Most people get life insurance through their employer because it's easy and convenient. All you have to do is sign up. You don’t have to take a medical exam, and you only have to fill out one form and name a beneficiary. The problem, however, is that the coverage you get through your work probably won’t be enough. To secure the appropriate amount of coverage for you and your family, it's vital to consider buying a supplemental or individual life insurance policy. Here’s why. Why relying on your employer-provided plan might not be enough Life insurance offered by your employer is often included as part of your overall benefits package. While some life insurance coverage is preferable to...
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Insurance can be confusing and it’s hard to know what you really need or want. But here are five very good reasons why you need life insurance. As we grow older, get married, build families and start businesses, we come to realize more and more that life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is fairly cheap, which means there’s no excuse not to get coverage now. Plus, over the years, you’ll find comfort in knowing money will be available to protect your loved ones in the event of your passing. Here are a few other reasons why having life insurance is important. TO PROTECT YOUR FAMILY AND LOVED ONES If your loved...
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Life constantly changes and no one can predict the future, which is why life insurance offers peace of mind that your loved ones are protected financially should anything happen to you. There are many life insurance options available, which is beneficial because that means you can find the best one for your needs and budget. While the global pandemic has put the question of mortality front and center and has more people seeking information, life insurance is really an evergreen need as there’s always value in protecting your loved ones. To help you better understand life insurance, financial expert Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential, answers...
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ERIE, Pa., Sept. 14, 2020 /PRNewswire/ -- Life insurance can pay for final expenses and provide financial security for loved ones left behind, but a new national survey from Erie Insurance shows many people are confused about it. Large percentages of respondents were unsure how various occupations and health conditions might affect who can or can't get life insurance, and many significantly overestimated the cost. Respondents also shared the reasons they first got life insurance, and the reasons they do – or don't – have it now. "Getting a life insurance policy is one of the most important things a person can do to take care of their families and yet, it's a topic that many people don't...
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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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