Insurance Info

Insurance is a contract wherein an insured (entity or an individual) receives monetary protection or reimbursement against future losses from an insurer (insurance company). To put it in other words, an insured or a policyholder purchases policy from an insurance company and pays premium for the required coverage. In turn, the insurer promises to cover the financial losses listed in the particular policy. Apart from different type of policies, insurance industry is dominated by a number of insurance professionals, who guide people right from purchasing a policy to settling a claim.

Types of insurance policies

Insurance industry is nothing without insurance policies. There are a number of insurance policies, some of which are listed below.

• Life insurance: In life insurance, the designated beneficiary/beneficiaries get cash benefit in the event of the policyholder’s death.

• Auto insurance: You need to purchase an auto insurance policy if you own a vehicle. This policy provides coverage to you and your car in the event of an accident, theft or damage. It also covers bodily injury and property damage liability. Continue reading ‘Insurance Industry – The Responsibilities of Insurance Professionals’ »

The change in the family demographics due to severe economic changes for the past decade has created an extensive need for Long Term Care. Rather than focusing on the need for Long Term Care and Long Term Care Insurance, let’s focus on the changes within our families which is actually one of the key causes of needing Long Term Care Insurance.

Let’s go through the changes and the impact of economic conditions on our families:

• Dual income families were created: Our family structure is not how it used to be. We do not have one bread-winner and one house-maker anymore. Most families have both of the spouses required to work to accommodate the needs of the families. Further more, younger children may even have to work to contribute to the family income.

• Fewer Children: The cost of having children has become increasingly expensive. Not only the basic needs of children, the increase cost of education and health care became a big concern, which consequently caused families to have fewer children. Continue reading ‘Family Decision – Do You Really Need Long-Term-Care Insurance?’ »