10 Tips to Help You Find the Best Life Insurance Plan for Yourself Why do you need life insurance? “In this world full of uncertainties, one needs to be certain about the protection of their loved ones. This can be done by securing oneself with, the armour of life insurance.”- An unknown author perfectly summarises the significance of life insurance in these few words. A life insurance policy is a legal contract between you and a life insurance provider. In exchange for regular premiums paid by you, the insurer remits a sum of money to you after a definite period known as maturity or your loved ones in case of your demise. However, apart from acting as a financial safety net for your loved...
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10 Tips to Get Started With Life Insurance Many people recognize the need for life insurance, but they don’t take the next step because they may not have enough information to feel confident. Here’s what you should know. 1. If you have dependents, you need life insurance If you have children or other loved ones who depend on the money you earn, you need life insurance. Its primary purpose is to protect your income. Life insurance helps your dependents keep on living as they would, if you were still earning a paycheck. 2. There’s an easy way to evaluate how much you might need If you’re looking for a reasonable estimate on the amount of life insurance you should buy, experts recommend a...
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If you are worried about someone buying a life insurance policy on your life without your knowledge, you can most likely rest easy. First of all, it isn’t legal, and there are systems in place to prevent this from happening. Now, is it absolutely impossible that some kind of sophisticated fraud has taken place? Of course not! But life insurance companies are extremely sensitive to rooting out any fraudulent activity like this. Chances of someone doing it successfully are very low! And their chances of them ever collecting money upon your death are even lower. It is Illegal to Obtain Life Insurance without Consent of The Insured The most important piece to remember is that while...
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One of the most common types of insurance policies that you would hear of is a term life insurance plan. A term life insurance plan provides you with life insurance payout in the event of death, total and permanent disability or terminal illness. This sum of money would be particularly important for your loved ones who will no longer be able to have the financial support that you provide for them. The insurance payout from a term life plan will ensure that your loved ones will be able to continue living their lives with minimal disruption to their standard of living. Finite Term Life Insurance Coverage As its name suggests, term life insurance plans provide you with life insurance coverage...
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Americans treat life insurance the same way they treat retirement. The vast majority know they're not adequately prepared, yet don't always take steps to change. A 2015 study conducted by the nonprofit Life Happens and LIMRA (a life insurance market research firm) explains this phenomenon in vivid detail. The 2015 Life Insurance Barometer, which polled 2,032 adults, showed nearly one third of Americans believe they need more life insurance than they have. Further, 43% of Americans said they would feel the financial impact of losing their primary wage earner within six months of his or her death. Astonishingly, 54% of those polled said it was unlikely they would buy more life insurance...
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The Ultimate Guide to Life Insurance Savvy planning is key to ensuring that you or your family members are covered if faced with the death of a loved one. The best tool to guard against a sudden lack of income or ongoing financial obligations is a life insurance policy, and there are a surprising number of choices available. Make sure you compare the best life insurance providers on the market before you make any decisions to ensure that you get the policy most suited to your family. Types of Life Insurance There are many different types of life insurance coverage available and all are designed to serve vastly different policyholder needs and wants. However, the degree of variation means...
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Whenever you meet an individual, who according to you needs life insurance, but is reluctant to buy it, ask the following questions: 1) Future income replacement: If you die an untimely death, how will the loss of your future income be compensated? and who will compensate it? 2) Family’s survival: If you are the only earning member in the family, then if you die an untimely death, who will take care of your family? 3) Financial liabilities: If you die an untimely death, then who will repay your home loan and other loans? 4) Financial responsibilities: If you die an untimely death, then who will arrange funds for your child’s higher education and marriage? who will arrange funds for your...
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How to get income tax benefits from your life insurance cover Life insurance cover needs to be at least 10 times the annual premium that you pay to be eligible for income tax benefits Thanks to Section 80C of the Income Tax Act, you don’t have to pay tax on ₹1.5 lakh of your salary—you can deduct this amount from your taxable income. But this deduction is allowed only for certain expenses and investments. Premiums that you pay for a life insurance policy is one such expense, but did you know that the life insurance cover needs to be at least 10 times the annual premium that you pay to be eligible for tax benefits? Under Section 80C, premiums that you pay towards a life insurance...
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Life Insurance Application Process | How do I get life insurance? Applying for life insurance is a simple 3 step process. Step 1) Get a Quote Enter your details (date of birth, smoker / non smoker) and the insurance cover you need and hey presto, our life insurance quote system will compare the market and offer you quotes from all 6 life insurers. Step 2) Choose an insurer Using our exclusive Life Insurer Comparison Charts, you then choose the insurer that suits you best. We’re only a phone call or an email away if you need some help deciding. Step 3) Apply Once you have selected your insurer (call us on 05793 20836 if you need a hand!) you′re ready to begin your application....
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