Today, an increasing number of women in India are living an empowered life. Besides taking on the responsibility of managing the household, many of them have stepped out to make a career and become financially independent to contribute to the family expenses. Gone are the days when the man of the house was the sole breadwinner. As a result, financial planning has also now become a responsibility of the self-empowered ‘woman of the house’ who can now contribute to secure the financial future of the family. Last week I attended a session addressed by Mr. Aalok Bhan, Chief Marketing Officer, Max life Insurance on the importance of life insurance plan to secure us and our loved ones against...
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This photo was taken of my son Andrew when he was two years old. We had a family friend, who is also a talented photographer, come to our house to take these photos of our family. Because this was the day before my son was going to start chemotherapy for a cancer that he developed at 18 months of age. And my wife and I wanted photos of our son “before” chemo. Six years later, our son is doing amazingly well. He is thriving and we are beyond grateful. But, because of his illness, he will (most likely) never be able to have a Life Insurance policy as an adult to help protect his loved ones. As an insurance agent, I wish I had of properly protected him with the gift of a Life...
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Life insurance is an essential part of any financial program. A variety of policies and limits can be used to pay off a mortgage, cover future education expenses, fund a business buy-sell agreement and more. The type of policy and limits you need will depend on your financial goals. Many financial planners consider Life Insurance to be the cornerstone of sound financial planning. Liveoak Agency, Inc. can help match your financial goals with the right type and amount of life insurance at a price that works for you. Generally speaking, life insurance works like other insurance policies. The insured pays an agreed upon premium, and the insurer makes a payout based on the terms set in the...
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LifeScore Labs Seeking Life Carrier Partners LifeScore Labs, the risk-scoring subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), has announced it is seeking life insurance carrier partners to join a beta test program designed to introduce them to LifeScore Labs’ new fluidless risk model – LifeScore360X. A predictive risk scoring model for fluidless underwriting developed by LifeScore Labs, LifeScore360X can generate a risk score for a life insurance applicant without the need for traditional lab results, as well as help carriers identify low-risk applicants for whom traditional laboratory tests and medical exams may be waived. Each carrier participating in the...
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The relationship between Life insurance and real estate investments can be best described as the Thai expression “same same, but different”. In India, the ownership of property has considerable significance attached to it. While it holds a sense of power and prestige for the ultra-rich, for the aspirational class of the population, it is a more cherished dream. Once in possession of the keys to your new home, the asset represents financial security for one’s family in case of any eventuality. This financial protection is also garnered through a life insurance policy. The key difference here being, that while you have to wait until the last EMI is paid on a home loan or to a builder to...
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This article was written by Jackie Tan and first appeared on fundMyLife, the platform that connects financial planning questions to the right advisers. Life insurance is one of the most, if not the most, important plan to get as an adult. It is a policy that pays an amount to your family or dependents upon death and/or terminal illness. If getting a personal accident or health insurance is for your own sake, life insurance is bought for the sake of your loved ones. In this article, we discuss what you need to ask before buying life insurance. # 1 What Affects My life Insurance Premiums? Insurance is all about managing risks, be it from yourself or your surroundings. Unsurprisingly, age...
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Although the average age expectancy in the U.S. today is 79 years old, purchasing life insurance is always a good idea, as it will provide you peace of mind knowing that your family will be protected if anything were to happen to you. However, there are many decisions regarding the purchase of life insurance to consider. To make the process easier for you, here are a few smart hacks and tips to not only give you an edge when purchasing life insurance but to help save you money. Life insurance costs The younger you are when you buy your life insurance, the less expensive your premiums will be. For example, Mike Navarre, a Farmer’s Insurance owner, says: “A 30-year, $500,000 term insurance...
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Life insurance can be an extremely important, even essential, part of your financial plan. One of its most attractive aspects for many individuals and families is the death benefit of the policy—the money that the insurance company pays out in the event of the insured’s death. But navigating the life insurance landscape can be tricky—and people often make costly mistakes. Three of the biggest we see regularly: • Buying too much—or too little—insurance due to a lack of understanding of their true financial needs • Paying for life insurance using a less-than-ideal method or executing that payment method poorly • Misunderstanding life insurance’s purpose and the reasons for having it In order...
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For a small business owner, using qualified plan dollars to purchase life insurance protection is a strategy that can satisfy a variety of needs. It’s also a step that can make all the difference in ensuring a smooth transitioning of the business upon the owner’s exit. Using pre-tax dollars to purchase an asset that provides for a tax-free benefit can make the cost of life insurance protection much more affordable, but clients need to understand the different tax treatments that apply to life insurance when it is purchased through a qualified plan. Further, strict rules and limitations apply when life insurance is held in a qualified retirement plan, making it essential that your client has...
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Buying Life Insurance in Employer Retirement Plans You are allowed to buy life insurance inside your employer retirement plan, such as a 401(k) or profit sharing plan. While many plans don't offer life insurance as an investment, some in fact do. There are limits on how much you can buy based on the amount of contributions made to your plan on your behalf. In a 401(k) or profit sharing plan, the general rule is that the total premiums must be less than 50% of the total employer contributions to the plan for whole life insurance. For term life insurance, the total premiums must be less than 25%. You have to pay income tax each year on the part of the premiums attributed to the value of the...
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