HEALTH INSURANCE
The term health insurance is generally used to describe a form of insurance that pays for medical expenses. It is sometimes used more broadly to include insurance, covering disability or long-term nursing, or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It can be purchased on a group basis by a firm to cover its employees or purchased by individuals. In each case, the covered group or individual pays premiums that provide protection for themselves from high or unexpected healthcare expenses.
Health insurance works by estimating the overall risk of healthcare expenses and developing a routine finance structure, usually a monthly or yearly premium that will ensure that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is administered by a central organization, most often either a government agency or a private or not-for-profit entity operating a health plan.
LIFE INSURANCE
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual or individual’s death or other event, such as terminal or critical illness. The policy owner then agrees to pay a stipulated amount called a premium at regular intervals or in lump sums until death or a specified date.
A life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiary or beneficiaries if an insured event occurs, which is covered by the policy. To be considered a life policy the insured event must be based upon life or lives of the people named in the policy.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer.
Life based contracts falls into two major categories:
Protection policies are built to provide a benefit in the event that a specific event occurs in a specified timeframe. A common form of this insurance is Term Insurance.
Investment policies main objective is to facilitate the growth of capital by regular or single premiums. Whole of Life is one form that is used regularly in this kind of insurance.
How can you benefit from Health and/or Life Insurance?
Life insurance can help secure you or your family’s financial future. If something happens to you or another member of your family in the event of illness or death the insurance will cover.
Please contact us for further information.