Insurance as a word has been given different meanings by different individuals – to some, it is one policy they get used to. No thanks to their work culture or forced policies by the government, to others, it is a means of contingencies should things beyond their control go wrong. Well, there has been a different definition of the word INSURANCE but we will use the best-qualified definition as seen on Wikipedia.
According to Wikipedia, Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
They went further to explain the term Insurance as seen below:
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Policyholder and insured are often used but are not necessarily synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The insurance transaction involves the policyholder assuming a guaranteed, known and relatively small loss in the form of payment to the insurer (a premium) in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
In today’s society, Insurance growth has not really been impressive, no thanks to the adultification of teens who care less in a fast-moving society. In this article, we will go all extensive in reeling out the importance insurance has to play, from the “Not Talked About” to the “Detailed Talk About”. We believe this article will be a real eye-opener for the average person that does not believe in buying insurance.
There are too many insurance products that insurance companies offer their users, these products most times stem from what they perceive the average insurer might consider important, while some are those that push them to gulp, while they reek in money from their subscriptions.
This list in no alphabetical order is as follows:
This insurance policy can be used to ensure that there are no or fewer financial problems after death. It is important to determine who exactly is the beneficiary of the insurance. In addition, it is important to look at who has entered into the insurance contract.
Who is the policyholder?
This is important because, if the person whose life is insured is also the person who entered into the insurance contract, the payment from the insurance is subject to inheritance tax. This is also the case if the person who took out the insurance and the person whose life was insured were married in the community of property.
Who is the beneficiary?
As mentioned, it is important to see who exactly is the beneficiary. A life insurance policy does not automatically follow the will or the fact that someone is cohabiting or married again. It is therefore important to keep a close eye on who is designated as a beneficiary in the policy.
Pledge/power of attorney
In many cases, a bank wants life insurance to be linked to financing. The policy is then pledged to the bank and often the bank becomes the first beneficiary. In situations where it concerns a house that is owned by two people who are both debtors, a cross-policy is often used. In such a cross-policy the life of the other is mutually insured. The policy then only pays out on the death of the first. In such a situation, the bank usually allows the surviving primary beneficiary to remain, provided that it gives a power of attorney to the bank to use the payment to pay off the loan. If repayments are made on the basis of this power of attorney, the surviving spouse repays a debt that belongs to half of the assets of the first dying person.
The consequence of this repayment is that the surviving spouse receives a claim against the estate of the first dying person. This can be annoying if each of the partners has children from a previous relationship.
Having health insurance is mandatory in some countries. That applies to basic insurance. If you do not have health insurance in those countries, you can be fined. If you have health insurance that you are not satisfied with now and you want to switch next year, you can search the internet for a site where you can compare health insurance. We explain in a few simple steps how you can quickly find the right health insurance.
Where can you compare health insurance?
You can search for healthcare providers via your browser. It is possible to view them one by one, but you could also do this on a site where you have several providers of health insurance. You can then compare your health insurance and make the right choice. In an overview, you can see all healthcare providers and their premiums at a glance. That can make it easier for you to choose a few. You then look at the premium that fits within your budget and then only has to look at these healthcare providers, for example.
Why take out health insurance?
Everyone in the most countries, especially in Europe is obliged to have basic insurance for healthcare. If you live and work in the Netherlands, you will be insured for care from the basic package. You can think of your GP, the hospital, a psychologist and pharmacy. These are included in your basic package.
If you become ill, you will receive care. If you have not taken out basic insurance, you may be fined. Health insurance is necessary so that you receive care when you become ill. It also has an advantage and this prevents you from being faced with unnecessary costs. Your care then becomes affordable.
What care is included in a basic insurance?
If you have basic health insurance, a number of costs are covered. Important care such as general practitioner care, medicines and, for example, dental care up to the age of 18 are reimbursed in the basic insurance. If you end up in a hospital or if you need hospital treatment, these will be reimburse from your basic health insurance . You don’t have to worry about the costs of psychological help or if you need maternity care/obstetric care. This care is included in your basic health insurance package.
How can you properly compare health insurance?
There are a number of things to consider when choosing a good health insurance policy. You want to have a clear picture of a new health insurance policy. That means that everything has to be right before you choose another one. It is important when choosing that the premium will be lower than with your current health insurance. Another point may be that you want to be insured for dentistry.
The health insurance should give you peace of mind and you should know that you will receive the best care. That can only be good if you know which points are important to you. Think about what care you need. It is best to pay attention to the following points when choosing your health insurance policy:
Check what is reimbursed by the basic insurance
· Determine your own risk and compare the providers