Why buy life insurance?
Topping the list of reasons to buy life insurance is the financial protection life insurance offers. If you’re single and just starting out, you may not need life insurance. But as you take on more responsibilities and your family grows, your need for life insurance increases. The proceeds from a life insurance policy can replace the income lost to your family upon your death. You might also want to buy life insurance to pay off debts and expenses, leave money to charity, and cover final and estate expenses.

Choose term or cash value
There are two basic types of life insurance: term life insurance, which provides life insurance coverage for a specified period of time (the term), and cash value (permanent) life insurance, which combines a death benefit with a cash value component. Cash value insurance offers lifetime protection, while term insurance may be the most affordable option if you’re buying life insurance mainly for the financial protection it offers, and your need for life insurance is temporary (until your children leave the nest, for instance). Some term policies (called “convertible”) will permit you to exchange the term life insurance policy for a permanent one at some point.

Decide how much coverage you’ll need
The amount of life insurance protection you should buy depends on how much income your survivors will need, how much you own and owe, and the amount of other life insurance available to you. If you’re married, both you and your spouse should consider buying life insurance. One of the easiest ways to estimate how much life insurance protection you should buy is to use a life insurance needs calculator.

Pick a number between 1 and 30
Term life insurance is usually offered for periods ranging from 1 to 30 years. Consider choosing a term that matches your need for life insurance protection. For instance, if your main reason for buying life insurance is to protect your 7-year-old twins until they’re out of college, you’ll want to buy a policy with a term of at least 15 years.

How much will it cost?
How much you pay for life insurance will depend on a number of risk factors, including your age, your health, whether you use tobacco, your family health history, and the type and amount of life insurance you’re buying. Keep in mind that the premium you’re quoted initially will increase later. For instance, when you buy term life insurance, rates are guaranteed only until the end of the term (annually for annual renewable term or at the end of a specified number of years for level term). While most life insurance policies can be renewed at the end of the term, you’ll pay a higher premium for coverage.

Shop around
When comparing quotes for life insurance, make sure that the insurance coverage you’re comparing is similar. And remember, any policy that you buy is only as good as the company that issues it. Find out what rating the company has received from major ratings services, such as A. M. Best or Standard & Poor’s. These companies evaluate an insurer’s financial condition and claims-paying ability. The company giving you a quote should provide you with this information. You can also contact your state’s department of insurance to find out more about an insurer’s record.

Submit an application
Once you’re ready to purchase a life insurance policy, you’ll fill out a life insurance application that contains questions about your current and past health history and lifestyle. You’ll generally be required to take a medical exam, arranged and paid for by the insurance company. The answers you give on your application, along with the results from the medical exam and your past health history, will help the insurance company determine whether to offer you a policy, and if so, at what price.

Learn the lingo
Maybe a life insurance contract isn’t as exciting as a best-selling novel, but read it anyway. Policy provisions, the amount of benefits, the premium, and other charges you’ll pay will be listed along with other important information such as the beneficiaries you’ve named and the premium guarantee period. Make sure you understand everything in the policy. Under the laws of your state, you may have a “free look” period (typically at least 10 days) during which time you can cancel the policy without penalty.

Altig is a professional marketing and service firm delivering training and support systems to their clients within 19 states and 7 provinces in Canada, who are independent agents exclusively providing American Income Life insurance products and supplemental benefits, such as life insurance and accident insurance for middle income families, protecting them in the case of illness or death, as well as benefits and insurance program management services for labor unions, credit unions, associations, and private clients.

Agents clearly explain, face to face, where people need to add protection for their families so they have the cash when they need it in the case of illness, injury, or death. A strong commitment to protect every child and serve all working people is adhered to, giving families the personal touch of a small company with the stability of a large company. This results in a perfect blend of affordable insurance solutions, service oriented agents, and union affiliation.

Altig continues to lead the way in technological innovation to support its client sales force. A dedicated IT team focuses on online collaboration tools like ARTS, an official company intranet accessible only to Altig clients, which tracks the progress and success of each individual and each team.

Altig is one of the few companies that created its own digitally distributed TV program to communicate with its client offices. In 2003 the Altig leaders agreed that there had to be a better way of relaying information to the clients than just reading memos. In response, AltigTV was launched – a 20 minute weekly broadcast that maintains exciting and consistent communication throughout our organization.

American Income has been providing benefits to families for over 50 years and has recently been rated A+ Superior by AM Best, the organization recognized by the U.S. Securities and Exchange Commission for assessing the financial strength of insurance related organizations and the credit quality of their obligations.

With over $15 billion of life insurance in force, American Income is nationally recognized as one of the significant carriers of supplemental insurance in North America. Headquartered in Waco, Texas, American Income currently operates in the U.S., Canada, New Zealand, Puerto Rico, and the Virgin Islands.

American Income is a principle subsidiary of Torchmark Corporation, a Fortune 500 company traded on NYSE under the symbol TMK.

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as “perils”. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are (non-exhaustive) lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set forth below. For example, auto insurance would typically cover both property risk (covering the risk of theft or damage to the car) and liability risk (covering legal claims from causing an accident). A homeowner’s insurance policy in the U.S. typically includes property insurance covering damage to the home and the owner’s belongings, liability insurance covering certain legal claims against the owner, and even a small amount of health insurance for medical expenses of guests who are injured on the owner’s property.

Business insurance can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owners policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.

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Insurance is a contract in which an insurance company guarantees a specific amount of money to assign beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly a fixed amount, known as the insurance premiums. Which are the areas on which you feel the need for insurance? What are the best services, policies or plans available in the market? What are the areas that are not covered under the insurance policies? Like those question has been arise when anyone seems like to join insurance company or want to buy life insurance policy.

Everyone finds a life insurance company which offers the best benefits and provides sufficient coverage against investment. In finance sector of India there are many life insurance companies provides you different type of insurance services and plans among them some would be really provide you benefits and coverage on investment.
Life insurance is the only product that offers tailor made customized solutions for all your investments need at all stages of life be it for yourself or for your loved ones. I have gone through many life insurance companies among them some provides good life insurance services and plans that suits the insurers budget and benefits like life insurance corporation of india, Aviv life, met life, reliance life or Bharti-axalife and many more.

Insurance policies can be of many types according to various needs of a person or business. Now its depends on you which company or policy will secure or protect your future rather than providing only promises. It is really critical decision to choose one company among list of companies and you need to review lot of details to separate the best companies from the ordinary ones. The most sufficient way to find out your chosen life insurance company is reputable and beneficial is to do some analysis. There is different way to do analyze to find the best insurance company. You may want to discuss with your colleagues, family members etc who use the same life insurance company. Second way is that you may want to read information publish by the life insurance company, such as through news paper, company web site, customer care for doubts, and directly speak with agent. So keep in mind always please read documents before a purchase any life insurance policy.

By opting for a life insurance company that provides you exactly what your demands are, you get to interact with genuine people who could further guide you in the longer run of your financial responsibilities and enhance your ability to financially stabilize your self.

Liability insurance is a part of the general insurance system of risk transference. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally and contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the right to defend the insured. The legal costs of a defense are not affected by any policy limits, which is useful because they can be significant where long trials are held to determine either fault or the amount of damages.
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In many countries, liability insurance is a compulsory form of insurance for those at risk of being sued by third parties for negligence. The most usual classes of mandatory policy cover the drivers of vehicles, those who offer professional services to the public, those who manufacture products that may be harmful and those who offer employment. The reason for such laws is that the classes of insured are deliberately engaging in activities that put others at risk of injury or loss. Public policy therefore requires that such individuals should carry insurance so that, if their activities do cause loss or damage to another, money will be available to pay compensation. In addition, there are a further range of perils that people insure against and, consequently, the number and range of liability policies has increased in line with the rise of contingency fee litigation offered by lawyers (sometimes on a class action basis). Such policies fall into three main classes:

Public liability

Industry and commerce are based on a range of processes and activities that have the potential to affect third parties (members of the public, visitors, trespassers, sub-contractors, etc. who may be physically injured or whose property may be damaged or both). It varies from state to state as to whether either or both employer’s liability insurance and public liability insurance have been made compulsory by law. Regardless of compulsion, however, most organizations include public liability insurance in their insurance portfolio even though the conditions, exclusions, and warranties included within the standard policies can be a burden.

Those with the greatest public liability risk exposure are occupiers of premises where large numbers of third parties frequent at leisure including shopping centers, pubs, clubs, theaters, sporting venues, markets, hotels and resorts. The risk increases dramatically when consumption of alcohol and sporting events are included. Certain industries such as security and cleaning are considered high risk by underwriters.

Private individuals also occupy land and engage in potentially dangerous activities. For example, a rotten branch may fall from an old tree and injure a pedestrian, and many ride bicycles and skateboards in public places. The majority of states requires motorists to carry insurance and criminalise those who drive without a valid policy. Many also require insurance companies to provide a default fund to offer compensation to those physically injured in accidents where the driver did not have a valid policy.

In many countries claims are dealt with under common law principles established through a long history of case law and, if litigated, are made by way of civil actions in the relevant jurisdiction. For example, in North Korea, those found without proper liability insurance face punishment ranging from ceasing of property, flogging, or political exile.

Product

Product liability insurance is not a compulsory class of insurance in all countries, but legislation such as the UK. Consumer Protection Act 1987 and the EC Directive on Product Liability (25/7/85) require those manufacturing or supplying goods to carry some form of product liability insurance, usually as part of a combined liability policy. The scale of potential liability is illustrated by cases such as those involving Mercedes-Benz for unstable vehicles and Perrier for benzene contamination, but the full list covers pharmaceuticals and medical devices, asbestos, tobacco, recreational equipment, mechanical and electrical products, chemicals and pesticides, agricultural products and equipment, food contamination, and all other major product classes.

Employers

New policies have been developed to cover any liability that might be imposed on an employer if an employee is injured in the course of his or her employment. In many states, the insurers are prohibited from including conditions within their policies that seek to impose any unreasonable conditions precedent to liability, or require the insured either to take reasonable precautions or to comply with current legislation and regulations. In those countries where such insurance is not compulsory, smaller organizations are often driven into bankruptcy when faced by claims not covered by insurance.

Many of the public and product liability risks are often covered together under a general liability (or “umbrella”) policy. These risks may include bodily injury or property damage caused by direct or indirect actions of the insured.

Evidentiary rules regarding liability insurance

In the United States, most states make only the carrying of auto insurance mandatory. Where the carrying of a policy is not mandatory and a third party makes a claim for injuries suffered, evidence that a party has liability insurance is generally inadmissible in a lawsuit on public policy grounds, because the courts do not want to discourage parties from carrying such insurance. There are two exceptions to this rule:

1. If the owner of the insurance policy disputes ownership or control of the property, evidence of liability insurance can be introduced to show that it is likely that the owner of the policy probably does own or control the property.

2. If a witness has an interest in the policy that gives the witness a motive or bias with respect to specific testimony, the existence of the policy can be introduced to show this motive or bias. Federal rules of civil procedure rule 26 was amended in 1993 to require that any insurance policy that may pay or may reimburse be made available for photocopying by the opposing litigants, although the policies are not normally information given to the jury. Federal Rules of Appellate Procedure rule 46 says that an appeal can be dismissed or affirmed if counsel does not update their notice of appearance to acknowledge insurance. The Cornell University Legal Institute web site includes congressional notes.

Collateral Protection Insurance, or CPI, insures property (primarily vehicles) held as collateral for loans made by lending institutions. CPI may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the borrower.

Upon signing a loan agreement, the borrower typically agrees to purchase and maintain insurance that must include comprehensive and collision coverage and list the lending institution as the lienholder. If the borrower fails to purchase such coverage, the lender is left vulnerable to losses, and the lender turns to a CPI provider to protect its interests against loss. There is a need for CPI in the market because in the United States nearly 15 percent of all drivers are uninsured.[1]

Lenders purchase CPI in order to manage their risk of loss by transferring the risk to an insurance company. By doing so, lenders also protect the interests of their customers, borrowers, and investors. Unlike other forms of insurance available to lenders, such as blanket insurance that impacts borrowers that have already purchased insurance, CPI affects only uninsured borrowers. CPI is therefore designed to be equitable to the lender and insured borrowers.

Additionally, depending upon the structure of the CPI policy chosen by the lender, the uninsured borrower may also be protected in several ways. For instance, a policy may provide that if collateral is damaged, it can be repaired and retained by the borrower. If the collateral is damaged beyond repair, CPI insurance can pay off the loan.

How CPI Works

When a borrower takes out a loan for a vehicle at a lending institution, he or she signs an agreement to maintain dual-interest insurance, protecting both the borrower and the lender with comprehensive and collision coverage on the vehicle throughout the life of the loan. The borrower provides proof of insurance to the lender, which is verified by the CPI provider or a tracking company.

If proof of insurance is not received, notices are sent to borrowers prompting them to obtain required coverage. If responses to notices are not received, the lending institution may choose to have CPI coverage “force-placed” on the borrower’s loan to protect its interest from damage or loss.

The lending institution passes the premium charge on to the borrower by adding the premium to the loan principal and increasing the loan payments. If the borrower subsequently provides proof of insurance, a refund is issued.

Throughout the life of a loan, the CPI provider monitors proof of insurance to ensure that policies remain in force. If policies lapse, notices are sent in accordance with the procedure outlined above.

Past Problems

Interest in collateral protection insurance increased in the late 1980s when, in response to a bank crises, regulators recommended that assets securing loans be insured and, if borrowers did not obtain insurance, that lenders obtain CPI. The rise in CPI activity generated by this recommendation also coincided with a number of consumer complaints, including suits from borrowers.[2]

Borrower lawsuits were often prompted by lenders’ providing inadequate disclosure regarding the right to force-place CPI policies, force-placing policies with unnecessary coverages, and not disclosing they might be making a commission on the transaction. Additionally, some CPI providers had administrative problems with their programs, including the inability to receive and process insurance documents in a timely manner and ineffective tracking technology. These problems resulted in sending unnecessary letters to borrowers, issuing policies to borrowers who were in fact insured, and delays in processing premium refunds when proof of insurance was received, all of which served to exacerbate borrower complaints.

Market Response and Current State

Lenders improved their contract language to address the disclosure problems that existed in the past. Additionally, the practices and supporting technologies of the CPI market have evolved since the 1980s. Today, leading CPI providers provide online tracking systems that are updated in real time and are used by providers, borrowers, and lenders to communicate and coordinate on insurance-related issues.

CPI providers have also implemented electronic data interchange (EDI) with borrowers’ private insurance carriers in order to maintain current information on required insurance. This has enabled CPI providers to more accurately place insurance only on noncompliant borrowers and to process adjustments and refunds quickly when proof of insurance is subsequently received.

Because of the improvements made in CPI administration, interest in CPI insurance again increased through the early 2000s to the present day. Additionally, a driving factor behind the growth in the CPI marketplace has been in the longer duration of loans. For instance, by mid-2003, the average length of an auto loan at credit unions exceeded 62 months.[3] The longer the term of a loan, the more likely it is that a borrower will be in a negative-equity, or “upside-down,” situation. Borrowers who are upside down are also more likely to default on loan payments, resulting in more repossessions for lenders who then must deal with uninsured damage to repossessed vehicles.

Boiler Insurance (Boiler Cover) is a type of insurance that covers repairs and in some cases the replacement of your home boiler. It can also cover other parts of your central heating system and even your plumbing and electrics.

Types Of Boiler cover

More than 22 million UK households rely on a boiler for their heating and hot water.[1] But boilers are not usually covered by standard home insurance. They can be very costly to repair or replace so if you own your own home; it is advisable to take out separate insurance for your boiler or central heating system.

You only need to get boiler cover for your home if you are the owner, or if you’re the landlord of the property. If you live in social housing or rent from a private landlord then any repairs to the boiler are not your responsibility.

Boiler cover is usually a contract tying you into regular monthly payments for a year.

There are various types of boiler cover available in the UK:

• Boiler only • Boiler and service • Full heating system

Boiler only

Some types of boiler insurance policies cover only the boiler and heating controls – these are the cheapest types of policy.

Boiler and service

Boilers need to be serviced every year to ensure that they run safely and efficiently but it is estimated that four out of ten households neglect to service their hot water and heating systems. [2]

If your annual service isn’t included in your boiler cover, a service by a Corgi-registered engineer will set you back anything from £65 to more than £90,[3] however some types of cover will include this in your policy so it will automatically be done each year.

Full heating system

The most expensive types of boiler cover will insure not just your boiler and controls but also your full central heating system, including pipes, radiators and valves. You can even get boiler insurance that covers your plumbing and electrical wiring. But this cover will cost around £26 a month, so you should ask yourself whether or not you really need to get all of this covered.

Who offers boiler cover?

Many home energy providers offer boiler cover and you don’t have to be a customer to take out boiler insurance from that company, nor do you have to take boiler cover from the company that supplies your gas and electricity.

Various types of boiler cover at various costs are offered by British Gas, E.ON, Npower, HomeCall+ and Direct Line.

Boiler cover exceptions

Each boiler cover policy comes with some exceptions. These range from the amount of times you can call an engineer out to the amount that each repair can cost to what the insurer considers to be an emergency.

Most policies have a “no claims” period of between 30 and 45 days to ensure that customers don’t sign up simply to avoid paying emergency costs on a boiler that’s already broken down since it will typically cost £33 an hour to call out an engineer – or £76 in London.

If your boiler is more than 15 years old you might not be able to get it covered as it will be unreliable and costly to the insurer. In cases like this it might be better to invest in a new boiler.

If your boiler is 10-15 years old then it probably isn’t an energy saving boiler and could be wasting 875kg of CO2 a year. By law, all new boilers must now be energy efficient condensing boilers, which could save you at least £150 a year according to the Energy Saving Trust.

Make sure that you read the small print on any policy that you sign and carefully go over the terms and conditions to make sure that you know how long it will take for an engineer to visit; some will come out within 24 hours, some within a few days and others will limit callouts at weekends to extreme emergencies only.

Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage.

Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick.

As with flood insurance or insurance on damage from a hurricane or other large-scale disasters, insurance companies must be careful when assigning this type of insurance, because an earthquake strong enough to destroy one home will probably destroy dozens of homes in the same area. If one company has written insurance policies on a large number of homes in a particular city, then a devastating earthquake will quickly drain all the company’s resources. Insurance companies devote much study and effort toward risk management to avoid such cases.

California

Earthquake insurance has become a political issue in California, whose residents purchase more earthquake insurance than residents of any other state in the U.S. After the 1994 Northridge earthquake, nearly all insurance companies completely stopped writing homeowners’ insurance policies altogether in the state, because under California law (the “mandatory offer law”), companies offering homeowners’ insurance must also offer earthquake insurance. Eventually the legislature created a “mini policy” that could be sold by any insurer to comply with the mandatory offer law: only structural damage need be covered, with a 15% deductible. Claims on personal property losses and “loss of use” are limited. The legislature also created a quasi-public (privately funded, publicly managed) agency called the CEA California Earthquake Authority. Membership in the CEA by insurers is voluntary and member companies satisfy the mandatory offer law by selling the CEA mini policy. Premiums are paid to the insurer, and then pooled in the CEA to cover claims from homeowners with a CEA policy from member insurers. The state of California specifically states that it does not back up CEA earthquake insurance, in the event that claims from a major earthquake were to drain all CEA funds, nor will it cover claims from non-CEA insurers if they were to become insolvent due to earthquake losses.

Japan

The government of Japan created the “Japanese Earthquake Reinsurance” scheme in 1966, and the scheme has been revised several times since.[1][2] Homeowners may buy earthquake insurance from an insurance company as an optional rider to a fire insurance policy.[3] Insurers enrolled in the JER scheme who have to pay earthquake claims to homeowners share the risk among themselves and also the government, through the JER. The government pays a much larger proportion of the claims if a single earthquake causes aggregate damage of over about 1 trillion yen (about US $8.75 billion). The maximum payout in a single year to all JER insurance claim filers is 4.5 trillion yen (about US $39.4 billion); if claims exceed this amount, then the claims are pro-rated among all claimants.