Life insurance provides many valuable benefits. It can protect our assets, provide a way to make charitable contributions, and perhaps most importantly, it is the one way we can make sure our loved ones’ needs will be taken care of long after we are able to look after them ourselves. While most adults realize the importance of buying life insurance, lack of knowledge about the process may cause some to put off purchasing this essential coverage until it is too late. Purchasing life insurance may seem complicated, but, it doesn’t have to be. Read on to learn 5 things to know when buying life insurance: What should I expect when buying life insurance? You will need to determine your most...
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Anything can happen in life. That is why a timely formalisation of an insurance policy that guarantees you payment of certain amounts in hardship, will cushion any of the shocks that life often presents to people. Financial help in form of compensation at the moment of unexpected misfortune is a material and strong support helping people to take care of their health problems and life activities. Policyholders may choose, at their discretion, type of insurance to fit best with their plans for the future, finances, and serve to their purposes: Accident and illness insurance enables its holder to receive insurance amount or any part of it in case of life or health detriment because of an...
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If you’re pregnant, or planning to get pregnant in the near future, there are probably a million things on your mind. In addition to all of the planning for your new baby, you may have an extensive financial to-do list, too. It’s no surprise that expecting mothers research life insurance options. In fact, 33% of Americans say starting a family is the reason they buy life insurance at all. But there’s lots of misinformation out there. So, we’re putting an end to the myths about buying life insurance while pregnant. Why Should Pregnant Women Buy Life Insurance? In the world of life insurance, generally the younger and healthier you are, the less expensive your monthly rate will be. If you’re...
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Since you don’t buy life insurance often, you might not know what to do or how to avoid the traps. You’re buying today to protect a future self you’ve never met, and the benefits don’t go to you either. Who wants to contemplate their own death? Here are some things you should do: Today (if building an estate): your biggest need is now if you’ve got a mortgage and young children. You might want Term 20 but need to compromise by getting Term 10 instead. Or by getting Term 20 instead of Term 30. That’s okay. Additional insurance will cost more in the future but you may be more able to pay. Tomorrow (if estate planning): as your estate grows, you’ll need more insurance for the taxes and...
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Life insurance is something most people do not think about until a major life change causes them to consider what might happen to their loved ones should a tragedy occur. Marriage and the birth of a child are the two most common events that lead people to look at life insurance. Although they are both good reasons to prepare for the unforeseen, they are not the only good times to buy life insurance. In fact, in general the right answer to the question of when to buy life insurance is: now. Why You Should Buy Young The simple fact is that younger people get better life insurance premiums. They are a lower risk for the insurance company because they are less likely to have health problems....
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Life insurance when you're young It’s tempting to put off buying life insurance when you’re young, especially if you’re just starting out and money is tight. If you’re young and healthy, you might feel that you can get life insurance later on, maybe in ten or fifteen years. But there are two good reasons to buy life insurance now instead of waiting. The first is that, if you have loved ones who count on you for their financial support, life insurance can help protect them in the event of your unexpected death. The second is price. As a rule, life insurance is cheaper when you’re young and healthy If you take out a life insurance policy today, in most cases...
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Having grandchildren for the first time is a thrilling time. You get to spoil and fawn over a new baby, but still sleep through the night. You get to have much of the fun and excitement without the tremendous life changes that come with having your first child. As any good Grandma or Grandpa knows, though, being a parent and a grandparent isn't just candy, toys and cooing. Here's some helpful advice for first timers to help you (and your kids) be financially smart and prepare for your financial future and that of your first grandchild. Update your will. With a new life to protect and support, you may want to review your will to ensure that the newest addition to your family is part of your...
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Life can be unpredictable. If you’re single or childless — or both — there’s a chance you might not have given life insurance much thought. But there are several reasons you might want to think again. The first might be the most obvious: funeral expenses. A traditional funeral can cost more than $10,000, so owning a small policy to pay those expenses, rather than leaving them to your heirs, may be a good idea. (If you have already purchased a prepaid funeral plan that allows you to fund funeral expenses before death, most of your expenses will be covered. However, expenses from a protracted medical illness wouldn’t be, so a small life insurance policy could still be in order.) There are...
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Having life insurance is totally worth the initial hassle When you have dependents, your planning for their financial security must account for the unexpected, including your own death — unfortunately. As gloomy as the thought of your family trying to survive without you and your income might be, having a decent life insurance policy in hand could give you as much peace of mind as you know they will be able to pay for their expenses and education. But buying life insurance may seem complicated, especially with various types of life insurance policies and providers requiring comprehensive medical check-ups, many forms to complete, etc. If you are healthy and young, why should you...
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Protect your family's lifestyle Ensure funding for college Help reduce stress by eliminating debt Select the amount best suited to your family's needs You work hard to make sure you can provide for your family's needs and goals. Preparing for your family's future, however, means more than investing appropriately for your goals and time horizon. For many people, it also involves purchasing the right amount of life insurance to protect their family's lifestyle. Life insurance can help reduce the financial impact on your loved ones in the event of your death. When you plan for life's uncertainties by having a life insurance policy, you provide your family the opportunity to help replace lost...
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