Purchasing a Life Insurance - Save Money the Smarter Way

What is Life Insurance? Life insurance is a form of insurance that ensures the well being of one’s family members in case of any unforeseen loss to the health of the insurer. It is an agreement between the insurance company and the insurer where the insurer agrees to pay periodic premiums and get the compensation in case of death of the insurer or other incidences, like critical illness, terminal illness or at the maturity of the policy. 

Life insurance can be broadly divided into two categories: 

• Traditional Plans
• ULIPs (Unit Linked Insurance Plans)

In Traditional Plans, there is a guarantee of the fixed amount on maturity and they are fully regulated by IRDA rules and regulations. The risk factor is minimal. This is perfect for those who do not have much knowledge of market and are not interested to take investment risks. 

Whereas, ULIP on the other hand, has higher risk factor and at the same time offers higher & better returns than traditional plans. 

Advantage of Taking Life Insurance:

Yong Wai Meng, insurance expert says that Life Insurance is regarded as one of the best ways to safeguard your loved ones from an unforeseen financial burden, in case of your death. However, these days life insurance also comes with a spectrum of retirement benefits to the insurer. 

ü  It secures future: Life insurance has multi-sided benefits to offer to the insurer and his/her family. It secures future of the entire family and there is peace of mind about tomorrow’s financial dependence.

o   It is the safest option to make compulsory savings.

o   It acts as a great help for your child’s higher education.

o   In case of any loan or mortgage, insurance will work like your backbone 

ü  Good investment option: One of the best features of Life insurance is it helps to slowly and steadily increases the wealth. It is one of the risk free wealth building instrument. 

ü  Tax saving benefits: Life insurance policies come under section 80C or 88 or 80D or 80CCC (depending on the type of policy) of Indian Income Tax Act 1960 and helps in tax saving. 

ü  Works as a Pension Plan: Life insurance works as a good pension plan to and help in financial stability at the old age when you will not be able to work and may not have other sources of income. 

ü  Numerous options: There are life insurance policies of various types, with different kinds of benefits and varied premium amounts etc; in short you can find one tailored for you. 

ü  Benefit of loan: On certain life insurance policies, one can even take a loan up to a fixed percentage of the policy amount. Hence this works as a guarantee for loans too. 

ü  Consistent, safe accumulation: One of the greatest advantages of insurance policy is that, your cash will get accumulated safely and on its maturity you will be entitled of that entire amount along with the interest earned and also additional benefits as per the insurance company’s policies.

 For more details, visit website http://yongwaimeng.com/ or check https://www.crunchbase.com/person/yong-wai-meng

Yong Wai Meng on Group Health Insurance VS Individual Health Insurance

It is important for businesses, especially, small businesses and start ups, to understand the differences between different insurance policies so that they can utilize these for tax purposes and for the benefit of the employees and the company. Look at group health insurance and individual health insurance.

A comparison of group health insurance with individual health insurance will help to understand each of the policies better. 

What are they: A Group Health Insurance is an insurance package that is usually purchased by companies and other organizations for their staff! The plans can be either a self-insured or a pre-planned one from an insurance company. 

An Individual Health Insurance is an insurance plan that an individual buys for self. Though the term suggests that it is a plan that can be bought only for a single person, it isn’t really so.  A company head can buy an individual health insurance plan for a group of his staff as well. 

Cost: As you get a discount when you buy something in bulk, a group health insurance plan can be availed at a low cost. Or better, the company may not even have to pay any cost. Employees will not have to pay any additional fee but if they are seeking any additional benefit, then they may have to. When a person avails a group health insurance plan of their company, the premium is deducted from his salary and he doesn’t have to pay separately whereas if he is taking an individual insurance on his own, then he will have to pay premium on his own. That is why; many do not buy an individual insurance health plan if their company has covered it. 

Convenience terms: It is much easier to get an insurance plan through group health insurance than opting for the individual plan. This is because when a group package is taken, it means every individual of the company is eligible for insurance. In such a case, the underwriting is often not considered which is examining a person’s medical history for giving him or her insurance.

In a group health insurance plan, the insured may not have much to say but in an individual health insurance plan, the person can set terms that the individual wants. 

Bonuses: In a group health insurance plan, you are not entitled to any benefit even if you do not claim throughout the tenure. But in individual health insurance plan, you get what it is called a ‘no claim bonus’ and you may get an additional cover without any fee or a discount in premium when you want to renew the insurance plan. 

Conditions: Of course, you should know that when you get an insurance plan under group health insurance, you are entitled to it only when you are employed with the particular company and if you choose to leave the job or are laid off, you also lose the insurance plan. Whereas if you take the individual health insurance plan, you can avail of it as long as you wish to. 

For more details, visit website http://yongwaimeng.com/ or check https://www.crunchbase.com/person/yong-wai-meng

Yong Wai Meng -Why should you opt for Life Insurance?

The word, “insurance” is nothing uncommon. Every individual comes across television commercials, promotions and advertisements about the varied types of insurance policies offered – this could be for an individual, family, employees or even group. There are so many type of insurances that one can actually get confused as to which policy to buy and which to ignore. 

Let us check out what insurance expert Yong Wai Meng has to say about the most common form of insurance policy – the Life Insurance Policy. 

Why a Life Insurance policy?

Life insurance protects you and your family in times of need. It holds the same importance like car and home insurances. When you are no more, the insurance companies will take care of your family needs. 

Making changes to your health will help in paying the financial dividends and also help you save money on your policy.

If working in a company or service organization we can go for group insurance policies instead of life insurance. This can be a cheapest way of getting the insurance policy. This is a benefit for employment and can also check whether there is any option for life coverage.

Life Insurance is always chosen as per the needs and goals of the individual.

Always get multiple quotes from other insurance companies so that it helps to compare the products and choose the best one. For this purpose online life insurance quote can be used.

• Life insurance had always been a source of income for our retired life. Savings in our whole life span can be utilized more in our retired period of life. Life insurance can be considered both as an investment and protection to our life.
• There are options of taking loans from the policies by which we can use this to meet our unplanned needs  without adversely affecting the policy
• Tax Benefits can be availed for most of the insurance policies
• Insurance plays an important role to pay loans and mortgages of the policy holder in case of his unexpected death.

Life Insurance policies help all. Be it an individual who is supporting a family, or those who are providing home services such as cooking, cleaning, looking after children to their family, all and everyone might be benefited with Life Insurance policies. It can also help elderly couples who wish to ensure that their surviving partner will not be robbed of their savings. There is no difficulty in searching for a quote and walk around in confusion. Only an email or a telephone call to an insurance expert is necessary. This may help to save the time and you will also be able to compare the premium and benefits of the insurance offered by all the insurance companies. We all know that how expensive and costly it is to get the policy; more so when you do not take the right cover or end up paying high premium amounts. This problem can be resolved by talking to an insurance expert. Visit http://yongwaimeng.com and https://www.crunchbase.com/person/yong-wai-meng to know more.