Life insurance important terms

Life Insurance 101: Preparing for the Unexpected in Illinois

Life Insurance 101: Preparing for the Unexpected in Illinois Let’s face it, no one likes to think about, let alone, discuss dying. The unfortunate reality is that accidents, sudden illness, or terminal illness happen every day. Life insurance ensures that your family or business can continue financially without you. Are you protected? Some basic key facts about life insurance: 6 in 10 people own life insurance 30% of households know they need more life insurance 40% of all households would feel the financial burden within 6 months if the primary wage earner passed away, including households making more than $100,000 Individuals should own their own life insurance policy—not just...

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The Importance of Dates in Your Insurance Policy

The Importance of Dates in Your Insurance Policy Dates (not to be confused with the social encounter or the fruit) in the insurance world are critical. There are three specifically that are often confused with each other, but are highly crucial in insurance litigation. And to make it more befuddling, insurance companies each have their own definitions of those terms in their policies which they are supposed to follow. The three terms are issue date, policy date and effective date. We will give you the generally understood meaning of these terms. The issue date is normally the date on which the insurance company approves and accepts your application. The policy date is the date written on...

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Life Insurance 101, Sagicor Life Insurance

What is life insurance? Life insurance provides protection against the loss of income from the death of a wage earner. It can also be part of a foundation for retirement. Periodically evaluating life insurance needs should be an important part of everyone's financial planning. Why do people need life insurance? Anyone who has a family, supports a household, pays a mortgage, or plans to send children to college can alleviate the financial burdens created by their death, if they have life insurance. The dreams they have for their loved ones will live on. Life insurance is one of the greatest gifts one can give their family. How does life insurance work? All life insurance policies work on the...

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Life insurance decoded, Blog

If you've started searching for information on life insurance, but quickly been confronted by terms you don't understand, don't worry, you’re not alone! Life insurance terminology can definitely be confusing at times. Below are some important life insurance terms and definitions to help you understand life insurance and how it works. By familiarizing yourself with the terms below, you’ll be better able to make more informed decisions when shopping for life insurance coverage. Accelerated Death Benefit Rider With this policy add-on, the death benefit can be paid prior to the insured's death if he or she is facing a qualifying terminal illness. Actuary A specialist in the...

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The Main Reason Why Life Insurance Is Important

Criss Crombie – the Life and Financial expert here at Empower Brokerage – shares the reasons why he believes everyone should consider getting a life insurance policy. Watch the videos below and you’ll also learn if term life or whole life insurance is best for you! What are some reasons why you think people should consider getting life insurance? For me, it’s ensuring that you’re able to take care of your family in the event that something happens to you. They’re counting on your ability to earn an income. If something happens, like an accident or serious illness, having insurance to provide for your family is important. And, it’s really, very affordable. For example, if...

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What is term life insurance?, Haven Life

Term life insurance can serve as a cornerstone of a financial plan because it protects what matters most: the ones who you love, and who depend on you to provide for them. That’s why it’s crucial to make researching, selecting, and buying the right policy for you as simple as possible. The more you know, the more empowered you can be to make the best financial choices for your family. You would think the critical elements of any sound financial plan would be simple to understand and to implement into our lives, right? Maybe in a perfect world, that’s how it works. But when it comes to financial products like life insurance, traditionally, it’s been known for being a several-week...

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