Wednesday, 25 June 2014

Package Insurance

What is Package Insurance? 

Every insurance company offers a variety of products to customers. In the area of ​​property and casualty insurance these products typically include:

 Primary and secondary or vacation homes.
 Rental property or investment homes.
 Autos, and motorcycles.
 Motor homes.
 Boats and Yachts
 Small Business
 Personal liability and Umbrella Liability coverage.

When consumers have multiple properties, autos, recreation vehicles, boats and a need for extended liability coverage many insurance carriers will offer policies that group these different exposures together. 

A package policy may include several varieties of insurance grouped together and underwritten together. Many companies will offer better and more complete coverage when consumers insure everything with the same company.

Most companies offer discounts to consumers who insure both their home and auto's with the same company, but a package policy is different because the underwriter will review the entire exposure and assets families want to insure and create a policy that covers all the property and liability insurance needs of a consumer.

Package insurance is typically designed to meet the needs of more "affluent" consumers. People who have amassed a number of assets, and have investments in real property often need more complete insurance products. Grouping everything together provides an insurance company with a complete view of the risks and exposures customers may have.

These kinds of insurance products generally have higher standards for Insurance credit scores and offer more insurance for a lower cost then it would be to insure each item separately. It can take longer to receive quotes and may require the company to ask questions before offering a quote for coverage.

Package policies may require homes of a certain value or total customer assets of a minimum amount. Some package policies are specifically designed to meet the needs of the customers over all insurance requirements. It may be difficult to qualify for a package insurance with some companies due to underwriting standards.

Anyone who is working toward a stable and healthy retirement or invested in real property might want to consider shopping around and asking about package insurance products. Most of the preferred package insurance products include additional personal liability umbrella coverage.

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Sunday, 15 June 2014

Life insurance for kids

We all dream about fulfilling our child’s every need. With expenses rising by the day, however, we’re also worried about how to ensure it. A life insurance child plan is aimed at securing the financial future of child. A life insurance child plan like other life insurance plans is a combination of insurance and Investment. Usually, child plans are available in both forms- traditional endowment child plan and unit linked child plan. There are guaranteed payout in traditional endowment child plan while returns are market dependent in case of unit linked child plan. A child plan helps you in two ways-


(a) saving and accumulating amount over many years so that the amount can be used for child’s education or marriage.

(b) in case of death of insured, there is substantial amount payout which can be used to ensure child’s future and it is not affected due to financial constraints.


“So, it is very important to make sure of getting hold of the perfect life insurance for children in order to make their life secured!!”


Your child is your future for which steps should be taken to get hold of the perfect and inexpensive life insurance for kids as well. It is important to look at the terms that would make you feel quite knowledgeable making you get hold of the perfect one. Another thing that you can do is to add your children to your life insurance policy as a rider where it can be a wise thing for you that help in getting the maximum advantages.  There is an option where you can convert it into a single policy for your children when they reach the legal age.


You need to make the right research so that it becomes possible for you to get the affordable life insurance for children.  You have to make sure that you get all your queries solved so that you can remain tensed free. There are some programs that enable the child to double the size of the coverage when the child reaches the age of 18 years. This also does not require you to raise your premium that you are paying. So, this proves to be very beneficial for your child that would make his or her life very secured as well. So, it depends on how you research so that it does not lead to get any sort of problem at all. You also need to make sure whether the life insurance for children that you helps in building cash value. This is possible when you try to opt for whole life insurance instead of term life where it helps in getting much benefit out of it. This would prove to be the best gift for him that would help in fulfilling their dreams without much problem at all.


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Friday, 13 June 2014

Auto Insurance

Cars, motorbike etc are such things that have made our life easy and convenient. Now days it is very easy to own a car or motor bike as banks are always ready to lend you loans for purchasing your dream vehicle. Though it is easy to purchase a vehicle but maintaining it, is not a child’s play. Maintenance on your car requires huge investment from your pocket and if your vehicle met with any accident then it is blunder for your savings. But not now, if banks are making your dreams easy then there are Insurance companies that are available to secure your pocket from any mishap expenses to your vehicle.

Auto Insurance is one such type of General Insurance which is especially for your vehicle to secure it and protect it. Auto insurance is a insurance cover provided by the insurance company to your car, bike, truck or any other motor vehicles. The main feature of auto insurance is to offer financial protection to your vehicle against future Inconsequence such as accident, theft, loss in natural disaster, fire and many others. It not only helps you to save your pocket rather it also ensures to minimize the pain of loss of your beloved vehicle.

Auto Insurance in India –

Auto insurance in India is quite similar to usual auto insurance in other parts of world. In India auto insurance has a very wide and pronounced business as it is a compulsory activity to be done before putting your vehicle on road. In India, auto insurance is must as per traffic rules and therefore if you failed to present your auto insurance at the time of traffic checking then you will be fined heavily. Insurance companies in India have a mutual tie up with motor vehicle manufacturing and distributing agencies to issue insurance cover at the time of purchasing new vehicle. Auto insurance paper is similarly important for a vehicle as RC paper, Driving License and Pollution Card.

In India, claiming a Insurance cover is quite typical as insurance companies are very active and review whole scenario before offering claim amount. One needs to represent FIR copy, Insurance copy, RC copy, Driving license copy and some other documents to get the claim. If insurance companies notice any illegal activity in your claim then they have full right to reject your claim amount. In India, auto insurance cover is offered to following vehicles,

•           Private Car
•           Motor Bike
•           Commercial Vehicle such as Truck etc.

Types of Auto Insurance –

•   Liability Coverage Insurance – Under this insurance cover, the owner of the car does not receive the claim for the damage to his car or vehicle rather the claim is made to the third party whose vehicle is damaged due to vehicle of insured person.

•   Comprehensive Coverage Insurance – As per the name express, this insurance coverage not for the loss or damage to the vehicle due to other vehicle rather it covers the vehicle for damage or loss due to other factors such as tornado, earthquake etc.

•  Collision Coverage Insurance – This insurance plan is similar to previous one but in this case the claim is made for damage and loss against both non vehicle and vehicle collision. Under this plan, vehicle gets cover against accident to another vehicle or any other cause.

•  Fire & Theft Coverage Insurance – This is simple to understand as this plan is for the financial protection of the vehicle against loss or damage due to fire or theft. This plan is one of the most demanded plans these days.

•  Physical Damage Coverage Plan – This plan is the combination of above three plans, Comprehensive coverage, collision coverage and Fire & theft coverage. This is the best plan and most demanded plan in US. This plan offers you complete solution and every types of cover in one single plan.

•  Personal Injury Plan – This plan is not for the vehicle rather it is for the driver of the vehicle. As per this plan, if you are driving a vehicle with insurance cover and if you meet with any accident then insurer will be liable to pay off all the expenses on medical, pathology, wages loss and funeral.

•  Uninsured Driver Coverage Plan – This plan is for the vehicle and for the loss to the vehicle with another vehicle which do not have any sort of insurance cover. This plan is also known as Uninsured Motorist Coverage Plan.

•  GAP Insurance – This plan is best of its type. Almost everyone of us have insurance cover but if we lose our vehicle then the compensation we get is as per the present value and main headache comes when the vehicle is under installment period and one need to pay off the remaining amount. This plan helps you to pay off the remaining amount of vehicle loan.

•  Rental Car Insurance – You won’t find this plan very commonly but there are some insurance companies which are offering this plan. This plan is for the rental car or vehicle which you hire for a time period. As per this plan, insurer is liable to pay for the losses against the damage to the rental car while the insured person is driving in it.

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