NORTHBROOK, Ill., Sept. 26, 2018 /PRNewswire/ -- As a part of its broader mission to offer consumer-driven and innovative insurance products and services, Allstate is introducing Monthly Income Term, a new life insurance policy that pays out like a monthly paycheck should a loved one pass away. The new product is available now, subject to state availability. Monthly Income Term was designed to be simple to understand and will help people think differently about life insurance. Instead of a lump sum payment found in most standard life insurance policies, a monthly benefit makes it easier for families on a budget to protect their families and standard of living. With Monthly Income Term,...
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When a client is old and in need of money, it can make sense to help them cash out of an unnecessary life insurance policy. The secondary market for existing life insurance policies, in which sales are known as life settlements, has been around since at least the 1980s. In that market, individuals and companies purchase existing insurance contracts from policyholders at a discount to face value, hoping they’ll turn a profit when the insured dies and they can collect the death benefit. While the policyholder ends up selling the policy at a discount, these transactions can still make sense for some clients who no longer need a policy. Some relevant examples include when a spouse has passed...
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Peter Muh Kim, 39, of La Canada Flintridge, and his wife, Jin Kyung Kim, were arrested Tuesday, Sept. 25. and booked under suspicion of three felony counts of grand theft and three felony counts of insurance fraud. (Courtesy of California Department of Insurance) A couple was arrested Tuesday morning in what authorities called a life insurance scam that resulted in the theft of $1 million. Peter Muh Kim, 39, of La Cañada Flintridge, and his wife, Jin Kyung Kim, 35, were arrested and booked under suspicion of three felony counts of grand theft and three felony counts of insurance fraud, according to a statement released by the state’s Department of Insurance. Peter Kim, a licensed insurance...
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Update: Hancock advises us that the original Reuters story was incorrect – this has since been corrected. It is mandatory to join the Vitality program, but sharing of fitness data is optional. Anyone with a life insurance policy from John Hancock – one of the largest insurers in the US – is now required to join the Vitality program, geared to encouraging a healthy lifestyle. Those who choose to share fitness data from a device like an Apple Watch of Fitbit can earn rewards for doing so … Vitality GO will be offered on all life insurance policies, at no additional cost. With this basic ‘be healthy’ version of the program, consumers will have access to expert fitness and...
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What happens when your life insurance policy lapses Lapsing your insurance policy, especially a term insurance plan, means your loved ones are not financially protected in the event of your death Last week, the insurance regulator instructed life insurance companies to extend the grace period for payment of renewal premium for residents of Kerala and flood affected districts of Karnataka. So policies that are due for renewal between 15 July and 30 September 2018 will get a grace period of 60 days instead of the usual 30 days for policies with annual and other premium payment mode and 15 days for monthly premium payment mode policies. Since normal life has been severely affected and...
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What is life insurance? Life insurance is a type of insurance contract which pays out a lump sum to your dependants should you pass away during the term of the contract. The cost of a policy is determined by a number of factors including your age, health and lifestyle. Why should I take out life insurance? Life insurance is a vital part of financial planning for anyone who has dependants. By ‘dependants’, we mean anyone whose circumstances and material wellbeing would be affected by your death – for example, your partner, your children or anyone else who is financially reliant on you. Thinking about your death and its inevitable impact on your family’s circumstances is difficult – and many...
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Life insurance comes in two main types – term and permanent – which may both be available through your workplace. Term life insurance pays a specific lump sum to your loved ones for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if you leave your company. Generally, you should consider a term life insurance policy to: Get valuable coverage at an affordable price Help cover specific financial responsibilities like a mortgage or...
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Not sure where to start? Our experts have answers to the most commonly asked life insurance questions. What is life insurance? Life insurance provides a payout after your death to the people you designate as beneficiaries. It’s an important safety net if anyone depends on you financially. The life insurance payout can pay debts such as a mortgage, replace your income and provide college tuition funds. Who needs life insurance? NerdWallet recommends life insurance for anyone who has loved ones who depend on them financially. This includes working or stay-at-home parents, homeowners who have a mortgage, business owners and others. More: Who needs life insurance What’s the difference...
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Disclosures/Footnotes State Farm received the highest numerical score in the J.D. Power 2014-2017 U.S. Life Insurance Study. The 2017 study is based on 6,138 total responses from 25 life insurance providers measuring experiences and perceptions of customers, surveyed June-July 2017. Your experiences may vary. Visit jdpower.com. State Farm received the highest numerical score in the J.D. Power 2014-2017 U.S. Life Insurance Study. The 2017 study is based on 6,138 total responses from 25 life insurance providers measuring experiences and perceptions of customers, surveyed June-July 2017. Your experiences may vary. Visit jdpower.com. With Universal Life it is possible coverage will expire when...
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Life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations ) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Life policies are legal contracts and the terms of the contract describe the...
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