In today’s fast-driven world, one faces uncertainty in life. Various financial tools like life insurance, endowments plans, medical insurance, etc. are made available to take care of this aspect. Besides, they are also an investment and helps to secure one’s financial future. Life insurance policies also aids in saving tax, improves credit ratings, inculcates saving habit, acts as retirement income and provides for your family in case of untimely death.

What is term insurance plans?

Term insurance is a basic and fundamental insurance product. It is a type of insurance policy that provides coverage for a specified ‘term’. In case of death of the policy holder during the policy term, death benefit will be paid by the insurance provider to the beneficiary. The premium for term policies is very low as compared to other insurance plans. This is because there is no investment component and the entire premium paid is directed towards covering risk.

What is endowment plan?

An endowment policy is a type of life insurance policy which apart from covering the life of the policyholder helps him to save regularly over a period of time so that a lump sum amount is received at the end of the maturity term. Thus, such plans fulfill the dual need for life cover as well as investment, under a single plan. The main benefits of such a plan is regular savings, financial protection of family in case of death, loans against the policy and tax benefits under section 80C and 10(10D) of the Income Tax act, 1961.

Which plan is best for you?

Based on financial goals

Both types of life insurance plans have their own pros and cons. An individual needs to make a choice between the two depending on his financial goals. Some may take a policy for the sole purpose of a life cover while some may take it with the goal of investing and growing their money.

Cost of premiums

Endowment plans have higher costs than term policies for the same coverage and duration. Customers are charged premium for both investment and life cover. Various charges like mortality charges are deducted and the balance amount is then invested in other instruments. Term plans, on the other hand, charge premium only for life protection and not for investment. Hence, term plans come at very low premium and give good returns to the family in case of death of the holder.

Rate of return

Amount received as premium in endowment plans are invested in debt as well as stock market after deducting insurance cost, mortality cost, etc. The rate of return depends on the performance of the stock market. Considering that the term of endowment policies is usually long-term (around 20 years), the return is low. You could reap a better return by investing in mutual funds, which give a higher rate of return as compared to these plans.

Regular income

Most endowment policies declare bonus once a year. The bonus received is a certain proportion of the sum assured. This acts as a regular income as compared to term plans where you do not receive any returns whatsoever. In case of term insurance the nominee receives the sum assured amount only if the policyholder passes away.

Conclusion

If the sole purpose is to buy a life cover, it is advisable to go in for a term plan. Though you may not receive any amount on maturity, the low premiums are quite affordable. In case of death of the policyholder, the amount given to the beneficiary is quite high. This amount can then be used by the dependents for purposes like marriage, house loans, paying debts, etc.

For those who already have a term planin place and are seeking investment gains, endowment plans are best suited for them. It provides an avenue for disciplined investment even though the returns are not very high. It is important to make the right choice between the two depending on your financial goals.

Know more about endowment plans and term insurance at 5 Paisa Insurance.

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We’re all adults here. You know as well as I do that someone facing criminal charges is not necessarily guilty. When you’re facing criminal charges, it’s extremely important to make the right decisions. The wrong turn of events can completely cripple your financial profile, and grind your personal to a halt. Here are the most important things to do when facing criminal charges.

The first thing you need to do is hire an attorney. It’s possible to handle a criminal case without spending a penny on legal counsel. It’s also technically possible to climb Everest with no equipment. Visit http://www.rogersandmoss.com/ for an example of what to look for in a professional attorney’s firm. If hiring an independent attorney is totally out of your question, then you should get a public defender. The US constitution gives you the right to be represented by a competent attorney, who will be appointed to your case free of charge. Take your time settling on a law firm though. This could be one of the most important decisions in your life. Try your best to find a lawyer with a lot of experience in cases similar to yours.

Once you have an attorney on board, go through all your legal paperwork with them in detail. A fresh pair of eyes, specifically a lawyer’s, will help you to understand the charges made against you, and the best way to tackle them. One of the most important things is making sure all the information on your documentation is correct. A lot of criminal charges have been dismissed in the past, simply due to a criminal complaint being inaccurate. The exact information which is required in a criminal complaint varies from state to state, so read up on your local bylaws. Any police reports should also be scrutinised as much as possible. These typically have limited information, and a wrong fact could really help your chances of walking free.

You should analyse all possible evidence lined up against you. Again, this should be done with your lawyer present. If any of the police involved with the incident violated your constitutional rights, your charges could be dropped in an instant. Unfortunately, this is much more common than you might think. The police can’t search or arrest you without probable cause. Probable cause is a reasonable belief that you committed a crime, based on objective facts. If it’s found that the officer who arrested you didn’t have probable cause, you can’t be prosecuted for the charge at all. Visit http://www.constitution.org/uslaw/defunlaw.htm for more detail. It’s integral for you to go over all of your constitutional rights concerning criminal charges in detail. If you think any of them were violated, this can be a significant help in the course of your overall case.

Once you take these three steps, you’ll have a much stronger defence in your criminal case. After doing all of this base work, it’s all down to the skill of your attorney, and the evidence available. The last, overarching tip I’ll give is to listen to your lawyer, and go along with their plan.

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Any person, who has ever undergone a major surgery or was forced to spend several nights in a hospital bed, will likely remember the mountain of paperwork they had to fill out, in order to ensure their insurance coverage would be effective at the time of the procedure. At the same time, health insurance policies can be very complicated, and it is not uncommon for many individuals to be confused by their insurance provider’s explanation of benefits. Oftentimes, it is not until several weeks – or even months – later, when all medical bills are forwarded to the patient, that paperwork errors are finally discovered. Unfortunately, it usually also becomes more challenging to correct these errors after the bills have already been processed by your insurance provider. However, you may still be able to fix any discrepancies, as long as you keep a good record of all the procedures, tests and other medical services that were provided. In addition, there are several great tools that can make the process of managing all of your medical bills a lot easier and far less time-consuming.

• Managing your Medical Bills: Errors, Clerical Mistakes and other Discrepancies

According to the Medical Billing Advocates of America, as many as 80% of all medical bills contain errors and mistakes that ultimately lead to higher bills, as well as higher insurance premiums. The mistakes can range from double-billing for individual procedures, charging for exams with contrast when none was used, and even decimal point mistakes that convert a minor $100.00 dollar charge to a major $1000.0 expense. Furthermore, these mistakes will very rarely occur to the advantage of the patient, and hospital accounting staff members seems to be far more diligent when it comes to catching errors that go against their employer’s best interest. Consequently, checking the bills for clerical errors is the first, and the most important step of managing your medical bills.

• Claims, Billing Statements, and Explanation of Benefits: What is the Difference?

Currently, when any medical service is provided to a patient that has health insurance, the billing is usually forwarded directly to the insurance provider that settles the claim, and the patient may – or may not – receive a billing summary from the insurer. However, the summary will only serve as the explanation of covered benefits, and will not be the bill itself. For example, if your insurance decides not to cover certain procedures, they may notify you about it, but you will not be liable for any remaining balance until you receive another bill directly from the medical provider. However, it is still important to check the bill received by your insurance company for any errors, and you should request a statement listing all of the services provided on the specific date in question. You should then compare this list against the report you receive from your insurer, checking for any discrepancies in terms of care received or dollar amounts charged. It is also important to keep these statements together with your personal medical record, in case you need to dispute any claims several months after the medical services have been rendered.

• Taking Advantage of Online Services Provided by your Health Insurance Company

Many health insurance providers in the United States including all the major providers, now offer online services to their clients that allow them to check the status of their claims from their home computers. In most cases, you will first need to make an online account using the insurance information from your card. Once that is all done, you will be able to access the list of currently pending claims, as well as those that have already been settled with the medical provider. However, you must realize that it can often take several weeks for the provider to notify your insurance about any services you have received, and the claim information will not be immediately available.

• Other Management Tools Available Online

In addition to the services provided directly by your medical insurance company, there are several apps that can help you manage your medical bills. One of the more popular ones is Simplee – a free online service that can act as a database of medical records, claims and other insurance information. The service is also able to automatically spot errors such as duplicate entries, or eligibility issues, as well as predict your insurance coverage for specific treatments. Although the service was introduced only two years ago, it has rapidly grown in popularity, and – especially considering its automatic error detection – its number of users is only expected to further increase in the future.

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With the economy being stuck in a downturn and the rising cost of living (especially food prices), everybody seems to be cutting costs. Many people need to take out loans just to survive, but they need to be careful about where they go, because there are many places with high interest rates that do more harm than good.

The ideal situation is to stay debt free, but this is not always possible when school fees must be paid and fuel prices keep rising.

Some loans are harder to get then others

Buying a car is more difficult than previous years when, credit checks were not as strict and loans were not so difficult to obtain from financial institutions. These days, many people drive their cars to the end of the vehicle’s lifespan, as new cars are expensive.

Everybody needs money to survive, as well as insurance to protect the assets that they have against crime, damage and disaster. Fortunately, there are many insurers and financial institutions that offer products and loans that have the consumer’s best interests in mind. These companies are linked to a regulatory board that ensures fairness to the consumer or client.

Buying a car is never a simple process, and financing can be a nightmare to get if you don’t have the proper documents and forms. There are many types of contracts or loan types for vehicle finance that can confuse the prospective buyer.

Let’s uncomplicated it

The first step is to apply for financial backing from a bank or credit provider. It is recommended that the client gets as many quotes as possible to compare repayment plans and interest options. Apart from the practical considerations, such as the car’s make, model and features, the following financial questions should be asked:

From a finance point-of-view:

• What size deposit can be put down, and how will it affect the monthly payments?
• Does the dealership give discount for upfront deposits?
• What is the interest rate on the payments?
• What are the options regarding the payment period? Can the car be purchased over five or six years and what are the differences in installments?
• Are payments fixed or will the amount vary with the interest rate?
• Are there any hidden costs or increases in the installments?
• Are there ways to pay off the car faster by paying extra during the months when the budget allows? What bank charges and administrative tasks, if any, are associated with these extra payments?

From an insurance point-of-view:

• Is there a preferred insurer or can the buyer use any company to insure the vehicle?
• Are there special deals with certain insurers that are linked to the car dealership?
• Does the insurance company provide a courtesy car if there is a claim or theft?
• How fast are claims settled?
• How labour intensive is it to claim? Is it the vehicle owner’s responsibility to claim or will there be assistance from insurers?
• What is the excess payment on insurance if a claim is made?
• What are the details covered under insurance? Are the car’s contents covered or is it just the external body of the vehicle?

Buying a car is an expensive, life-changing decision. You can increase the value of your car to get your money’s worth, and extend its life by servicing it regularly and keeping it in optimal condition. Keep the tyres at the right pressure, complete regular checks, and keep the car tidy to obtain maximum usage from the car. The more reliable your car is, the better your chances of getting a good selling price when you want to move on.

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Personal injury lawsuits are among the most common legal proceedings in America. In fact, legal blogs report the staggering statistic that a new personal injury claim is filed every two seconds. While some describe personal injury lawyers as “ambulance chasers” and assume they are creating legal issues where none would exist otherwise, most personal injury lawyers are not overly-litigious.

Personal injury lawsuits can take several forms, and attorneys assist their clients in receiving compensation for damage to personal property, inconvenience or injury stemming from defective products and physical and psychological injuries affecting the body. By far, the most common type of personal injury lawsuits are those dealing with physical injuries to the body. Personal injury attorneys assist average people facing uncomfortable, painful and debilitating personal injuries in receiving the compensation they deserve. Below are three of the most common personal injury claims.

Back injuries resulting from an automobile accident

Car accidents happen every day, ranging from minor fender-benders to serious, even fatal, crashes. In fact, there are more than six million automobile accidents recorded annually in the United States. Most people will be involved in a car accident at some point in their lives, and many of them will experience some time of physical injury due to the accident.

The impact of a car crash and the strain it puts on the human body is most often absorbed in large part by the body’s core, including the back. Many times, back injuries sustained during car crashes show no immediate symptoms. Rather, the pain and discomfort begin to manifest hours, days or weeks later. Common back injuries sustained in car accidents include sprains, fractures and slipped discs.

Slip and fall injuries

Commercial businesses and homeowners alike know the importance of maintaining safe conditions for family, friends, neighbors or customers. Still, over seven million slip and fall accidents are reported each year in the U.S. An astounding 20,000 people die annually from injuries sustained in these types of accidents. Slip and fall injuries are common because they can happen anywhere from the grocery store to a school to an apartment complex.

Slip and fall injuries often result in broken bones in the extremities, as well as in head wounds. While many slip and fall cases wind up in court, it can be difficult for a plaintiff to prove that the defendant was negligent and failed to remedy an unsafe situation. Sometimes, accidents just happen and no one is at fault.

Work-related injuries

With so many Americans spending the majority of their days at work, the workplace is rife with injuries. Last year, the Bureau of Labor Statistics reported more than three million work-related injuries, and the actual number is estimated to be much higher since many employees fail to report their injuries for fear of retaliation.

Most often, work-related injuries are not one-off, traumatic injuries that take place in a matter of seconds. Rather, work-related injuries often stem from repetitive motion that causes undue stress on a particular part of the body. Carpal tunnel syndrome is, perhaps, the most well-known repetitive stress injury, but back and neck injuries resulting from frequent lifting are also common.

If you find yourself suffering any of these common injuries, you may wish to consult a personal injury attorney. If you find yourself on the receiving end of a personal injury claim, you may be forced to pay financial compensation. In either case, it’s important to know your rights and to seek out appropriate legal representation when necessary.

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