What is level term life insurance? Level term life insurance is where the premiums and amount of cover stay the same during a policy term, regardless of when the insured person passes away. In other words, the amount of cover is ‘level’. Legal & General Life Insurance is an example of a level term life insurance policy. Is a level term life insurance policy right for me? A level term life insurance policy can suit a wide range of circumstances and needs. If your loved ones would struggle to meet ongoing living costs without you, the certainty of knowing the amount of a potential payout from a life insurance policy provides peace of mind. Taking out level term life insurance...
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A key man policy can be an employee benefit to the company if the company pays for it with tax-free money. The premiums are not tax-deductible, but your family will get the money from the policy without any taxes taken out of it when you die. What is Key Man Life Insurance? Keyman life insurance is a form of corporate-owned life insurance (COLI) used to protect the lives of employees of a business. It’s intended to aid a firm in recovering from the loss of an employee who contributes significantly to the company if they die. Top salespeople, high-level executives, and other decision-makers, Keyman policies have three primary roles: Owner: The person or entity who purchases the life...
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We may receive payment from affiliate links included within this content. Our affiliate partners do not influence our editorial opinions or analysis. To learn more, see our Advertiser Disclosure. Be honest: You’re not wild about all the poking and prodding during a medical exam for a life insurance policy. Fortunately, more and more life insurance companies are ditching their requirements for a medical exam and offering coverage without it. This is known as no-exam life insurance. Instead of an exam, a life insurance company will often rely on other medical and personal information that it can gather about you. No-exam life insurance is popular thanks to its convenience and speed,...
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For death occurring in the first two policy years: If death is due to a Pre-existing Condition, the death benefit is a return of premiums paid since the effective date of your coverage, with 10% interest compounded annually If death is due to suicide, the death benefit is a return of premiums paid since the effective date of your coverage, without interest If death is due to accidental causes before the age of 85, the benefit is five times the face amount (up to $125,000) For death occurring after the first two policy years: If death is due to non-accidental causes at any age, or accidental causes at age 85 or older, the death benefit is the face amount If death is due to accidental causes...
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Benefits of owning a life insurance policy to cover your final expenses Anyone who has ever had to assist with funeral arrangements for a loved one who didn’t have life insurance knows how stressful it can be. Not only does it take a toll on us emotionally, it can often put significant financial stress on us as well. The last thing we want to do is put our loved ones in that same situation when it comes to our own funeral. Do you currently have life insurance? If not, have you ever considered how the costs of your funeral will be covered? Did you know the average funeral typically costs around $8,000? Would the cost of your funeral create a financial burden if your family members had to pay...
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Do you want no health questions life insurance? It’s no secret that some people avoid purchasing life insurance because they are afraid of being asked about their medical history. The truth is, no matter how healthy a person may be, there is no way to guarantee that they will not develop an illness or disease in the future. This means it can’t hurt to have a policy with no health questions! Learn more about these policies and find out if they’re right for you in this guide. What is No Health Questions Life Insurance? No health questions life insurance is a type of life insurance where you do not have to take a medical exam. You can buy it without any health questions. No...
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As frustrating as it may be, getting life insurance isn't an easy route for some of us. Cover can be restricted to people due to their age, health, lifestyle or occupation - even if you can get cover, it may be costly. But don’t fret, Guaranteed life insurance may be able to provide you with coverage, regardless of your circumstances. This article covers any queries you may have such as: What is guaranteed life insurance? How does guaranteed life insurance work? Who needs guaranteed life insurance? What are the pros and cons of guaranteed life insurance? Putting a guaranteed life insurance policy in trust? What is guaranteed life insurance? Guaranteed life insurance (also known as ‘...
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