Insurance
Insurance is a valuable risk-financing tool. Purchasing insurance, however, is not risk management. A thorough and thoughtful risk management plan is a defensive measure used against future conditional losses.
LIFE INSURANCE is a commitment or an agreement between the policy owner and the insurer. In the event of the uncertain event, the insurer agrees to indemnify or provide a per-determined compensation to the beneficiary of the life policy. Broadly, insurance can be categorized into TERM insurance and PERMANENT insurance.
Types of Insurance
Life Insurance are two types: Term and Permanent Insurance:
- TERM INSURANCE- Provides coverage at a fixed rate of payments for a limited period of time, the relevant term 10, 20 OR 30 YEARS etc.
- PERMANENT INSURANCE – Permanent life policies, as their name implies, are meant to be held and paid into for the duration of the insured’s life. Because of this, there are significant fees associated with setting up the policy.
- LIVING BENEFITS – is a type of insurance policy where the insured can receive a payout from the policy while still alive. Typically, this benefit is allowed in cases of terminal illness or other long-term, severe health problems.
- CRITICAL INSURANCE: - Insurance policy that pays a Face Amount/ Lump Sum if the insured is diagnosed with a specified critical illness.
- DISABILITY INSURANCE: - Insurance Policy that pays benefits in the event that the policyholder becomes incapable of working.
- LONG TERM CARE: - Insurance policy that pays some or all costs of nursing home care for a qualified insured. Coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs.
- TRAVEL INSURANCE:- Provides emergency medical coverage while travelling abroad as well as covering the policyholder's possessions and money while travelling. Many travel insurance policies also reimburse the policyholder if a holiday has to be cancelled and pay compensation for delayed journeys. It also covers any travel related losses incurred during one’s domestic or international travels. Any good travel insurance plan should cover medical expenses, expenses regarding travel delays, emergency returns, protection from theft of cash or other personal belongings and compensation for any baggage delay.
We at ONS Financials Inc. deal with 15 different insurance companies to help provide you with a competitive coverage on all different kinds of insurance products.
