Common Claims Against Small Businesses and How General Liability Insurance Can Help.

Every business faces many types of financial risk, including being sued.

You must obtain adequate coverage if you are a business owner or decision-maker.

What is at stake if you choose not to carry coverage like general liability insurance?

Unfortunately, the short answer is "Everything."

The cost of an unfavorable judgment in just one lawsuit can create a financial burden large enough to threaten a small company's financial stability.

Sadly, many small businesses leave annually due to lawsuit-related costs they cannot cover.

Those costs include legal defense expenses, which a company has to pay even if they prevail in court.

So, if your approach to small business insurance is, "We won't carry it, but we'll be really careful in our operations," you can end up with a large bill even if a lawsuit is baseless.

Types of Business Insurance:

Common Claims Against Small Businesses and How General Liability Insurance Can Help: eAskme

Insurance companies offer different policies to cover various types of business risk.

This includes:

• Workers' compensation insurance which is typically mandatory for companies with employees and covers medical costs and other expenses related to worker on-the-job injuries or illnesses
• Professional liability insurance (also called errors and omissions insurance) covers lawsuits over alleged business mistakes that cause financial losses for clients.
• Commercial auto insurance covers vehicles the company owns or leases and uses for business purposes.
• Cyber insurance to address costs related to system hacks or data theft and resulting fraud
• Umbrella insurance covers claims that exceed the limit of an underlying liability policy.

But general liability insurance may be the most universally valuable small business coverage.

That's because it covers a wide variety of risks that companies face every day.

You probably don't need professional liability insurance if you don't provide professional advice or services.

And if you don't own or lease vehicles, there is no need to carry commercial auto insurance.

But virtually every business interacts with its customers, clients, competitors, and others in some way.

That is why having general insurance is essential. 

What Is General Liability Insurance?

General liability insurance is a type of coverage that protects businesses from various kinds of liability.

This includes:

• Damage your business causes to third-party property.
• Bodily injuries you cause to non-employees
• Product liability if something you develop or sell harms someone or damages their property
• Libel, slander, or copyright infringement, including so-called "advertising injuries," where you say negative things about a competitor in your ads

As you can see, if you interact physically with your customers or clients or promote your business, you have general liability "exposures." And exposures can lead to costly lawsuits.

Examples of How General Liability Insurance Can Protect Your Business:

Whether a general liability insurance policy will cover you in a specific scenario depends on multiple factors, including the policy specifics, the facts surrounding the incident, and others.

But the types of incidents below typically can be covered.

Customer injuries at your location:

A little moisture on a tile floor or a small tear in the carpet is all it takes to cause an accident.

If a customer or client falls, breaks a bone, or suffers another injury, the medical costs alone can easily reach five figures or more.

And if they sue you, their lawsuit might also demand compensation for their time away from work while they recover, so six-figure amounts aren't uncommon.

With the right general liability policy, you won't have to pay the amount. 

Customer property damage:

Imagine that your employee is doing some work at a customer's home and accidentally knocks their expensive TV off its wall mount, shattering it on the hardwood floor, which is also damaged.

It's a cutting-edge device, costing several thousand dollars, and the floor repair will add a few thousand dollars to the total for the incident.

Fortunately, your general liability policy can cover the $25,000+ in expenses.

Slander:

A competitor has evidence you've made disparaging statements to people about them.

They've lost business as a result, and they sue you for $250,000, prevailing in court.

You must pay that amount plus court costs, legal defense costs, and other expenses.

It's a huge relief that your general liability policy can cover the total amount.

Product liability:

Your business sells branded coffee mugs as part of your marketing strategy. One of them is defective, and the handle breaks.

The customer is injured when hot coffee burns their skin. They sue you for the cost of an urgent care visit and subsequent plastic surgery.

The court awards them over $55,000; your general liability policy covers the cost.  

These are just a few business liability scenarios your company could face.

Customizing Your General Liability Insurance:

General liability insurance policies provide relatively broad coverage, but you can expand that coverage with endorsements.

Some of the common policy additions include:

• Hired and non-owned auto liability. This covers liability resulting from using vehicles the business doesn't own or lease, such as when an employee uses their vehicle to make deliveries.  
• Employment-related practices liability. This endorsement protects your company from lawsuits related to inappropriate workplace behavior (e.g., wrongful termination, harassment, or discrimination).
• Employee benefits liability. This add-on is for errors or omissions in administering your employee benefits program. For example, you fail to file forms on behalf of your employee by the due date, and they are denied medical coverage.
• Contractors installation, tools & equipment. This insurance covers business property, tools, equipment, etc., while at a job site, in transit, temporarily in storage, or during installation.
• Liquor liability. This endorsement is for your business's liability from selling, serving, or furnishing alcoholic beverages.

General Liability Insurance: Broad Coverage Every Business Needs:

Your company may never be sued. Or you may hear from a lawyer tomorrow. That's an unfortunate reality of business.

But you can protect your company and those who rely on it by getting and maintaining general liability insurance and other policies as needed.

Still have any question, do share via comments.

Share it with your friends and family.

Don't forget to like us FB and join the eAskme newsletter to stay tuned with us.

Other handpicked guides for you;

• How to Identify if Your Home Insurance Includes Flood Insurance?
  
• What Employers Should Do To Keep Their Staff Safe
• How Do Personal Injury Lawyers Assess a Medical Negligence Claim?

>

How to Identify if Your Home Insurance Includes Flood Insurance?

My home insurance policy automatically includes flood because I live in a certain area. However, this is not always the case. It's important to identify if my policy does include flood insurance, and if it doesn't, to determine if I need it. In some cases, adding flood insurance may be more affordable than paying out of pocket for damages caused by a flood.

How to Identify if Your Home Insurance Includes Flood Insurance?: eAskme

How to Identify if Your Home Insurance Includes Flood Insurance?

Here are five ways to tell if my home insurance includes flood coverage.

1. Check The Declarations Page of my Policy:

The declarations page is the first page of my insurance policy, including my name and address, the insurance company's contact information, the policy period, and the amount of coverage.

If I am unsure where to find this page, I can always call my insurance company, and they'll be able to help me out.

Once I have located the page, I look to see if there's any mention of flood insurance.

I do not have flood insurance if it's not listed as a covered peril.

2. Check for an Exclusion of Coverage for Flooding:

Even if flood insurance isn't specifically mentioned on the declarations page, it's still possible that my policy includes coverage.

To check, I look for exclusion of coverage for flooding.

This will usually be listed under "Exclusions" or "What's Not Covered."

If I can't find this information on my own, again, my insurance company will be able to help me out.

If there is an exclusion for flooding, my home insurance policy does NOT include flood insurance.

3. Contact the Agent or Broker

If I am still unsure whether or not my home insurance policy includes flood insurance coverage, the best thing to do is to contact my agent or broker.

They'll be able to tell you definitively whether or not I am covered.

And if I am not covered, they can help me get the coverage I need to protect your home in the event of a flood.

4. Standard Home Policies Do Not Cover Flooding:

It's important to remember that standard home policies do not cover flooding.

So, if I do not have flood insurance and flood damage to my home, I will not be able to file a claim with my home insurance company.

I would need to pay out of pocket to repair the damage, which can be very costly.

5. Know What Kind of Flooding Is Covered:

Some policies may only cover certain types of flooding, such as water damage from a burst pipe.

Others may only cover damage from floods resulting from natural disasters like hurricanes or tsunamis.

I check with my insurer to find exactly what types of flooding are covered by my policy.

6. Review My Policy Documents:

Reviewing my policy documents is the best way to know whether or not my home insurance includes flood insurance.

I look for references to 'flood' or 'surface water'.

If I am still unsure, I contact my insurance provider and ask them directly.

It's always better to be safe than sorry, so it's worth checking even if I think my home insurance might not cover floods.

Conclusion:

It's important to know whether or not my home insurance policy includes flood insurance coverage.

In some cases, adding flood insurance may be more affordable than paying out of pocket for damages caused by a flood.

By following the tips listed above, I can easily determine if my home is already covered or if I need to purchase additional coverage.

Still have any question, do share via comments.

Share it with your friends and family.

Don't forget to join the eAskme newsletter to stay tuned with us.

Other handpicked guides for you;

• How to Use HVAC Thermostats to Keep Your Home Comfortable All Year Round?
  
• How To Choose The Right Tent According To The Event?
  
• How To Decide If You Need Mechanical Breakdown Insurance Or Not

>

How Do I Get Rid of An SR-22?

If you find yourself applying for SR22 insurance, one of your main aims is probably to get rid of it.

This is because SR22 insurance can appear complicated, and there are numerous rules and variables to consider.

How Do I Get Rid Of An SR-22?: eAskme

The most crucial thing to remember is that if you cancel your SR22 insurance too early, you risk losing your license and having to restart your probation.

Suppose you need to amend or cancel your policy. In that case, here's a quick guide on how to cancel an SR22 filing without being punished.

Can it be withdrawn?

You could have commercial truck insurance to protect you. Yet, when you prove to be a hazard on the road, the Department of Motor Vehicles (DMV) or the court in your state may decide to order you to submit an SR-22.

This is a document that demonstrates you are financially accountable in the event of an accident.

While not all drivers will be required to provide this document, those with a history of traffic violations, fatal accidents, or reckless driving will be.

Sadly, there is no direct answer to this.

Though there are several methods to extend the SR-22 requirement, the legislation doesn't specify any criteria you must follow to lessen the SR-22 requirement, usually three years.

The sole exception is the duration you have the SR-22 with you, which varies by state and may be decided by the reason you require it.

Since the time between being detected in violation, convicted, and receiving the SR-22 varies, you may be lucky and retain it for less than three years.

For example, if a judge decides to backdate the SR-22 requirement by six months, you will only have to maintain the SR-22 for two and a half years. This is the only accepted method to minimize your SR-22 requirement.

People believe that not having a vehicle negates the necessity for the SR-22.

Technically, you don't need to bring the paperwork with you if you're not driving.

You will, however, need it as long as the record hasn't been dropped.

What you can do?

Individual states determine how long each driver's SR22 coverage must remain in force. In general, the needed period is between three and five years.

To be specific, call your state's DMV.

It's vital to realize that your SR22 doesn't simply disappear from the books.

When you have determined the precise day your SR22 status may be removed, you should contact your insurance carrier.

Similarly to when you filed the SR22, removing it involves the services of a car insurance provider.

As a result, your insurer will terminate the SR22 insurance coverage on your behalf and inform the state.

Suppose you attempt to cancel your SR22 before the mandatory SR22 filing period elapses. In that case, you may suffer the same penalties as if you had never filed at all.

When switching insurance companies?

Assuming you're one year into a three-year SR22, you wanted to switch insurance providers since you've discovered better coverage with cheaper costs.

If you cancel your old insurance before the new one starts, your SR22 coverage may expire. Once the state finds out about this lapse, you might be in big trouble.

To prevent this, wait a few days after the start of your new insurance before canceling your old one.

Conclusion:

To prevent having one's driving privileges revoked, the SR-22 must be in force for the whole term allowed by law; in most states, this is three to five years after the suspension.

Let's say that the policy is canceled, transferred to a different insurance company, or otherwise disrupted during this period.

This may result in extra fines and costs, as well as a three to five-year delay in obtaining the certificate.

If you're obliged to have SR22 insurance, please check with your provider before making any changes.

Still have any question, do share via comments.

Share it with your friends and family.

Don't forget to join the eAskme newsletter to stay tuned with us.

Other handpicked guides for you;

• Plan Your Future Well with 6 Benefits That a Term Policy Provides
  
• 15-Year Term Life Insurance and Its Benefits
  
• ULIP Plan for Your Child’s Future

>

Road Traffic Accidents, Car Accident Injuries, and the Average Payout

Have you ever been involved in an accident, and it even wasn’t your fault? Are you thinking about making a car accident claim?

If the answer is “yes,” this guide might be what you need right now.

Here’s What You Need to Know About Road Traffic Accidents, Car Accident Injuries, and the Average Payout: eAskme

Road traffic accidents happen all the time, and these might involve mild, severe, or fatal injuries.

But don’t worry: if you’ve been involved in a road traffic accident, you can get the compensation you deserve.

Of course, this can only happen if you contact a personal injury lawyer who can handle this case.

An experienced lawyer will guarantee compensation for road traffic accident victims.

Unfortunately, car accidents are prevalent in many countries worldwide, and many factors can influence car crashes.

If you have suffered injuries because of a road accident that you didn’t cause, you have the right to claim the damages you’ve suffered.

Throughout this guide, you’ll find information on how to get in touch with an attorney once you’ve been involved in an accident, regardless of its type.

How do accidents happen?

A car accident involves a vehicle or road driver.

One of the most common accidents is when two cars are hit. But there are also cases when a vehicle can collide with a motorcycle or bicycle.

Or, in other cases, a pedestrian could be injured due to a vehicle.

However, as long as you’re not the one at fault, you can launch a compensation case.

Road accidents are the most unwanted thing to anyone, though they happen quite often.

The most unhappy thing is that people don’t learn from their mistakes on the road.

They are quite aware of the general safety measures while driving, but negligence causes accidents and crashes.

Here are some of the most common mistakes drivers make and cause accidents:

• Drinking while driving
• Over speeding
• Red light jumping
• Drivers getting distracted
• Not adjust the mirrors properly
• Not using the turn signal
• Bad seating position
• Suddenly stop without warning

At least once in a lifetime, people make one of these mistakes when they’re behind the steering wheel, which causes major accidents on roads.

Get car accident claim compensation:

After a car accident, you should be able to have a car accident claim evaluated before making the actual claim.

Get free legal consultation from a personal injury solicitor, learn how to best move forward with the case, and know how much compensation you can receive.

Regardless of whether they’re big or small, road traffic accidents can have a huge impact on people.

Thus, it is necessary to contact a lawyer who can treat you individually, always giving 100% effort and taking all cases on a No Win No Fee arrangement.

Depending on your injury case, you can ask for an estimation of the amount of compensation you’re likely to receive.

This might seem a little bit of a straightforward question, but it’s necessary to ask. Not two car accidents are the same, nor are the pain and suffering.

Victims can claim for expenses that they’ve got out of their pocket to put back to the financial position they were in before the car accident happened.

Consider speaking directly with an expert personal injury lawyer for more information about the car accident agreement amount and what process you could take to make a successful claim after the accident.

What to do right after the accident?

Being involved in a car accident can be traumatic.

The impact is unexpected, and the combination of dramatic and violent sounds can cause major stress to people.

An experienced personal injury lawyer is likely to understand your suffering and what it’s like to be involved in a car accident.

First, make sure that you’re safe, and then give yourself the chance to make a successful injury claim.

After the car accident, make sure that you and the other passengers are safe.

If anyone needs an ambulance, don’t hesitate and call 911. It’s wise to call the emergency services and the police in severe car accidents, such as those involving severe injuries.

After ensuring that everyone is safe, take time to inspect the damage.

If you can still drive, make sure you move your car to the side of the road, and turn on your hazard lights, so that other drivers notice you.

Photograph everything at the scene of the car accident, as well as all the vehicles involved. If there are any specific damages, make sure to take photos.

This will be useful later on as proof of the accident.

Get details from other people involved in the accident, including the other driver. Critically, you will need to get their registration number, name, contact information, insurance details, home address.

It’s crucial to seek medical care if needed.

Even though the accident might not have caused you major injuries, it’s still important to call 911 and get examined by a healthcare specialist.

Some injuries may present themselves over a couple of hours or even days.

Thus, it’s important to contact your doctor and enter your medical records.

It will help you prove the conditions of the claim.

If you’re looking for a personal injury lawyer at the moment, contact one that has experience in such cases.

They can offer you the advice you need and can start working on your case right away. Starting a car accident claim couldn’t be simpler!

It will be helpful to make notes before, such as:

• Get your registration details
• How the accident happened
• Details of the other driver
• The location where the accident happened

Once you have all the information needed to make a claim, you will have to wait until the process of your car accident is ready.

Then, you’ll receive compensation at the earliest possible moment.

If you still have any question, feel free to ask me via comments.

Don't forget to join the eAskme newsletter to stay tuned with us.

You May Also Like These;

• Intelligent Driving Systems Improve Road Safety and Efficiency
• How Technology in Cars Can Make them Run Better For Longer
  
• What to do with the Junk Car?
  

>

Plan Your Future Well with 6 Benefits That a Term Policy Provides

Investing in a term policy is one of the most important ways a policyholder may choose to secure their future and those dependent on them.

Investments and insurance plans can be tedious and financially stressful to maintain in their ways, at times of inflation and recurrent increases in lifestyle costs; the premiums towards the same can be ill-matched to a person's insurance requirements or income capabilities.

Plan Your Future Well with 6 Benefits That a Term Policy Provides: eAskme

Therefore the most crucial step is to build a smart insurance solution that enables policyholders to achieve their future financial goals and coverage needs.

A term policy can be a useful method to secure these solutions. Let us understand the fundamentals and features of a term policy.

What is Term Insurance?

A term insurance policy is made to effectively cover the needs of the insured and their dependents through an assured death benefit sum in the event of the policyholder's demise.

In India, a basic term policy is considered one of the most affordable means of securing one's future where premiums are low.

One can customize their coverage, add riders and choose payout patterns according to their needs.

Most importantly, a term policy can be a useful resource and a lifeboat for families undergoing financial distress without their primary income earner.

Let us take a closer look at the benefits it provides to understand what is term insurance in detail:

1. Affordable Premiums:

Term insurance is known for its affordability and simplicity.

It is a simple insurance instrument with premiums that can go as low as Rs 600 a month and is accessible to people from all income brackets.

However, one can supplement the benefits of these plans by availing of a plan that has a combined premium and tenure benefit, which often comes with an added reduction on premium costs.

Hence, those starting in their professional careers with limited finances can choose a term policy as one of India's most affordable plans.

2. Death Benefit Payout:

The amount paid to the beneficiaries as denoted by the policyholder is assured and handed over to the beneficiaries of the policy at the time of the insured person's passing.

If deemed fit for the beneficiaries, this payout can be customized into a staggered monthly income instead of a lump sum.

There are options available for prospective term policyholders to choose their payout method as the beneficiary may not find it suitable to receive a large influx of money and manage it as per the family's needs.

As per their requirement, they may benefit more from the lump sum being converted into a monthly, quarterly, bi-annual, or annual income.

3. Rider Benefits:

With a nominal amount paid over the existing premium towards the term policy, a policyholder can expect to secure the additional coverage provided under various riders that are made to protect the policyholder from situations apart from death.

There are riders available in term insurance for Accidental Death, Critical Illness, and Disability.

4. Tax Benefits:

Since lawmakers understand the universality of needing to secure one's future in the face of unforeseen emergencies; the premiums paid for a term insurance policy and the payout sum thus received from the same at the time of maturity is exempted from taxation under Section 80C and 10(10D) of the Income Tax Act, 1961.

Therefore, a term policy is an ideal choice of insurance and investment solution where the taxpayer can avail a tax deduction of up to Rs. 1, 50,000 from their net taxable income on account of the investment premiums they may have paid.

5. Return of Premium:

Since a standard term policy does not offer any maturity benefits, one can avail return of premiums in the event the insured lives beyond the policy tenure.

After policy completion, one can receive their premiums except for the taxes and additional rider costs.

6. Spousal Benefit and Coverage:

One of the unforeseen eventualities that a family must prepare for with the help of term policy is to ensure the primary earning member and have a means of monetary backup in their absence.

However, in families where both partners make an equal financial contribution or where one of the spouses is a homemaker, one can avail coverage for both under a joint term insurance plan.

This protects the family unit as a whole, with the added benefit of a single premium to be paid for both, with no change in coverage or death benefits.

Therefore the pursuit of planning well for a secure future can be completed by weighing one's needs against the features and benefits of a good term policy and purchasing it at the right time with due deliberation and research.

If you still have any question, feel free to ask me via comments.

Share it with your friends and family.

Don't forget to like us FB and join the eAskme newsletter to stay tuned with us.

Other handpicked Guides for you;

• How to Secure Your Child’s Future with ULIP?
  


• Why Travel Insurance Is a Smart Investment?
  


• Do You Need To Buy Mechanical Breakdown Insurance?

>

15-Year Term Life Insurance and Its Benefits

Life insurance is an essential form of protection for families, dependents, and even friends who rely on the insured financially and beyond.

However, the financial protection it provides can be too burdening for some, making it wise to choose more limited policies for the most important, risky periods of life.

For example, many people decide that they would prefer to save on a monthly premium in exchange for coverage that lasts only for a specific amount of time. Rather than getting guaranteed benefits for their entire and remaining lifetime, they choose the guaranteed payouts of a year-based policy.

15-Year Term Life Insurance and Its Benefits: eAskme

You may wonder if this is the right option for you. As you seek out the ideal policy, consider the benefits of a 15-year term life insurance policy.

You'll quickly discover that a term-based insurance package provides several exciting reasons to choose it over the whole, permanent alternative.

Motivations for Choosing 15-Year Term Life Insurance

One of the primary reasons people look into term-based policies is that they are accessible.

To protect dependents and loved ones from unnecessary loss after the insured's death, a 15-year term like other lengths of time offers coverage, but it also makes sense for many other reasons.

Protection from Persistent Risks

While it can be uncomfortable to consider and think about, the threat of an accident or illness is always present.

With that thought comes the need to consider how we can be prepared for the possibility of passing away quite unexpectedly while still caring for children and supporting those we love.

Term-based policies come with guaranteed benefits, meaning that those benefits are promised to be paid to your beneficiaries within the insurance contract terms.

For this reason, term policies attract because they remain effective protection against risks that never cease to occupy our minds.

Essential Times, Essential Coverage

More than this, term policies do an excellent job of covering the insured's dependents and beneficiaries during the pressing periods.

For example, when children are being sent to college or homes are being purchased, life insurance can be essential when the possible burden of huge debts can become an unwanted inheritance.

Lower Premiums than Permanent Policies

With guaranteed benefits and a term that covers the most crucial years, term life insurance can also keep itself affordable, reasonable, and consistent because of that.

On the other hand, insurance companies give lower quotes and entice potential applicants by not paying for coverage definite to payout (such as with a permanent policy).

Potential Downsides Facing 15-Year Term Policies

With the scope of the term-based policy, it's clear that the excellent coverage for a lower premium only lasts for a set time.

It is, in other words, not a permanent solution to the problem of leaving a legacy to beneficiaries, children, and partners.

Instead, term policies serve an important purpose, and there are some elements of benefit that it leaves out to achieve more accessible premium rates.

Limited Time to Keep Peace-of-Mind

15-, 20-, or 30-year term life insurance policies may not provide the exhaustive coverage that will give you and your family a lasting sense of calm.

Instead, they are useful policies while other financial plans hatch and while there is a considerable threat of bad debts and loss of income.

Some of these threats may last—such as mortgages and other responsibilities that families are left with after a death.

In some ways, this is the opposite side of the coin for insurance policies based on definite years.

The limited term of the policy acts as an advantage by minimizing risk for the insurance company and delivering lower rates to the insured.

It makes it easier to maintain coverage financially, but its financial protection is temporary.

Exclusion of Investment-Like Options

Term life insurance doesn't offer the advanced and varied benefits possible with more extensive, permanent forms of insurance.

Because of this, policyholders of term insurance miss out on some advantages like cash value.

In addition, they cannot borrow against their policy when needed or use the resource of savings.

Lack of Availability for Advanced Ages

Because insurance policies based on a term intend to shrink the potential for early payouts, it's difficult and sometimes unlikely for an older individual to secure the insurance at a low price.

This is simply because the probability of passing away from all kinds of factors only increases with age.

The growing statistic doesn't give insurers the same confidence as younger applicants.

As a result, premiums increase for these generations, as Statista points out.

Get 15-Year Term Life Insurance with Sproutt.

Insurance is a delicate business, but many consumers are attracted to the low rates they can get from a 15-year term life insurance policy.

The format of insurance guarantees payouts without boosting prices like those that permanent insurance commands.

The smartest applicants choose advanced tools designed by experts to secure the lowest quotes. Use Sproutt to generate quotes with market-watching technology.

If you still have questions? Share via comments.

Do you want to know more.....

Don't forget to Twitter to stay tuned with us.

Find this post helpful, don’t forget to share it!

Other Handpicked Guides for You;

• How to Choose ULIP plans for Children
  


• Should You Buy Mechanical Breakdown Insurance or not?
  


• Why You Need Travel Insurance?
  

>

How You Can Secure Your Child’s Future with ULIP

With the changing times, the cost of raising a child becomes an expensive affair if we consider the rising education cost, extra-co-cular activities fees, tuition fees, and other expenses.

The inflating effects on education can make even the big amount of Rs 50 lakhs seem insufficient.

According to the recent survey, it is revealed that 65% of people invest 2/3rd of their monthly income on their children's education expenses.

How You Can Secure Your Child’s Future with ULIP: eAskme

Other people are at: How To Decide If You Need To Buy Mechanical Breakdown Insurance Or Not

Every parent wants the best for their children and when it comes to education, failure is not an option. With each passing day, education expenses are becoming more expensive.

Therefore, parents need to look out the best investment option that can secure their child’s bright future.

The availability of several options offered by the insurance companies allows you to choose the best suited investment plan as per your needs and requirements.

Usually investment plans for children come with death benefits as well as maturity benefits along with the flexible terms and conditions, and investment plans.

Some plans even offer multiple modes of premium paying for the better convenience of users.

The payouts provide total coverage of the financial reserve that is required for the education of your child.

The best possible way is to list out  all the requirements and comparing of plans before the final selection of the investment plan.

It is always better to be ready for any type of financial obligations by investing in any child insurance plan like ULIP.

Let’s understand the term ULIP

ULIP- ULIP is better known as Unit Linked Insurance Plan.

It is a combination of Insurance along with investment which means you can create wealth along with life cover.

Insurance companies take a portion of your investment for life insurance and the rest is put into an equity based fund or debt for fulfilling your long-term goals be it children’s education, retirement plan or important functions.

How does ULIP work?

When you invest in ULIP, the fund managers invest part of your investment in providing insurance cover and the rest in shares.

There are fund managers who manage all the investment therefore investors are free from all the hassle of tackling the investment.

The best part about ULIPs is that you can switch your portfolio between debt and equity considering your knowledge about the market and risk appetite.

Types of ULIPs

There are several benefits of ULIPs which contribute to the popularity of this instrument.

ULIPs are categorized into 3 types-

1.    Investing Funds - There are 3 types of funds that ULIPs invest in-

a. Equity Funds-

In this the premium paid is invested in the equity market by the fund managers and is subjected to high risk.

b. Balanced Funds-

To minimize the risk, the premium paid is balanced between the debt and the equity market.

c. Debt Funds-

It carries a lower risk and the premium is invested in debt instruments and provides lower return.

2. Use of Funds-

It is important to list out all the needs and requirements for which investment has to be made. There are basically 3 types-

a. Retirement Plan-

If you are still employed and planning for your  retirement days, then this plan is made for you.

b. Child Education-

If you want to plan out  expenses for your child’s higher education,then you can invest in this plan to achieve a long term goal.

c. Wealth Creation-

If you are willing to make heavy corpus to meet various financial goals in future.

3. Death Benefits for Policyholders

a. Type 1 ULIP:

This type pays higher of the assured amount or the fund to the nominee in case of death of the policy holder.

b. Type 2 ULIP:

This type pays the assured amount and fund value to the nominee in case of the death of the policy holder.

Features of ULIP

• ULIP allows you to get both the insurance benefits policy as well as investment in equity shares.
• When you make an investment in ULIP, a major part is put into the investment of equities and the rest is in debt. The premium you pay is divided into insurance cover and equity shares.
• Policy holders have the benefit to decide the funds to be invested, based on your risk appetite.
  Policyholders can easily switch between equity and debt whenever they want to.
• ULIP basically allows 10 to 15 years of time period as the longer the investment period is, the more you can benefit from it.
  

Ways ULIP Can Help you Save your Child’s Future

Financial planning is very important in everyone’s life.

It helps you in meeting your future financial goal and withdrawing money from your own account incase of any emergency.

The planning becomes more crucial if your child wants to take up any specialization course overseas.

You need to consider estimation of the foreign exchange along with the inflating education cost so that you can decide  the better long term investment plan in contributing to your child’s future goal.

Here are some ways that you can consider-

• Through an investment made to ULIPs, you can easily accumulate the wealth required to meet your child’s future goals.
• The investment plan includes a death benefit in which your child as a beneficiary will get a lump sum amount in case of demise of the parent. In this situation, the insurer waives off all the premiums to be paid in future.
• Also the family will get monthly income in case of the unfortunate death of the parent.
• This investment plan offers a sum assured when the policy gets matured.
• The ULIP plan allows investors to withdraw the entire amount in 5 years. Besides, policyholders can opt for policy closure after 5 years without any charges.
• There is no restriction on depositing a maximum amount in a  year therefore you can save any amount.
• According to Section 80C of the IT Act, the Policy holders can claim tax deductions of up to Rs.1.5 lakh.

The above described features about ULIP will help you understand the term better.

So, if you are planning to invest your funds to meet your child’s future goals, a ULIP plan is one best option you can go for.

It not only helps you get insurance cover but also a good amount to secure your child’s future.

If you still have any question, feel free to ask me via comments.

If you find this article interesting, don’t forget to share it on Facebook, Twitter or Google Plus with your friends and family.

Don't forget to join eAskme newsletter to stay tuned with us.

Here are the Handpicked Guides for You:

• Assist the EHIC card with Travel Insurance that Covers the Basics
  


• Why Travel Insurance Is a Smart Investment?
  


• Investshield- A New Investment Plan by Choice Life Insurance?

>

How To Decide If You Need To Buy Mechanical Breakdown Insurance Or Not

The first thing that you learn about mechanical breakdown insurance is that it is not mandatory. However, this does not mean that it is not a very smart investment in many possible scenarios.

What is mandatory in the US is auto insurance. You simply need it or you are not allowed to drive on the public roads. With mechanical breakdown insurance, it is up to you to make the choice.

Obviously, there is no shortage of such policies available on the market. You can see an overview of what is available in California.

How To Decide If You Need To Buy Mechanical Breakdown Insurance Or Not: eAskme

Other people are at: How to Wreck Your Junk Car with CashCarsBuyer

In order to make the best possible choice, you will need to be informed.

With this in mind, here are the most important things to know when you decide if you actually need mechanical breakdown insurance.

Understanding Mechanical Breakdown Insurance

The basics are very easy to understand. Mandatory car insurance will protect the property of the other drivers in the event that you cause an accident.

Mechanical breakdown coverage is meant to only protect your vehicle.

In the event that a car part breaks, even when this was not caused by a collision, the policy will help you to cover replacement and repair costs.

You are practically protected against the natural appearance of wear and tear, which is a reality for every single vehicle out there.

It needs to be added that this insurance coverage is often confused with extended car warranty, which basically covers much more.

Mechanical breakdown is a part of extended car warranty and aims to cover all mechanical breakdowns.

What Is The Value Of Your Vehicle?

Because of the fact that the policy is an optional one, it is a very good idea to first decide whether or not the car is actually worth the extra costs.

You are protecting an investment you made so if the car you own does not have a high enough value, it is important to reexamine options.

Some of the contributing factors that you have to consider when you make this decision are:

• Make and model
• Car age
• Current mileage
• Average commute distance
• Recent major repairs you paid for
• Failing systems

At the end of the day, the choice does boil down to one factor, which is determining how long the car is expected to keep operating.

When you drive an older vehicle and you put up with some occasional inconveniences as you actually save money to buy a new car, it does not really make any sense to spend more money on additional breakdown insurance.

In the event that the old car does operate very well and you expect to keep it for another year, or more, it is time to seriously take into account the possibility of buying mechanical breakdown insurance since this will prevent more costly future setbacks.

No matter how we look at things, new cars have the highest value. This value starts to go down as soon as you buy the car.

Because of this, it is really important that you make sure that your investment will be worthwhile. The car that you bought new will never sell for the same price or higher.

This is true even if you sell it right after you buy it from a dealer.

With mechanical breakdown insurance, you can drive your vehicle for a longer time.

Also, resale value is protected because you can easily take care even of the minor issues that naturally appear.

Simply put, when it makes sense to protect your car from a financial point of view because the value is still high, this is an insurance extra you have to seriously consider.

The Coverage Offered

If you decide that mechanical breakdown insurance is a smart investment in your case, it is time to start comparing the deals that are available on the market.

Just as with all insurance policies on the market, there can be huge differences between providers.

These are policies that will cover various services. What is covered is based on what package you choose and how much you pay for it.

There are basic, premium, and different other in-between that are nowadays available.

Also, if there is a higher possibility that you will end up using the warranty, you will have to pay more on your monthly rates. In addition, upfront costs can be higher.

For instance, when you opt for the basic extended mechanical breakdown insurance policy, it is possible that just transmission and engine problems are covered.

A newer vehicle will rarely suffer from a major setback like what this coverage gives access to.

The premium warranty is the one that basically covers everything related to car parts, from your brake pads to your air conditioning.

With the mid-level packages, a very high variation is possible.

We should also highlight that if you bought a new vehicle and you just selected basic extended warranty packages, there is a pretty good possibility you will need to add mechanical breakdown insurance.

This helps you secure some lower rates if you go for the same insurer, which is always an advantage.

When you buy a car that was used, there is a lower possibility you will be given the possibility to opt for this type of warranty.

You are paying for a much shorter lifespan for the car investment. Also, the perks associated with buying a new car disappear.

Out of all the perks, the extended warranty is definitely the one that is the most valuable.

Remember that second-hand cars always have higher chances of being faced by breakdowns.

You will end up paying more for the mechanical breakdown insurance coverage, but your vehicle will end up running for longer.

Used cars never have a factory warranty so you use the mechanical breakdown insurance as a way to protect your investment.

To put it as simply as possible, mechanical breakdown insurance is a very good idea when you can use it for a used car and something that is very beneficial for new vehicles.

What do you think? Do you have any questions or suggestions?

Share via comments.

If you find this article interesting, don’t forget to share it with your friends and family.

Why?

Because, Sharing is Caring!

Other Helpful Guides for You;

• When You Should Replace Clutches
  
• How to Cut the Cost of Motoring?
  
• How to get protection against loss or damage?
  

If you find this article interesting, don’t forget to share it on Facebook, Twitter or Google Plus with your friends and family.

Don't forget to like us FB and join the eAskme newsletter to stay tuned with us.

>

Assist the EHIC card with Travel Insurance that Covers the Basics

Getting an EHIC card ready before traveling from one country to another in the EU is probably  the smartest approach to take since healthcare when in another country can be quite expensive. There are schemes that people can avail of if they are planning on bringing the prices down further, but the ideal situation is applying for a European Health Card.

The European Health Insurance Card is a right to any living in the EU and one of the neighbouring countries.

Assist the EHIC card with travel insurance that covers the basics: eAskme

 

Other people are reading: Why Should You Move to the United States?

Although the rules to apply for one might vary slightly across the board, while the documents might  change, the process is straightforward.

Furthermore, the validity of the card varies, and cardholders will have to handle an EHIC renewal depending on when their card will expire.

They should double-check to make sure the EHIC is valid before traveling otherwise it would be counter-productive.

The EHIC card has come about with the evolution of the several individual cards people had to apply for in the past.

It replaced the E110 card used by international road hauliers, the E111 card by tourists, the E119 card by the unemployed and job seekers and the E128 by students and workers in another member state where the documents that travelers had to apply for depending on their circumstances. 

Now, claiming medical treatment was a lot easier since through only one card.

Applicants have to provide specific information and documents relating to the card that they are applying for when getting through the forms.

They can use official Government approved certificates when applying along with their Personal Public Service (PPS) Number.

Applicants might have to show evidence of their PPS Numbers, such as a P60 or a Social Services Card.

They can get through the process online where an individual can fill through application forms  and upload the supporting documents.

In countries allowing the postage of the information, they can send it to the office.

They have to make sure they only send photocopies of the documents and not the originals since those are not accepted.

There were a lot of changes with the healthcare system around the time of the pandemic with large numbers of the people getting ill and needing to claim treatment benefits. The positive was
 
that they shut the borders almost immediately, and people traveled back to their home countries which made the process a lot easier.

However, the Governments released a statement saying    that there would be no benefits to the people using the EHIC cards, especially during the pandemic.

While the UK bore the worst brunt of the Coronavirus, the people received treatment as best as the healthcare system could handle considering the load it was dealing with.

While the EHIC card has a lot of advantages and is a must when traveling around the EU, there are a couple of benefits that are received only through travel insurance.

People should apply for both when traveling through the EU with certain benefits received only through insurance like traveling back home depending on the severity of the illness or receiving treatment in private hospitals.

If you find this article interesting, do share it with your friends and family.

In case of any questions, feel free to ask me via comments.

Share your thoughts via comments.

If you find this article interesting, don’t forget to share it with your friends and family.

Why?

Because, Sharing is Caring!

You May Also like These Guides;

• What You Should Enjoy in 21st Century?
  


• Benefits of Cruise Holiday
  


• Best places to Settle Down
  

>

Why Travel Insurance Is a Smart Investment?

For sure nobody expects anything to go astray when traveling but the reality is things sometimes go wrong. Sometimes you find that flights are delayed and you end up messing your schedule. Also, by any chance, you become sick or get some injury as you travel. So, there is a need to have a good travel insurance quote which will cater for the misfortunes in advance.

We always expect that when we go for holidays, it should be fun but it is advisable that you have a deal with the right travel insurance which will be there to protect you. As the travel insurance offers you peace of mind and you have a relaxed time to enjoy your trip.

Why Travel Insurance Is a Smart Investment: eAskme

Other people are reading: Investshield- A New Investment Plan by Choice Life Insurance

Why you need Travel Insurance.

If you are living in Australia, the domestic travel insurance is very necessary as it protects you from any calamity which can befall you as you travel. Also, if you are a foreigner it is advisable you have a travel insurance.

The Need to Choose the Best Travel Insurance.

If you are looking for the right policy which will serve you with the best travel insurance quote. To get the right policy, you need to compare with several insurance quotes and go for the best which will be affordable for you and offers the best services.

They are various types of travel insurance which you can choose from they include corporate travel insurance, the international travel insurance and lastly Australia travel insurance overseas.

Australia Travel Insurance Overseas

This travel insurance quote requires you to have in mind the following conditions before you apply for it.
•    First and foremost, you must be an Australian citizen, and you must be returning home, and ensure that you book your ticket earlier to enjoy this policy.
•    The policy does not cover pre-existing medical expenses as the insurer is not able to know your pre-existing condition as you are away from the country when applying for the policy.
•    Also, the insurance policy has age limits which is attached to the travel insurance which determines what you are supposed to pay.

The Corporate Travel Insurance.

Corporate insurance is the best in covering the means of transport. It mostly applies when you are traveling as a group or if you happen to take your workers on a holiday as you will save thousands of dollars.

The corporate insurance has added benefits and they include
•    It is cheaper applying for this travel insurance when you are traveling as a group of people is less expensive than the individual travel insurance.
•    It is more convenient as everyone in the group has a single policy document hence there is no need to remember the details of multiple policies.

The international travel Insurance

It mainly covers foreign tourist who decides to visit the country. They are advised to apply for this insurance policy as it will assist them to be insured and make their visit livelier.

In conclusion, make sure you have the right travel insurance quote which you will benefit from.

If you still have any question, feel free to ask me via comments.

Share it with your friends and family.

If you find this article interesting, don’t forget to share it on Facebook, or Twitter with your friends and family.

Don't forget to like us Facebook and subscribe eAskme newsletter to stay tuned with us.

Other handpicked Guides for you;

• How to Secure Your Child’s Future with ULIP?
  


• Why Travel Insurance Is a Smart Investment?
  


• Do You Need To Buy Mechanical Breakdown Insurance?

>

Investshield- A New Investment Plan by Choice Life Insurance

If you are also like me who not only wants to get a life insurance but also like the investment plans to get more out of life insurance plans then ULIP plans of Canara HSBC and OBC are going to help in a really great way.

Canara, HSBC and OBC are going to launch a really good plan which satisfies both needs. There is no doubt that we have dreams of our future and also for our loved ones and we need some financial plans which can help us to turn that dream into reality. This is where Canara HSBC and OBC are going to help us. In this new Investshield Plan they are going to offer benefits of both Insurance and Investment together.

#Investhield Plan is not only Value for money but also offers you choice to opt the protection you want.

Investshield- A New Investment Plan by Choice Life Insurance : eAskme

Other people are reading: Know about Protection Against Accidental Loss and Damage

The best thing which I like about their Investshield plan is that you need not to go through any long or tough process to get yourself insured. Now everything is available on your fingertips. You can not only choose the benefits but also customize the plan according to your needs.
If you are between ages of 18-50 then you can get this plan.

Benefit Options of Their Investshield Plan:

1) Life Option
2) Life Option with Accidental Death benefits
3) Life option with Premium Funding Benefits

Benefits of InvestShield Plan:

•  Easy to buy, even available at canarahsbclife.com
•  Customizable
• Zero Premium Allocation Charge
• Loyalty Additions
• Choice to invest funds from 0% to 100%.
•  Safety Switch Option to move funds to really low risk liquid funds.
•  Tax benefits on premium paid under the policy term section 80C & Section 10(10D), according to the income tax act 1961 as amended.

Other benefits:

1) Death benefits:
In case of death of the Insured person the death benefits will be as per the option he has chosen.
2) Maturity benefits:
Policy will mature at the end of the term chosen by the insured person. You will receive the final value according to the NAV`s at the maturity.

You can check more details before by clicking here choosing the InvestShield plan from Canara HSBC and OBC.

If you have any question related to life insurance, Investshield, ULIP or Investment, Feel free to ask me.

>