Riders and Additional Benefit

A rider provides some additional benefits under an insurance policy which is not provided in the basic policy, usually at an extra premium.Riders are also used to add non-life insurance benefits to life insurance policies.

Most riders involve benefits that do not require nonforfeiture values, and the benefits described here do not, except where noted.

Type Of Riders And Additional Benefit

1. Accident Benefit
2. Disability Benefits
3. Long-Term Care Benefits
4. Accelerated Death Benefits
5. Guaranteed Insurability
6. Automatic Increase ('Cost Of Living Adjustment"

More

Variable Life

Variable life insurance provides the policyholder with the opportunity to invest the funds in one or more separate accounts with specified investment goals.As the value of the separate account varies, (usually it is recalculated on a daily basis ) the death benefit may also vary, according to mechanism described elsewhere in this text.

Variable "Universal Life is Universal Life with the fund invested in one or more separate accounts, as selected by the policyholder.Generally , the mortality and expense charges are made on a daily basis, since the amount of insurance is subject to daily variation based on the value of the separate accounts.

More

Universal Life

In a universal life policy.sometimes called interst sensitive life insurance, each premium is deposited into a fund, sometimes given a name like "savings element", as it received.The fund periodically (usuallly monthly) charged with mortality costs and expenses , and interst is credited to the fund.

Universal Life Insurance may be offered with fixed premiums, or as "flexible premium life insurance" , where the plan allows maximum flexibility in timing, frequency and amount of premiums.

Once a year the policyholder receives a statement showing the operation of the fund for the year.

More

Whole Life Insurance

Guarantees coverage for the entire life span of the insured, ensuring that a death benefit will paid if the policy is keep in force by payment of premiums.Whole life insurance always generates reserves and cash and other nonforfeiture values.

Type Of Whole Life Insurance

1. Level Premium Whole LIfe
2. Limited Payment Life
3. Graded Premium Life
4. Joint Life
5. Endownment
6. Combinaion Plans
7. Dividend Anticipation Plans

More

Term Insurance

The insurance that does not extend for the entire life span, ends after a specified time , if the insured is then still alive.Term insurance often includes provisions guaranteeing the rights to:

1. renewal- to buy a new term policy or extend the existing one for period of time after expiry of the initial term period without providing any additional evidence of insurability.
   
2. conversion-to buy a new policy which is not term insurance at some specified time at or before expiry of term (again, without evidence of insurability)

Types Of Term Insurance

* One-Year Renewable Term
* Re-Entry Term
* Level Term
* Decreasing Term
* Automatically Convertible Term

More

Life Insurance

Insurance policy is a contract between two parties.The first party ,the insured agrees to make one or more payments (premiums) to the second party, the insurer.The insurer, agrees in return to make payment (the amount of insurance) to the insured, if and when the event insured against occurs.

In case of life insurance ,there are many parties involved.If the insured death,the third party to whom the insurance is payable is called beneficiary.

It is not necessary that the insureds pay the premiums.It can be paid by fourth party which is called policyholder or owner.In return for payment of premium, the policyholder has the rights including to name the beneficiary.

More

Travel Insurance

Travel insurance coverage is usually limited to the period of your travel. However, some insurance companies may offer various combinations of protection to cater to the specific needs of customers, including long-term annual policies for a frequent traveller.

A travel insurance can be purchased for you and/or your family to insure against travel-related accidents, losses or interruptions, such as:

• Personal accident
• medical-related expenses
• loss of travel or accommodation expenses due to cancellation or curtailment of the journey
• losing your baggage, belongings and money
• losing your passport
• personal liability
• delayed baggage
• travel delays
• hijacking
• repatriation
  

More