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Your guide to insuring someone else’s life

Your guide to insuring someone else’s life Buying life insurance on someone else and naming yourself as beneficiary might sound like a plot point in a film noir mystery. But taking out a policy on another person makes good sense in some situations. Whether you can do it, though, depends on your relationship and having the other person’s consent. The ground rules “What the insurance company looks for is what’s known as insurable interest,” says Marvin Feldman, president and CEO of Life Happens, a non-profit funded by insurance companies and brokerages. “There has to be a true relationship where there’s going to be a loss when the person dies, whether that’s an emotional loss or a financial...

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What are the important points for buying life insurance? - Quora

I hope the above image is self explanatory, however there more points below which you need to keep in mind while buying a life insurance. Know the reason you are buying life insurance. Knowing the reason you’re buying life insurance will help you believe in the value that it brings to your loved ones and let you appreciate the policy that much more once it is delivered. Know how much coverage is adequate. If you are purchasing life insurance to protect your family, how do you know how much is enough? Are you looking to have the death benefit pay off all your debts (mortgage, loans, etc.) and pay for your final expenses (tax, funeral costs) or do you want it to provide a stream of income to...

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Buying Life Insurance After Bankruptcy -

Having a bankruptcy on your credit report, especially recent one, can affect much of what you will do in life. It can certainly have an impact when you apply for a loan, whether it’s a mortgage, a car loan, or a credit card. But it can also have an effect on an application for a job or an apartment. And as if life after bankruptcy isn’t difficult enough, it is possible that the bankruptcy will even have an effect on an application for life insurance. That’s not a comforting consideration, but one that cannot be ignored. One of the reasons why this is such a relevant topic is that the circumstances that lead to bankruptcy often cause a person to cancel certain services,...

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Why Life Settlements Offer a Way Out , Investopedia

The time may come when life insurance policy owners want to rid themselves of the policies they own. Maybe they simply no longer want to pay the premium. Or they find themselves in a position where they need to access cash due to a major – and often unexpected – expense. Still others just don't believe they have a need for the protection afforded by the life insurance companies. Whatever the reason, policy owners need be aware of all of the options they have at their disposal when deciding whether to shed an unwanted policy. (See also: Buying Life Insurance: Term Versus Permanent.) Historically, there have been six methods: 1035 exchange for a different life insurance policy But recently,...

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