Buying the right life insurance coverage with your future retirement in mind can make it easier for your family to handle finances when you die. It can also help protect your money, manage your taxes and give you the opportunity to grow cash value which you can use for a variety of needs and activities. Here are some tips for using life insurance as part of your retirement planning. Permanent life insurance Permanent life insurance offers you a death benefit and the potential to build cash value that can be used to help supplement your retirement income. Perhaps one of the most interesting aspects of permanent life insurance is the ability to access the cash value generally tax-free...
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What are the reasons to get more than one life insurance policy? Different types of insurance policies, and how they work. Life insurance comes in two basic forms: term life and permanent life. Both have their advantages and disadvantages. Term life is the most popular form of life insurance, mainly because term life insurance rates are typically more affordable than whole life insurance rates (one type of permanent insurance). Term policies cover you for a predetermined period, or "term," typically ranging from 5 to 30 years. Once your policy ends, there is no more protection and no compensation from the life insurance company despite years of making premium payments. You may renew your...
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The Covid-19 outbreak has highlighted the importance of insurance policies among the other critical financial choices one should make. More so than ever before, people are now beginning to contemplate how much life insurance cover is needed to safeguard their families! This begs the question: Why do we even need a life insurance policy? It may not seem very useful to us, but to the people we love, it can make a world of difference! A valuable blessing in life is raising a family who loves us. You make an effort to meet your family’s psychological and economic needs. But, in an event where you’re no longer able to provide, who does your family look up to? You should take action now to secure...
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Life insurance is a tool that provides financial cover for the policyholder's family in case of untimely death, retirement or disability due to accident. The purpose of life insurance is to provide for needs when there is loss of income due to these factors. However, it is important to know under what circumstances one needs to buy life insurance. Overzealous agents will often persuade you into buying a policy you might not even need. Here are five scenarios when you can choose not to take a life insurance policy: Saving tax: Buying insurance for the sole purpose of saving tax is a strict no-no. People choose life insurance policies for this purpose as the money is parked in safe hands...
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What Does the Coronavirus Pandemic Mean for Life Insurance? While life insurance may not be at the forefront of peoples’ minds during these difficult and uncertain times, managing finances and keeping up with bills is likely to be a big concern for many. If you’re struggling financially, one thing you could do is to contact your life insurance provider to see what relief they can offer you temporarily to ease the burden. If you do not yet have a life insurance policy, however, and you want to put one in place to protect your loved ones should anything unexpected happen to you, you can still purchase cover despite the current Coronavirus pandemic. In this article, we will look at...
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People do not always understand why they need to insure their life. For example, you don’t think that if you have a fire extinguisher in your house, a fire will definitely start. It just means that if there is a fire, then you are prepared, and you always have a chance to save yourself. Same thing with life insurance. If you have it, it does not mean that you will die soon. It simply means that if something really happens to you, your family is well prepared for this tragedy. To get American insurance, it is enough to have legal status. The company does not ask for residency or citizenship, but you must legally reside in the United States and have a Social Security number. Further, we will...
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Choosing Life Cover How to choose life insurance? Choosing a life insurance policy is another way in which you can look out for the continued welfare of your family and loved ones, but choosing the right Life Cover can be daunting. So let us help you by pointing out four key areas to consider when taking out life insurance: Family needs For Life Cover, you need to decide on how much money you would like your beneficiaries to receive and weigh that against how much you can afford to pay each month in terms of premiums. Study your needs as a family. Most families depend on two salaries. If you died suddenly, could your family maintain their standard of living on one salary alone? And what if...
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Bajaj Allianz life insurance customers can get a loan of up to 90% of surrender value of the policy Bajaj Allianz offers loan against life insurance policy: All you need to know 2 min read . Updated: 25 May 2020, 04:43 PM IST Anulekha Ray Relatively low interest rates and hassle-free loan approval are key benefits of this loan against life insurance policy facility The application for availing loan will be less cumbersome as the company already had all the necessary details of the customers “This feature is valuable for customers who are looking for financial assistance in these times," said Kayzad Hiramanek, chief-customer experience and operations, Bajaj Allianz Life. Relatively low...
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What to look for in a life insurance policy October 3rd, 2018 What to look for in a life insurance policy Taking out a life insurance policy is something that every adult needs to do. It saves your family from having to pay off your debts, should events such as death, disabling illness or an accident occur. However, before you make a decision on which option to choose, you should look at life insurance quotes from various companies in order to compare their offerings. If you are having trouble deciding on the best, most affordable life insurance in South Africa, below is some advice on what to look for in a policy. What is the reputation of the company? This is an important aspect to look...
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Not everyone needs life cover. People with surnames like Gates, Motsepe, Buffet and Rockefeller probably don’t need it. Neither do people who have “fire pools” medical centres and landing strips in their gardens. For the most part, the rest of us need life cover. When you are a young, married breadwinner with a brood of small people to take care of, then life cover is a non- negotiable. If you feel you can’t afford it, cut the entertainment bill, start buying no-name brands and reel in your fast food habit. Very few people would ‘rest in peace’ knowing that if their income was lost, their family would lose their home, car and financial stability. Raising children is hard enough for a...
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