Insuring your loans with your lender or equipment dealerships creditor life insurance product is costing you approximately: Providing you’re willing to answer a few medical questions and have a nurse gather some medical requirements, we can insure the same amount of debt with traditional term insurance for as little as: Changing life insurance coverage is seamless and it can save your business or farm substantial amounts of money. Our advisors will gladly come right to you and facilitate these changes from the comfort of your farm or business, or we can accommodate non face to face applications over the phone and really expedite the application process. Ready to get started? Simply fill in...
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We can think of a couple of reasons why you might not want to see a Financial Advisor when buying life insurance: Maybe you don’t want to discuss your personal finances with a complete stranger; Maybe you think they’re going to pressurise you into buying something you don’t want; or Maybe you just want to buy life insurance with the least amount of hassle. But buying life insurance online has its own set of unique challenges. For instance, are you able to identify whether you may have an Estate Duty problem at death? Or will there be a possible Capital Gains Tax issue? Online solutions are just not able to do this for you, simply because no insurance company wants to be liable for any...
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When it comes to life insurance, MiWayLife helps break down commonly used terms that life insurers use to help you find the right cover without the confusion. If you take out life insurance under your name, you are what is known as the life insured. It is usually someone who has people who rely on them financially or someone who wishes to ensure that their loved ones will not be at a loss financially when they die. It also means that you get to nominate the list of beneficiaries on your cover. A life insurer will ask you to list beneficiaries who will benefit from your life insurance. “These are people who you would like to receive a portion or all of the payout from your life insurance...
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Life insurance is pure risk protection which ensures your financial presence will not be missed by your family. However, how much life insurance is good enough for you? Life insurance is pure risk protection. In the unfortunate event that you are no longer around, this financial product ensures your financial presence will not be missed by your family. However, the question arises: how much life insurance should you buy? According to financial experts, this depends on your needs. For instance, if you earn Rs 50,000 per month, you may think your family will require this amount in perpetuity. “This means they will require Rs 6 lakh a year, or a fixed deposit of Rs 90 lakh that pays 6.75%...
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When shopping for life insurance coverage, one vital step is to know how much you’re going to need to purchase. This process is much more than taking a guess. Settling on any random number and hoping that it will be enough is the equivalent of gambling with your paycheck, or worse, gambling with your family’s financial security. Even when you do find out how much life insurance coverage you’re going to need, you will need to determine how much the coverage will cost. Sorting through all of this information on the internet to find an answer to this question can be overwhelming. Thankfully, figuring out how much life insurance to purchase, and how much it will cost, is not a complicated...
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How are Life Insurance Costs Calculated? How can I calculate how much cover I need? Use our life insurance cover calculator to get an idea of the level of cover that may be appropriate for your needs. The calculator takes your annual salary and multiples it by the number of years you wish to cover your dependants. It then factors in any outstanding debts and give you a figure that may give you an idea of the level you require. Unsure what cover you need? How is the cost of your cover calculated? If you compare life insurance quotes with us and are considering purchasing a policy, you may be curious to know how monthly premium costs are calculated. Essentially there are five key factors...
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The right amount of life insurance depends on your own unique situation. When making the decision on how much life insurance coverage to purchase, it is important to consider what you have in terms of assets, income, expenses, as well as what your family will need for the future. What Your Family Needs for Their Future How much income will you want to replace? The most common reason people buy life insurance coverage is to replace the income that their family would lose if something happened to you (or the insured individual). Things to consider are whether you want to replace all of your income, a portion of your income and the number of years the income is needed. Stay-at-home parents...
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How Much Life Insurance Do I Need? Life Insurance Calculator When it comes to buying life insurance coverage, the first and perhaps the most important question you need to ask yourself is – how much life insurance do I need? You need to buy enough life insurance to cover all debts, replace lost income, pay off your mortgage, and pay for your children's education. Why This Is Important If you are the primary breadwinner of your family, buying life insurance is the only way to make sure that your family does not have to rely on anyone else for their financial needs in your absence. If you miscalculate the amount of life insurance coverage you need, the payout from your policy might not be...
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About Life Insurance Calculator Life Insurance Calculator A life insurance calculator or life insurance premium calculator is a tool that provides an approximate amount of insurance premium according to the policy selected by you and other technicalities like age, policy term, premium frequency, the sum assured, etc. Mostly these tools & calculators are also available on the official website of the insurers. For example, Life Insurance Corporation of India (LIC) has its own life insurance premium calculator on their official website. Usually, you need to fill out the required information which are below mentioned in life insurance premium calculator for calculating insurance premium:...
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Do I want to pay off the mortgage? If so, how much would that reduce my family’s living expenses? For many families, just paying off the mortgage and not having that mortgage payment every month is enough for them to live on the remaining income. If you have a mortgage, add the cost of paying it off to your life insurance needs. Do I want to pre-fund college expenses? At a state school or an Ivy League? Fortunately, few people actually pay the full sticker price. You can use the net price calculator on your favorite school's web site as if they were attending college this year to estimate the our-of-pocket cost. Then plug that number into this calculator to see how much...
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