Mistake #3: Using life insurance primarily as an investment vehicle Combining life insurance coverage with wealth-accumulation goals using an investment-linked policy may seem like a good idea. After all, you get the best of both worlds. However, it may not always be the best option. The mutual funds you could invest in through an investment-linked insurance policy are likely also available separately as unit trusts . Depending on the specific fund or policy, it may turn out to be cheaper from a fees perspective to buy a term product for insurance protection and invest the premium difference directly into unit trusts instead. Make sure you understand the investment-linked policy pros and...
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ERIE, Pa., Sept. 21, 2020 /PRNewswire/ -- Major life changes like getting married, starting a family or buying a house are often when people start thinking about buying life insurance. It can be a process that may sound intimidating or confusing – but it's also very important. During this Life Insurance Awareness Month, Erie Insurance shares five points to discuss with your agent when buying life insurance for the first time. Understand who (or what) you are protecting. While anyone experiencing a significant life event like getting married or starting a family often recognizes the need for life insurance, others may not realize they could benefit from it as well. For instance, stay-at-...
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ERIE, Pa., Sept. 21, 2020 /PRNewswire/ -- Major life changes like getting married, starting a family or buying a house are often when people start thinking about buying life insurance. It can be a process that may sound intimidating or confusing – but it's also very important. During this Life Insurance Awareness Month, Erie Insurance shares five points to discuss with your agent when buying life insurance for the first time. Understand who (or what) you are protecting. While anyone experiencing a significant life event like getting married or starting a family often recognizes the need for life insurance, others may not realize they could benefit from it as well. For instance, stay-at-...
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Getting life insurance is a crucial financial decision, but few people are insured. But why is getting one that important? Well, no one knows what will happen in the future, regardless of the amount someone earns. A lot of people die prematurely from accidents or illness and, if your family depends on you and you were to die, it could have devastating consequences for the loved ones. It would affect their ability to settle debts, pay household expenses, and maintain a living standard. At least you can prevent all this by securing your loved one’s financial future and buy life insurance. Here are compelling reasons why experts recommend you take life insurance. If your family and...
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Health insurance is one of the types of insurance that covers expense which is medical and surgical. It can also reimburse for expenses related to illness or injury. The health insurance premium is deductible by the payer and the benefits received are tax-free. Most of the cases insurance payers have a network of hospitals and clinics connected to them, and this would help them in giving easier access to the people. Sometimes people would want hospitals that are outside the network, and this would lead to their costs going up. Sometimes they would have their own, and there would custom versions of the health insurance that would come in. Sometimes, however, they would deny the payment...
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FREQUENTLY ASKED QUESTIONS Moving internationally is very exciting, but it can also come with many unique challenges to face. Regardless of where you live, it’s important to have life insurance in place to protect you and your family. A good life insurance policy will cover your burial and memorial costs, as well as pay off your debts and support any family members that are currently relying on you for income. Living overseas is always an adventure, and you want to make sure that you and your family are prepared no matter what happens. Here’s everything you need to know about buying life insurance while you’re living overseas. US Citizens Living Abroad If you are a US citizen and you are...
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By Janene Pieters on September 24, 2019 - 15:30 Many cancer survivors are refused life insurance policies, which are usually mandatory when taking out a mortgage. The Dutch federation for cancer patient organizations NFK is therefore calling on politicians to amend the law so that cancer survivors will not be judged on their medical history when such an application is assessed, NU.nl reports. A life insurance policy is usually required when taking out a mortgage. The policy is ceded to the bank or lender, to cover your mortgage debt if you die before the mortgage is settled. Because cancer survivors often cannot get life insurance, it largely means that they also cannot buy a home. NFK...
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All you wanted to know about life insurance products Many of us are forced into buying insurance products which we do not really need. We get to hear number of horror stories of misselling by insurance advisors. In order to help readers understand basics of life insurance I have decided to discuss various aspect and variations of life insurance products so that they do not fall victim of such misselling. Need for buying the life insurance for whom, when and how much The basic purpose of buying life insurance is to provide financial security to the people financially dependent on you.?Many young people think of buying life insurance as soon as they start earning. This is not the correct...
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Q. My youngest kid is almost done with college which means I’m almost done with tuition bills. My wife and I have a small mortgage on the house and we both work. I’m thinking of giving up our life insurance because we don’t really need it anymore and we both have policies through our jobs. What do you think? A. First, congrats on being done with the tuition expenses. Let’s look at whether continuing your personal life insurance policies would make sense. Having company-sponsored life insurance is great, said Ed Gaelick, a Chartered Life Underwriter and Chartered Financial Consultant with PSI Consultants in Glen Rock. But what happens when you stop working or the group policy is cancelled...
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Inflation is one such thing which can put off your financial planning in both short term and long term. We experience the impact of inflation regularly in our daily lives when increase in prices of essential commodities ends up dis-balancing even our monthly expenditure plans. Similarly, long-term financial plans could take a beating if inflation is not considered while making the investments. More so, in case of determining insurance needs. Life insurance policies are bought with the idea to provide a family the ability to sustain the lifestyle they enjoyed before the demise of the bread winner. But what we usually forget to factor in is that with growing income the lifestyle would change...
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