The Benefits of Having Life Insurance When You are Single

The Benefits of Having Life Insurance When You are Single

Life insurance for single person  

Are you now around 30 years old? Not have children yet? Do you currently think it is necessary to have life insurance?

Do you know if the people who are single or those who already have a family could have benefited with life insurance. Indeed, having life insurance is not a necessity, but in certain circumstances having this insurance becomes necessary.

Currently, you may still rent a house, work hard to reach the top of your dream career, have fun social activities, and there is one thing you sometimes forget. What is that? Time of death.

Even for some people who are more successful than you may already have a comfortable little condo, live happily with their partner, or they may have started a promising small business in the future don't know when death will come.

When a person dies, then there will be a final cost to be reckoned with. There could be financial complications on the other side if you die. Life insurance plays a role for such situations.

It does not rule out that single people have debts to other people or to banks, have unpaid vehicle credits, mortgages, and other financial matters that require settlement. Of course the advantages of having a life insurance is to be used for these things.

A Status Doesn't Guarantee Anyone Free From Financial Problems

So a status does not guarantee that every individual has no financial problems and responsibilities that need to be solved. In addition, insurance can also be used to settle tax payments when you die, or facilitate the distribution of property to a charity or to others you have chosen while you are still alive.

Life insurance has several types, for example whole life and universal life insurance is a type that has a savings or investment component that has a cash value. When you buy life insurance at an early age you will get a lower premium cost, you can also have forced savings which if you do it at an advanced age then it will be a difficult thing.

Some Benefits Of Life Insurance For Young Single Person

The following are the benefits of life insurance for young single persons:

1. Helps to pay off your final expenses

Did you know that the cost you leave when you die can be huge? These costs include medical bills, legal fees, funeral expenses and so on. These costs can be solved by life insurance, so your colleagues and members of the family will not be burdened with this problem.

2. Can Act As Your Family Assistant

Just imagine when you are away from the family then you get the news that your parents have just died. In this case, your parents need financial help from you, but you are not with them. Life insurance can help you in such unfavorable situations.

Your parents will be guaranteed to receive financial support from the insurer. In addition, you can also support your siblings by making them the beneficiaries of life insurance.

3. You can save money for paying a lower premium

You will pay life insurance with more expensive when compared with those who are younger than you. Premiums will be based on your current age. So when you need further medical treatment in the future, you already have life insurance coverage which in reality will be more difficult to obtain when you are elderly.


Those are some advantages of having life insurance for those who have a single status, can hopefully increase your knowledge on this subject.

Is Life Insurance A Profitable Investment? Worth [$] To You?

Is Life Insurance A Profitable Investment? Worth [$] To You?

Whole life insurance  

In its most straightforward form, you spend monthly premiums to the life insurance provider and it will pay money for your property or your assignee after your death, but do you think is a kind of profitable investment?

On the top, life insurance appears like a simple concept to understand, it's have schemes like you pay an insurance provider a month to month or annual premium, and upon your death, the corporation pays out an amount to your beneficiaries.

But long term life insurance policies such as whole life insurance likewise consist of an investment aspect, and honestly, that is exactly where the issues can get complicated.

A number of the cash paid into all of your life plans grows “cash value” by means of a tax sheltered investment account that the policyholder may borrow on. Insurance firms tout these guidelines as not just a way to leave a monetary legacy to your family members, but as a good investment tool also.

However, let’s be obvious, typically, your property would be worthy of more, if, rather than buying life insurance coverage you invested the amount of money you'll have allocated to monthly premiums wisely.

If this weren't true, the insurance firms would be bankrupt and become uncertain. In reality, life insurance policies are extremely profitable for the development of the company's business.

When You Need Life Insurance And When You Don't

Let’s look at a couple of good examples.

You have graduated from university. You are getting married to the most amazing person in the world. She or he is a classmate who currently has employment offer. You have been accepted to a graduate college in the same city where your own future spouse’s work will be. The fact is, like a regular college student, you won't be working.

Many people would say if your getting married  you need life insurance coverage. We'd dispute you don’t. No income is generated by you, nevertheless, you do represent a cost to the family. You are a net financial drag on the family.

It may actually sound rough and not good, but if God forbid you to die then your couple will be really in a better financial position. Therefore, you do not currently need a life insurance policy.

Fast in advance a couple of years. You have completed your education. You expect your first child. Your wife is likely to stay at home to look after your offspring. You have a good job, and you will be the sole income source for your young family.

We'd agree that, at this true point, life insurance coverage for you'd be very appropriate. In the event that you were to pass away, you'll want your loved ones to be safeguarded from what might normally be a vital monetary hardship.

So, Is Life Insurance Is Suitable For You Now?

Is life insurance coverage suitable for you? Everything depends. In case your early death would create a substantial monetary hardship for your family members, life insurance coverage could make sense. However, in these situations, even, recognize that you are spending money on this protection. In the event that you live to your full life span, your heirs could have been better off if you'd spent the amount of money it's likely you have paid in rates.

Conclusion

For many people with fundamental financial requirements without difficult financial assets to cover, whole life insurance is a bad investment. That guidance also pertains to adjustable life insurance coverage and general life insurance coverage products.

Term life insurance, meanwhile, probably wouldn't be looked as an "investment" by most in the fiscal field. But it's still a crucial part of your current financial impression if you are a primary income source or financial balance for anybody in your daily life.

How Long Does A Whiplash Claim Take Process After Medical?

How Long Does A Whiplash Claim Take Process After Medical?

Whiplash claim  

A lot of questions arise about how long does a whiplash claim take process after medical. Indeed, an understanding of this is necessary before you make a claim and follow its working mechanism.

If a person experiences whiplash, he or she may get traumatized either from the physical or emotional side.

All people who experience this of course, always hope that they can perform activities normally as usual.

Seven Whiplash Claim Stages That You Should Know

Although some stages of whiplash claim may vary, here are seven general steps that are usually done :

1. Notify police and insurance companies after you have an accident

You should obtain detailed information from other drivers or from anyone responsible for the occurrence of the accident.

This information should be able to explain the name, insurance company, contact details and registration number. The more information you gather the better.

The next step you should report the accident to your own insurance party and also you must report to the police if you are injured and your property is damaged.

2. Immediately ask for medical help 

When you experience whiplash symptoms, you should seek immediate medical help.

This is necessary to prove your whiplash claims and also to ensure you will get the right diagnosis and treatment.

3. Contact the whiplash expert if necessary 

Contacting a whiplash expert can be done only when you experience it. So you do not have to waste time contacting this whiplash expert when you feel well enough.

The whiplash expert can tell you if you deserve to be compensated. They can also appoint a lawyer to process your whiplash claims from start to finish.

In this section, your lawyer will also explain the process to you clearly and completely and will then answer all of your questions.

4. Obtain the necessary evidences 

You must have strong evidence to say that the other party is guilty and has caused you suffering whiplash.

Your lawyer should be able to contribute either by obtaining supporting evidence such as obtaining statements from witnesses, obtaining copies of reports from the police, obtaining statements from you and getting your medical records.

You do not have to worry because your lawyer will work hard for you.

5. Provide medical reports 

Medical reports are required as part of the collection of evidence. The medical expert will be appointed by your lawyer to assess your whiplash level before the medical report is written. This report contains the level of your injury.

Thus, the medical report will help verify the physical and psychological disorders that you experienced.

6. Conduct negotiation of compensation 

Your lawyer then makes the financial losses that you have suffered through injury.

These financial losses also include loss of income as well as expenses for medical treatment or in general can be regarded as damages.

Based on the loss report, your attorney can suggest a reasonable amount of compensation.

7. Completion of your insurance claims 

Your claim can be settled After your lawyer negotiates a fair and reasonable amount of compensation. The settlement is 100%, where there will be no deduction whatsoever.

Some Factors That Cause the Claim Process to be Fast or Slow 

The time to receive a whiplash settlement can be difficult to determine. This is because every compensation of the claim must be different. However, the time to process this claim depends on two factors as below:

• The level of injury you experienced after the accident 


•  Whether your opponent admits to being guilty or not

In general, the claim process takes only a few months for a minor whiplash injury with a note that the other party admits responsibility for the accident from the beginning.

But if your injury is quite severe, then the claims process will take much longer. How could this happen? Because it requires more medical records as evidence.

This medical evidence will play a role when negotiating compensation for damages you have experienced for a certain period of time.

The much time it takes for your injury recovery process, then you can receive more compensation. Therefore, it is important that if you know and understand the full impact experienced by your body because of the injury.

The process can also run to court if your opponent refuses to be found guilty.

This has to be done because the claims process should be able to prove that there are guilty parties responsible for the occurrence of accidents, and the negative side is the claim process will take much longer. But the fact is rarely a whiplash case to be brought to court. If a crime is committed in the event of an accident, then the police may provide a direct charge to the responsible person. Although this does not extend the time to process your claim, you may have to wait for the case to be resolved in full before you receive any compensation.


In case of a hit-and-run incident, this can also cause the claim process to be longer. Because the police and the insurer can be difficult or can not find the driver who committed the crime.

How much time do you have to make a claim after an accident? 

Usually you have three years from the date of the accident on the highway to get compensation for your injuries. When you make your claim submission, you must be 21 years old, according to your date of birth.

Therefore, if you are 19 years old at the time of the accident, then you have to wait another two years to make a compensation claim.

You should contact your lawyer immediately if the accident occurs while you are abroad. In this case, the claim filing time may be shorter, so hopefully you will not lose your chance of getting a claim compensation.

What Is Life Insurance And How Does It Work?

What Is Life Insurance And How Does It Work?

Whole life insurance  

This time we will specifically discuss what is life insurance and how does it work. As the owner of the insurance, you need to understand what insurance you have, instead of just buying because it follows the trend, as this is the wrong reasons.

Do you already know what it is life insurance?


Life insurance is a contract between you as the policyholder or insured by the insurance company as an insurer in which the insurance company will pay a nominal amount of money if there is the risk of death to the insurance policy holders.

Do you need life insurance?

As an insured you must pay a premium that will be helpful to provide a replacement for the risk of your death. In other words, life insurance is a type of insurance that aims to cover people against unexpected financial losses, caused by the insured dies.

Life insurance can be purchased for its own sake and on behalf of the insured alone or purchased for the benefit of a third person.

For example, a husband may buy life insurance for his wife as the insured, or parent can also buy life insurance for his son as the insured.

Why Life Insurance Is So Important?

There are several types of life insurance, but before discussing the types of life insurance, you should know in advance some of the reasons why life insurance is so important to you.

1. As Protection Against Loss of Earnings for Family

Nobody knows what will happen tomorrow, including you.

Suppose you as a breadwinner for your family, to anticipate things that are uncertain, such as the risk of an accident, the possibility of leaving the family that still require the cost of living, you need to buy a life insurance policy so that your family can get insurance money to live after you no have an income.

2. As Protection Against Risk Due Diseases Leading Cause of Death

Based on a Medical News Today in 2015, the leading causes of death in the USA is coronary heart disease, Cancer (malignant neoplasms), Chronic lower respiratory disease, Accidents (unintentional injuries), Stroke (cerebrovascular diseases), Alzheimer's disease, Diabetes (diabetes mellitus), Influenza and pneumonia, Kidney disease (nephritis, nephrotic syndrome, and nephrosis).

These diseases are quite common, so it is important for you to have protection against the risk of contracting these diseases and the risk of death.

3.    Life Insurance Is a Way To Savings And As Preparation For Retirement

Savings in life insurance is the best alternative choice for your long-term needs because of the nature of premium payments on a regular, mandatory, and not easily retrieved at any time.

Types of Life Insurance

There are several types of life insurance products that would each have different benefits. The types of life insurance are intended to serve various needs, abilities, and the purchasing power of a diverse society. Please observe any of the following types of life insurance:

1. Term Life Insurance (Term Life Insurance)

Term life insurance function is to provide protection to the insured within a limited period only. Life insurance is usually offered a contract for 5, 10, or 20 years, with a fixed premium, and also relatively inexpensive.

It is recommended selecting this type of life insurance if you put your family's future, especially the education of children. This insurance is suitable for those who have a need for large insurance costs but have limited financial capabilities.

If you choose this life insurance, some benefits are:

• You as the policyholder get freedom in determining the amount of the premium according to your ability.
•  Insurance money that you can get as a policyholder can achieve a high score. That is if the insured died during the contract period is still active, then the family of the insured will receive insurance money accordingly.

While the shortage of this type of life insurance is:

Insured could lose the premiums that have been paid or forfeited premium once the contract is complete if it does not suffer from health problems or death up to the completion of contract period.

2. Whole Life Insurance

Whole life insurance provides lifetime protection, although typically, insurance companies limit the protective benefits until just 100 years.

Life insurance is recommended for those who do not have dependents and want the benefits are more than just death compensation, or you are interested in the idea of long-term savings.

So, if you want the protection of life at time savings for emergency needs such as paying hospital bills, you can consider buying a life insurance policy of this type.

The advantage of this type of life insurance is:

• Policyholders possible to obtain the present value of premiums already paid.
• If you as the insured is unable to pay the premium installments regularly, you can use the cash value of the premiums already paid to pay further premiums.
• Insurance premium that was paid will be forfeited if there is no claim.
• When the contract expires, insurance money will be given in full.

Meanwhile, the shortcomings are:

• The premiums are larger than term life insurance premiums and could be more than doubled.
  
  The reason for this is the high premium because the life expectancy of Americans is only 76 years for men and 81 years for women, according to sources from the USA LifeExpetancy, so the possibility of an insurance claim before the period of protection ended higher.
  

  

  Life expectancy male and female USA 2016, Source LifeExpetancy

• The cash value of the total premiums already paid will not be too large as the interest for this insurance is usually only amounted to 4% per year, and this figure before tax.

3.  Endowment Insurance

This type of insurance accordance with the name is the insurance which has two benefits, ie term life insurance as well as savings.

This means that you as a policyholder can obtain cash value of the insurance premium that was paid.

The cash value is sum insured if the insured dies within a specified period, in accordance with the policy of the insurance policy in question and also the insured can withdraw insurance policy within a certain time before the contract expires.

This type of life insurance is recommended for those who prefer to ensure the availability of funds for children's education, want to have the funds for unforeseen needs in the future, and would like to have larger pension funds.

The advantage of this type of life insurance is:

• As explained above, you can claim a life insurance policy before the contract expires, for example, to fund your child's education.
  
  However, withdrawals can only be done once in a period of several years in accordance with the agreements that have been made.
  
  If for example, you as the insured is still alive when the time period is over, you will get the whole sum insured.

Meanwhile, shortcomings are:

• Because this type of life insurance has two advantages like combines the benefits of a term life insurance with life insurance, so premiums will be relatively high.

4. Unit Link Insurance

A unit link insurance combines the benefits of the investment, and most often offered by an insurance agent. If you are interested in investing but do not know about investing and want to continue to ensure the life you still have the benefit of protection from death, you can choose the type of this life insurance.

The advantage of this life insurance are:

• You as the policyholder not only get a guarantee of protection but also the investment returns with relatively high interest annually.

While the disadvantages are:

• Returns on investment are less significant when compared to pure investments such as stocks, money market, or mutual funds.
  
  If you are looking for a large profit from the investment, you should not rely on unit link life insurance. Insurance money that would be obtained relatively low, especially if investments fail or only produce a small profit.

Investigate Before Buying Insurance

You need to remember that before you buy a life insurance policy, you are advised to seek as much information and comparing quotes from several insurance companies, for example with regard to the protection offered and the amount of premium that you pay for, and adjust to your ability.

Consider also the number of your dependents and any funding needs that will arise in the future in choosing this type of life insurance.

The bottom line is you need to do careful planning in accordance with the needs before selecting a life insurance product you want to buy so that the benefits of protection you get from the insurance product is optimal.

Remember, be careful before buying and also apply for a life insurance product that you do not feel disadvantaged.