There's a lot to take care of in the lead-up to having a baby. If you don't have a life insurance policy but plan to have a baby in the next year or so, it's a good time to consider getting one. 1. You'll likely get a better rate The way life insurance works, the younger and healthier you are, the lower your rate, regardless of the amount of coverage you get. Generally speaking, most people's health declines with age. The longer you wait to buy a policy, the greater the eventual cost. If you're already pregnant and you're the breadwinner of the family, it's still possible to buy life insurance, though you'll probably get the best rates if you undergo the medical exam before or after...
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Partners rely on one another for not only companionship, but are likely financially dependent on each other. Life insurance for couples provides peace of mind. Term life insurance is affordable and customizable. It’s designed to provide income protection during your prime earning years. If you die unexpectedly while your life insurance policy is active (a.k.a. during the term) the life insurance company pays a death benefit. Families use this benefit to replace the income a spouse once provided. It pays the mortgage, keeps the electricity on, buys groceries, anything and everything a salary once helped pay for. Who needs life insurance? Both partners in a relationship need life insurance....
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How Artificial Intelligence Is Reshaping the Insurance Industry You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In 1997, IBM's Deep Blue earned itself the title of becoming the first computer in the world to beat a chess champion when it defeated Russian grandmaster Garry Kasparov. More than a decade later, in 2011, the computer giant's question-answering system Watson won the quiz show "Jeopardy!" by beating reigning champions. Intelligent machines had arrived and finally given rest to the chatter around artificial intelligence (AI) that started in Dartmouth College, USA in 1956. There was no more disputing the transformative value of AI and...
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As the world’s economy heads toward a collapse due to the pandemic, the insurance industry continues to generate growth worldwide and maintain profitability. When comparing 2018 and 2019 insurer results, we notice a slight deterioration for last year’s outcome. However, even so, the industry still registered gains of $5.4 billion and a profitable combined ratio of 97%. In 2020, nonlife premiums are expected to grow with 2% in the USA. However, insurance providers worldwide are increasing the premium volume because they raise the rates to compensate for catastrophe losses and mounting liability. The Marsh’s Global Insurance Market Index reveals that commercial policy pricing will soar...
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Life is so uncertain that we can never know what might befall us the very next minute, or for that matter, the very next second. Every moment of life is precious, indeed. So, instead of trying to figure out possibilities that are not in our control, it is better to prepare ourselves well in advance for them. And the right way to do that is to invest in an insurance policy that would prove to be effective and fruitful, whenever an eventuality occurs. While there are a plethora of insurance products available in the market today, life insurance policies are considered the most valuable. And among them, term insurance is the most sought-after. What is term life insurance? Also referred to as...
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The gross direct premium underwritten by the non-life insurers grew 11.67 per cent in the financial year ended March 31, 2020. According to Insurance Regulatory and Development Authority of India (IRDAI) data, the total premium increased to ₹1,89,215 crore in 2019-20 compared with ₹1,69,448 crore in the previous financial year. The total premium underwritten by 25 private and public insurers had increased by 9.5 per cent at ₹1,64,192 crore (₹1,49,946 crore) while seven standalone private health insures had witnessed higher growth in premium at 27 per cent with a total premium of ₹14,410 crore as against ₹11,354 crore in the year-ago period. The specialised public sector insurers —...
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As the coronavirus continues to upend nearly every aspect of our lives, insurance companies are changing the rules on how people can apply for life insurance. To be sure, you can still buy life insurance right now — it just might take longer. “While the steps for getting life insurance remain the same, how they are done has been adapted,” Jon Voegele, board chair of Life Happens, an educational nonprofit supported by insurers and brokers, said in an email. You can still buy life insurance if you need it However, if you currently have symptoms of COVID-19, the disease caused by the virus, or have tested positive for it, you likely won’t be able to get life insurance until after you’ve...
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Though not the most pleasant of thoughts, the ongoing COVID-19 situation has a lot of us thinking about mortality and how our death may affect those around us. For those of us who have dependents or relatives, their risk of financial burden due to our passing is of considerable concern. This realization is often the first step in obtaining life insurance as a safety net for our families. A life insurance policy is a contract between an insurer and a policy-holder, where a designated beneficiary receives funds from the insurer upon the death of the insured. Life insurance is paid for by a one-time or recurring premium, usually by the policy-holder. These premiums are calculated based on...
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New York Life Insurance Co. is the leading candidate to acquire a business from Cigna Corp. that sells insurance through employers in a transaction that would be valued at as much as $6 billion. Cigna, the health-insurance giant, is talking to other would-be bidders including MetLife Inc. and Sun Life Financial Inc., according to people familiar with the matter, who asked not to be identified discussing private negotiations. The Cigna business markets insurance products such as life, accident and disability-income policies. Insurers have been striking deals for units that sell insurance through employers. Lincoln National Corp. bought a group-benefits business from Liberty Mutual Holding Co...
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Where China Life Insurance Company Limited’s (HKG:2628) Earnings Growth Stands Against Its Industry When China Life Insurance Company Limited’s ( SEHK:2628 ) announced its latest earnings (30 June 2019), I wanted to understand how these figures stacked up against its past performance. The two benchmarks I used were China Life Insurance’s average earnings over the past couple of years, and its industry performance. These are useful yardsticks to help me gauge whether or not 2628 actually performed well. Below is a quick commentary on how I see 2628 has performed. Was 2628’s recent earnings decline worse than the long-term trend and the industry? 2628’s...
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