A music teacher is seldom appreciated for the contribution you offer to the music world. You give your best to the world of music, create new talent, and then raise them to grow big but, there are many times when you are met with newer risks, unknown to you. That’s when you need insurance that can help you bail out of such incidents.
Walking to the student’s home to teach them can raise many incidents, some of which need insurance to protect you. An accident or, theft of the instrument you are carrying can cause major expenses for you as a teacher. If you are an aspiring musician, trying to make money for your music by being a teacher, you might not want to spend money unnecessarily. With insurance, you are ready to face such situations, where you are required to get your instrument repaired or, replace it with a new instrument. You can even take care of the accident that has caused you to stop working for a day.
- If you are unable to work for a day, owing to health issues or some emergency, your lost pay day is easily compensated with the right insurance. You will not only be compensated for the emergency situation but also for the payment that you need to receive
- If your instrument is broken while you are on the way to the institute where you are supposed to teach, then you probably need a new instrument on rent, and get this one repaired or, you need to replace this instrument with a new one. Either ways, this can lead to increased expenses, or that may cause a dent into your pockets. The best way to handle is to have insurance that will take care of these expenses.
- Homeowner’s insurance does not cover all your needs as a music teacher, and you need some insurance that can take care of all the expenses that you might face owing to natural disasters or, other accidents that may affect you physically, mentally or, financially. Insurance can at least cater to your financial needs
- If you run an institute, and have people working for you, then their health and other concerns need to be addressed by you. You cannot pay everything from your own pockets, which is why you need insurance that can help you cover these expenses. Music teacher insurance covers the worker’s compensation needs as well
It is very important to choose the ideal provider for your needs before you actually buy the insurance. The concerns that you have should be addressed by the concerned provider. Check for referrals online, and seek a view into the reviews given to them online. It would be better if you can compare the different providers based on their experience, the solutions they offer, and finally how they deal with the clients. The premium you need to pay for a year is also another reason why you need a good insurance provider. Take time before choosing the appropriate music teacher insurance.
Financial savvy decisions help you to utilize your money effectively and get optimal returns on the same. The financial moves you make now will determine whether you’ll thrive financially or have a financially secure future during the course of this year. Firstly, you need to set your financial goal according to your needs and resources and then take the financial moves to achieve your goals. Below mentioned are the top 5 financially savvy decisions to be taken this financial New Year:
- Going cashless: In 2016 government pushed demonetization, which has created a new era for cashless transactions. If has become evident that it is important to know the usage of credit , debit cards , banking , and mobile banking .Online banking is not only convenient but also saves time and cost . You should also Link your Aadhar card with bank account and investments that will further helps to buy online insurance policy and even a NPS account .Also in future it will be easy for bank portability.
- Investing: Saving money and investing it strategically is essential for a secure future and to make your money grow. There are various channels where you can invest your money like Mutual Funds,equity, SIP , Gold ,bonds etc but You should invest according to your risk appetite and income. Although Market movements and timing plays an important factor while investing in market linked investments but it is advisable to keep investing regularly and follow your financial goals instead of deferring due to market movements. In present scenario investing in SIP can be considered a best bet. It helps to combat the market uncertainties by investing regularly and spreading the risk across time and allows the money cost averaging.
Investing in PPF and VPF: Traditionally, fixed depths were considered as safe investment options. But with demonetization the FD rates have dropped to 7 %. So it is better to opt for more lucrative options like investing in Public provident funds and Employee provident funds (EPF) which are more secure and unlike banks, government cannot cut the PPF rates beyond a point. If you are salaried, FEPF is statutory you don’t need to bother about it, it will fetch you good returns. You can also use voluntary Provident Fund (VPF) to build up the debt part of your portfolio.
Gold: It is advisable to invest not more than 10% of your investment portfolio in gold as financial experts expect that gold prices may drop further due to uncertainties in foreign markets.
3. Shifting your loan to MCLR: If you have taken a home loan, you might be paying a higher interest if you loan is linked with the prime lending rate or the base rate .While MCLR (marginal cost of lending rate) is lower than the lending rate.So if there lies a difference of 50-60 base points between your existing rate and new rate, then it is advisable to switch to MCLR by paying an extra conversion fee. This will help you to cut down on your EMI and in turn saving money.
4. Don’t let your cash be idle: Sometimes it happens that we let our cash be idle in the saving account and just that 4% interest. But that cash can be used for better returns. You can open a fixed deposit or a better option is to invest this money in short term debt funds which can deliver up to 7-8% returns annually also in short term debt funds you can get tax benefits and have the flexibility to withdraw or invest more as per your requirement.
5. Real Estate: Buying own house: Demonetization had hit the real estate sector badly .Property rates have dropped drastically. A lot of sellers want to sell of their property at very low rates .It is expected that property rates will future drop reducing the demand further reducing the rates.So if you are looking for buying a house or property, this is the best time. However, one should buy a property for personal use only as buying a property for investment purpose won’t be a good idea as the rates are still too high.
Lastly, apart from the above mentioned moves it is always better to consult a financial advisor. A financial planner will help you achieve your financial goals by strategically utilizing your money to get optimal returns. Also remember that Financial independence largely depends on how well you use your money, thus you need to create a contingency fund that you can use in case of emergency .It is good to be self-sufficient and have a corpus amount for uncertainties rather than depending on others.
People in business and even ordinary citizens should insure their goods against the delay, damage or loss in transit. Well, in this regard, let you know that Transport Insurance is something that provides all the necessary helps to the traders. Transportation insurance is nothing but a policy, which covers the insured good while in the transit. All the modes of transport needed to move the good from one place to other can be covered.
If you are a businessperson, then you should avail transport insurance because it will facilitate you in many ways. There are several people try to save their money by not covering their consignment, but there are some reasons why that is believed to be a bad idea. So, what are you waiting for? Go through the points mentioned below:
Minimize Exposer to the Financial Loss:
Well, if you are a businessman and has not paid for the properties at the time of the shipment, or if you are an importer and has paid part or all of the properties earlier receiving them, then you run the chance of suffering the financial loss if your properties are damaged or lost during transit.
Contractual Need of Transport Insurance:
The contract of you sale may compel you to give transport insurance to secure the interest of the buyer or the interest of the bank. It is mainly true when selling properties CIF or CIP. Disappointment to do so can’t subject you to the financial loss, but the non-compliance with the terms of the agreement with the purchaser can even lead to the legal problems and loss of sale at the same time
Have Control Over the Insuring Terms of Transport Insurance:
Depending on the seller’s or buyer’s insurance might be a feasible alternative, but you should be contented that the insurance has been bought, and the insuring terms, limits, and valuation offered by every single insurer on every shipment are sufficient to meet your requirements. If there is any entitlement dealing with the international insurance firm, possibly in another language, it could be frustrating and time-consuming. How to Choose the Best Transport Insurance Provider? Now you know the significance of Transport insurance. So, the next part is to get insurance from the best insurance provider company. Well, in recent times, you will find various insurance firms who offer you transport insurance. But selecting between them can be a daunting task. Here, you will get some relevant parameters that you will have to bear in mind while choosing the insurance company.
Transport Insurance Services:
This is the first and foremost thing that you should consider. The insurance company, as well as its representatives, should respond positively. They will have to handle all your claims quickly, efficiently, and fairly. If you find that they are not capable of providing top-notch service, then it will be best for you to leave the company. Only a reputed company can give you a real-time user experience that you always look for.
Well, not every single firm is licensed to handle these sorts of work. So, you will have to find a company that is licensed legally. Only then, you can trust them.But, if you aren’t able to look which company has the license then take help from the state insurance department. They will let you know all the information that will help you carrying out the further procedure.
Comfort: It is another important thing that you will have to consider. You should feel confident and comfortable with the insurance buying, whether you purchase it from the insurance company or a local agent. But make sure the company will be easier to reach if you have any need or queries.
When determining whether the insurance is essential for the shipment or not, it is critical to keep in mind the basic principles of the protection. Well, transport insurance mainly provides cover against the extensive damage that happens hardly ever.
If the price of your shipment go above the amount that the goods or carrier forwarder is accountable for, or if you are transporting to less-well organized or unfamiliar destination, then the low costs of the transportation insurance are possibly worth considering. You can now visit McKenzie Ross knowing the best opportunities.
With changing times, insurance companies have become more customer friendly by ensuring that insurance agents are available across the country and a 24/7 customer care available throughout the year. Also, internet has proved to be a game changer as you can get information about all policies offered by various insurance service providers.
Since insuring your health has become a simplistic task, sometimes, it can also lead to last minute surprises. However, there are a few checklists which if you are aware of will help you get an insurance policy which will suit you as well as your family’s needs.
- List of Network Hospitals
Network hospitals are the list of hospitals wherein the policy holder can claim cashless facility and get treated at the hospital without paying anything from his pocket. Network hospitals are most preferred for planned surgeries/treatment and medical emergencies. An insurance service provider having extensive list of network hospitals is an advantage to the policy holder as he can avail the best medical treatment possible in case of medical needs.
- Sum Insured of the Health Insurance Policy
Sum insured is the maximum amount of claim which can be made during a year by the insurance policy holder in case of hospitalization. Any claim above the sum insured amount will have to be borne by the policy holder. For instance, you have a sum insured for Rs.1 lac, you got hospitalized during the year and the treatment costed Rs.1.50 Lacs. In such case, the insurance service provider will entertain claims up to Rs. 1 lac and the balance Rs.50,000/- will be borne by you.
Sum insured plays a pivotal role not only in determining the premium paid by you but also, an adequate sum insured gives you a peace of mind in case of medical emergencies. While taking a policy, the inflating medical costs and the number of members to be insured should be taken into account for the purpose of arriving at sum insured.
- Room rent limits
Hospitals have different categories of room like Single room, double sharing etc. wherein the room rent per day varies. Generally, the capping on room rent is 1% of the sum insured. Suppose, your sum insured is Rs.4 lacs, then the limit of room rent will be Rs.4,000/-. This means that if the room rent is above than this, not only the room rent but all the expenses relating to hospitalization will be borne by the policy holder proportionately.
- Claim Process of the Insurance service provider
Claim process should be simple, convenient and hassle free. It should not be tedious or a process wherein too many approvals are required to get the amount reimbursed. Also, customer care assistance particularly for the claim process and intimation regarding the processing of claim via SMS or email ensures that the process is consumer friendly.
- Fine prints of the policy
Once the policy is issued and delivered to the policy holder, he should read the fine prints i.e. the terms and conditions of the policy to avoid last minute surprises.For example few ailments like ovarian disease, diabetes, ENT disorders, hypertension, osteoporosis, hernia etc. might have a waiting period clause in the policy document.
- Top ups provided by the insurance service provider
A top up is an additional cover apart from the existing sum insured.Keeping in mind the ever increasing treatment cost, various insurance companies have come up with top up plans which support your medical expenses in case your medical expenses cross the sum insured limit.
- No claim bonus
No claim bonus is a discount provided by the insurance company for not claiming or availing benefits under the medical insurance. This bonus is provided at the time of renewal of policy in form of discount in premium. Ideally, the health insurance policy should be renewed within 30 days of the due date to enjoy the benefits of no claim bonus.
- Health insurance policy available Online
Various websites provide information regarding the plans provided by the insurance service providers. These websites help you compare the plans and suggest you the one which best fits your pocket. They also, offer discounts and other add on benefits which can help you take a desired plan.
Being well informed about the benefits provided by health insurance companies will help you insure your health needs in the long term.
In all genuineness, we can’t maintain a vital separation from mishaps, yet, undeniably we can shield ourselves from the inconspicuous. Inadvertent Insurance Cover is the best way to deal with assurance a not too bad life if there ought to emerge an event of such affliction. Spontaneous Insurance Covers all things considered go under the arrangement of Personal Accident Insurance Policy. This kind of technique spreads you against spontaneous death, lasting Total Disablement and invariable fragmentary disablement. Presently let us find out about the Accident and Sickness Insurance Dubbo.
All things considered one needs to pay premium for a biggest of 5 years for inadvertent assurance cover. The aggregate secured depends on the individual to be protected and the procedure conditions. Most of the inadvertent strategies give an assurance cover for the downfall of the defended individual, never-ending total disablement, lasting incomplete disablement and carriage of the body. In the event that there ought to be an event of death of the ensured, the divinely selected individual is compensated with the entire ensured. In case of unchanging total disablement compensation is paid against the unending and total loss of the body part. On the off chance that there ought to be an event of constant incomplete disablement, pay is paid for the total or midway loss of transportability of body parts. Carriage of Dead Body incorporates reimbursement of costs achieved for transportation of the hurt individuals’ dead body to the general population’s living course of action. Presently let us observe on the delicate matters regarding the Accident and Sickness Insurance Dubbo.
The base age for unintentional insurance is 18 years and most outrageous is 70 years. One can take incidental security for their mate also:
- Since unintentional end assurance is a sensitive matter, there are some standard preclusions – a couple conditions which are not secured under inadvertent arrangements. These are: self damage, interest in unsafe amusement, inebriation, and dread based mistreatment, war, bolster in criminal act and AIDS/HIV+.
- A bit of the colossal and supposed associations too take incidental arrangements in lieu of their agents. Their terms and conditions, in any case, differentiate a little from the Personal Accidental Insurance Cover Policies.
- Individual accident insurance, as the name suggests, acts the saint when you meet with startling setbacks. This system covers any setback and is not limited to business related incidents. It covers diverse financial needs at this basic motivation behind time like predictable compensation, medicinal costs, hospitalization charges, subsidizing for tyke’s instruction, mean reimbursement of money to the family if there ought to emerge an event of death, and so forward.
Since, setbacks are sudden, individual disaster security is one of the must have insurance arrangements. This game plan, beside giving propitious cash related help, moreover deals with various budgetary needs till the period of recovery. The following are the diverse preferences that pass on us that putting assets into individual setback insurance course of action is valuable. The Accident and Sickness Insurance Dubbo based associations will offer you the best recommendations about the same.
Available for all occupations: Personal incidental security is open to every individual paying little mind to their occupation, age and sexual introduction, as a result of the obvious reason that setbacks can happen. It is exceptionally critical for individuals in some dangerous callings, for instance, improvement, plumbing, and so on where they are significantly inclined to setbacks. It is in like manner supportive for sole merchants, business associates and the association officials, as their associations’ commitment strategies don’t cover their own setbacks.
Top 5 reasons why travel policy is necessary are :
As a young person standing at the threshold of your career, you may not think too much about your retirement. You would obviously be more excited about the long career lying ahead of you. However, your retirement is a reality and even though right now it seems like a lifetime away, saving for it is mandatory. The earlier you begin, the better it is for you. So what are the best retirement strategies available to you? Should you invest in a pension plan or should you start a PPF account? Take a look at this article to see what your best options are.
Pension strategies for young people
As a youngster under 20, you may still be studying or may have just begun your professional journey. You may still have a few student loans that you are repaying. At such times, is it practical for you to put some money away in a pension plan for your retirement? The answer is a big, fat yes! The logic behind this is simple – the earlier you start, the larger your fund will grow. Let us take a look at some of the pension strategies for young people.
- Pension plans: The pension plans, also known as the retirement plans, are popular saving tools available from the leading insurance providers in India. The pension plans allow you to save small amounts of money for a long time. Your money is invested in safe market tools and it grows even further. And since a pension plan is an insurance product, it also comes with a death benefit component. So if anything happens to you within the policy period, your loved ones will get the sum assured. Upon maturation, the pension plan gives you a lump sum amount of money and the rest of the accumulated fund is given in parts to you and becomes a regular source of income for you.
- Deferred annuity plans: As a young professional, you can start investing in a deferred annuity plan which is a kind of pension plan. This allows you to be disciplined about your finances and keep a small amount of money away each month for your future.
- Investments: Apart from the pension plans, you can also invest some money in mutual funds, PPF accounts and also in post office savings schemes like the NCS. You will be able to save and build up a large corpus which you can use for your retirement as well as for your other life goals such as your wedding, your children’s college fees, etc. You can also use a part of your accumulated corpus later on to buy an immediate annuity plan. An immediate annuity plan is a type of pension plan where you pay a lump sum amount of money after you retire and set up a regular income source for yourself. It therefore is important to start saving early as you can then build up a fund which will aid you in every step of your life.
Things to consider when building up a retirement corpus :
Whether you choose to invest in a deferred annuity pension plan or you want to lock your money into a PPF account, there are a few things you must keep in mind. Firstly, you have to work on a tight budget. As a 20-year old, your salary won’t be too high. You therefore have to balance your finances in such a way that it is possible for you to put some money away each month. It may be difficult, but it is not impossible. Secondly, do not make the mistake of thinking that your retirement is way too far away. It never is too early to start saving for your future and you too must take stock as soon as possible. This will help you in finding the best pension plan as well as securing your own financial future.
To sum it up :
To sum it up, as a 20-year-old, you must start saving in a pension plan or in any other kind of investment to ensure your retirement phase is smooth. Saving money is a good habit and if you begin early, you will become a successful money manager your whole life and that will prove to be very beneficial for you. Good luck!
In today’s hectic world the lifestyle of people has changed drastically. People today have stressful and competitive long working hours and they hardly get time to look after themselves. Getting up early in the morning and giving time for one’s health and body by doing exercise is reducing day by day. The sedentary lifestyle has affected health of individuals. Now-a-days with such sedentary lifestyle it is imperative to buy an insurance policy to cover for oneself and the family from any unforeseen events.
Insurance can easily be purchased by people with no diseases but does that mean that people having existing health conditions like diabetes, blood pressure, heart disease, cancer, kidney problem or liver diseases are denied of Life Insurance? The answer to this is NO. In India, there are a high percentage of people having pre-existing diseases. Although it is often challenging to get best sum assured from a life insurance but it is better that you explore and weigh all the options and give it a shot. As Now-a-days all life insurance companies understand how much it is important for people with existing health conditions to be insured so companies have come up with various plans that are available and custom made for various pre-existing health conditions. Let us now understand which points should be considered by people having a history of illness before applying for an insurance policy.
What is Pre-Existing Medical Condition?
Insurance Regulatory and Development Authority (IRDA) defines pre-existing medical condition as: “Any condition or ailment or injury for which the insured person had signs or symptoms, and/or was diagnosed, received medical advice or treatment within 48 months prior to the first policy issued by the insurer.”
Pre-existing health situation not only includes long term diseases or illness but also covers any history of hospitalization, any signs or symptoms of illness, any skin disorder or history of any major accidental injury.
How will Pre-Existing Medical Condition impact the life insurance cover?
Let us now understand how the pre-existing medicinal situation affect the life insurance policy that an individual wants to avail. It is a known fact that availing a life insurance, term insurance or health insurance policy while having existing health situation is a bit tedious as the insurance providers are hesitant to insure people with pre-existing illnesses as such individuals have more chances to frequent claims and that too it might occur immediately after availing the policy.
So individuals who have a pre-existing health check form have to consider and take a note of certain pre requisites put up by the insurance companies before buying the policy.
- Individuals with Pre-open health situation have to pay higher premium this is called as premium loading. Premium loading is the extra amount that you pay than any other individual without any medical history. Kindly note that this extra premium is only applicable if the individual is having any pre-existing illness at the time of buying the policy. If the medical condition arises after issuance of policy then the insurance company cannot charge extra premium to its customer.
- When an individual with Pre-open health situation wants to purchase an insurance policy then the individual would have a waiting period mentioned in the policy. This waiting period is normally of 2-4 years depending on the type of illness and the plan that the individual wants to purchase.
- Few insurance companies have both waiting period and premium loading on their plans.
- Medical checkup will be a perquisite while opting for an insurance policy for individuals with pre-existing medical order.
- Some insurance companies provide an option of giving a cover without considering the prior medical condition. So if you agree to this then insurance company will provide you cover by excluding your existing illness.
Having a Pre-open health situation should not stop you from buying an insurance plan for yourself, so while applying for a life insurance kindly follow the following DOs and DONTs:
- Opt for an independent insurance agent who will provide you every option under the sun as they can suggest good plans of various companies and would cater your needs perfectly.
- Explore all plans of all insurance providers and then opt for the best plan which suits you.
- Get the health check up done.
- Even if you have a pre-existing health situation try to stay fit with proper diet and exercise as prescribed by the doctor as it important to be healthy, if you are not already.
- Do not lie about any signs or symptoms of illness or disease.
- Do not lie about any history of hospitalization or any major accidental injury.
- Do not hide any pre-existing health situation and be transparent with the insurance company.
Thus after understanding all the perquisites it would be better if every person even with a Pre-open health situation should opt for a life insurance policy as it will safeguard the insured individual from any unforeseen risk and the related expenses.
Part of getting insurance is undergoing a process called underwriting. This process is basically where risk is assessed so the insurance company can determine what rate to charge you. During this process, you have no control over what information may come up or what the underwriters may discover. However, you still have a right to understand how the basic process works. This will help you as you look for insurance using a service like underwriting.com.
Gathering Identifying Information
The first part of the process will be where you are directly involved. You will be required to provide the insurance company or the company giving you a quote, like Ace Underwriting Group, personal information that will then be used to do an unwriting investigation. The information you will have to provide depends on what type of insurance you are getting. For auto insurance, for example, you would provide your name, driver’s license number, vehicle information and social security number. If you were getting home insurance, you would provide information about your home instead of your vehicle. It is important to make sure that you give them accurate information because any inaccurate information can slow down the underwriting process.
Gathering of Additional Information
The underwriting company will then take the information provided by your insurance company or a company like underwriting.com and use it to gather some additional information. Depending on what type of insurance you are getting, the company will likely look into your credit history, driving record, vehicle history, property information, health records and past insurance records. This process may take some time because underwriters want to gather the most accurate and complete information they possibly can.
After all the information has been gathered, the underwriter will then analyze the information. They will be looking for indications that you could be risky to insure. If you are getting auto insurance, for example, the underwriter will be concerned with any past violations or accidents. If he or she finds that you have had a history of violations or accidents, then they will mark you as an increased risk because you will be likely to continue with this same behavior in the future and such behavior may cost the insurance company money.
During the analysis of information, the underwriter may also compare you to others in your similar demographic group. Again, this may vary due to the type of insurance you are getting. For example, if you are getting auto insurance, they may compare you to others who drive the same vehicle or who are in the same age group. For home insurance, they may compare you to others living in the same area or with homes the same value as yours. This comparison can help them to further assign the amount of risk based on the insurance of others who are similar to you.
The insurance underwriting process is necessary for insurance companies to remain competitive and to maintain profits. It also helps to keep the system fair and allow you to shop around for the best rates, like at underwriting.com.