Life insurance is one of those things you cross off your to-do list as you take the journey towards becoming a responsible, independent adult. But how do you know you’re making the right life insurance decision? And how do you even go about buying life insurance, anyway? Don’t sweat it—we’ll take you through the who, what, why, and how of life insurance, so you can get the information and the coverage you need… and then get on with your life. Here’s what we’ll be covering: Do I really need life insurance? What type of life insurance should I get? How do I choose the right life insurance provider? How much coverage do I need? Do I need life insurance? Unlike car insurance for...
Continue reading...
When should you not buy a term insurance policy? No dependents, liabilities: The crux of l ife insurance is to give financial protection to your dependents in your absence. If you don’t have any dependents, there’s no one to protect against eventualities. This could be the case with young earners who are not married and have financially well-off parents. “Any insurance decision should boil down to the severity of the financial burden and the capacity of the family to bear this burden," said Mahavir Chopra, co-founder and CEO, Beshak. The idea is also not to pass on your liabilities to your kin in case of your demise. So, even if you don’t have dependents but are servicing a loan, it is...
Continue reading...
(Image credit: Dollar Photo Club.) The prevailing customer-unfriendliness of the life insurance application process may be looked at as a disappointment for consumers, but for Haven Life (Boston) it’s an opportunity. The new MassMutual -funded and owned company has debuted its website, which enables customers to buy term life entirely online. In doing so Haven Life embodies two hot trends: industry disruption through technology-driven process improvements, and established insurers acquiring or funding innovative entities. Haven Life gives the opportunity for consumers to get an instant decision through its online application process. After the user submits an online application, an...
Continue reading...
Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Fast Fact: Four-in-ten people who purchased life insurance in 2016 purchased term life insurance. Unlike permanent insurance, term...
Continue reading...
Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Fast Fact: Four-in-ten people who purchased life insurance in 2016 purchased term life insurance. Unlike permanent insurance, term...
Continue reading...
Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Fast Fact: Four-in-ten people who purchased life insurance in 2016 purchased term life insurance. Unlike permanent insurance, term insurance only pays a death benefit....
Continue reading...
One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family’s financial interests after a significant life event, such as getting married or the birth of a child. You may have done the same for your family when you purchased your policy years ago. And chances are, other than paying the premiums, you probably haven’t given it much thought since then. However, if your term life insurance policy is set to expire in the near future, it’s important to explore your options now before the coverage runs out. Before you...
Continue reading...
Purchasing Term Life Insurance to Retirement Age (Insider’s Tips and Advice) Are you approaching retirement age and deciding whether or not to buy life insurance? Many people debate whether or not to purchase life insurance when they reach retirement age. Luckily, affordable life insurance options are still available for most people who are aged 60 or older. In this article we’ll help you determine whether or not you need life insurance and we’ll provide you with some tips to save money on life insurance. Quick Article Guide: Is Life Insurance Necessary for People Over 60? Many people we speak with assume that life insurance is unavailable or unaffordable after the age of 60. The...
Continue reading...
Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Fast Fact: Four-in-ten people who purchased life insurance in 2016 purchased term life insurance. Unlike permanent insurance, term...
Continue reading...
Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage. If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit. Fast Fact: Four-in-ten people who purchased life insurance in 2016 purchased term life insurance. Unlike permanent insurance, term...
Continue reading...
