The coronavirus pandemic and social distancing measures have changed how we do business across industries — and insurance underwriting is no exception. Typically, life insurance underwriting requires a thorough medical examination (as anyone who has ever applied for a policy will know well). This involves an in-person visit, allowing the medical examiner to conduct a blood pressure reading, weight check, blood draw and more. But as we shelter in place and limit contact with others, clients don’t need to head into a lab or invite examiners into their homes. At the same time, the need for financial protection and guidance hasn’t gone away — so as insurers, we need to adapt to this new normal...
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When are you going to get buy a life insurance policy? When is the right time? How much life insurance? Do you need it? This is probably one of the most awkward questions you could ask someone. If the person is close by, you might get a look that says: What the heck! Do I look like someone who’s going to drop dead anytime soon? Ask anyone who has attempted to market life insurance and they’ll tell you that such experiences are very common. Thanks to online marketing, we can talk about the subject without getting those strange daredevil looks that can freeze a man dead in his boots! But then, as you’ll see in the course of this article, planning to die soon is not the point of getting...
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Tesco over 50 life insurance Our Over 50s Life Insurance, provided by AIG, is designed to pay out an insurance amount when you die, providing you’ve had the policy for more than two years. The cash sum could be used to help your loved ones with everyday bills, contribute towards funeral costs or as a gift for grandchildren. You can also place your policy in a trust. Mortgage life insurance is life insurance you take out to cover the cost of your mortgage payments for your dependants if you, or your partner, pass away. Over 50s Over-50s life insurance is a type of life insurance for anyone Over 50s life insurance – typically taken out between the ages of 50 and 80 – is often paid out as a...
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Life insurance can bring peace of mind like no other investment. You can rest easy knowing your family is taken care of in the case of your eventual death. What’s more, it also offers you financial coverage for different stages of your life (dream home, retirement, children’s education etc.), provides a steady income for your post-retirement life and other benefits such as loan redemption, tax savings etc. While life insurance is a useful financial planning tool, not all life insurance plans are created equal. While investing in one, it is important to account for all possibilities. After all, a lot can happen during your lifetime itself. Many unforeseen developments can affect your ability...
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Opinion | How covid-19 will change the way insurance policies are bought and sold 3 min read . Updated: 21 May 2020, 12:49 AM IST Kapil Mehta A contact-less industry will be more efficient and will benefit policyholders in many ways The insurance business, however, appears to be relatively less impacted than most industries but it is becoming clear that conventional and traditional ways of working in insurance must change. Insurance transactions are overwhelmingly contact-based and face-to-face. The agent or bank executive sits across the table walking you through proposal forms, illustrations and options. Many forms need to be physically signed. Some service requests like surrendering...
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middle age couple with grandchild Back then, we wanted enough money to cover the cost of our mortgage and death expenses if my husband should die unexpectedly. Now that we're in our 50s and my husband has become my caregiver, the policy doesn't feel like enough it wouldn't last me more than five years. But our age makes it difficult to afford another policy. "We want enough to cover the mortgage and death expenses," we said to the agent who sold us our life insurance policy over a decade ago. At the time, that seemed like a reasonable, responsible, and secure plan. A plan that would secure my future if something tragic and unexpected happened to my husband. We both signed on the dotted line...
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Believe it or not but there are insurance policies which can help substitute your income in case of contingencies. Let’s understand the different types of insurance plans which help cover the loss of income in this pandemic – The first half of the year is being dominated by Covid-19, an unforeseen pandemic which is gripping the entire world in its clutches. Amidst this life-threatening situation, concepts like work from home, social distancing and lockdown have become the norm of modern day living. The virus is proving to be extremely unpredictable. It is infecting and killing many individuals and the loss of income is a very common financial threat which many of you must be facing in...
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The regulator brought in this relief in addition to the extended time offered to policyholders for payment of renewal premium in case of both motor third-party insurance and health insurance policies. The Insurance Regulatory and Development Authority of India (Irdai) has offered an additional 30-day grace period for life insurance policyholders to pay their premium. This is for policyholders whose renewal date falls between March and April amid the lockdown to fight against the COVID-19 pandemic. The regulator brought in this relief in addition to the extended time offered to policyholders for payment of renewal premium in case of both motor third-party insurance and health insurance...
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It has become a general perception that buying a term life insurance policy for Rs 1 crore is adequate. But, is that enough? A term insurance plan is the purest form of life insurance. Getting a high cover at a less premium is possible only if you opt for a pure term insurance plan over any traditional insurance policy such as endowment or money back. But, if you are looking to buy a term insurance plan, keeping the right amount of life cover is equally important. Irrespective of the age and other requirements, many of us typically go with term insurance for Rs 1 crore. Even while calculating the premium using the term insurance premium calculator, the sum assured is generally kept at Rs 1...
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What is Life Insurance Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured. BREAKING DOWN Life Insurance The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured. It is essential for applicants to analyze their financial situation and determine the standard of living needed for their surviving dependents before purchasing a life insurance policy. Life insurance agents or brokers are instrumental in...
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