My Insurance Insider and Finance Blog

photo credit: The Labour Party

Did you know the facts,when we talk about critical illness, that
* 60% of all cancer victims survive at least 5 years;
* 75% of all heart attack victims survive at least 3 years;
* 70% of all stroke victims alive 3 years;

These all are possible due to the awesome advancement of medical science and truly we are living longer than before when these type of medical conditions used to kill people mercilessly.

Well, what the hail are all about having so many insurances such as disability insurance, life insurance, long-term care medical insurance, and so? I can read your mind. You see every insurance policy has a different aspect and some kind of limitation in its purpose of proving coverage.

Now, let’s talk about LTD disability insurance. Does it cover all your 100% replacement income in case you happen to be a cripple person? Yes, normally it can cover by your LTD insurance. But prevailing situation that we’re passing through today tells us a different story. No matter how rich we’re, everyday we expose to more challenges in life in defeating the prevalent killer diseases such as invasive cancer, heart attack, stroke, renal disease, occupational HIV, or crippling diseases like epilepsy, coma, paralysis and what not.

These all need a huge money for a longer period of time. And what about your mortgage payment or car repayment or retirement investment plan? Indeed you may have life insurance, health insurance, disability insurance that may not enough to cover your monetary discrepancy left when you face with a critical illness. Life insurance never pay when you alive. One fact that really surprises you that only 3% of mortgage foreclosures are due to death, while 48% of mortgage foreclosures are due to CRITICAL ILLNESS! This is where Critical Illness Insurance comes in for your rescue.

And did you know that your health insurance company typically pays 80%-100% of covered medical costs minus any deductible? And according to the American Cancer Society, 66% of total costs of cancer are “non-medical”?

Critical Illness Insurance makes a difference in people’s lives. You need Critical Illness Insurance to:

1. Pay off your debts such as mortgage loan, car loans immediately when your creditors are demanding them amidst your all round miseries.
2. Replace your income for an undefined period of time.
3. Entertain your family as before and make arrangement for the usual pleasure trips.
4. Spend your leisure time with your family members and helping them out as before.
5. Switch over to a less stressful and suitable job.
6. Pay off your uncovered medical bills, deductibles, and the related expenses.
7. Ensure your children’s education to continue and their health care.
8. Ensure your retirement and other future planning as usual.
9. Do whatever you want with your cash benefit. In a nutshell, you can continue whatever you were doing in your previous normal life.

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photo credit: irina slutsky

Does every insurer accept all insurance business gracefully? No. In fact insurance companies are much cautious about the suspicious claims. Insurance business runs on certain basic principles that I will discuss in another of my article in future.

Indeed insurance business works because the relatively small amounts of contribution, called ‘premium‘ money from the large numbers of policy-holders, who are unlikely to expose losses or make claims, are paid to few who suffer myriad of losses. Like-wise, life insurance companies are in the opinion that a higher degree of scrutiny of suspicious claims helps keep the cost down for rightful policy holders.

No one, however disagrees about the necessity of being much watchful during the underwriting of potential risks associated with circumspect claims. Who are to blame when someone’s agent fill the form incorrectly? Should we rely on when agent telling ‘You sign here and give me the money. I’ll do the rest.’?’

“Agents are supposed to ask a long list of questions” says Mr.Kunnel, who heads IRDA’s life insurance department. “But because the documentation is so longwinded, they usually just run through the form quickly.”

So, how do you protect your nominee or family when taking an insurance policy? Here are some important tips to consider.

Image by ybab36aaa via FlickrDid you ever heard the term “Stock Market Simulation Game“? If you’re an internet user for long time now, you may be aware of practice or demo account for online casino or online forex market. Indeed this is a great way to upgrade your investment skills through practice before actually investing any real money in the stock market.

In fact through simulation games, you can experience the thrill of investing in the stock market without any risks, costs or any fear of losing money when you are suppose to make a poor investment decision.

You’ll be surprise to know that many experts or teachers in banking and finance industry are now using stock market simulation games to teach their students about the basics of investing in stock market. Though most of the stock market simulation games charge you a fee, there are some that are free of any charge. In fact you need not to have prior knowledge on market investing.

Need to know how stock market simulation games usually work ?

As a player you need to register first. After creating a practice account, you’ll be given out login information and initial deposit of virtual money to invest in companies of your choice. You can also build stock portfolio by buying and selling shares in companies. Interestingly many of stock market simulation games use real-time market data.

Some tips on stock market simulation game that would help in multiple ways: