People often tend to think about insurance only during times of crisis and contemplate what type of plan to choose based on their requirements. Term insurance provides life coverage and a lump sum payout if the insured individual passes away during the policy tenure. Despite its simple terms and policies, term insurance is often underestimated. It comes with numerous benefits, including high rewards and premiums based on current market rates. Term insurance coverage The majority of term life insurance policies offer coverage up to 85 years. It is advisable to get a term insurance plan in the 20s to maximize the benefits of any insurance plan. The payout, benefit, and term can be modified throughout a person’s lifespan based on individual needs. Most insurance companies allow the insurer to increase or decrease the life cover. Individuals have the flexibility to make changes based on their responsibilities, economic constraints, and needs. Decisions about term insurance coverage must consider a person’s lifestyle, age, and financial ability. Low risk , high reward Term life insurance is one of the most cost-effective plans. The premium is much lower than other insurance policies and does not include an investment component. Anyone wishing to ensure their family’s financial security after their demise must consider this policy. There is one major limitation to remember: most plans do not repay the premium if the policyholder outlives the term life policy tenure. However, adding a “return on premium” feature to the term plan for such scenarios is possible in specific policies. This aspect is a critical discussion to have with the insurance agent at the time of purchasing a term insurance policy. Pay till retirement Insurance companies generally have a maximum age limit of 80 or 90 for term life insurance. However, several of them ask individuals to pay premiums until the age of 60, that is, until retirement, since steady income generally stops.

The aim of an insurance plan is to provide financial security to an individual and their family in the event of unforeseen circumstances like injury, accident, theft, and any loss of property due to man-made or natural disasters. The protection offered depends on factors like the plan’s type and duration, the policyholder’s age, profession, and health history. Companies offering term insurance may have different yardsticks on what is covered or excluded from a plan. What is a term insurance plan? Term life insurance is one of the most popular and simple plans. While it is less expensive than whole life insurance, one has to pay a premium only for a fixed period. If the person insured passes away during the period, the benefits are given to the family or the nominee. A term insurance policy usually lasts 10 to 30 years. Exclusions of insurance plan While an insurance plan offers good financial coverage, its scope is limited, as the plan will cover only specific events or conditions listed in the plan. It will also provide coverage only up to the limit specified in the plan. The policy may also involve various exclusions. It is, therefore, important to know what is covered in an insurance plan and what is not. While some events or incidents can be added by paying additional amounts, many such perils cannot be added, even if the policyholder is willing to pay additional costs. Where to find exclusions in a term insurance plan The four major parts of an insurance contract are Declaration, Insurance Agreement, Exclusions, and Conditions. The declaration is the section that contains information about the company and the policyholder. The Insurance Agreement is the contract that provides information about the type of policy, amount of coverage, premium payable, duration of the policy, and the perils or events that are covered.

Medicare Advantage (Medicare Part C) is a comprehensive alternative to Original Medicare. Private insurers that offer Medicare Advantage plans contract with the federal government to offer health insurance benefits to those who qualify for Medicare. This plan has many benefits that attract more users each year. While it might have attractive features, Medicare Advantage might not be ideal for everyone. The best way to decide is by learning about its associated benefits. Low monthly premiums Individuals with Medicare are usually attracted to Medicare Advantage plans because they are marketed as “zero premium” products. Medicare Part C is similar to traditional Medicare, where enrollees must pay the Medicare Part B premium. On the contrary, people who sign up for Medicare Advantage do not have to pay a separate premium for additional coverage for or for Part D prescription premiums, as in the case of traditional Medicare. Medicare Advantage rebate dollars cover these costs. Also, note that the costs may differ by plan, so one must shop around to find the top options. Financial protection A Medicare Advantage plan offers financial safety because of its pre-fixed annual out-of-pocket limit. For instance, if one’s costs reach the limit, the plan covers 100 percent of Medicare-covered healthcare costs for the rest of the year. However, traditional Medicare sets the maximum out-of-pocket limit each year, and plans can set their limits at this amount or lower. There is no out-of-pocket protection with Original Medicare (Parts A and B). Dental, fitness, hearing, and vision coverage Medicare Advantage offers additional benefits, such as reduced cost-sharing, gym memberships, dental coverage, and debit cards for over-the-counter healthcare supplies, typically not covered by traditional Medicare. The extra benefits are funded by rebates, which is the difference between the amount that a plan bids (estimated spending per enrollee on Medicare-covered services) and the benchmark (maximum amount Medicare will pay per enrollee in a given country).

With rising social and environmental issues at the global level, it is each one’s responsibility to do their bit for the greater good. As investors, the best way to contribute to a noble cause is through Environmental, Social, and Governance (ESG) investments. ESG investments involve buying shares and securities only from companies with high environmental and social responsibility scores. But one must have a strategy before venturing into ESG investments. Best-in-class screening This strategy is also called positive screening. It requires people to invest only in the top companies from specific niches. One may set certain criteria the companies must meet to qualify to be in their portfolio. For instance, those who invest in the automobile industry may shortlist companies that manufacture vehicles with the lowest carbon dioxide emissions. This way, one can consciously encourage environmentally and socially responsible companies to advance in their journeys. Exclusionary screening Also called negative screening, this strategy is the opposite of best-in-class screening. It essentially involves excluding certain companies or industries from one’s portfolio. Exclusionary screening is usually based on one’s specific objective related to ESG investments. For example, if one aims to reduce carbon emissions, one may boycott investments in companies that have recorded high carbon footprints in their manufacturing processes. One may also avoid investing in any company belonging to a particular industry that records such high carbon emissions, such as the fossil fuel industry or the mining sector. Impact investing Another effective ESG investment strategy is impact investing. Here, investors shortlist specific social or environmental concerns they would like to address and invest in industries or companies dedicated to such causes. For instance, those looking to promote sustainable living may invest in the renewable energy sector , while those interested in boosting public health may invest in the top companies in the healthcare industry.