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Health insurance is very important for every family. Young children become ill more often than adults do and will require medical attention more often. It is good to belong to a medical scheme that provides for day to day treatment and medication.

The most popular schemes are those that have a network of medical doctors that discount their fees to the insurance companies. These in turn carry the discount over to the consumers. This is restricting for some people as they would prefer to choose the physician they would like to consult rather than choose one from a network. Each time a doctor is visited a small fee will be payable. The reason for this is that the premiums are kept as low as possible and this amount helps to keep the fund stable. Should a patient require any specialist treatment only a doctor from the network may refer him or her to a specialist physician.

There are medical schemes that allow the consumer the freedom of choosing their own doctors and dentists. The arrang (more...)

The earliest form of permanent life insurance is the whole life policy. The whole life policy was designed to extend the life insurance coverage until the insured either dies or to the age of 95 when the policy requires no further premiums. This concept of life insurance is different from term life insurance because the term policy covers the insured for a specific period of time only. The whole life policy had its advantages before the higher inflation years of the seventies and eighties. Inflation affected our economy dramatically and ultimately affected the purchase of whole life insurance. The cash value increase in whole life insurance was so slow that it could not keep up with inflation. Insurers were creating new concepts to purchase life insurance. Buy term and invest the difference was the most popular concept. Proponents of this concept claimed that it would be better to purchase term life insurance at a lower rate than the whole life policy and use the difference in the savings to invest in the (more...)