Features of Group Insurance

Organizations, large or small are increasingly getting sensitive to their social obligations towards their employees. They are realizing that their duty extends beyond giving salaries on time. The large pool of funds and the strong base of managerial expertise makes it possible for them to do something more for the economic and social security of their people.

Group insurance is one such social security measure taken by organizations to safeguard the future of their employees. It is a type of insurance policy where the insured party is not an individual but a group of people like employees of the same organization, society members, labor unions, professionals of a single body, etc. The policy is normally taken by the employer or the head of the society for the benefit of its members. The policy generally covers accidents, health, disabilities, retirement liabilities, and death.

The policy is equally beneficial for the employer because it enables him to successfully manage gratuity and pension liabilities on time while keeping the investments of the company intact. Taking such policies at the earliest avoid cash flow problems, disruption in growth plans, and retain the company's image.

Group insurance is cheaper compared to individual insurance. The presence of a large number of contributors reduces the cost per contributor to the minimum. In other words, the premium amount spreads across all the members. In many cases, the entire cost of the policy is borne by the employer. In other cases, there is a deduction from the salary of the employee. The deduction is proportionate to the size of the salary and reflects in the salary structure.

Group insurance plays a pivotal role in influencing the psychology of an employee. It makes him feel a part of the organization, which in turn, motivates him to perform better. It even reduces employee attrition rate and unrest in labor unions. Special policies where the employees' families are also covered for the benefits make them content and faithful to their employer.

In India, almost all insurance companies provide group insurance policies that have a number of takers. All policies have diverse features and benefits suiting different security requirements. Even the premium amount is a competitive rate to minimize the insurance cost. One can refer to the websites of insurance companies to know about their policies in detail. One can also avail the services of an insurance broker to take the right policy.

How To Get An Online Insurance Quote

As the pace of daily life gets more and more hectic, people have less and less time to go out getting insurance quotes and things like this. This means that the insurance companies have to find new ways of allowing people to get their insurance quotes and this has led to the online insurance quote.

There is only one way to get an online insurance quote. You have to go online to the relevant insurance company's website and fill in the form that you will find there.

There are a number of different kinds of insurance though and you will need different kinds of information available to get those different insurance quotes. Let us look at life insurance as an example.

You will need to decide when you want to start the policy. This will allow the insurance company to accurately project the information that you give them.

You also need to have a number of personal details ready. This would involve things like your gender, whether you smoke or not and where you live as well as you income bracket.

You will also have to decide how much cover you want to take out. You might be offered some selections of readymade policies or you might be able to stipulate your own amount. It all depends on the online insurance quote form the website has on it.

You will also have to answer a range of health related questions. This will have to do with things like cancer and family history of cancer, heart disease and a wide range of other conditions that are potentially hereditary and can be life threatening. This is used to work out your risk levels as a potential investment for the insurance company. You must be sure to answer all of these questions as honestly as you are able.

You will also most likely be questioned on things like your alcohol intake and drug use. These all have an effect on your policy premiums and things like this.

It does not matter what questions you are presented with, you have to be sure that you answer them as accurately as you are able to. To lie on an insurance application is tantamount to fraud and this is one of the offenses that will lead to your policy being voided. Not something that you want, especially if you have already started paying premiums and are found out.

Getting things like life insurance is an very important part of being a responsible adult and no person should be without a life insurance or funeral insurance policy. The same goes for things like car insurance and home insurance. You have to protect the things that are precious to you so that if the worst happens you are able to get going with your life once again. Do not leave things like insurance, especially life or funeral insurance, until it is too late. Rather take a few moments and fill in an online insurance quote form and get the process started now.

The Most Important Read On General Insurance

Small business owners need to insure more than just the building in which they operate. They also need to insure any special tools or equipment used in the conduct of their business. A business owner's equipment and tools are considered personal property and are not normally included in the coverage provision of most business liability policies. Therefore, they must be protected against loss, theft or damage, with a separate policy.

Repeat after me: you must always read the fine print when signing an insurance policy. In an insurance transaction, you typically will have to sign a large number of pieces of paper containing thousands of words in tiny print. You need to read - and understand - these forms before you sign any insurance policy. Do not allow the agent to blow through the forms and simply sign at the several places marked with an X. If you don't understand the fine print, you will likely regret your purchase decision down the line.

Consolidating all of your insurance policies under one roof can help you save a bundle on your premiums. Insurance companies commonly give big discounts to people who have multiple policies. Talk to your insurance company and ask for a quote on other forms of insurance to see how much money you could save.

To make sure you get the coverage that's right for you, research the various types of coverage available. Educating yourself about coverage will make sure you don't pass up on anything you need, and will save you money on the things that you don't. Knowledge is power, and this knowledge gives you the power to get the perfect insurance plan.

Sometimes, insuring a pet can be a great way to be sure that you will have enough money to take care of that pet if an illness occurs or maybe, some other kind of accident. The insurance will cover the expensive surgery, medicine or other veterinary bills, saving you money.

Pre-paying your insurance bill can save you money on your premium. Insurance companies prefer for you to pay your insurance in a lump-sum and will reward you for saving them time and money on the costs of sending you bills. You can save payment plan fees of up to 3%!

Don't rule out using an insurance broker. An insurance broker can save you time by doing a lot of research then presenting you with the insurance policies best suited to your needs. They can also explain legal terms in insurance policies and they can often offer you great discounts on policies.

Be sure to have photographic evidence of all of your important belongings. This will ensure that you are able to honestly and accurately do your accident at work or road accident claim what you lost from your insurance company. If you did not do this, then check with friends and family for pictures that may include possessions in the background.

One of the best ways to save money on insurance is by maintaining a good credit score. Most insurance companies these days take into account the customer's credit score as part of the calculation done for insurance rates. With that said, maintaining a good credit score could help save money.

The best time to switch insurance providers is when your policy is up for renewal. Canceling a policy at the end of it's term means you won't have to pay a cancellation fee, which saves you money. You also can let your current insurer know that you plan on canceling and moving to another insurance company and they may offer you a discount to match the new company's offer, or even better it.

A yearly review of their insurance policies is a habit everyone should practice. Make sure that all information on your policy is correct and update it with any changes. Make sure you are receiving credit for such things as automatic seat belts on your automobile policy and security monitoring on your home owners policy.

A few years ago, it might have been wise to drop medical payments from your automobile insurance policy, when it was common to be able to expect your health insurance policy to cover almost all of your accident-related medical costs. Now, with health coverage becoming more restrictive, it's worth doing the math to see if it's worth getting the extra medical payments coverage reinstated.

If you are a member of a union or other important group, make sure to tell your insurance agent. Many insurance companies will offer steep discounts for certain groups, so you should ask your agent if yours does as well. You do not want to miss out on taking advantage of great benefits.

Look out for multi-insurance policy discounts. Sometimes insurance companies will offer customers a discount of 10% or more if they take out several contracts at the same time, for example home insurance, auto insurance and health insurance. So, when asking for insurance quotes from various insurance companies, be sure to ask them if they offer any discounts for taking out multiple policies. It is always better to go for your accident claim with personal injury lawyers offering no win no fee service.

Get endorsements for your valuables. For example, you will want to take your valuable jewelry to a jeweler and have an appraisal done on it. You then must provide your insurance company with that appraisal. This will prove that you indeed did have the item in question and how much it was worth so you can be paid for the actual value of the item.

You can qualify for discounts if you declare to your insurance company that you do not drink or smoke. Also, having an alarm in your car reduces risks of theft and will save you money on your insurance. Make sure you are getting all the discounts you are entitled to.

Finding The Cheapest Classic Motorcycle Quotes

Getting classic motorcycle insurance quotes online is easy and convenient, just like car insurance, motorcycle coverage is important too. Cars, boats, and motorcycles are our second biggest investment. The large majority of insurance companies will base their rates on several factors; the age of the driver, the driving history, the number of accidents reported, and the year, make and model of the motorcycle. Since classic vehicles are rarely involved in accidents many companies may be able to offer the driver a reasonable quote. Once again, this depends on what kind of information is found in the drivers driving record. Nevertheless, drivers should have a good driving record that dates back at least three years.

Before bike owners can get insurance coverage quotes there are some practical questions that the insuring company will probably ask. For example, most companies prefer the vintage motorcycle be at least 15 years old or older. They also want to know what kind of storage methods are used to keep the bike safe. Other information they ask about pertains to the use of the motorcycle, whether it is used for business purposes or for pleasure. What may actually help to get an even lower quote is to have an extra vehicle in the home. If insurance companies realize that the vintage motorcycle is not the primarily source of transportation, they may be inclined to offer better price quotes.

The amount of coverage available and the cost of monthly premiums will vary from state to state. There are certain set fees and taxes that each state are required to charge and collect. What the driver can expect their online quote to include is:

- Physical damage coverage (does not include collision damage) - Loss due to acts of violence, fire and unforeseen events - Protection caused by the owner - (Personal injury protection) Pays for medical bills due to an accident without regard to who is at fault - Uninsured motorist insurance, which covers people involved in an accident with no or limited insurance. - Liability insurance which protects the driver against lawsuits arising from physical harm or property damage - Depreciation and inflation protection, which includes motorcycle parts

Not only can the quote be obtained online the insurance can be purchased online as well. Payments can be made using a credit or debit card. Like car insurance, discounts are given to drivers who have anti theft equipment attached to their motorcycle. Finding cheap classic motorcycle insurance online is not as difficult as it seems.

Wedding Insurance - Preparing Yourself for Unforeseen Change of Plans

Marriages are always good news, and the big day is celebrated with a lot of splendor. Marriage arrangements involve a lot of expenses starting from getting the invitation cards designed to distributing them among friends and families. Additionally there will be other expenses like booking the venue, getting it decorated, food and catering, limousine services, buying jewelry and dresses, flowers and a lot more.

It would be a real disappointment if something where to go wrong after putting in all the efforts, worse still, if the marriage doesn't take place due to some reason. It would be in your best interests to make sure that your wedding is insured against any unforeseen mishaps.

Yes, you heard it right. You can actually have your marriages covered with this. Moreover, it sounds like the most sensible thing to do, as wedding arrangements can be really expensive. It will also give you a peace of mind knowing that you are prepared for any kind of undesirable incidents.

What does wedding insurance cover?

Now, there again will be a lot of variations in wedding insurance coverage plans that are being offered by various providers. For example, some plans might cover the entire wedding expenses, while there might be other plans with deductibles on certain categories. However, it would be in your best interests to make sure that you deal with the right insurance providers.

Few of the things that are covered under the policies of this insurance include:

• If the wedding does not take place on the decided date for reasons like bad weather, accidents or illness, the cost of rescheduling the wedding ceremonies will be reimbursed by the insurance provider.
• If there is any property damage at the marriage venue, they can also be covered under insurance.
• It also cover thefts of valuables like jewelry, dresses, gifts etc.
• If the wedding suppliers or caterers fail to deliver or if they cause any damage to the wedding arrangements, the policies will also help in recovering the deposit payments made to them.

Now that we understand the advantages, the question arises about when we need to purchase them. Under ideal conditions, the best time to go for the marriage insurance would be immediately after planning for the big day. Make sure that you clearly understand all the deductibles that are not covered under the policies.

It would be wise to go for the marriage insurance at your earliest convenience, since some providers might be reluctant to offer you the policies when the wedding dates are really close. Make sure that you conduct thorough research among multiple providers and compare their plans before purchasing the one that's suits you the best. Most of the providers will offer you with free insurance quotes on their websites.

How Much Insurance One Really Needs

A case study based on Total Needs

Say, Mr Lim, aged 35, earns $ 100k annually. He is married with a 3 years old son. Should he dies, he wants his family to have an annual income of $ 60k for the next 25 years, with the first payment due his death. He also needs to ensure his son is provided with at least $ 150k for his tertiary education in 15 years time. His biggest debt includes his house mortgage with $ 250k outstanding amount. His wife is also working and will be able to service the house mortgage with her salary.

Net worth statement

Assets

1. House market value = $ 500k

2. Equity and unit trust = $ 50k

3. Bank deposits = $ 10k

4. Existing life insurance = $ 100k

5. Employees Provident Fund (EPF) = $ 200k

6. Group insurance death benefit = $ 30k

Total assets= $ 890k

Liabilities

1. Outstanding house mortgage = $ 250k

Calculation

A conservative projection of 5% per annum of money growth, slightly outpacing inflation.

Present value of annual income

PMT = $ 60k, i = 5%, n = 25 years, PV =?

The Present Value is $ 888k (good number!)

Present value of son's education cost

FV = $ 150k, i = 5%, n = 15 years, PV =?

The Present Value is $ 72.152k

Total liabilities = $ (250k + 888k + 72.152k) = $ 1210k (that's 1.2 million).

There is a shortfall of $ (1210k - 890k) = $ 320k. This is a rough figure for the additional insurance coverage needed.

It is prudent to note that the shortfall can be less than this because:

1. Existing investment and bank deposit could earn compound interest over the years if his wife manages his portfolio well after he is gone.

2. Assuming the sole beneficiary of his EPF fund and life insurance policies is his wife, this lump sum amount can also be invested to earn compound interest.

3. We all know that real estate properties value appreciate over the years!

I am sure when you first started working and bought your first insurance, your agent only asked you how much premium you can afford to pay per month, and then he will quote you the coverage accordingly. No insurance agent came to me before and offered such details. Okay, then again, I would not be interested with all this at that time, plus, when you are not married, you have no dependent yet. However, when reaching certain stage in life, I believe it is critical to look into your insurance coverage to ensure all financial risks to your family are minimized should you pass away.

Cheap Car Insurance

Cheap car insurance, also called auto insurance, motorcar insurance, motor insurance, motorcycle insurance and bike insurance, is insurance the public can buy for their cars, trucks, and motorcycles. The primary use of car insurance in South Africa is to offer cover against losses resulting from traffic accidents and theft. The following is a brief description of car insurance, but if you already know about the topic, we suggest you click through on the quote links and get a quote from InsuranceHound (online insurance quotes in real-time), MiWay, Hollard, Dial Direct, Budget. Be sure to wait for a car insurance quote from all the companies before taking out a policy and let the representatives know that you are checking out their competitors. This will ‘motivate’ them to give you the best possible deal!

Insurance Coverage
Cheap car insurance policies can cover the following:

* The insured driver (liability)
* The insured motor car or motorcycle
* Third parties

Insurance policies differ in respect to what is covered by the policy e.g. theft, fire, or accident damage. Policies also differ in respect to the extent of remuneration.

Public policy
Car insurance is compulsory in many countries around the world, but not in South Africa. South Africa takes a portion of the money earned from petrol and places it into the Road Accidents Fund. This money is used to compensate third parties in accidents.

Basis of premium charges
In South Africa the insurance premium is determined by the insurance companies following government regulations and frameworks. Besides regulations, premiums are calculated using statistical data calculated by actuaries. Factors that influence premiums include car characteristics (alarms, immobilisers, airbags etc.), the coverage chosen, the driver (including age, gender, history etc.) and the usage of the car (commuting or business).

Gender
Women have just as many accidents as men, however they tend to be minor fender-benders. Men, on the other hand, tend to do the job properly when they crash, and as a result cost their insurance companies a lot more money. Men and women tend to have almost the same number of accidents, but women tend to have more fender-benders while men tend to do a good job of crashing cars. The result is that men do more damage and their claims are higher than their female counterparts.

Age
Younger drivers don’t have much in the way of driving histories and will therefore have higher premiums. Premiums tend to come down after the age of 25, and will go down a lot after the age of 35.

Car Characteristics
Due to the high rate of vehicle theft; many insurance companies will refuse to cover a high risk vehicle for theft unless an approved alarm or anti-highjack system is installed in the car.
Some insurance companies also take the vehicle colour into account when calculating a premium.