Deciding on what life insurance policies to purchase is not an easy task. Both term and permanent policies have many components that must be contemplated before agreeing to terms and conditions. Many people have certain perspectives and beliefs about life insurance policies that are distorted or untrue. Below are some common myths that are explained.

* Purchase Term & Invest The Difference – This doesn’t always hold true. Everyone’s personal financial situation is different and term insurance premiums become higher in the later years. Rates are always varying and many times permanent policy premiums are less expensive in the long run.

* Online Policies Are Cheaper – Every insurance company has an online presence. Many insurance companies use the internet as a marketing platform, this doesn’t have anything to do with rates. A local insurance agency can deliver the same quote on a policy if they are licensed with the same insurer. Every companies rates are constantly changing, so a person should shop around to find the best rates.

* Single People Do Not Need Coverage – Every policy can be tailored to an applicants needs. Families or breadwinners aren’t the only ones who need life insurance polices. Even if you are single and currently have unpaid expenses (mortgage, bills, funeral costs, etc.), life insurance can cover those costs when you pass. No one will want to leave their families with debts to pay off when they pass on.

* Policy Premiums Can Be Negotiated – Premium prices cannot be bargained down to a lower price. Policy premium prices are determined by actuaries who solve complex formulas from past insurance policies and pay outs. Agents are representatives of the insurance company and have no control over prices.

* Everyone Needs To Purchase Life Insurance – Life insurance is designed to pay off expenses when a life expires and may have other benefits depending on the policy. People who are financially stable enough to where final expenses will not be an issue upon death, do not need the coverage.

* Only Wage Earners Of A Family Need To Purchase A Policy – Life insurance is designed to cover costs when a person passes. Business partners should look into purchasing a policy, so if one passes then the incurred losses can be covered. Also, if the homemaker passes, their everyday services of up keeping the home can be very costly when considering daycare and maid services.

* Cost Of Premiums Are Tax Deductible – In most cases, life insurance premiums are not tax deductible. There are certain exceptions when life insurance is purchased for business reasons. Tax laws differ everywhere and should be investigated with a licensed tax accountant in your area.

* Smokers Or People With Bad Health Cannot Obtain Life Insurance – Insurance agencies will assign applicants into certain categories based on their health, medical history, habits, lifestyle, etc. If an applicant is placed in a high risk category, then premiums will go up. An applicant who is a smoker or has horrible health, may still receive a policy, but will pay excessively higher premiums than those who are in good health.

* Life Insurance Policies Costs Too Much – Policies are much cheaper than the average consumer thinks. For example, rates for a healthy 30-year old male who wants a 20-year term $250k policy will be looking to pay around $15 a month. That’s right around fifty cents a day to protect your personal estate. Rates are also cheaper if purchased at a younger age where the applicant can lock in a set rate.

* Coverage Provided By Employers Is Sufficient – Depending on the size of the company you work for and their policy plan, it may not be enough. Often, employers who do provide a group policy, only offer coverage from 1-2 times their salary. More often than not, it is recommended to purchase at least three times your annual salary. Also, if the company folds or a your job is terminated, you will not be covered in a time where it’s needed most.

Aviva Life Insurance, today announced that it has received ISO 9001: 2008 certification for quality excellence. ISO 9001:2008 is an internationally recognized quality management system standard and Aviva Life Insurance is one of the few BSFI organizations in India to have achieved this milestone. This certification demonstrates Aviva’s commitment to meeting globally recognized management system requirements.

To qualify for ISO 9001: 2008 certification, Aviva met rigorous standards in quality management system, management system documentation review, pre-audit, initial assessment and clearance of all non-conformities by Aviva India. The process which went on for about 6 months culminated in a comprehensive two-day registration audit by BSI.

Commenting on the achievement Mr. T R Ramachandran, CEO and MD, Aviva India, said, “We are happy to achieve this accreditation and more importantly establish an internal focus and commitment to quality and of continuous improvement. It has been a great experience and we look forward to delight our customers even more in the future.”

One can never really predict what is going to happen tomorrow. Life is so mysterious. Yet all of us are so optimistic that we simply get lost in our thoughts and troubles and go on with the everyday hustle and bustle of life. In this hurry to get somewhere, or to do something, one might forget to think about what would happen if all of this came to an end suddenly. It’s not something that one would think of on a regular basis, but still it would be better if you thought about your future for just one moment. You wouldn’t like it if you left your family financially crippled, would you? Wouldn’t you like to do something good for them in case your time was up due to an unfortunate incident?

The answer comes in the form of a life insurance policy. It will help you give a financial shield to your family in a worst-case scenario. That is the reason a lot of people try to get themselves insured at some point of their lives. It is indeed a wise decision with a lot of benefits included. However, there might be just one question on your mind about getting a life insurance policy, and that is regarding the company which with whom you need to invest.

If you wish to go for a well-reputed and well-established insurance company, then you should look no further than Sun Life Financial. They are one of the oldest insurance companies in Canada and also one of the largest. As per their claims, one in every five Canadians deals with Sun Life Financial in one form or the other. That is pretty impressive and good enough to declare that this is indeed a very reputable company to deal with.

Sun Life Financial have a variety of insurance plans that can largely be divided into two categories, namely pre-retirement and retirement plans. As per your situation, you can choose for either of these plans and you will be able to get a well-suited policy that you can use to give your life a new start. As soon as you get yourself insured, you will get a new kind of unexplained confidence within yourself. This is a common phenomenon that takes place among many people who regularly pay their insurance premiums. With each payment they feel more secured and safe.

Coming back to the insurance company, you will find that Sun Life Financial is indeed a great company to deal with regarding life insurance policies. They have 17,000 brokers all across the country, who will be able to help you out with your needs. So all you really need to do is to select the right kind of life insurance policy and strike a deal with Sun Life Financial. After that you will not face any sort of problems whatsoever and you will feel very confident about yourself for the rest of your life, knowing that you are insured.

Nowadays, it is hard to find something which can be considered the most important of all. With all the goods and bills to mind, an extra amount for insurance is somewhat of a burden already. However, when you look at the brighter side of it, you will realize that it will be worth it.

Life insurance works like any other insurance. You have to pay your premium and sign a policy that binds you and your insurance company in an agreement where when grim things happen like death itself, then a death benefit will be given to your dependents termed as beneficiaries. There are many types of life insurance. The simplest type is called a term life insurance. In this type of life insurance, the policy is set in a fixed term already and you have to pay in that time and the coverage also includes that time only. There is also what we call a whole life insurance and a universal life insurance. They have different rules and you need to be familiar with them before you decide what to choose.

But if you are a busy person and have no time to go to insurance companies or contact a insurance agent, what can you do to quickly avail insurance policy? The answer is right in your computer screen. Yes, you can actually get insurance in the internet.

With the advent of technology comes the many benefits it gives. Now we can order products online and communicate with our loved ones with just a click in the mouse. We too can now avail insurance with no sweat. The traditional way of getting life insurance before was very tiresome. First, you need to look for a reliable insurance company. One that has no bad reputation and is known to be transacting legally. After that, you have to wait and set an appointment. Other companies even require you to attend conferences and other orientations that can eat so much of your time. Then you have to fill up forms that are very long.

Online, you do not have to do that. You can enjoy many benefits. First, there is speed. Online companies can give your quicker results of your application. You do not have to wait for months and anticipate things because every now and then you can have updates about your application which you can read everyday. Then there is convenience. You do not have to drive along the highway and get stranded on traffic. You can do your home chores and do not even have to get nervous in meeting people with neckties. Plus, you can have the convenience of getting your documents delivered on you. Of course you can also get quick answers in case you have questions relating to your policy. Third, you can get a vast information online. Because most of the online companies provide their websites with ample matters concerning life insurance companies, you can read them head on and with ample of time. They even have quizzes and other evaluative tests that can identify the type of life insurance suitable for you.

Insurance is designed to protect a person and the family from disasters and financial burdens. There are many kinds of insurance of which, the basic and most important is considered to be life insurance. It provides for the dependants after your death.

Since there are certain financial commitments you need to meet throughout life and do contribute in some way to the family income, you need to provide something even in death–to secure the home, help the family meet expenses for a while, protect dependant parents, or secure the children or spouse.

Financial obligations could include funeral expenses, unsettled medical bills, mortgages, business commitments, meeting the college expenses of the children, and so on.

How much insurance a person needs would vary, depending on lifestyle, financial needs and sources of income, debts, and the number of dependants? An insurance adviser or agent would recommend that you take insurance that amounts to five to ten times your annual income. It is best to sit down with an expert and go through the reasons why you should consider insurance and what kind of insurance planning would benefit you.

As an important part of your financial plan insurance provides peace of mind for any uncertainties in life.

1. Life insurance correctly planned will on premature death provide funds to deal with monies due, mortgages, and living expenses. It offers protection to the family you leave behind and serves as a cash resource.

2. It secures your hard earned estate on death by providing tax free cash which can be utilized to pay estate and death duties and to tide over business and personal expenses.

3. Life insurance can have a savings or pension component that provides for you during retirement.

4. Some policies have riders like coverage of critical illness or term insurance for the children or spouse. There are certain rules regarding eligibility for riders which you will need to determine clearly.

5. Having a valid insurance policy is considered as financial assets which improves your credit rating when you need health insurance or a home loan or business loan.

6. In case of bankruptcy, the cash value as well as death benefits of an insurance policy is exempt from creditors.

7. Life insurance can be planned such that it will cover even your funeral expenses.

8. Term life insurance has double benefits, it protects and you can get your money back during strategic points in your life.

9. Insurance protects your business from financial loss or any liabilities in case a business partner dies.

10. It can contribute towards maintaining a family’s life style when one contributing partner suddenly dies.

Insurance is vital to good financial planning and security but you would need to assess your personal risk and long term commitments. Insurance stands a person in good stead throughout life and can be used in case of emergencies during a life time by requesting a withdrawal or loan.

Bharti AXA Life Insurance has launched a traditional participating money-back plan, Bharti AXA Life Monthly Income Plan.

The plan guarantees policyholder additional monthly income. It also provides the policyholder with life cover, financially protecting the nominee, in case of the unfortunate death of the policyholder.

“Bharti AXA Life Monthly Income Plan is the first regular monthly income product in our portfolio. This is in line with our brand positioning of ‘Jeevan Suraksha ka Naya Nazariya’ that has customer centricity and trust at its core,” company chief marketing and operations officer Mark Meehan said.

From a financial perspective, he said, a supplementary income can help bridge the gap in meeting the intended goals.

The private life Insurance company is a joint venture between Bharti Enterprises and AXA, leading financial protection and wealth manager.

Future Generali India Life Insurance Company, the Insurance joint venture between Future Group of India and Generali Group of Italy, has launched Future Generali Bima Advantage, a unit-linked endowment plan.

The policy holder can opt for Enhanced Insurance Cover to enhance the life cover under the policy, at inception and in the event of demise of the life assured, the Enhanced Insurance Cover sum assured is paid in addition to basic plan sum assured, to the nominee, said the company.

On maturity of the policy, fund value as on date will be paid to the life assured. The policy holder can choose to receive the maturity benefit under settlement option through periodical payments after the maturity date for up to 5 years.

On death of the life assured during the settlement period, the fund value will become payable. Future Generali Bima Advantage has term options of 10 to 30 years and is available for customers in the age group of 7 to 65 years.

The basic premiums, net of applicable charges, are invested in unit funds of the customer’s choice.

This plan provides for a choice of investment funds, thereby, adding flexibility in directing the investments to any or all of the 6 unit linked funds of the company. 12 free fund switches per year means investors also enjoy flexibility to manage their investment actively.

Future Generali Bima Advantage also allows four free partial withdrawals in a policy year, facilitating easy access to invested funds, whenever required.

Minimum basic sum assured for policy holders between 7 to 45 years, is half the policy term or 10 times the annualised basic premium, whichever is higher. For policy holders aged 45 years & above, the minimum sum assured is 0.25 times the policy term or 7 times the annualized basic premium, whichever is higher.

Private insurer IDBI Federal on Thursday launched a Term Plan aimed at providing guaranteed cover to those above the age of 50 years.

“Life Insurance should ideally be taken early, but there are a sizable number of people who would have missed out on taking an insurance cover during their youth. With this unique Termsurance Seniors, a first-of-its-kind product in India, it will be never too late to get covered,” company Managing Director and CEO G V Nageswara Rao said in a release issued.

Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation, Rao said.

Under the Plan, in case of death of the insured person after two years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of the premiums have been made.

In case of death of the insured person within two years from the commencement of the policy, the nominee will get 125 per cent of the total premiums paid.

Life insurance is all about risk management. When setting the typical life insurance premiums, insurance companies take important precautions, to ensure that their policyholders do not die prematurely. Therefore, this is the reason why life insurance premiums cost as much as they do.

To account for health risks such as diabetes, blood pressure and other diseases, insurers allocate the status (using the title such as standard or preferred) depending on the health, gender and age of applicants. This determines the typical life insurance premiums that the policyholder has to pay for a particular form of life coverage.

Now, to determine the status and health and to decide the premium amount, the insurer will verify the medical history of the family, the lifestyle of individual and other such factors. Most likely, it will require the person to undergo a physical examination. Hence, it is important for the policyholders to remain truthful, while they fill their health questionnaire.

If a policyholder furnishes wrong information, an insurance company not only stops the payments of typical life insurance premiums, but also nullifies the entire policy. And you wouldn’t want that.

For instance, if the policyholder mentions, that he is a non-smoker, but ends up dying with lung cancer, there are high chances that the insurer may deny any health benefits to the beneficiaries of the policy.

However, certain risk factors are beyond the control of a person. This includes age or gender. Since women have a higher life expectancy as compared to men, they have to pay lower premiums on their insurance.

Conversely, since men have shorter life spans, they much higher premiums for their coverage. Even the age of a person, has its effect on the insurance premium. For instance, young people have to pay lower premiums for a longer period, as compared older people especially men.

More About Typical Life Insurance Premiums:

Each insurer has its own typical life premiums that it charges. In a case, where a person suffers from a risk factor, it is better, to alert the agent about the problem when it comes to buying the policy itself.

Risk factors are controllable and the policyholder can seek a doctor’s help for that purpose. Hence, it is important to eliminate the risk factors. For example, stop smoking, control alcohol intake, reducing body weight, and maintain healthy lifestyle, etc. are all good ideas.

Insurance agents know that insurance companies, charge higher premium amounts to those people, who suffer from such risk factors. Hence, such agents may suggest some other insurance companies to an individual, which grants low premium policies in spite of these risk factors. In that case, a person needs to verify the credibility of that company before making any decision.

Steps for Lower Life Insurance Premiums:

Now, after acquiring the life insurance policy, if people improve their health substantially, it is important to alert the insurance firms, to lower the premium amount. Insurance agencies then conduct another complete medical check up of the individual and lower the premium amount.

Thus, people need to consider all these factors, if they want to reduce the amount of typical life insurance premiums. You can see how much you might pay with a free life insurance quote which you can get by using the following resources.

Aviva Life Insurance has introduced three insurance products — Aviva young scholar secure, Aviva young scholar advantage and Aviva i-life, to take care of the education expenses of children and protect family income.

“These products are aimed at meeting the growing educational aspiration of the parents for their children and protect family income,” said Rishi Piparaiya, director-bancassurance, Aviva Life Insurance.

He said the IMRA International’s ‘Aviva Education Insights’ survey of 2,402 parents with an annual income above Rs 1,50,000 in 11 main Indian cities had shown educational expenses continued to be the top priority of Indian parents over retirement or protection.

“About 72 per cent of parents are saving for the future of their children compared to 52 per cent investing in protection products and 45 per cent saving for retirement,” Piparaiya said. He said 81 per cent parents’ biggest concern to plan for their child’s education would provide big business opportunity for the insurer.

It said the Aviva young scholar secure plan provided guaranteed annual payouts to parents for high school years (8th to 12th standard) when tuition fees and other expenses start.

Piparaiya said the Aviva young scholar advantage was a unit-linked child plan to take care of the child’s future even if parent was not around.

The Aviva i-life plan has Rs 1,00,00,000 life cover for an annual premium of Rs 7,000.