Insured life

LIMRA: Nearly 5 Million More U.S. Households Have Life Insurance Coverage

"It is certainly good news that so many more families have some form of life insurance than did in 2010, and that the downward trend of overall life insurance ownership has stabilized," said Robert Kerzner, president and CEO, LIMRA, LOMA and LL Global. "However, more than 37 million American families are completely uninsured and at financial risk if their primary wage earner dies unexpectedly." More Millennials Own Life Insurance Overall, 70 percent of Millennials own some life insurance (individual, group or both). This is 10 percentage points higher than in 2010. In addition, Millennials' ownership of individual life insurance has increased 48 percent since 2010. "As the leading edge...

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Life Insurance Benefits, SAG-AFTRA Plans

The life insurance benefit is insured through a policy with Metropolitan Life Insurance Company (MetLife). Eligibility To qualify for the life insurance benefit, you must be a Plan I Participant with Earned Eligibility or Senior Performers coverage at the time of your death. The life insurance benefit is not available if you are covered under COBRA or under Plan II Earned Eligibility, nor is it available to Dependents. Your life insurance coverage begins when your Plan I Earned Eligibility or Senior Performers coverage begins, provided that you pay the required premium for health coverage. However, if a Participant with Earned Eligibility dies during the period between the Base Earnings...

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Transfer Your Life Insurance and Decrease Your Estate Tax,

First things first: You don't have to read this article unless your estate is likely to owe federal estate taxes at your death. In 2017, the federal estate tax affects only people who die leaving a taxable estate of more than $5.49 million, or couples leaving more than $10.9 million. (To learn more about estate tax basics, see Nolo's Estate and Gift Tax FAQ.) For those estates that do owe taxes, whether or not life insurance proceeds are included in the taxable estate depends on who owns the policy when the insured person dies. If the deceased person owned the policy, the full amount of the proceeds are included in the federal taxable estate; if someone else owned the policy, the proceeds...

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Life Insurance from Arvest Wealth Management

Setting a Solid Foundation Financial experts agree the foundation of any good financial plan includes life insurance. A well-designed life insurance program can improve and enhance your retirement, estate planning and family protection plans. Understanding Your Goals As your life changes, so do your needs. It's important to periodically review your financial plan to be sure your foundation remains solid. The amount, type, and duration of your life insurance policy depends on your family situation, financial goals and personal health. An individual life insurance policy is normally purchased to accomplish the following goals: Support family members in the event a wage earner dies...

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Life Insurance Glossary, Smart Insurance

Glossary This section helps explain the meanings of some words you may see on our website, and others that you may have heard of or come across when considering which life insurance is best for you. DISCLAIMER: This is a guide only and does not form part of a contract. Please reference the Smart Insurance Key Facts and Policy Terms and Conditions issued to you upon joining for contractual definitions. Accident An event resulting in bodily injury occurring whilst the policy is in force, where the injury is directly and solely caused by accidental, violent and external means and where the injury is not self-inflicted. Accidental death Death occurring as a direct result of an accident which...

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Life Insurance: The Impact of Ownership , VCE Publications, Virginia Tech

The major reason most people buy life insurance is to provide financial support for beneficiaries in case the insured person dies prematurely. However, there are additional reasons for purchasing: to pay off a home mortgage or other debts, to pay for funeral expenses or a college education for children, or for investment or estate planning. Knowing who owns a life insurance policy, who the policy covers, and who stands to benefit in the event of death are all important, but sometimes confusing factors. At the end of this fact sheet you will find a short glossary designed to help you understand terms related to life insurance and ownership. Who Is Involved in a Life Insurance Policy? Three...

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Life Insurance FAQs, MetLife

Life insurance comes in two main types – term and permanent – which may both be available through your workplace. Term life insurance pays a specific lump sum to your loved ones for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if your leave your company. Generally, you should consider a term life insurance policy to: Get valuable coverage at an affordable price Help cover specific financial responsibilities like a mortgage or...

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What Is An Insured In A Life Insurance Policy - Life Ant

NEWS & ARTICLES INSURANCE GUIDE This is one of the most fundamental and concepts relating to life insurance. A life insurance policy, at heart, is a contract between the insured and the life insurance company. When an insured person dies, the life insurance company is bound to pay a death claim to the beneficiaries. The insured is the person who the life insurance contract is underwritten on, and whose death triggers a claim. Insured And Owner Can Be Same Person The insured and the owner of the life insurance policy are often the same person. This is perfectly legal, and not unusual. When the insured person and the owner are the same person, it needs to be understood that this may...

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