If your parents don’t have an insurance policy or the funds to pay their own way in their later years, you can buy life insurance for your parents yourself, assuming they’re on board and can qualify for coverage. Supporting your aging parents up until and including their death can be a financial burden, and life insurance is one way to potentially recoup some of the money you’ve spent on their care, or to help pay for final arrangements like a funeral. Some policies allow you to use the benefits before their death under certain circumstances. You’ll need to work with your parents to find the right coverage for their situation. The benefits of buying life insurance for your parents An AARP...
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Life insurance provides a financial safety net that your spouse, children, and other family members could depend on if you die. Buying a life insurance policy doesn't always top the to-do list, in part because most people don't like to think about dying. Whether you're just curious, looking for information, or ready to sign up, here's how to buy the life insurance you need. How and Where to Buy Life Insurance Life insurance is not a one-size-fits-all purchase. You have to decide on the type, length, and amount of coverage you need. As an example, you might want to buy a 20-year, term life policy with a $500,000 death benefit. Of course, you also have to decide where to...
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With the advent of new technologies, claim settlement has also become simpler and quicker than before Life insurance claims can be completed over WhatsApp in 5 minutes now 3 min read . Updated: 30 Sep 2020, 03:53 PM IST Anulekha Ray With a pandemic that demands you to maintain social distancing, people are relying on internet to browse through life and health insurance policies To cater to the customers amid this challenging time, the insurance companies have implemented a dozen of services "We have a fully equipped digital platform for servicing which ensures that customers can get their policies serviced without having to step out of their homes. Over 72% customer service interactions...
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Life insurance could be one of the most important financial products that you buy. If you have someone who depends on you financially, such as a partner and/or children it’s important to consider how they would cope financially without you. Having the right type of life insurance in place can give you the peace of mind that you can take care of your family should the worst happen. Here are some things to consider before you buy: Ask yourself why you need life insurance Before taking out life insurance you need to consider the type of cover you need. It could be to protect your children in the event of your death or perhaps you are buying a property and want to ensure that the mortgage is...
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The purpose of life insurance is to help you protect your family financially when you aren’t around. It pays them money (called a “death benefit”) they need to cover funeral expenses, mortgage payments, car payments, and other monthly bills. Or to help with big, long-term expenses, like your kids’ education. The money your loved ones receive is almost never counted as taxable income. In other words, the payout is typically tax-free. To decide what kind of life insurance you need and how much to buy, it’s good to start by thinking about your loved ones’ needs now and in the future, and about what, if any, additional income you would want them to have. Questions to ask What immediate...
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July 8, 2015 - Should You Buy Life Insurance for Your Children? Weekly Update - July 8, 2015 Life insurance for children is a controversial issue. On one hand, most children are born healthy and will live long, productive lives. Since they don’t work and contribute income to your family, one of the primary reasons we buy life insurance - to protect a family from the financial aftermath of death - doesn’t apply. However, here are two reasons why it’s at least worth having a conversation about insuring your children. Insurance can help your family deal with the aftermath of a child’s death No one wants to think about the death of a child; it’s a tragic event that...
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Why Buy Life Insurance? Posted on Friday, March 9, 2012 When you are looking to buy life insurance, you should be sure that you know the reason behind the investment. Spending money on life insurance can get frustrating when your budget is tight, so you want to know exactly why you are signing up for your life insurance policy. 1.) You should be sure that you understand that the money from your life insurance policy will go towards protecting your loved ones from any type of financial catastrophe after you have passed. When you are a primary supporter of your family, you should be sure that you have a life insurance policy that adequately provide for your family. As your loved ones start...
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Conversations about end of life, or what will happen to our families after we pass away are never easy. They are however important and wise discussions to have when you are still healthy and able to make decisions that will affect their and your future. Life insurance is just as the name sounds, a policy that you take out on your life. Just like car and home insurance you pay for a contract that will provide benefits to dependents and others you name after you’ve passed. It can also be used to help pay for your child’s education, for mortgage debts or to cover your own funeral-related expenses. There are many different types and terms so it’s important to work with an insurance agent...
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A common question that I hear from clients is “do we need life insurance?” The answer always depends upon your situation. First of all, there are many types of life insurance policies. Some policies with “cash value” have been sold in the past as investment vehicles. For this discussion, let’s talk about the most common type, term policies. A term policy is exactly what it sounds like. It is insurance that is valid for a particular term of time, usually 10, 20 or 25 years. The policy owner will choose an amount that they would like to be insured for and also the term (the policy owner and the insured can be different people)....
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Where should I buy my life insurance policy? Life insurance can be a tough subject and its hard to know where the best place to setup your policy is. An independent agent is the best option no matter what product you are buying and below I am going to state a couple reasons why. Life insurance can be very complex. There are policies that are temporary, permanent, adaptable, cash accruing, variable, and the list goes on. Finding the best product for you now and years down the road can be tough. Independent agents have the knowledge to to individualize your insurance policy to fit your needs. Here is the best part about using an independent. They have the ability to get competitive quotes...
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