When it comes to canvassing for and purchasing life insurance, you will find that there are two things agents clarify in the beginning - your age and your health. Simply put, if you purchase a life insurance policy in your 20s when you are considered to be at your prime, the premiums tend to be more budget-friendly because you are a low-risk individual compare to a 40-year-old. However, as you grow older, you will realize that the importance of life insurance also evolves, especially as you go through different milestones and life events. When you purchase a life insurance policy at a younger age, chances are, you are only looking out for your own well-being - and depending on your...
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What to Do If Your Universal Life Insurance Policy is About to Crash Universal life insurance policies were very popular in the 1980s and 90s and looked to be benefical for policy holders. However, things have changed and many of them are failing. What should you do if your policy is failing? If you’re stuck with a failing universal life insurance policy, what should you do? People who bought these policies in the 1980s and ‘90s are now often stuck paying much higher premiums to keep the policy in force. Since many of them are retired, they find it hard to shell out more. The Issue If you’re in that situation, you do have choices, but they involve trade-offs. But before we discuss potential...
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The coronavirus pandemic and its massive impact on daily life has sparked renewed interest in life insurance after five years of falling sales, according to Salisbury House Wealth. The advice firm said sales of life insurance policies were down 26% in the last five years but interest in the product had risen since Covid-19 struck the UK in March this year. It said Financial Conduct Authority (FCA) data, provided to the advice outfit, showed life insurance sales fell from 478,745 in 2015/16 to 353,194 in 2019/20. The value of premiums paid each year also fell from £7.6bn to £4.3bn over the same period, it added. However, the Leicester-based adviser said the coronavirus pandemic...
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Business owners have a lot to keep track of every day, and it’s important to take the time to plan for the unexpected. In the unfortunate scenario that an integral employee passes away, a company can be left scrambling. Key person insurance is a valuable tool to ensure a business doesn’t fail after the unexpected loss of a vital employee. Key person insurance compensates a business for any financial losses associated with the death of a top employee. It can protect a company—especially a newer one—from complications if a business is left without one of its most important people. But, for some companies, implementing this tool can be a little more complicated. The challenge arises when a...
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Whole life continues to cushion universal life’s decline By Alain Thériault | January 23 2013 09:38PM As Universal life insurance sales continued to nosedive in Q3, dragged down by recent price hikes, strong whole life results fueled growth in the individual life insurance sector. The latest LIMRA report finds that new annualized life insurance premiums rose by 9% in the first nine months of 2012, compared with the same period in 2011. The number of policies sold climbed 6% during this comparison period. This growth occurred despite a notable drop in universal life insurance premiums in the first nine months of 2012. During this period, premiums slipped by 14% (15% when excess premiums are...
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This report studies the Juvenile Life Insurance market. Juvenile Life Insurance is permanent Life Insurance that insures the life of a child (generally under age 18). It is a financial planning tool that provides a tax advantaged savings vehicle with potential for a lifetime of benefits. Juvenile Life Insurance, or child Life Insurance, is usually purchased to protect a family against the sudden and unexpected costs of a funeral and burial with much lower face values. Should the juvenile survive to their college years it can then take on the form of a financial planning tool. Global economic growth slowed in 2017 as both advanced and emerging markets saw diminished growth. While both equity...
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Can Life Insurance Companies Raise Premiums? When you’re shopping for the right kind of life insurance for you, one thing to consider is the premiums you will pay and whether they will remain the same or be raised. Just as there are many types of life insurance policies available, some will have level premiums, meaning that insurance premiums will remain the same, while others will not. Ordinary Whole Life Insurance Let’s begin with ordinary whole life insurance (which can provide coverage for your whole life). With ordinary whole life insurance, premiums may be level for as long as you have the policy. So, if level premiums are a must for you, ordinary whole life insurance might be a...
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Do Whole Life Premiums Increase Over Time? Whole life insurance is a well-known type of life insurance – they’re dependable and offer additional benefits on some plans such as policy cash value, which adds to their popularity. But that doesn’t mean that consumers don’t have questions about different facets of their whole life policies. People often wonder if their age will affect their premiums. In this article, we’ll address this concern by answering one major question prospective policyholders have when choosing a policy: Do whole life insurance premiums increase over time? What’s the difference between whole life and term policies? The major difference between whole life and term...
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Whole life insurance is designed to provide protection for the entire life of the person insured. Cash values accumulate within the policy, money that the policy-owner can borrow against if desired. Also known as permanent- or ordinary insurance, these policies pay their face amount upon the death of the insured or when he or she reaches the age of 100, whichever happens first. Insurance companies consider this age to be the 'whole life' of an individual (thus the policy's name). Below are several common types of whole life policies. Continuous premium whole life is the most common type of whole life insurance sold. As the name implies, these policies stretch the premium payments over the...
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Personal Finance | Investing | Financial Independence Term life insurance is something that every individual, who has dependents, should consider taking. However, there are many questions that one needs an answer to before buying a term life insurance. One of them is – till what age should the insurance cover be taken? A variation of this problem is – should one take whole life insurance? Prima facie, while life insurance may seem attractive to many. After all, one gets insurance cover for the duration of entire life – so it seems. But there is more to it. (Most of the insurance companies have a cut off in terms of age in “whole life” cover – usually...
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