...
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While choosing an insurance policy, there are more things to look at instead of just the premium of the policy. Having a life insurance cover has become imperative, especially in the current times. However, purchasing one is really a difficult task. Firstly, you have to make sure you have some basic understanding of insurance policies, as different life insurance policies offer different benefits. There are add-ons also offered by insurance companies on basic life insurance covers, to meet different customer needs. Understanding a policy helps you decide if you need riders such as cancer rider, critical illness rider (heart attack, death by accident and for income benefits on disability),...
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The Covid-19 pandemic has brought the global economy to its knees, and inevitably many employers will need to contain costs by cutting salaries. “Being hit with a salary cut or a retrenchment is something every employee dreads, but it’s important not to panic and to manage the situation as responsibly as possible,” said John Manyike, head of Financial Education at Old Mutual. “Even if you suddenly have to downgrade your lifestyle and spending habits, stay calm. Be aware of the various options that are available to you to minimise the knock of a reduced income.” Tips to manage the situation better: Re-prioritise and adjust your budget Now is the time to be realistic and disciplined when it...
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Short Term Life Insurance Life Insurance is an insurance product one buys when you are worried about the financial implications that your passing might bring about to those around you and the financial wellbeing of your estate. Most of us will associate life insurance as something one takes out over a long period of time, perhaps even up to fifty years or indeed right up until our passing. However, there’s a new relatively new life insurance product you might be seeing, or perhaps did not even know existed: short-term life insurance. In this article we explain what it is, how it’s different from other life insurance policies, the benefits, the negatives and everything in between...
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Short Term Life Insurance Defined Short term life insurance is a type of life insurance that provides you with coverage for a very limited period of time. It is less of a hassle to apply for a short term life insurance policy than a traditional long term policy. Since the risk of death is much smaller during a short span of time, insurance companies have less to be concerned about. As a result, you can apply, the company can underwrite, and you can have your short term life insurance policy approved within just 20 minutes online. No physical tests or medical exams required and there is almost no delay from your application to the approval of the policy. When To Get Short Term Life Insurance...
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TransElite Universal Life with Long Term Care benefits Georgetown University, in partnership with the Todd Benefits Group, is delighted to offer t he TransElite Universal Life insurance program with Long Term Care benefits. The TransElite program adopts an innovative linked benefit approach to address both life and long-term care needs that differ from traditional long-term care policies. TransElite recognizes consumers’ desire for flexible coverage and allows them to use their benefits when most needed. With one policy, you could protect against the two biggest risks that people face during their working years and at retirement: premature death and the need for long-term care services. Key...
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Reasons to Avoid MassMutual’s CareChoice One MassMutual is a well-known insurance company offering a diverse suite of products for everyday insurance needs. They are one of the few companies that offer hybrid long-term care life insurance. The name of their hybrid product is CareChoice One. How Does CareChoice One Work? CareChoice One is a single premium whole life insurance policy with a long-term care insurance rider. This combination or hybrid policy offers the insured: Long-term care benefits if you ever need LTC services A death benefit in the event you never need long-term care services. The option to get your money back if you ever change your mind. With a single premium...
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Short term insurance is a nerdy term for all types of insurance policies other than life insurance. It’s called ‘short term’ because your insurance needs for your possessions tends to change and you only take it for a set period of time, whereas life insurance is generally for the duration of your life. The world of short term insurance involves quite a few products and it can be quite complicated to understand what’s on offer and what’s covered. That’s why we’ve taken it upon ourselves to explain it all, including a brief look at each product. Insuring your house There are generally 3 types of insurance related to your home. The first is cover for the actual house, the second is for what’s...
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Short-term disability insurance can replace a portion of your regular income while you aren’t working due to childbirth, illness or injury. After all, your bills won’t stop just because you need to recover. Coverage you need; support you deserve We help you get back to work, with a vocational rehabilitation program that includes personalized plans to help you recover. If you’re only able to do part of your job or work part time, you can receive partial benefits. When you combine your partial benefits and part-time earnings, you could receive up to 100% of your predisability earnings. Your claim for many common diagnoses, including delivery, can be processed within 24 hours...
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In Singapore, we are a pretty blessed bunch with certain rules and regulations implemented by the government to help us protect our monies and investments to a certain extent. If you are considering to purchase life insurance or any insurance in general, you should be aware of the Policy Owners’ Protection Scheme (PPF Scheme), which is administered by the Singapore Deposit Insurance Corporation (SDIC). Check out our infographic to understand better in layman’s terms. 1. About the company that protects you as a policy owner SDIC is a company limited by guarantee under the Companies Act, and set up to protect policy owners in case (touch wood!) a life or general insurer that’s a PPF Scheme...
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