You would do just about anything for the people you love – especially family! In the many stages of family life – expecting your first child, parenting little ones, teenagers giving you all the attitude, or young adults slowly leaving the nest to pursue their career aspirations – your dependents deserve the best protection if the unexpected happens. Family insurance does just that – protect those you love the most! On the blog today, we will explain all the types of family insurance available to protect your family. Why is Family Insurance Important? Talking about financial planning around illness and death is a sensitive topic; no one likes to imagine a loved one...
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Life insurance can provide financial stability for your family, should the worst happen to you. It is a simple way of protecting your loved ones and making sure they could keep up with important bills and living costs, if you were no longer around. There are a number of options, depending on what sort of cover you are looking for. Over 23,600 parents with children under the age of 18 pass away every year in the UK. Family life insurance could provide a safety net to protect your family’s future and safeguard the family home. In this section, we’ll look at: · Family Term life insurance · Family Whole of Life insurance Can I get life insurance for my family? As your family grows, it’s natural...
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Terms Related to Best Life Insurance Plans for Family The policy is a documented contract that acts as proof of the agreement between the two parties. This contract is issued to both the company and the person getting insured. This document contains all the terms and conditions of the insurance, for instance, the tenure, amount, premium, etc. To simplify, the person who is insured against the risks is known as Life Assured. So, If you are getting life insurance for yourself, then you are life assured. Or if you are getting life insurance for your mother, then your mother is life assured. If anything happens to the life assured, for example, death, the amount of insurance will be given to...
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How long before having a baby should I get life insurance? You'll want your life insurance policy to take effect before your baby is born, which means you should purchase it at least four to six weeks prior to your baby's due date to allow sufficient time for the underwriting process. If you can, it's wise to invest in life insurance right now — regardless of when you're expecting your first child. There are many smart reasons to do so, including peace of mind for your family in the event something were to happen so that they can cover both daily expenses and future expenses. It’s also important to note that the cost of life insurance increases as you get older, so the younger and healthier...
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If you are a parent, then you know that your number one priority is the safety and well-being of your children. You want to make sure that they have everything they need in order to thrive, including a solid financial foundation. One way to help ensure their future is by purchasing life insurance for them. In this guide, we will discuss how to get life insurance for your children and why it is important! What Are Juvenile Policies? Juvenile life insurance is any sort of coverage delivered on the lives of minors. The term “jumping juvenile policy” refers to a type of policy that automatically increases in face amount (death benefit) at a specific age, usually 21, but the premium...
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Who needs family life insurance? Getting married and having children tend to be the biggest triggers in making life insurance decisions, so it’s not uncommon for people to only seriously consider life insurance once they have a family. But which product is right for you? There are countless UK family life insurance policies, but rather than wade through different policies, you should start by considering your own life situation. We've profiled some examples of family set-ups below and how life insurance could benefit them. Young families If you’re thinking about having a baby, or you’ve just become a parent, family life insurance is definitely something you'll want to...
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When you buy a term insurance plan, it comes with the option of receiving the total sum assured – also known as death benefit – either as a lump sum or in the form of staggered payout. Term insurance has undoubtedly gained great popularity amongst the working class over the last few years. A major reason being – it provides maximum value for your money invested over a term of 20 to 50 years. Moreover, for anyone seeking the maximum insurance coverage at the lowest premiums, term insurance is the ultimate solution. No wonder, people looking for financial security for their loved ones usually prefer investing in term insurance. Now, when you buy a term insurance plan, it comes with the...
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How does life insurance work? Every month, you’ll pay money to your life insurance provider. When you die, they’ll pay a lump sum or a regular monthly payment to your family, depending on the plan you choose. There are 2 types of life insurance: term life insurance and whole-of-life insurance. Term life insurance These policies run for a set amount of time, which is known as the term of the policy. If you only want to cover your mortgage, for example, term insurance may be more appropriate, as you could match your insurance term to the length of your mortgage. You can also choose to lower the level of cover over time to match the decreasing amount left on your mortgage. This is called...
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With new and more complex diseases coming to light, having a health insurance policy has become extremely important. However, with so many insurance options available to you, finding the right plan for your needs can be a little tricky. A health insurance policy should be selected based on proper research and comparison. Investing both time and effort in choosing just the right insurance cover pays off should a medical emergency arise. Here are five ways just the right health insurance helps you in the long run: 1. More Cash In Hand: The best available insurance coverage for your family covers any sudden expenses that may arise out of a medical emergency. The timing of a health-related...
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Combining life cover & customized pay-outs for financial needs MUMBAI, India, July 24, 2020 /PRNewswire/ -- Key Highlights: Comprehensive Income plan providing insurance cover and regular income in changing markets: Till ages 75/85/99 Ensures regular income to family even in case of Life Insured's death or diagnosis of critical illness with the nominee eligible to enjoy benefits up to the policy term of 99 years Provides flexibility to draw an income either early (at the end of 2nd policy year) or after the premium payment term Provides an option to choose from level and increasing income Caters to the needs of wide range of age groups. Entry age ranges from 0 to 65 years with the...
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