How to get life assurance for less

Life insurance is about as simple as insurance gets. But there are still ways to get better value when you buy and save money on premiums. Here's how:

A range of insurance policies will pay some kind of benefit if your health suffers or you are unable to work. You can read about the different types here.
Life insurance is the cover that pays a specified sum if you die. Unlike other health related insurances, there are no criteria that need to be met when the insurer decides if you can claim: you are either dead or you're not.
That means that the policies on offer are, broadly speaking, the same and that buyers can hunt for the cheapest policy without having to compromise on the standard of cover. However, there are some important points to remember.
You can buy three types of life insurance - level term assurance, decreasing term assurance and whole-of-life insurance.
Level term assurance is taken out for a specified period of time - known as the term. The term is set according to the length of time the customer wants to be covered. They may base this on the period they expect their family to be financially dependent on them, or the term of their mortgage. The lump sum that level term assurance pays out remains the same throughout the term.
For decreasing term assurance the sum the insurance pays will fall over time. This is so that it can be bought in connection with a repayment mortgage where the amount the individual wants to cover gradually reduces in line with the debt. Because of this, decreasing term assurance is usually cheaper than level term assurance.
Whole-of-life insurance pays a guaranteed amount when you die and there is no specified term. However, the premiums for this type of insurance can change. A proportion of the premium you pay is invested and its growth helps keep the premiums low.
However, there have been reports of sharp increases in whole-of-life premiums.
These polices are often used as part of inheritance tax planning and you should consult a financial adviser before buying one.

Medical Insurance

A Health insurance policy http://medicalinsurance-ahmad.blogspot.com/

Health insurance policy is a contract between an insurance company and an individual.Health insurance contract can be renewable annually or monthly. Health insurance have two type and amount of health care costs that will be covered by the health plan are specified in advance, in the member contract or Evidence of Coverage booklet.

Individual policy-holder's payment obligations may take several forms 7 :
a) Premium: The amount the policy-holder pays to the health plan each month to purchase health coverage.
b) Deductible: The amount that the policy-holder must pay out-of-pocket before the health plan pays its share. For example, a policy-holder might have to pay a $500 deductible per year, before any of their health care is covered by the health plan. It may take several doctor's visits or prescription refills before the policy-holder reaches the deductible and the health plan starts to pay for care.

c) Copayment: The amount that the policy-holder must pay out of pocket before the health plan pays for a particular visit or service. For example, a policy-holder might pay a $45 copayment for a doctor's visit, or to obtain a prescription. A copayment must be paid each time a particular service is obtained. Instead of paying a fixed amount up front (a copayment), the policy-holder must pay a percentage of the total cost. For example, the member might have to pay 20% of the cost of a surgery, while the health plan pays the other 80%. Because there is no upper limit on coinsurance, the policy-holder can end up owing very little, or a significant amount, depending on the actual costs of the services they obtain.

d) Exclusions: Not all services are covered. The policy-holder is generally expected to pay the full cost of non-covered services out of their own pocket.

e) Coverage limits: Some health plans only pay for health care up to a certain dollar amount. The policy-holder may be expected to pay any charges in excess of the health plan's maximum payment for a specific service. In addition, some plans have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach the benefit maximum, and the policy-holder must pay all remaining costs.

f) Out-of-pocket maximums: Similar to coverage limits, except that in this case, the member's payment obligation ends when they reach the out-of-pocket maximum, and the health plan pays all further covered costs. Out-of-pocket maximums can be limited to a specific benefit category (such as prescription drugs) or can apply to all coverage provided during a specific benefit year. g) Capitation: An amount paid by an insurer to a health care provider, for which the provider agrees to treat all members of the insurer. h0 In-Network Provider: A health care provider on a list of providers preselected by the insurer. The insurer will offer discounted coinsurance or copayments, or additional benefits, to a plan member to see an in-network provider. Generally, providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers.

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