Another study examines how COVID affected life insurance market The life insurance industry has been worried for some time now about adoption rates for coverage among the youngest group of adults. Millennials have generally proven to be quite reticent when it comes to buying such policies, but there may be more reasons why this is the case than many in the industry suspect. Put simply, many in the industry would likely attribute the lack of life insurance policies among those in Generation Y to the fact that those people often just don't feel as though they need such coverage, according to a report from the financial news site Main Street. There's a reason that many in the insurance...
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Abstract Objective: To compare the outcome of life insurance and mortgage applications of adults with congenital heart disease (CHD) with controls and at different severities of CHD. Methods: Two hundred and ninety-nine adult CHD patients underwent a questionnaire-based interview by a trained nurse. They were asked to give an identical questionnaire to a friend to act as a control. One hundred and seventy-seven controls replied. CHD patients were classified into three categories based on severity. Comparisons were made between matched controls and between different severities of CHD. Results: Similar proportions of the CHD group (59%) had applied for life insurance as matched...
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Under state law, an adopted child in your family has all the rights and benefits of a biological child. Those benefits include the rights of inheritance in most cases. However, complications may arise regarding life insurance benefits. An outdated policy may only name your other children as beneficiaries. Or, your policy may name children from a previous marriage. Age may have a factor, too. Here are the basics on adoption and life insurance rights. Life Insurance Beneficiaries An adopted child should legally inherit the same share as any biological child. However, a life insurance company will pay the proceeds of a policy to whomever the parent designates as a beneficiary. On a policy that...
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Life insurance is a way to financially provide for your loved ones and cover final expenses if you die unexpectedly. But nearly a quarter (23%) of U.S. adults don't have life insurance coverage, according to a new survey from ConsumerAffairs. And, consequentially, 22% of breadwinners are worried their dependents would not be able to meet their financial obligations if they died. A healthy female who purchases a $500,000, 20-year term life insurance policy at age 35 will save about $22 on her monthly premiums than if she took out the policy at 45 years old. That may not seem like much, but it adds up to $5,300 over the length of the policy. A male with the same policy would save a...
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Becoming an adult is a journey with many stops along the way. In the United States, you’re technically an adult when you turn 18. But as any young adult over the age of 18 knows, this grown-up milestone is a technicality. You mark your legal entrance into adulthood with a bashful trip to the 7-Eleven, where you hurriedly buy a pack of cigarettes and a lottery ticket for the first time and call it a day. It’s “ adulting “, lite. But where does that leave you now? Sure, you’re registered to vote, you pay off your credit card bill every month, and you’re finally off your parents’ phone plan. But what’s next? Here are seven action items you should consider if you’re looking to...
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Another study examines how COVID affected life insurance market The life insurance industry has been worried for some time now about adoption rates for coverage among the youngest group of adults. Millennials have generally proven to be quite reticent when it comes to buying such policies, but there may be more reasons why this is the case than many in the industry suspect. Put simply, many in the industry would likely attribute the lack of life insurance policies among those in Generation Y to the fact that those people often just don't feel as though they need such coverage, according to a report from the financial news site Main Street. There's a reason that many in the insurance...
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Having ‘The Talk’ With Your Adult Child: Life Insurance, That Is To get the conversation rolling, bring up a story where financial reassurance helped a family to cope. “Do you have life insurance?” Asking this simple, straightforward question is often the best way to begin a discussion with your adult child about an important decision: obtaining life insurance for a more secure financial future. “Because the majority of people aren’t educated about life insurance, you have to start the conversation somewhere,” says Brenda Coggins, an Amica Life senior national life sales representative. When you have the talk, you’ll want to share your experiences and provide basic information in your role...
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Can I Buy a Life Insurance Policy on My Adult Child? Are you wondering, Can I buy a life insurance policy on my adult child? Yes, you can buy life insurance on your adult children. As a parent of your child you have an insurable interest in your son or daughter and can purchase a life insurance policy on your children. What is Required to Buy Life Insurance on My Adult Child? 2. Your child’s Signature on the life insurance application, and A term life insurance policy or permanent life insurance policy may require your child to take a medical exam. However, you may buy instant approval life insurance online today with no health exam required, just some medical...
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September is an extra-special month for us here at Combined Insurance because it’s both Hispanic Heritage month and Life Insurance Awareness Month. We have a diverse group of employees working every day to ensure our customers receive the best products to fit their needs along with excellent customer service, both in English and Spanish. To help us celebrate, learn more about life insurance, whether or not it’s right for you, and if you have enough. · Contact our agents for a personalized consultation for yourself or your workforce Life insurance is a way for your family to ensure that in the event of the death of a loved one, you are guaranteed a sum of money to be given to your...
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It can be easy to shun the idea of getting life insurance on a child. That’s understandable: No parent wants to imagine a scenario in which they might collect a death benefit on their child’s life. But permanent life insurance can be an important financial planning tool. And because of that, getting life insurance for your child can offer a range of long-term benefits that may surprise you. Here are six reasons to buy life insurance for your children. IT’S PERMANENT One of the greatest benefits of whole life insurance is that as long as you continue to pay your monthly premiums on time, the policy covers you for life. This means that when your children become adults (and will likely...
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