What are the different types of life insurance? Determine How Much Life Insurance Coverage You Need For many people, your 40s are a time where you re-confirm many financial decisions made to date in your life. Are you on pace for a comfortable retirement? Is it time to refinance your mortgage for a better interest rate? Have you saved enough to take some of those dream vacations? For some, your 40s could be the first time you’ve ever needed life insurance. Maybe you had your first child later in life, or you’ve even taken out a loan to start a new business. Typically, nowhere in those fantasies do the topics of shared financial responsibilities and preparation for the unexpected come into...
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Talking about different types of life insurance and just life insurance in general can be a confusing and scary thing to do, but we believe it’s something everyone should think about. Life insurance can help provide for your family if an unforeseen circumstance occurs. It also helps give you peace of mind that your family will have some financial assistance after you’re gone. You might ask yourself, “Don’t I already have life insurance through my employer?” If your employer offers life insurance coverage and you’ve signed up, then yes, however what happens if you decided to leave that company? Purchasing a separate life insurance policy will give you added protection and you won’t lose it...
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Whole life insurance policies are designed to provide life insurance coverage for the entire life of the insured. We’ll explain several types of whole life insurance in this article, including participating and non-participating whole life insurance, limited payment whole life insurance, single premium whole life insurance, and high early cash value whole life insurance. All types of whole life insurance offer death benefits that are guaranteed, and they usually have premiums that do not vary. In addition, all types of whole life insurance policies are designed to grow cash value that is tax-deferred. As long as the premiums of a whole life insurance policy are paid and the policy...
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‘Life insurance’ is often used as a broad term to describe quite different forms of insurance relating to life events, such as getting sick or passing away. Here’s a list of some of the types of insurance that get lumped into this category. 1. What is life or term life insurance? Life or term life insurance products are designed to provide a lump sum payment to your loved ones or estate if you were to pass away or in some cases an early payment if you’re diagnosed as terminally ill. Life insurance is often taken out by those who have financial dependants – such as a partner, children or aged parents – who would be affected if they were no longer around. 2. What is critical illness (...
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For people new to life insurance, the information surrounding buying a life insurance policy can all be very confusing. Most people must place a lot of trust in their life insurance agent, and hope that the agent has their best interests at heart. Fortunately, most of the agents out there do in fact have their clients best interest in mind when they make a recommendation to purchase a particular life insurance policy. Unfortunately, if an agent does not have the right intentions, most people will not know about it until it is too late. For the protection of everyone purchasing a life insurance contract, at Life Ant, we always recommend that our clients educate themselves as thoroughly as...
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There are four different types of life insurance: variable life insurance, universal life insurance, whole life insurance and term life insurance. When purchasing life insurance for yourself or a member of your family, it’s helpful to understand the different types before making your final decision. A variable life insurance policy is a permanent policy that provides a variable death benefit to a designated beneficiary upon the policy holder’s death. With a variable policy, you can allocate part of your premium to an investment account composed of a combination of equity funds, bond funds, money market funds and stocks. When your investments earn a good return, you can apply this amount to...
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You probably know that having a life insurance policy is important, but may not know which of the array of options is right for you. Here, we break down the different types of policies and explain which may be better for certain situations. There are two basic types of life insurance: term life and permanent (cash value) life. Term life insurance. Term policies provide life insurance for a specific period of time. If you pass away during the coverage period, your beneficiary receives the policy’s death benefit. If you’re alive at the end of the term, the policy either ends or automatically renews with an annually increasing premium until age 95. Term policies are generally available...
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Find out how the different life insurance options work so that you will know which one is best for you – the choices can be complex in some cases. An Overview of the Different Types of Life Insurance If you have children or other dependents or loved ones to take care of or have debts that would need to be paid off if you died, then you probably need some form of life insurance coverage. In generations past, you would essentially have only two choices: term or whole life there has been a virtual explosion of new products coming available during the past 20 years or so, and finding the right type of insurance policy for you may be harder than you anticipated. The new types of life...
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No one wants to talk about the day he or she is going to die, but that day is inevitable for all of us. Unfortunately, people wait to bring the subject up, sometimes until it’s too late. A 2017 Princeton survey showed that 37% of Americans do not have life insurance. Of those, 59% cited expense as the reason why they haven’t purchased life insurance. The other half, 51%, feel that because they’re healthy, they don’t need life insurance. Finally, 33% say that buying insurance is too confusing. To alleviate this confusion, Benzinga has reviewed the different types of insurance to help you make an educated decision of the best option for you and your family. Life insurance...
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