There are a host of potential pros and cons to single and joint life insurance that you need to consider before applying for cover. What’s the difference? A single life insurance policy only covers one life, so if both members of the couple want cover then they will each need to take out their own policy. The alternative is to go for a joint life insurance policy. Both lives are protected by the policy, with a payout generally made after the first partner dies during the term. One factor for any couple to consider when arranging their cover is the cost. There are all sorts of different factors that go into determining the cost of any life insurance policy, whether for an individual or...
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As a newly married couple, you would be excited about starting your life together. There is a world of opportunities out there for you, now that you are a team. While it is exciting to embark on this new journey together, it is prudent to be prepared for any mishaps in life. If 2020 and the Covid-19 pandemic burnt one lesson in our minds, it is that life can be unpredictable. It is for these unpredictable moments, that a term insurance becomes critical. However, what is term insurance? It is a simple life insurance plan that provides an assurance of a pre-determined pay-out to the nominees of a policyholder, in case of his or her untimely demise during the policy term. With the evolving...
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What are Joint Life Term Insurance Policies Joint life term insurance plans are gradually gaining pace in India, given the rising number of working women and the vital role they play in contributing to the household income. Basically a life insurance policy was a safety net for the rest of the family when the main earner of the family passed away. Presently, given the modern family structure where both the spouses are earning, the need is to ensure that both husband and wife are insured so that if anything is to happen to either of the spouses, the other remains financially stable. Joint insurance term policies cover both the spouses under single insurance policies. How do Joint Life Term...
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A Guide to Joint Life Insurance for Couples If both you and your partner are looking for life insurance, you have two options available to you. You can either take out a single life insurance policy each or take out a joint policy. Both options can have their advantages, so it is important to understand your options before taking out a policy. If you are married or cohabiting, joint life insurance could provide feasible cover depending on what you want to protect. What is joint life insurance? Joint life insurance is one policy that covers two people. It can pay-out a lump sum in the event of passing away or becoming terminally ill within the policy term. Whether you take out two single...
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Term Plans: Which Option Is Better? Term insurance policy is a traditional form of life insurance that offers life cover at a nominal premium. The term insurance plan is popular amongst the masses as it is affordable. On the death of the insured within the policy term, a death benefit is paid out to the nominee. What should you do as a married couple when it comes to buying a term insurance plan? Married couples can either opt for two separate term insurance policies or can avail a joint term plan. Discussed below are the benefits and importance of availing a joint term insurance policy. Is there a term plan for a couple? Yes, there is a scheme known as joint term insurance plan that can...
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Edelweiss Tokio Life's Active Income Plan offers guaranteed income, flexibility and cash bonus, allowing customers to meet both short-term and long-term financial goals, especially in light of economic volatility. Hence, the product campaign tagline resonates the emotion, 'Ab income milegi har haal, saalon saal'. Commenting on the launch, Abhishek Gupta, Chief Marketing Officer, Edelweiss Tokio Life Insurance said, "Edelweiss Tokio Life has always believed in removing limitations for our customers. We have relentlessly worked to ensure that our customers achieve their dreams and aspirations, despite challenges they may face. With Sonu Sood's versatility, appeal and the significant work he...
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Kent Patrick: Keep Life Insurance When You Retire Do you need a life insurance policy in retirement? One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed. If you are thinking about dropping your coverage for either or both of those reasons, you may also want to consider the excellent reasons to retain, obtain or convert a life insurance policy after you retire. Take these factors into account and consult with your financial professional before making a decision. Could you make use of your policy’s cash value? If you have a whole life policy, you might want to utilize that cash in response to...
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Setting emotions aside during divorce proceedings is easier said than done. Making key decisions when you are hurt, angry, sad and stressed is never ideal as it will have long-term financial consequences. Here are some financial mistakes to avoid when going through a divorce. Not using an experienced divorce attorney While you may think your divorce is relatively simple and may be tempted to tackle a DIY divorce, this may not be the wisest step financially. Dividing assets, especially where retirement funds and annuities are involved, can be complicated and is best undertaken by a divorce attorney. Further, the matrimonial property regime under which you are married has financial...
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We all know that money is the number one reason that couples fight, although fighting is just a symptom of an underlying cause. In this article, we take a look at some common mistakes couples make that can lead to unresolved resentment, tension and anger. Working towards someone else’s goal Individual goal setting is relatively easy. Agreeing to a common set of short-, medium and long-term goals as a couple can be more challenging because you’re dealing with two separate, unique individuals with different dreams and aspirations. One of you wants to live in a lock-up-and-go apartment with dreams of travelling every year, while the other wants a large home in suburbia. One partner may be...
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6 March 2014 – In July 2013, Discovery Limited (“Discovery”) and AIA Group Limited (“AIA”) announced a strategic joint venture to introduce Discovery’s successful wellness-based life insurance model to the Asia-Pacific region. The joint venture, known as "AIA Vitality", was officially launched in Australia today. This launch to the wider Australian market follows a successful pilot phase where a limited number of financial advisers had the opportunity to trial the AIA Vitality programme. AIA Vitality was first launched in Singapore in 2013. AIA Vitality sees the coalescing of AIA’s brand, distribution and life insurance market leadership with Discovery’s proprietary wellness-based expertise...
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