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In the contemporary times today, everything involves risk. You analyze any scenario, there will be some or the other risk involved. One has to have a certain sense of security when we talk about risks. Insurance comes to one’s rescue in such setups. Insurance is a type of compensation in the form of a policy, in which reimbursement is provided to an individual or an organization incase of any loss. The insurance companies come in picture when we talk about insurance. There is a legal agreement between two parties i.e the company (insurer) and the recipient of the insurance i.e the individual (insured). The agreement promises to help the individual recover the loss bore by him/her. The loss can be in the form of death, loss of property or any other damage. The contract, in the form of a policy, carries all the relevant information about the terms and conditions regarding how the insurance procedure will be carried out.
The simplest and the most basic plan, Life Insurance, guarantees financial safety for your family members post the death of the policy holder during the policy term. There are many reasons to grab hold of the Life Insurance plan. Firstly, if the family member/s are dependent on the primary earner, right after his/her death, it becomes absolutely troublesome for the family to meet the financial errands. It gives a sense of monetary security to the members of the family and can make up for some of the major expenses like educational fee etc. Secondly, the very nature of it makes Life Insurance very affordable and accessible to people. A 30 year old can easily avail up to a maximum of 20 years term policy by paying affordable premiums. Lastly, other benefits prove to be a bonus when it comes to Life Insurance plan. Ones who avail permanent Life Insurance plans, can avail cash benefits or cash value surrender, which is an addition to the death benefits. Also, Life Insurance plans can help you lead a stable life post retirement if planned properly.
Distance between family members can be extremely painful and heartbreaking. There are few, thankfully, who empathize with the pain. Canadian Government in 2011 took a great initiative to breach the distance by introducing the Super Visa which helps the parents /grandparents of the permanent residents of Canada to reside with them for up to two years. Super Visa Insurance can help them cover the entire cost stay in Canada. One can buy Super visa Insurance from a Canadian Insurance Company and should cover the medical insurance and a maximum cover of CAD $100,000.
Life comes with unforeseen situations and risks. We hardly know the turn of events that awaits one. In order to cover one such situation of any unpredictable mishap, there is an insurance plan known as the Disability Insurance Plan. The plan works for those who face such challenging times where the breadwinner or any other working individual of the family meets with an accident, consecutively developing a disability. The disability can also be a result of any critical illness. In cases like these, the DI promises to reimburse not just the medical expenses but also covers a portion of the income missed due to the reason of not working during that period. The plan ensures that the concerned individual gets the total sum insured incase of permanent or full disability. Cases where there is a partial disability, the policy covers a percentage of the sum insured. So it is always better to prepare well in advance for any such situation.
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