You want to ensure that the people who depend on your income are financially secure, even if something were to happen to you. Life insurance is a key way to protect your loved ones. Level term life insurance can help you address a death benefit need for a specific duration of time. For example, when your children are young, level term life insurance for 20 years can cover you until they’re ready to go out on their own. A level term life insurance policy can give you peace of mind that the people who depend on you will have a death benefit to pay the mortgage or other needs. It’s a way to help take care of them in the future, today. HOW LEVEL TERM INSURANCE WORKS A level term life...
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- The availability of term insurance at lower costs with benefits similar to permanent policies proves to be a dynamic growth factor for the term insurance market - Asia Pacific to bring exponential growth for the global term insurance market across the forecast period of 2020-2030 ALBANY, New York, July 20, 2020 /PRNewswire/ -- The rising need for insurance across the global populace is proving to be a knight in shining armor for the growth of the term insurance market. Furthermore, lower premium costs breathe fresh air of growth across the term insurance market. Term insurance also provides income tax benefits to individuals. The payouts come with tax exemptions according to the concerned...
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Guardian Life introduces term life insurance with a built-in benefit for charity Guardian Life unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider. The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy. Nearly two-thirds of Americans have donated to charity over the last year. Yet, being able to bequeath a donation to a charity is often perceived as reserved for the wealthy. Guardian Life’s Level Term with the built-in Charitable Benefit allows those who are charitable-minded to support their charity of choice upon...
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For many, discussing life insurance is about as interesting as watching paint dry. Above all, contemplating payments and payoffs surrounding one’s demise is quite an uncomfortable exercise for many. That said, life insurance is important for a variety of reasons, especially if you have a young family. The two major questions surrounding life insurance are how much and what type? We explore the first question in this blog post “How much Life Insurance do I need?”. Which leaves us with the second question, which type? Types of Life Insurance There are two types of insurance, term (temporary) and perm (“permanent”). Term insurance lasts for a specific period (like renting), typically...
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Understanding life insurance terminology seems overwhelming, but here at Unite Life we have no interest in bamboozling you – far from it! We believe that making the right decision comes from understanding exactly what your options are, so relax while we explain everything there is to know about the most common life insurance product in the UK. What does level term insurance mean? In this context, level refers to the sum assured (which is a fancy way of describing the payout). It’s level in that it remains the same throughout the life of the policy. Should your insurance ever need to pay out then the amount your beneficiaries would receive is exactly the amount you opted for....
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Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Level term products are the most popular plans purchased today. The level term can be from 5 years to 30 years. The premium and death benefit are designed to stay level during the term of the contract. The premiums can be either guaranteed or not guaranteed. When purchasing a level term life insurance policy be sure you are aware of the guaranteed premium period. Once you have been approved and placed the policy in force with the first payment, the insurance company is obligated to keep the policy in force as long as you keep paying the premiums. You are not obligated to pay...
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Level Term Level Term Assurance This type of cover protects you for a given term for a fixed benefit. The amount of life cover chosen at the outset will be paid whether a claim on death is made in the first year of the term or the last year. Quite often a payment would be made on the diagnosis of a terminal illness before the last 18 months of the plan, where you had 12 months or less to live. This type of protection may be suitable for family protection and Interest Only Mortgage debt, where the level of debt on the mortgage does not decrease as the years progress, however, this would depend on individual circumstances and you should seek further advice. Provides a lump sum on death or...
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Level Term Assurance This type of cover protects you for a given term for a fixed benefit. The amount of life cover chosen at the outset will be paid whether a claim on death is made in the first year of the term or the last year. Quite often a payment would be made on the diagnosis of a terminal illness before the last 18 months of the plan, where you had 12 months or less to live. This type of protection may be suitable for family protection and Interest Only Mortgage debt, where the level of debt on the mortgage does not decrease as the years progress, however, this would depend on individual circumstances and you should seek further advice. Provides a lump sum on death or terminal...
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Decreasing Term Life Insurance Decreasing Term Life Insurance You might have heard about level term life insurance but what is decreasing term life insurance? In this extensive guide, you’ll find everything you need to know about it. Decreasing term life insurance is term life insurance that offers a death benefit that decreases over the duration of the policy. In other words, the coverage shrinks over the life of the policy even though the premiums stay constant throughout the contract. It means you pay the same amount of premium every month or year but your death benefit reduces as each month/year passes. If you are still not sure how it works, consider this: as you age, your liabilities...
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Life Insurance What are the principal types of life insurance? There are two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life. In 2003, about 6.4 million individual life insurance policies bought were term and about 71 million were whole life. Life insurance products for groups are different from life insurance sold to individuals. The information below focuses on life insurance sold to individuals. Term Insurance is the simplest form of life insurance. It pays only if death occurs during the term of...
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