The decision to buy life insurance is one of the most important that we can make in our financial lives. It requires careful consideration of our needs, concerns, and priorities. When the decision is finally made it brings a sense of relief and comfort to most, until they begin the agonizing process of deciding which kind of life insurance to buy. The choices are many, and the process can be daunting, however, it is made easier when you have at least a basic understanding of the difference between term life and whole life. At their core, term and whole life are two very different ways to insure your life, with one being temporary coverage and the other being a more permanent form of life...
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Underwriting is a word you may see if you’re looking at buying insurance. Here’s what it means and how you could use it to save yourself some money. What is the process of underwriting? 1. Apply. When you apply for life insurance, your completed application goes to the insurance company's underwriters. 2. Review. Underwriters review the application using a variety of tools, including their comprehensive underwriting guide, called a manual. This manual includes guidelines for assessing risk factors such as your medical history, driving record and alcohol use. For example, a heavy drinker could be a riskier applicant than a non-drinker. Generally, the more coverage you apply for and the...
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Frequently Asked Questions (FAQs) Disclaimer Canara Bank (IRDAI Regn. No. CA0045) is the Corporate Agent of the Insurer. The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company where Canara Bank is a market participant as the corporate agent of the insurer. Purchase of any insurance products by a bank's customer is purely voluntary and is not linked to availment of any other facility from the bank. Trade Logo of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Insurer) is used under license with Canara Bank, HSBC Group Management Services Limited and Oriental Bank of Commerce. The Insurance products are offered and...
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Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, 44% of us now plan to buy life insurance because of the effects of COVID-19, but not everyone is confident in understanding what life insurance is, the cost and other details. That’s why we’re breaking it all down here. What are the different types of life insurance? Which one is the best? Life insurance extras: Some other things to consider Buy the life insurance: How Canadians can prepare What is life insurance? How does it work? You likely know the gist of life insurance. In Canada, it is a contract between you and...
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When faced with the prospect of figuring out how much insurance to buy, most people pluck a figure out of the air - something that just seems adequate. Or another common practice is to rely on insurance agents to decide a policy and sum assured. This is obviously not the way to make this important decision. The only reasonable way of deciding what and how much insurance you need is to unemotionally create a financial plan that your family should follow if you die suddenly. Families also have to consider the impact of both parents passing away in an accident. The impact of such a tragedy could be greater than just the sum of two deaths occurring separately. Here are five things to consider....
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Buying life insurance for a parent is possible if you have an insurable interest and consent from the insured. If either of these criteria are not met then an insurance company will deny the combined application. Typically, a good life insurance option for a parent is a small, permanent life insurance plan that will last your parent’s entire life. Before choosing life insurance to provide for after-life expenses, you may want to consider other options like a savings account or pre-need insurance which are easier to purchase. Additionally, a parent can always buy a policy and name you as a beneficiary if they are capable. Can you buy life insurance for a parent? Simply put, you can purchase...
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Research in the buying behaviour of Indian consumer for life insurance suggests that a large number of people invest in life insurance to save tax. Even those who do invest in insurance for financial safety, end up ignoring the very first rule of safety and end up with inadequate life cover. If you want your life insurance policy to work for your financial protection goal, you need to steer clear of these mistakes. Consider the following five factors to build a clear understanding of what you want from your life insurance policy: 1. Your Life Cover Need If you wish to provide your family and child adequate financial protection, you need to know how much they will need. The answer starts...
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