Understanding personal insurance and healthcare
A personal insurance is a type of insurance that protects the person who purchased it from financial loss in specific situations. If you purchase health insurance, your personal insurance will help pay for health care services that you may need. Many policies also cover property damage and lost wages.
A personal accident policy helps protect you from financial loss if you are involved in an accident due to a covered event such as car crashes, falls, slips, trips and more. Personal accident policies usually cover physical injuries or death that result from the covered events.
Some types of personal liability policies protect someone against legal liability for acts they commit while acting as an agent or employee of their company prior to becoming an individual owner or partner.
It is important to understand what personal insurance you have so that you can use it when you need it. You can find a list of personal insurance policies below:
Accident and health coverage: provides medical, hospital, dental, prescription drug, or other health-related care for you and your family. It is also called "health insurance" or "health care coverage."
Disability income protection: pays a monthly income to you if you are unable to work due to sickness or injury. It replaces a part of your regular paycheck if you are disabled and cannot work for an extended period of time. It may also include the costs associated with hiring someone to do household tasks while you are disabled.
Disability: covers your medical expenses when you are unable to work due to sickness or injury.
Dental: pays for basic dental care such as cleaning, X-rays, sealants and extractions. It does not cover major dental procedures such as molar removal, root Canal treatment or bridgework. It also does not cover cosmetic dentistry such as veneers, crowns and braces.
Life insurance: protects the people who are financially dependent on you. Life insurance can be used to pay for things such as funeral expenses and a mortgage payment if you die. Life insurance can also pay an inheritance in the case of a death of the insured person.
Long-term care: pays for assistance with activities of daily living (such as bathing, dressing, eating and moving around) for an extended period of time. This includes nursing home care and assisted living care.
When you purchase a personal insurance policy, you can choose to pay your monthly premiums in one lump sum or on a monthly basis. The amount that you pay depends on the type of policy that you have selected. You should also make sure to review your policy carefully so that you understand it completely. Your insurance company or insurance agent will be able to answer any questions that you may have about your policy.
If you need help deciding if personal insurance is right for you, consult the mySocialPlan Personal Insurance Calculator . This calculator will show you how long it will take to recover your investment in personal insurance based on the choices that you make. It will also help you research other types of insurance policies that might be right for you.
In Malaysia, life insurance is regulated by Capital Markets and Services Act 2007 (Act 671) enforced by the Malaysian Financial Services Authority (MFSA).
Health insurance is imposed a 2% tax.
PERSONAL FINANCIAL PLANNER - MY SOCIAL PLAN
http://www.mysocialplan.com/personal-insurance-calculator.aspx
Personal Finance Plans are a series of articles written by the CORE and ESIP teams, including some of the authors of this book. Our mission is to provide in-depth information in an easy to understand format. We hope you can benefit from our content.
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CORE Publishing Inc (ESIP) is a global media company whose mission is to empower people through information, education and social change. We uniquely deliver high quality, innovative content to empower the individual to make informed decisions in direct relationship with our world. For more information about CORE Publishing Inc (ESIP), please visit www.coresocialplan.com .
CORE Publishing Inc (ESIP) is a media company whose mission is to empower people through information, education and social change. We uniquely deliver high quality, innovative content to empower the individual to make informed decisions in direct relationship with our world. For more information about CORE Publishing Inc (ESIP), please visit www.coresocialplan.com .
ABOUT THE AUTHORS
Jim Deeney
Jim Deeney is a financial advisor who has been in practice for 10 years, the last six of which have been focused on educating people about debt reduction strategies and personal finance planning solutions.
Conclusion: Financial planning is an important topic that every person should address early in their lives, even if they do not have a lot of money.
Jim has helped people from all walks of life, from the young to the elderly, from professionals to homeowners, and those living in rural areas as well as inner cities. He has helped these individuals find ways to reduce their monthly expenses and put more money towards savings and investments.