Buying a term life insurance can be a daunting process, with the myriad of choices available. Contrary to paying for traditional life insurance policy, term life offers lower premium payable for the term of the insurance and greater flexibility. The premium duration differs from yearly renewal, to fixed years depending on how the insurance company allocates. Generally, the yearly renewal policy will cost the least, as the insurer’s health condition may deteriorate over time and premium will most likely rise. Example: If Jon buys an FWD Term Life Plus policy with yearly renewals, it will cost $8.35/month. If he chooses to apply for a fixed term of 5 years, the premium payable will be $8.54/...
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Term Life Insurance vs Whole Life Insurance vs Endowment Plans: What is more suitable for you? Life insurance offers protection against unforeseen and adverse circumstances like death by paying a nominal premium. However, “as there are different types of insurance policies available in the market, many people usually get confused in finding the best suitable plans for themselves as per their requirements,” says Rakesh Goyal, Director, Probus Insurance Broker. Different types of life insurance policies available in India include Term Insurance, Term Insurance with Return of Premium, Unit Linked Insurance Plans, Endowment plans, Money-Back plans, Whole Life Insurance, Child Insurance plans...
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The world we live in today is full of uncertainties, making life insurance more important than ever. A life insurance policy ensures the well-being of your family even when you are not around anymore. A term plan is one of the simplest and most cost-effective methods of life insurance. However, the process of buying a term plan can get a bit confusing and intimidating. Here are some common mistakes that people make when buying a term plan and how you can avoid them. 1.Insufficient term insurance cover: The basic principle behind buying any type of insurance is to be able to cover the costs of your dependents’ needs. The same is true for a term plan as well. Unfortunately, many people...
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A term plan offers a lump sum amount to your family in case of your untimely demise. The sum assured, which is received as reimbursement through the plan, helps meet the basic financial needs of your family members. There are many term plans available in the market. The abundance of options makes it difficult for the common man to choose the most suitable plan. To make this search easy and convenient for you, you can follow this step-wise approach: Step 1: Assess Your Needs A term insurance plan has to be sufficient for your family’s needs in your absence. Keeping this in mind, assess the sources of income, number of dependents, existing debts and liabilities, and the expenses incurred to...
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48hrs" data-no-of-words="313.0"> An earning individual who has dependents should have an insurance cover to make up for the financial loss in case of death. Term insurance policy provides insurance cover for the term specified in the policy. These are some important considerations before finalising a plan. Arriving at the amount of life cover needed is the most important task. There are many online tools and calculators available for help. These calculators consider the age, lifestyle habits, number of dependents, current loans, average monthly expenses and rate of inflation to arrive at the amount. One can also take help of an independent financial adviser for the same. The policy period...
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Buying term insurance in your 50s? Better late than never In such a situation, if, for instance, your existing life insurance policy term gets over, or you haven’t even purchased a policy yet, then should you renew or buy a term life insurance when you turn 50? Let us take a look at the pros and cons. Pros: One advantage of buying a term insurance policy at 50 is that it can provide financial support to your children or family members who are financially dependent on you in case something unfortunate happens to you. Your spouse can avail death benefits of this policy in case you die, which could make her self-reliant and financially equipped. It might also help compensate for legal costs or...
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To many people, life insurance sounds like an expensive and unnecessary cost. Or they may even think it is necessary and want to get life insurance someday, but they’re putting it off until they have more money. While purchasing a policy amount of 7–10 times your income seems really hefty, life insurance policies are often much more affordable than people estimate. In fact, people tend to assume life insurance costs 3 times more than it actually does. In order to dispel some of that misinformation, we’ve put together a breakdown of what life insurance costs really look like and what life insurance companies consider when you buy a policy. Let’s start with the actual costs. While life...
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A life insurance helps provide financial safety to your dependents at affordable premiums. You can avail a base term life insurance at just Rs 410 a month with a sum assured of 1 Crore. With these online term insurance plans, you can secure your family by paying a small premium for a fixed tenure. The life cover protects your family on an untoward demise. Want to know more on Term Insurance? We at will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial...
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Your guide to buy life insurance cover Have you wondered how to get the right life insurance plan for yourself? Insurance experts tell you how to do it the right way. business Updated: Aug 19, 2019 11:55 IST The purpose of a life insurance cover is to safeguard your dependent’s financial needs when you are not around.(Getty Images/iStockphoto) Even before you venture to buy a life insurance cover, know whether you need it. The purpose of a life insurance cover is to safeguard your dependent’s financial needs when you are not around. Hence, if you have dependents such as spouse, children and parents, you should have a life insurance cover. In case no one is dependent on your income,...
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Apparently Genworth has replaced their vanilla term life with a universal life policy ("Colony(sm)"). The agent says the other carriers are heading in this direction too. The premiums are equivalent to what you pay for term life. (It's actually cheaper than equivalent term life from other carriers.) It is more complex than term life, because there's a cash value component, loans, flexible premiums, etc that come with permanent life policies. I do like simplicity. But it seems like these are optional: e.g. if you don't overpay, there is no cash value; you don't have to take a loan; etc. Agent: "There are only advantages to this with no drawbacks." Is anyone familiar with this breed of policy...
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