Flood Insurance Q&A

Flood Insurance is one of the trickiest insurances to understand. There is a huge misconception about who needs Flood Insurance and who does not. Also, confusion around what is a flood zone, and where to even purchase a Flood Insurance policy. Given that the topic of Flood Insurance is very important to understand, it was necessary to put together a Flood Insurance Question & Answer list.   Q1: Does my Homeowner’s Insurance policy cover me for floods? A1: Your Homeowner’s Insurance … [Read more...]

What Is A Return Of Premium (ROP) Life Insurance?

Return of premium life insurance vs Traditional term life insurance_BIR

Return Of Premium Life Insurance, as the name suggests, is a type of term life insurance policy coverage that will return your premiums paid back if you survive the term nominated in the policy you signed up for. For example, if you purchased a $500,000 policy for $5,000 a year over a 30 year term, this will result in you being refunded back $150,000 at the end of the 30 year period. For the above reason, Return Of Premium Life Insurance costs significantly more than the traditional Term Life … [Read more...]

Business Income Insurance Q&A

What is Business Income Insurance?   When you are running a business, you never know what issues may arise that will force you to close your doors temporarily. Business Income Insurance, which is sometimes referred to as Business Interruption Insurance, was created to provide your business with income if you have to shut your doors temporarily. Just because your business has experienced an unexpected event, why should you have to lose money in addition to closing the doors? Well, you do not … [Read more...]

Life Insurance Q&A

Life Insurance is one of the most under-valued insurances amongst all insurance types. But yet it’s the most important. Tomorrow is not promised to any of us. If you have children, it’s highly recommended to take out a life insurance policy to make sure your family doesn’t have to endure harsh financial consequences in case of your early passing. Getting a life insurance policy could be the best decision you’ll ever make for your family. Life insurance can get pretty complicated and for that … [Read more...]

What is Critical illness Insurance?

Definition of Critical Illness Insurance   A critical illness insurance is an insurance package whereby the insurer is required to make a lump sum payment if the policyholder is diagnosed with a serious illness listed in the insurance policy. For example, this insurance can be very beneficial in providing financial protection to the policyholder or their dependents to repay their mortgage or debts due to the inability of the policyholder to work or due to death of the policyholder. This … [Read more...]