Can I Buy Life Insurance for an Extended Family Member? Life insurance is a necessity for virtually everyone. We purchase life insurance to protect the ones we love if we were no longer there – to help pay for final and funeral expenses, to help serve as income replacement and mortgage protection, or to help pay for other costs that result because of a death. Naturally, spouses purchase life insurance because if one were to die, the other would be impacted financially. Parents often buy life insurance on their children to pay for their final and funeral expenses. But you may be wondering if you could buy life insurance on someone who is not a spouse or a child – someone in your extended...
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Let’s face it: Thinking about the death of your child is almost more than you can bear. But you’ve seen those sweet baby-faced commercials urging you to buy life insurance for your child, and you wonder whether it’s a good idea. After all, you’d do anything for your kids. So, what’s the right thing to do? Here’s the honest truth: Getting life insurance for your kids is not the best option for your family. We’ll explain all the choices without any emotional hype so you can make an informed decision. Why People Buy Life Insurance for Kids If buying life insurance for kids is such a bad idea, why do so many people do it? For one, advertisers do a great...
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Experts say increasing penetration and awareness of life insurance products is the need of the hour The insurance sector has been at the forefront of economic development in India. As per the Insurance Regulatory and Development Authority of India (IRDAI) data, the life insurance sector has touched a CAGR of 16.4% and the total life insurance premium has gone up to Rs 4.6 lakh crore for FY17-18. Despite a steady growth of the life insurance sector in India, a majority of the Indian population do not have life insurance or are underinsured, which is a serious concern, as it puts their family into financial risks. As per IRDAI, the life insurance penetration in India stands at 2.7% in 2017,...
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Comments Off on The New Parents’ Guide to Life Insurance When you hold your new baby in your arms, it’s hard to imagine he or she will someday be an adult. But time flies. Before you know it, your baby will be graduating from kindergarten, applying to colleges and, ultimately, building an independent life away from home. When your children are young, you’ll want to make sure they are safe and set up for success later in life. One important way to do that is to make sure you have a basic life insurance policy in place. Here are a few things to think about when considering life insurance coverage for your growing family: The cost of raising a child According to the U.S. Department of...
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Coping with the loss of a loved one may be one of the hardest challenges we face – so hard, in fact, that many families avoid talking about a potential loss. Unfortunately, that avoidance may very well create additional pain and challenges in the future. Cigna's 2019 Group Life Study , a national sample of 500 adults, ages 25-65, found that people who had lost a loved one were negatively affected across five dimensions that affects personal health and well-being: social, emotional, physical, financial and environmental. While emotional and physical impacts were to be expected, the survey showed that grieving families also often struggled with financial strain, unanticipated debt and...
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When you take out a mortgage on your first home, the last thing you want to be thinking about is your death, right? This, surely, must least partly explain why a substantial proportion of home owners don't take out life insurance at all; plus, with all the other expenses that come with purchasing a home, another monthly direct debit can seem like just too much. And, what with recent revelations about loyal customers being made to pay more by insurance companies than new customers, some of us might be downright put off taking out any form of insurance at all. So it really is little wonder that only 58 per cent of home owners* have life insurance. More worryingly, though, the rate of...
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Becoming a parent for the first time is one of life’s great joys, but it also brings with it increased responsibilities, which can include: A mortgage and outstanding debts The cost of raising your child Life insurance enables you to take care of these responsibilities if a death or serious illness or injury happens and you can no longer provide for your loved ones. It's why, for many Australians, having a child is a trigger to buy life insurance. Get life insurance quotes from these direct brands New parents: How does life insurance work? Life insurance generally pays out your family if you die but it also pays out for a variety of circumstances, such as an injury. There are several types...
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As you look toward the future and assess your family's financial situation, you understandably are saying, 'I need life insurance for my family.' Life insurance is an essential component for many families' financial futures, but you may be one of many people who are not insured or who are under-insured. Because death can occur at any time without notice, you cannot afford to procrastinate in this area. Why You Need Life Insurance for Your Family If you are saying, 'I need life insurance for my family,' you likely have a few very specific reasons for saying this. Perhaps a close friend or relative has passed away recently, and this has placed a spotlight on your own family's ability to...
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Life Insurance vs. Mortgage Life Insurance There are a variety of particular reasons why you might want to purchase a life insurance policy, whether it’s to pay off a particular debt like a mortgage or to simply provide your family with the financial stability they’d struggle to regain if you passed away. We’ll take a look at the options available to you, whatever you need your policy for. What is life insurance? Put simply, a life insurance policy will pay out a sum of money to your dependents in the event of your death. This can take various forms, with different levels and lengths of cover available and different forms of pay-out depending on your particular...
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Having a child is one of life’s most precious moments. Yet as well as being hugely exciting, it also brings with it many new challenges. If you want to provision for the future as your young family grows, it’s crucial that you have the correct insurance in place. “Not everyone needs life insurance. But if your children, partner or other relatives depend on your income, then the answer is yes – you probably do want life insurance.” (Source: Money Advice Service) What is life insurance? Life insurance is term-based cover, meaning a payout can be claimed, but only if the policyholder dies during the set term of the policy. In other words, life insurance provides a cash lump sum...
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