High Risk Life Insurance Companies
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Questions and Answers
What insurance company is good for young drivers?I am trying to get insurance for my daughter who has just passed her test but I am finding it so expensive, I have tried adding her as a named driver on my policy but most of the ones I have tried are so expensive, I was just wondering if anyone knows any insurance companies who specialise in young drivers.
Posted by alan
admin“What insurance company is good for young drivers?”No such company exists and never has done.In recent years, many insurers have stopped offering insurance for under 25′s completely, due to the high risk. There are no insurers who specialise in young drivers any more, for the same reason. Insurance for teenagers IS very expensive – that’s just a fact of life in the 21st century. And it’s the main reason that many teenagers simply don’t drive at all…
What is life insurances?What is life insurance? What types of life insurances and what do they cover? Can you get a life insurance where after say for example 20 years nothing happens to me or my partner, they will pay back the money back? Can you get life insurances that covers the morgages repayments if i become ill or lost my job? If so, what is it called? Am new to it all please help answer as much as you can and if it helps I have a mortgage, 2 children and a partner! Based in UK.
Posted by none important
adminLife insurance is the transfer of risk from oneself to another, for a fee. For example, I go to an agent, fill out the forms and am approved for insurance, now I must pay the company each month for the coverage amount I agreed to. Should I die, my beneficiaries will collect that face amount. If I stoppaying the premiums, the insurance will also stop.Types of life ins.- Two types Term and Whole Life. 1) Term is pure insurance. You pay the premiums and the company will pay out if you die in a certain time period (term). 2) Whole life, Universal, EIUL, Variable and VUL do the same as term but add a cash account to the insurance. This is why it costs more than term.But understand that the underlying insurance is TERM, usually Annually Renewable Term, except in the case of Whole life. ART means that as you grow older, the cost of the term policy goes up. This means that less of your money goes to the cash account.What do they cover? Insurance is meant to be gotten by healthy people. The insurance company doesn’t want many sick people otherwise they would lose money by paying out claims each year.They want to limit the number of claims so that they have the most money gaining the most interest. They have rules and you must usually have a medical test done. Even if you have some health challenges they will cover, at a higher premium, some of these. They will also cover people in certain jobs or with certain hobbies but also higher premiums. Usually, the only limit on paying out is in the first two years. After that, it is all good!Return of Premium is a rider that can be attached to almost any policy. RoP is what you are talking about- have term for 20 yrs, you don’t die and the company reimburses you all your premiums without the benefit of interest. You just gave them FREE money!! This costs a little bit more.
Lose your job- this is a disability rider, again it costs a little bit more for adding this. It will cover the cost of premiums after certain conditions are met- usually out of work or disabled for at least six months, then the company pays your premiums for you.
My recommendation is to sit down with angent who will do a complete financial check up for you and your partner. The will look at your full financial picture, ask you what you want to achieve for retirement, education goals of child(ren), show a plan to you that covers all of these questions for you. This plan should also show how much insurance you need and for how long. The person should also have a securities license to assist in setting up retirement plans, educational plans, etc.
Hope this helps. Email if you have any further questions or if I could help schedule a sit down with you.
What is risk assessment in insurance?Specially in india.
Posted by ANKUR V
adminIn case of Life Insurance, risk assessment for the insurance providing company is to gauge the probability of an untimely death of the insured person. Thus a person carrying a higher probability of death is said to be risky for the insurance providing company, and hence it will charge a higher premium for such a person.
For example, if a person is a heavy smoker he faces a shorter life span, or he faces the risk of an untimely death he is risky for the insurance company.
This is risk assessment!