Purchasing insurance policies for homes and cars may be common practice, but your assets may not be fully covered if your family does not have adequate life insurance. Consider your income and your contributions to your family as investments — in the event of your death, you want those investments to stay secure for your dependents. By purchasing a life insurance policy for yourself and other family members, you can ensure financial security for your family in the event of your death. This article will highlight several family life insurance plans available and provide guidance on how to customize your insurance based on your family’s needs. What is family life insurance? Family life...
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Life insurance is a critical part of your family’s financial planning, and it’s worth considering life insurance for each family member, not just for those earning income. Components of your family life insurance plan Life insurance for breadwinners When your family depends on your income, life insurance will protect them financially if something should happen to you. The death benefit can help your family afford their home, pay for daily living expenses or complete their education. Life insurance for your caregivers When setting up a family insurance plan, most people consider life insurance to protect against losing income, but don't give much thought to getting life insurance for...
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The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is resisting the current terror of offering products with built-in benefits guarantees. The Woburn, Massachusetts-based life insurer has introduced a final expense whole life insurance. SBLI says it will pay the beneficiaries of the policy a guaranteed death benefit. The beneficiaries can use the benefits for any purpose, not just to pay burial, cremation and funeral expenses. The coverage amounts available range from $2,000 to $35,000. SBLI is offering the policy to consumers ages 50 to 80. SBLI is starting by distributing the policy online, through an application process that involves medical underwriting. The...
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Let's compare two Life Insurance Policies to help you decide which is right for you. Our two flagship Life Insurance products, Family Life and Guaranteed Life, both give you the peace of mind that your loved ones are looked after financially when you die. But there are differences in the details between each cover, which may influence which one you choose. Ultimately, it will depend on your age at the start of your policy, how much cover you need to meet your outstanding financial commitments, and whether you want to personalize your policy with our Optional Benefits. There’s also the question of whether you want the dependability of a fixed monthly premium or prefer to turbo-charge your...
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The first one is the increase in awareness about how life insurance can be the perfect instrument for protecting the financial future of family members. The second reason is affordability. Life insurance is still relatively expensive, but the available policies have seen a steady decline in premiums. Insurance companies also calculate risk factors and produce quotes differently, which is why more people turn to life insurance to protect their family’s financial future. The added layer of protection Life insurance can act as an extra layer of protection for the entire family. Many families in the country have one breadwinner responsible for bringing in all the income. This is a serious risk...
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MCKINNEY, Texas, April 27, 2020 /PRNewswire/ -- In this time of uncertainty and loss, the Globe Life family of companies has work available now in all states across the United States, including Canada and New Zealand. Through our subsidiaries, American Income Life, Family Heritage Division, Globe Life Insurance Company of New York, Liberty National Division, National Income Life and United American, the Globe Life companies provide quality insurance policies to working families, giving them the ability to face the unexpected from a position of strength. We are seeking career-minded individuals to join our family of companies and help provide protection to people when they need it most. We...
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Life insurance isn't for you—it's for your family. Life insurance offers financial protection to your dependents in the event of your death. The financial future of your loved ones can be secure with the right life insurance policy. An untimely death can leave the burden of paying numerous expenses on your family. Life insurance helps alleviate this burden by paying money directly to your beneficiaries. It can help cover your family's daily living expenses and help them maintain their standard of living. It can be used to fund child care and education and to pay off outstanding household debts, including credit cards, automobile loans, and mortgages. Rates vary depending on the type of life...
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FREQUENTLY ASKED QUESTIONS We all wonder what will happen after we’re gone, and thinking about this can be quite stressful. Luckily, buying life insurance can give you some peace of mind for when this difficult situation eventually arises. Life insurance gives your family money to use to fund your funeral, pay off your debts, and support their lifestyle, among other things. If you have a big family or a lot of financial responsibility, you may be wondering – what is the largest amount of life insurance you can buy? Whole Life Insurance If you’re buying whole life insurance, there’s usually no limit on how much money you can put on your policy. As the name implies, whole life insurance...
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Your family’s quick guide to life insurance Choosing the right life insurance policy for your family can be confusing. There is so much jargon, so many types of products, and so many opinions. First, gather all the papers. Take stock of what you have, and check if it matches the needs of your life stage. From there, think about what your family needs: building more wealth, or need protection coverage? Once you have a picture of the end goal, look at the types of life insurance available. What is life insurance? Life insurance may be categorised into four major types: Term life, whole life, investment linked and endowment plan. Term life policy is the most fundamental type among the four....
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Is your family aware about your life insurance policy? Here’s a simple way to do it! Buying a life insurance policy is just half the job done. The other half is ensuring your nominee knows all the details to claim the policy when the time comes The purpose of a life insurance is to ensure that your family receives the right financial support in the event of your untimely death. However, most Indians usually shy away from discussing things like insurance and estate planning. This lack of communication has created a major problem. As of March 31, 2018, data from IRDAI suggests that across 23 life insurance providers, a whopping Rs 15,167 crore of insurance benefit remains unclaimed! There...
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