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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You’re in your 30s with kids? Here’s why you definitely need life insurance When you’re a 30-something with a spouse and children, it’s easy to switch on your tunnel vision and focus only on what’s in front of you. But what about the unpredictable events that could derail your family’s future? It’s important to find a way to replace your income, which is exactly the purpose of carrying life insurance. Still, fewer than half of Americans actually have private life insurance coverage not from an employer, according to the insurance research and consulting firm LIMRA. About 70 percent of consumers blame living expenses for keeping them from purchasing any or more life insurance coverage, LIMRA...
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Have you looked at social media fundraising sites lately? Many are asking for help to pay outstanding medical bills or to bury a loved one. This is not an effective life plan. You might think you have more time, but consider this – fundraising sites asking for medical and burial assistance are often from families who thought they had more time. Yes, you need life insurance. Life insurance isn’t for you. It’s for the people you leave behind. The people you love, those people coping with your death. They may not be equipped to handle the financial burden caused by your loss. And if you’re the sole breadwinner in your family, you have to consider how your loved ones will secure...
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Doctors Don’t Need Life Insurance Unless They Have Dependents Physicians with families that depend on them for financial support should, in most cases, own life insurance to provide for their family’s needs in the event of their untimely death. Owning the right type and amount of life insurance can make sure that a family can achieve financial goals like sending kids to college, retiring in comfort and providing for extended family or a disabled child. A even if the main breadwinner dies prematurely. Avoiding the mistakes doctors make when buying life insurance will save money that can be used for other purposes like saving for college or investing for retirement. How much life insurance do...
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A 2015 study found consumers are intimidated by the process of purchasing life insurance, saying they thought it was too expensive and didn't know how much they needed or what type of policy to get. Don't let those fears stop you from protecting your family's future. Get a breakdown of why life insurance is a good investment, the different types of plans available and the best practices when shopping around. That way, your family members will have the financial support they need even when you're no longer with them. Common Types of Life Insurance With life insurance, there are two major types of plans - term life and permanent life, which includes whole life and universal life. Term life is...
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What is Family Income Benefit? A Family Income Benefit policy works in exactly the same way as any other life insurance product as it pays out a Tax Free payment on death. The main difference between Family Income Benefit and other life insurance policies is that this type of cover pays-out a regular income rather than a lump sum payment. The main reason why Family Income Benefit is cheaper than other forms of life insurance is that this product has a lower chance of paying out the full amount of cover then the other life insurance products (e.g. Level Term and Decreasing Term). Put simply, the longer you live and continue to pay your premiums your potential pay-out will reduce in line with...
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You may have a life insurance policy that your work provides, but is it enough? Or you may have no life insurance and figure that your will or trust will protect your family. Chances are that it won’t. You need to know if your current life insurance policy is the right policy for you and your family. So, how do you determine how much life insurance coverage is enough? Simple, with help and guidance. The financial planners at Rowling & Associates will sit down with you to discuss your specific needs. Based on your goals, we will create a customized analysis to calculate how much life insurance you may need. And, because Rowling & Associates receives no compensation for recommending a...
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What is Life Insurance? It’s a straightforward and affordable way of providing family protection to make sure that your family and loved ones are financially secure in the event of your death. A life insurance plan pays out a cash lump sum if the person(s) insured dies during the term of the plan. The lump sum can be used to provide financial support to your family and loved ones, who might otherwise struggle to pay the mortgage, bills and other living expenses without your income. Having the right level of life assurance in place gives you peace of mind and your family a financial safety net if they ever need it. There are different types of life cover, so it’s important to...
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If you have young children or have recently become a new parent, you might want to take out life insurance to protect your family. Read our guide to learn more about life insurance for new parents Compare life insurance Compare life insurance with uSwitch and get cover from just £5 per month* Becoming a new parent can be both an extremely exciting and stressful period in life with many late nights and very little time to manage the day-to-day life admin and financial matters. Life insurance is unlikely to be the first thing that crosses your mind after having a child but it might still be something very important for your family to consider. Raising children is expensive and in the event...
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