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Complete 17 page APA formatted essay: The Questionary: Insurance and Pensions. ASU, MPPI.Bonus can be classified into two types namely. annual bonus also known as regular bonus and final bonus that is
Complete 17 page APA formatted essay: The Questionary: Insurance and Pensions. ASU, MPPI.
Bonus can be classified into two types namely. annual bonus also known as regular bonus and final bonus that is also reefed to as the terminal bonus. By investing in this kind of policies, I will either receive payment in lump-sum at a specified future date or will receive an annual income with the possibility of the investment growing with time. With-profits investment can be obtain through pension, endowment, bond, and even retirement income which are also referred to as annuity. All this are normally inclusive of certain life cover. My policy may also include other guarantees or options. Some of the pension policies possess a guaranteed annuity rate (GAR). This implies that when I retire the insurance company pays an annual set level of income as pension. GARs usually apply only to a specific date that is my expected date of retirement. This is specified clearly at the time of policy issue. In case I retire before or after the specified date, I might lose this guarantee. Another option that I will consider is the cash value life insurance. The cost in this kind of policy is high mainly because it provides wide variety of features and benefits. Among the outstanding feature of this life cover is the savings component that increases steadily with time. With the saving component in this kind of cover, I will be in a position to withdraw, invest and even borrow against. The reason for choosing this option is that since am purchasing the policy cover at a tender age and will maintain till old age, the premium that I will have to pay reduces. This kind of policy may also allow me to. utilize it as a security for a loan, or even use it in making payments for future premiums. Question 2. The protection options available for him include. Accident Sickness Unemployment (ASU), Mortgage Payment Protection Insurance (MPPI). Accident Sickness Unemployment (ASU) policy is classified as general insurance .If the assured individual cannot continue working as a result of an illness. he will receive an income benefit that is regular. After a deferred period that is usually one month, the income benefits become payable for a maximum period that is specified and in most cases it is either one or two years. Mortgage Payment Protection Insurance (MPPI) essentially is a branded insurance of accident, illness and unemployment that is focused at the mortgage market. The availability of this kind of protection is wide and pays the costs of mortgage in the case where as a result of redundancy and ill health the client is not in a position to work. Through this kind of protection, the client will able to sustain his lifestyle without incurring debts until when he returns to their normal working life. In the MPPI, the cover provision is usually at a fixed cost per 100 pounds of benefit. The basic cover can be structure to cover the repayments of mortgage. Other costs associated with the mortgage can be covered using the extra cover. The costs associated with the mortgage include. endowment premiums and contents insurance. Question 3a Individuals take life covers for the sake of their dependants support when they die. The life insurance replaces partly or all the income of the deceased. Some types of life covers develop cash value during an individual lifetime hence, they become legible to withdraw or to even borrow against. On buying a life cover, an individual has to inform the company the person who should receive the death benefits policy when one
