The most common type of life insurance is designed to pay out a tax-free sum to your loved ones if you die within a certain period, known as the ‘term’. That’s why you’ll sometimes hear it called ‘term insurance’. The money that’s paid out is known as the ‘sum assured’. This is the amount of cover you decide to buy when you take out your policy. If you survive to the full length of the term, your policy comes to an end - it does not have any value at this point. Likewise, if you stop paying premiums, the policy simply ends. The other main form of life cover is ‘whole life’ insurance, which pays out whenever you die. For this reason, it is more expensive - and it is more of an investment and...
Continue reading...
Life insurance has become one of the most popular long-term financial planning tools. To use it effectively, you need to know how and when life insurance payouts are made to beneficiaries and how quickly benefits will be paid. This article will help you understand what to expect when you file for death benefits and most importantly when you should seek legal help if the claims process does not go as smoothly as it should. Since life insurance claims get delayed or denied very frequently for various reasons, delays in getting a life insurance check are very common. We have helped many people who have had difficulties collecting their life insurance death benefits by guiding them through the...
Continue reading...
Life insurance provides financial protection for loved ones should the policyholder die. Once a policy is issued, an insurer may not cancel it based on a change in the policyholder’s health status. There are several types of life insurance, allowing consumers to find a policy type that works for their personal situation. Term life insurance provides coverage over a specified period of time. Typically, term insurance policies are written for 1, 5, 10, or 20 years, or to a specified age (such as 65). Term policies only pay a death benefit to the beneficiary if the policyholder dies during the specified term and so is a good choice when the policyholder needs protection for a temporary time or...
Continue reading...
You probably already know that life insurance is a way to continue providing for your loved ones once you're gone, but you may still find yourself asking, "how does life insurance work?" In short, a life insurance policy is a contract between the insured and an insurance company. For a fee, the insurance company agrees to pay a sum of money to a designated recipient upon the death of the insured. Want to know more? We delve into the details below. Keep reading to learn how to choose life insurance that will work best for you. How Do Life Insurance Policies Work? So, how does life insurance work? It's actually pretty straightforward! In exchange for a monthly fee, called a premium, the...
Continue reading...
Life Insurance You never know what life has in store for you. If you die, who will pay your debts, your mortgage and the cost of your funeral? Who will support your loved ones financially? Life insurance can be a solution. Life insurance is a type of insurance that covers you financially if the insured person dies. By receiving a sum of money, certain people in the insured’s life (children, parents, spouse, etc.) will be protected against financial difficulties that can result from her death. This is called permanent life insurance. Life insurance can also provide financial coverage where the insured person lives until a certain age or for a certain number of years. This is called term life...
Continue reading...
Life insurance, simply put, is an enormous help to your loved ones when you pass on. It can serve to cover funeral and burial costs and pay off any debts you might have, as well as provide for your family so they can maintain the same standard of living once your income is gone. (No one want.) If sorting out a life insurance policy is something you haven’t yet ticked off your to-do list, we understand why you might procrastinate: It can be a bit of downer to think about, and the choices can be overwhelming when you don’t know quite how life insurance works or what level of coverage you need. But if you have any dependents—spouse, children or anyone else you help support—it’s one of the...
Continue reading...
Buying life insurance is easiest when you’re young and healthy, since the best rates and policy terms go to those who pose the least amount of risk to an insurer. But not everyone gets enough life insurance when they’re young, and even some young people have chronic health conditions that make it difficult to get approved. If you’re struggling to buy life insurance due to your age or health, guaranteed life insurance could be your best bet. With guaranteed life insurance, you normally cannot be turned down, which is ideal for people who have existing health issues or simply prefer not to take a medical exam. It can also be a good choice for consumers who buy term life insurance and...
Continue reading...
Because life insurance payouts can be crucial for your loved one’s financial security, make sure you get adequate coverage. It is also important for people who will get the death benefit amount to understand the process of filing a claim. In this post, we take a detailed look at how to collect a life insurance payout in Canada after the death of the insured. Find out your beneficiary status When you purchase a life insurance policy, you can select a beneficiary, the person who gets a life insurance payout after your death. You can name anyone as your beneficiary, a spouse or partner, any other family member, or even a pet. You can also name more than one person as the beneficiary. If you...
Continue reading...
Many people avoid buying life insurance, which is hardly surprising: they worry that it will be complicated or expensive, or that it will put them face-to-face with their own mortality (or an insurance agent; same idea). As a result, many folks who need life insurance don’t have it, and plenty who do, don’t actually need it or have the wrong kind. Mint’s life insurance marketplace can help you figure out whether you need life insurance, how much, and what kind of policy may work best for you. Below, you will find answers to some of the most common life insurance questions. Hopefully, those will help you further in determining what insurance you need–if any–and how to get it at a fair...
Continue reading...
Gerber Life Insurance offers many types of life insurance for people in all stages of life. The Grow‑Up Plan is a whole life insurance policy for children that starts protecting your child early on and continues into adulthood, for financial protection that can last a lifetime. Here’s a look at how the Gerber Life Grow-Up Plan works, and why buying it early on can be so important and make all the difference in the world for your child. What Is the Gerber Life Grow-Up Plan is a children’s whole life insurance policy that offers lifelong coverage for the insured child as long as premiums are paid. By definition, whole life insurance — also called permanent or traditional life insurance — is...
Continue reading...
