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Advantages & disadvantages of life insurance
Advantages & disadvantages of life insurance
Advantages & disadvantages of life insurance
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Life insurance plays a pivotal role in our life. You should not overlook it by any chance. You will realise that it will offer you and your business stable protection that is required in this world that is constantly changing. However, some people usually ignore life insurance. Some think that this plan is too complicated and too expensive. Nobody knows when he or she will die. However, death will eventually take its place. This is the reason why you need to consider taking a life insurance policy. It can help you protect the loved ones against the unknown in the event of your death. There is no amount of money that can replace a person, but the right life insurance policy can help to mitigate the situation in the event of death. A life insurance …show more content…
Enables your family members to sustain their living You might be the breadwinner in your family. This means that your children normally depend on you to provide for them. In this case, you might be the one paying school fees, buying clothes for your loved ones and so forth. In the event of your untimely death, your children can suffer. They might not be able to pay school fees on their own. If you live in a rented house, they might not be able to pay rent. You will realise that their standards of living can be greatly affected. This is the reason why you need to take a life insurance policy. It can help to cater for these expenses in the event of your death. 2. Protects you as well as your family members against financial risks. The life insurance will help in protecting you and your family members against financial risks. Your children will have more financial security. This means that they can readily start their own businesses after school and become entrepreneurs. Your children will be well taken care of when you are gone. This insurance will help them to get quality education and enable them to venture into other areas after school. This is the other reason why you should consider taking a life insurance
There are three types of life insurance that most insurance companies offer, which are, universal, whole, and term. Universal life insurance is a permanent policy consisting of two parts, which are term insurance and an investment/cash value feature-which is interest bearing. The premiums for the plan allow the policyholder to pay a minimum rate when necessary or to pay the maximum and provide funds to the cash value of the policy. The more that’s paid into it, the bigger the investment/return. With the cash value of the plan, fees are deducted for the costs of the plan and the policyholder receives payment from the interest of the remaining balance. Universal offers clients a definite minimum interest rate on the cash value. Some insurance companies offer a tiered interest rate that pays policyholders a fixed percentage up to a certain amount, then a higher interest rate on balances above that threshold.
Insurance companies exist to make money. They are not concerned with your needs which include great coverage at an affordable price. Their agenda consists of offering superfluous offers, causing you as a customer to lose money on frivolous items that won’t ever benefit you.
The Affordable Care Act, more commonly known as Obamacare, is a new health policy created by the American federal government. Its purpose is to make healthcare more affordable and friendly for the people. Unfortunately in some way that does not prove to be the case. It is becoming apparent that Obama may have made some misleading statements to help get the ACA put into action. The ACA is sprinkled with many flaws that call for a reform such as people’s current plans being terminated, high costs, and at minimum some people’s hours being cut by their employers.
Have you ever gotten hurt and worried about having to go to the doctor and the financial burden it would have on you? Did you ever wish that you could afford healthcare that would cover you and no cost you thousands of dollars? Recently, the US has been considering a Universal Healthcare System to provide all citizens with affordable healthcare. However, they are at an impasse due to the acknowledgment of not just the gains of a Universal Healthcare System but also the burdens it can impose on the US as a whole. The US must address everything good and bad before deciding whether a Universal Healthcare System would be what is best for the US and the people living in it.
People will at least once, probably more, have to deal with insurance companies. For many, this typically results in a long, and heated struggle of figuring out what is covered, and what is not. It is also usually accompanied by negotiating something to be covered, and giving justification of why it should. Almost anyone will agree that handling insurance companies is as bad as pulling teeth. This is said to be true even when the medical diagnoses are concrete in the social construct of society. Many insurances will not cover things as dyer as cancer. If this is so commonly believed, imagine how it is for the illness that are not concrete; illnesses such as bipolar disorder, post-traumatic stress disorder (PTSD), and schizophrenia. All phrases that are commonly heard in media, but widely accepted as untrue illnesses, or educated
My claim: I argue in favor of the right to die. If someone is suffering from a terminal illness that is: 1) causing them great pain – the pain they are suffering outweighs their will to live (clarification below) 2) wants to commit suicide, and is of sound mind such that their wanting is reasonable. In this context, “sound mind” means the ability to logically reason and not act on impulses or emotions. 3) the pain cannot be reduced to the level where they no longer want to commit suicide, then they should have the right to commit suicide. It should not be considered wrong for someone to give that person the tools needed to commit suicide.
Do you enjoy paying medical bills? Healthcare accounts for about 1/6 of the entire economy, more than any other industry. Researchers find that the spending on health care totals about $2.5 trillion which is about 17.5% of America’s gross domestic product: a measure of the value of all goods and services produced in the United States (New Health Insurance). It covers money paid to health care providers such as hospitals, outpatient centers, veterans’ affairs and other clinics, doctor and dentist practices, physical therapists, nursing homes, home health services and on-site care at places such as schools and work sites. Also included are retail sales of prescription and nonprescription drugs, premiums paid to health insurers, and revenues of makers of medical devices, surgical equipment and durable medical equipment such as eyeglasses, hearing aids and wheelchairs. It also counts out-of-pocket payments by consumers for health insurance premiums, deductibles and co-payments, along with costs not covered by insurance. Healthcare is one of the biggest economic problems Americans are facing. Medical care and health insurance expenses are impacting the lives of many Americans today. The focus problem, which once was uninsured Americans inability to pay for their medical care expenses are no longer a problem that is affecting only those who are uninsured, but is also steadily becoming a problem for those with health insurance. The problems of health care are affecting many American people: the uninsured/underinsured and insured, the unemployed and working, children and retirees, single individuals and families, men, women and small businesses. The list goes on. These problems can be solved in a dramatic reform to socialized healthcare. ...
End of life care is an important aspect to the health care field. According to the 60 minutes video, the U.S spends around 55 million dollars yearly to provide end of life services to its citizens. Many citizens may feel that the money spent is not being used in the most cost effective way. The U.S use the tax payers and Medicare money to pay for end of care services. Funds that are considered to be a waste in end of life care could be useful in other areas; such as research, finding cures, and continuing advancements in medicine. Another reason citizens may feel the money is not being used in the best way, because a lot of services do not actually save a patients like but just prolong it instead. While prolonging a patient’s life more harm
I would have to admit that at the age of 20, I still knew very little about insurance. Coming from a different country, I had no idea that one could insure belongings or people. Today, I know that insurance acts as a safety net. It is there to help cope with the unanticipated and sometimes even the loss of a beloved one. The general notion behind insuring your treasured possessions and cherished ones can be of a vast benefit at the time of a tragedy. As we grow older, we actively begin to concern ourselves more about the future of our family rather than the latest trends in fashion or gadgets.
For more than 75 years, social security has been designed to ensure retired workers that there will be money when it comes time to retire. Since 1935, social security has been the main foundation of economic security for Americans. Social security has developed a steady income for retired workers and helps the disabled worker make a decent living as well. The money made by the worker is divided into payments to help provide for them and their family. There are a few suggestions that should be taken into consideration in order to help fix social security problems. The raising old taxes that finance social security, and raising the retirement age, and only providing social security to ones who earn less than a certain amount of income are some
In the United States of America, people view health care as a product to be bought and sold. Therefore, anyone who could not avail the health care would not have any coverage. Without any form of health care, someone could not achieve their outstanding potential when sick. United States has spent so much money in trying to make this country as one of the best in the world. There is economic growth if the health of the citizenry is safeguarded. In this nation that is known for its wealth, it is very ironic to find people without proper insurance due to high cost and therefore are denied health care (Bergen, Fultz, Kessie, & Osburn, 2015). Society is denying them the right to live. Butts & Rich (2005) stated that in order to achieve social
The United States of America is supposed to be the greatest nation on earth. We are supposed to celebrate freedom and praise equality. We are all supposed to have the opportunity to live a nice, long, wonderful life.There are quite a few problems that make the above difficult, to say the least.
The basic concept of insurance is the transfer of risk from one entity to another through certain conditions. Health insurance is no different, only the entities mentioned are consumer or the patient and the insurance company. In the health insurance concept, a premium is paid by the individual to the company for a year and the insurance company has to pay for the cost of healthcare for that individual. Hence the risk for the consumer is transferred to the insurance company.
Universal health care is medical insurance provided to all the residents of a country by their government. Out of all the major industrial countries, The United States is the only country without a universal health care system. In 2010, President Barack Obama signed a health care reform law making it illegal to be uninsured in America, which is a major step towards it. Universal Health Care should be mandatory in America because it gives everyone an opportunity to receive more equal care, the overall health of the population would increase and current insurance plans are unaffordable for many Americans.
Saving:-Along with the support of medical care that a policy provides, it is also important to note financial benefits that it gives. You save in two different ways with a medical insurance