 Is being an insurance agent really hard? |
| I've heard the exam is really hard, it took my sister in law more than twice to pass that test.... |
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 Car insurance companies willingness to pay a claim? |
| I've been looking at several different car insurance companies to compare rates and services. I've never had a claim in the past, but I was wondering if anyone had positive/negative ... |
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 Which Would You Prefer NationWide, Liberty Mutual, State Farm, or Farmers for home & car insurance? |
| And Give reasons why you choose the Insurance company..pls help im trying to choose one for my home and car...pls ... |
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 Does full coverage insur cover additional drivers not listed on policy? |
| I was told that she has full coverage on her car, which should cover me (insur) if something happened. I am not specifically "named" on the policy, does that exlude me from being covered ... |
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 Can I still be on my parents car insurance policy if they are in a different state? |
| I live in California while my family lives in Utah. I have been on my family policy and about a year ago I registered my car here in CA. CA requires insurance (which I have, but in UT). My family is ... |
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 What if someone never recieved a medical bill in the mail? |
| someone applied for medical insurance for they're newborn baby 2 years ago but they have never recieved a bill once. But now they recieved a bill askin for payment. The hospital went out of ... |
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 What is your attitude to insurance agents? |
| I'm proposed to work at this work but I'm not sure that's good to sell insurences to people from the point of morality. It's about life insurance. And I have totaly different ... |
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 Are you automatically eligible for Medicaid in Michigan if you are pregnant? |
even if you have some money saved? regardless of income?
Additional Details
right now I dont make diddly squat but i have some money in the bank and i know they go off assets ... |
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 Poll: Is it fair that those with insurance get to die only once? |
"A recent news story stated that 'victims who lacked insurance died much more often that those who were insured.' Is it fair that those with insurance get to die only once?"
<... |
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 If you had no job and kept your cobra insurance but it was hard to pay would you drop it? |
| i think we are if any thing bad happens in a way is it better as we could not pay what insurance doesn't cover i am not sure as never had this ... |
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 In Texas, if you sign to buy a life insurance but change your mind, can you get your money in full amount? |
| Last night insurance agents are able to pressure us into buying equity index universal life insurance, this morning we realize that it is too expensive and we'd rather have term life, what can ... |
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 Can you tell me where do i go to buy cheap health insurance? How about online health insurance? |
| I'm 23 and my parents can't cover me under family insurance anymore. Buying from my work place is very expensive and have to work at least 32 hours. Buying from University is about $1,400 a ... |
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| Who should pay? |
| I just read a on line story that said that smokers& overweight people should pay more for insurance because they caused their own medical problems. Yes I used to smoke but havent in 30 years.yes I... |
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QS MIB | Term Plan -Endowment Plan for Insurance? |
What is the difference between TERM plan & ENDOWMENT plan? Which one is better in current market situations.???? |
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R L
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in Term plan ur nominee will get money in case of your death in policy period. but you wont get money back at the end of policy period, if you are alive .
endowment plan if death occurs in policy period your nominee get the sum assured. if you are alive , you will get back your money paid plus some bonus 4% to 8% minus insurance charges.
term plan is better choice than endowment.
But in current market situation... go for ULIP plan. its better. make sure the plan should have lesser allocation charge. or otherwise your capital is eatenup more in allocation charge. |
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AJ
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Good that you are asking a very relevant question.
Please understand that Pure Insurance is only Term Insurance. Insurance should never be mixed with Investments.
Lets take an example. A person aged 35 with family and kids, needs an insurance of appro. 10 - 12 times his annual income. If the said person is earning an annual income of 5 Lacs, it is ideal for him to have an cover of Rs. 50 - Rs. 60 Lacs.
If you choose to go for such a cover with Endowment, it would cost him 2 Lacs as premium (Approx), but it is advisable to take a Term Insurance for 50 Lacs for a premium as low as 20000 to 22000, He can invest the rest in PPF, Mutual Funds or Equities.
By doing this you are seperating Insurance from Investments and if you are looking at a longer period, you have good chances of out beating the endowment which gives you a IRR of 4% to 6% only.
By doing a systematic plan of Term + Investments, you have MONEY IF YOU LIVE SHORT,
MONEY IF YOU LIVE LONG and
MONEY FOR EMERGENCIES (As other investments are more liquid in nature)
Hope this gives you some clarity on the subject and make sure you take insurance for the required amount.
All The Best |
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toknowmore
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TERM PLAN - is like your vehicle insurance. You pay upto a specified period and if any thing happens to you within that period your nominee will get the Sum Assured. If you survive to the period, you will not get any thing back on maturity. Like mediclaim, if you are hospitalised, you can claim or nothing will be paid if you stop paying the premium.
ENDOWMENT PLAN - This is also just like the term plan but you will be paid the sum assured plus bonuses on maturity, even if you survive to the specified term. Premium is a little more than the term plan.
You can take term plan and the diffence of the premium can be invested in 5 star rated mutual funds.
Good Luck !
pnkmurthy@yahoo.com |
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Insurance
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both plan gives you insurance protection but serve you differrently.
People buy term life for protection purpose, coz premium is cheaper. term life usually cover you for a specific period of time ie 10 years, 20 or 30 years. It is quite common for people to buy term life to cover their working period. Term life is cheaper coz there is no cash value in the policy, unlike an endownmet policy it carries lot of cash value.
Endowment = Saving + Life Insurance protection. During our working period, many people will start saving for their retirement or children education. In the beginning, many new families have lot of commitment and exposure. So they need some form of life protection. In view of this, insurance companies created endowment plan to help people to save money over a period of time and give them life protection as well. The premium is higher coz it carries cash value.
but many people will buy term insurance and invest the rest. this is provided they can earn more return than an endowment plan. but it is not easy to invest and make profit all the time as it require some skill and discipline |
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Makotto
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Term Plans are plans designed to last until certain age (sometimes ranging from 65 to 90 years of age of the insured person). However, term plans have guaranteed premium only for 5, 10, 20 or 30 years. In my profesion I see a lot of people in their 20s buying huge term policies (half million and above), without realizing that when they are in their 50s the price of their insurance will go up a lot (sometimes even 10 times!).
Endowment plans are designed to last for a lifetime. In an endowment plan, you pay a monthly premium (usually guaranteed never to change) for a certain amount of insurance. The difference is that depending on the age of the insured person, a term policy will give you 5 to 10 times more coverage for the same money. The good thing about endowment is that it will be there 100% (as long as you pay for it, and do not let it lapse).
Term insurance is great if you have debt that is scheduled to go away away in some years (like a 20 or 30 year mortgage, some car loans, etc, etc), because in a few years your insurance will also be gone. Endowment is useful if you are 100% sure that you want to leave some money to your family even if it is not a lot (benefits always depend on your age and health). A lot of people have a little of both, a small endowment (for the last expenses) and a term (for when their kids are little and they still have house payments). |
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