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Your Online Term Plan Would be Incomplete Without These Add-On Covers

If you fear a risk to your life due to an accident, maybe because of the nature of your job, like an individual working on a construction site or somebody who is required to travel more, then, you have an option to cover the associated life-loss, financial risk.

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Online term plans are an inexpensive way to ensure financial safety of your dependents. However, pure term plans may be incomplete, since they will only help in case of untimely demise of the insured. There are multiple other threats to life with similar consequences, talk about accidents, illnesses, disability etc.

These hazards may also lead to similar financial difficulties as an untimely death. Then why not safeguard against them along with your online term plan?

These reason are precisely why someone might find selling a life insurance policy to be more beneficial than holding on to it after they die. Mounting hospital and medical bills can quickly eat away at one’s estate and a loved one’s inheritance. Not to mention interest rate charges from financing and carrying that debt until you pass.

Also, a few features will be helpful for your family to avoid struggles in future. You can select these benefits in the beginning while buying the policy. These features are critical too for online term plan since they cannot be added later.

Given below are the critical features and covers you should seek while buying term plan online:

Regular Income Benefit

Do you know that you have an option to disburse a fixed monthly income for your family through your same online term plan? This is in addition to the lump sum benefit. By paying a little extra premium, you can ensure a regular income for your family. Meaning they don’t have to bother with investing the lumpsum money for regular household expenses.

In this case, a pre-committed sum of monthly income is paid to your family by the insurance company, so that the income flow in the household continues even in your absence.

You also have an option to increase the income disbursement if you buy a compounded income plan. The annual income grows here at the compounded rate of 10%, for example. Now, if you wish to opt for fixed income protection or increasing income protection, you need to pay a marginal increase in the annual premium of your basic term plan. A small amount adjustment can make life after-you convenient and easier with cash-in-hand. Nothing works better than monthly income in hand.

These hazards may also lead to similar financial difficulties as an untimely death. Then why not safeguard against them along with your online term plan?
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Critical Illness Cover

A health calamity like cancer or heart ailment could make your family floater health insurance look small. Thus, a critical illness rider, which offers higher cover for a lower cost. Though you still need medical insurance, for normal hospitalisation and day care treatments, critical illness plan will cover the extraordinary cost of life threatening diseases.

After all, there are medical treatment expenses, and saving enough money to prepare for all is never possible from day one. You still need access to the best of financial resources to save your life and safeguard your financial interest.

By availing this rider option, you are safeguarding your health and wealth both. It gives you access to a pre-fixed amount of sum insured under a basic term plan, for your treatment against heart ailment, cancer or any other critical illness as specified in your policy contract. Now, this thought is not too far-fetched as we continue living in fear of life stress situations. So, to leave your biggest worry, of a medical emergency, an add-on to a term policy can be done with awareness and caution.

Personal Accident Cover

If you fear a risk to your life due to an accident, maybe because of the nature of your job, like an individual working on a construction site or somebody who is required to travel more, then, you have an option to cover the associated life-loss, financial risk.

Also Read: IT-Department Gets Tough, Sends Second Notice to Deepak Kochhar

This additional cover entitles your family to an additional sum of money in case the death happens due to an accident. It is the perfect addition to suit your job risk and financial needs arising suddenly. Moreover, it maximises returns through the same term plan.

While some of these options may not seem necessary to you, it is imperative to understand the fact that all the risks covered under the rider options are meant to secure your income and family wealth. A basic term insurance plan may cover your biggest worry of your family losing access to your income. Therefore, the need for a critical illness cover.

Similarly, going by the basic nature of a term plan, death is in inevitable, and one can only go as much to provide a hale and hearty life to their loved ones. So, are you doing enough?

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Facebook’s Ambitious Plan to Create Financial Eco-System Faces Questions from Lawmakers

Meanwhile, a House Judiciary subcommittee will extend its bipartisan investigation of the market power

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Facebook, Financial, Lawmakers
FILE - Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve.

Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will extend its bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.

Trump tweeted last week that the new currency, Libra, “will have little standing or dependability.” Both Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell have expressed serious concerns recently that Libra could be used for illicit activity.

The Treasury Department has “very serious concerns that Libra could be misused by money launderers and terrorist financers,” Mnuchin told reporters at the White House on Monday. “This is indeed a national security issue.”

Facebook, Financial, Lawmakers
Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers. Pixabay

Facebook has “a lot of work to do before we get to the point where we’re comfortable with it,” Mnuchin said.

Already under intense scrutiny from regulators and Congress over privacy and market dominance, Facebook stirred anger on Capitol Hill last month with the unveiling of its plan to create a financial ecosystem based on a digital currency. Senate and House hearings went on the calendar, and the Democratic head of the House Financial Services Committee, which is holding Wednesday’s hearing, called on Facebook to suspend the plan until Congress and regulators could review it.

Rep. Maxine Waters, D-Calif., said that Facebook, with some 2 billion users around the world, “is continuing its unchecked expansion and extending its reach into the lives of its users.” She called Libra “a new Swiss-based financial system” that potentially is too big to fail and could require a taxpayer bailout.

David Marcus, the Facebook executive leading the project, says in his testimony prepared for Tuesday’s hearing by the Senate Banking Committee that Libra “is about developing a safe, secure and low-cost way for people to move money efficiently around the world. We believe that Libra can make real progress toward building a more inclusive financial infrastructure.”

Also Read- Why You Need a Car Accident Lawyer

Facebook agrees with Powell’s view that the government’s review of Libra must be “patient and thorough, rather than a sprint to implementation,” Marcus’ statement says. “The time between now and launch is designed to be an open process and subject to regulatory oversight and review. In fact, I expect that this will be the broadest, most extensive and most careful pre-launch oversight by regulators and central banks in FinTech’s history. We know we need to take the time to get this right.”

The planned digital currency is billed as a “stablecoin” backed by deposits in sovereign currencies such as the dollar, euro and Japanese yen — unlike bitcoin, ether or other digital currencies. Promising low fees, it could open online commerce to millions of people around the world who lack access to bank accounts and make it cheaper to send money across borders. But it also raises concerns over the privacy of users’ data and the potential for criminals to use it for money laundering and fraud.

To address privacy concerns, Facebook created a nonprofit oversight association, with dozens of partners including PayPal, Uber, Spotify, Visa and MasterCard, to govern Libra. As one among many in the association, Facebook says it won’t have any special rights or privileges. It also created a “digital wallet” subsidiary, Calibra, to work on the technology, separately from its main social media business. While Facebook owns and controls Calibra, it won’t see financial data from it, the company says.

Mnuchin’s comments came a few days after Trump tweeted: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

Facebook, Financial, Lawmakers
Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra. Pixabay

If they want to get into the financial business, Facebook and its dozens of partner companies in the venture will have to accept the kind of tight regulation that banks are under, Trump said.

Powell, a powerful financial regulator who is independent of the Trump administration, told Congress last week that Facebook’s plan “raises a lot of serious concerns, and those would include around privacy, money laundering, consumer protection, financial stability. Those are going to need to be thoroughly and publicly assessed and evaluated before this proceeds.”

Facebook’s challenges in Washington go beyond Libra. Later Tuesday, at a Judiciary subcommittee hearing, Facebook will be among four big tech companies — along with Google, Amazon and Apple — testifying about their impact on the innovation and entrepreneurship of smaller companies. It’s the latest chapter in lawmakers’ examination of the industry.

”What happens in tech is that one big company grows to control a lot of stuff, and if it’s allowed to stay there for too long, it slows down the sector,” Timothy Wu, a professor of law, science and technology at Columbia Law School, has said. “Companies like Google and Facebook have come to hold too much power. There’s a growing sense that they have too much control over information, news, advertising, even who we are and what’s going on.”

Also Read- Truecaller Announces Global Launch of its Software Development Kit for Mobile Web

Wu is among the expert witnesses scheduled to appear before the antitrust panel, which also will hear from executives from the four tech companies.

Early Tuesday, it was Google that was on the receiving end of Trump tweet.

Over the weekend, billionaire investor Peter Thiel said the FBI and the CIA should open an investigation to determine if Google had been infiltrated by Chinese intelligence, according to Axios.

According to the Axios story, Theil said Google was “engaged in the seemingly treasonous decision to work with the Chinese military and not with the US military.”

Before 5 a.m. Eastern, Trump tweeted about Thiel, “A great and brilliant guy who knows this subject better than anyone! The Trump Administration will take a look!” (VOA)