Life insurance is a smart, cost-effective way of protecting your loved ones. Getty Images Life insurance provides your loved ones with financial protection should you pass on. If you die during the coverage term, they'll receive a lump sum cash payment they can use to cover unpaid debts, medical bills, funeral expenses and more. Some policies have additional benefits, too — and can even be a helpful financial safety net if you need one down the line. 3 surprising things to know about life insurance Here are three things you should know as you shop for a policy. 1. Taxes don't have to be paid on the benefit amount All life insurance policies come with a death benefit — a cash...
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What smokers should know about life insurance For decades, smoking has been the leading cause of various life-threatening diseases such as lung cancer, stroke, heart disease, and tuberculosis. It’s no wonder then that the habit is also considered hazardous for your life insurance premium. According to the underwriting rules of several life insurers, life insurance policy premium is influenced more by smoking habits of the policy buyer than any other factor in general. Sajja Praveen Chowdary, business head, Term Life Insurance, Policybazaar.com, said, “The proven adverse effect of smoking on people’s health is one of the main reasons why smoking has a significantly larger impact on life...
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Life insurance is the order of the day. Naturally, people will be taking a fresh look at their succession planning and wealth protection in the midst of a global health crisis, but these policies are essential regardless of the situation. First and foremost, it must be made clear that the segment goes beyond protecting against the risk of death. Life insurance includes products covering other adversity, even comprising benefits and the option of redeemable life insurance. The products also involve guarantees concerning retirement and family protection coverage, which are vital in the event of death, disability, serious illnesses and other situations. Behind all of this, and beyond...
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8 Things You Should Know About Life Insurance Life insurance is easily misunderstood yet; it is such an important part of personal finance. Not a few would rather avoid talking about having a life insurance especially since it brings up the topic of their own death. However, if you have the right information, it is something that your household would benefit from. In this article, we would go over the top 8 things you should know about life insurance If people depend on you, you need life insurance From spouses to dependent children, people who depend on you financially should not have to suffer financially if you were suddenly to be no more. The death of a loved one can cause a lot of...
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Life insurance isn't something people like to talk about, especially young people. After all, thinking about dying and what happens to family or loved ones after you're gone isn't the easiest thing to do. When you purchase a life insurance policy, you're agreeing to pay a regular premium, or fee, often on a monthly or quarterly basis. In return, the insurance company agrees to pay a death benefit of a certain value to your beneficiaries if you die. Most people designate their spouses, partners, or children as beneficiaries, but you can choose anyone you want, such as a parent or a business partner. So how large a policy do you need? There's no set amount. One rule of thumb says that you...
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Life insurance’s major role in business succession planning How often do you as a CPA think about life insurance matters as part of your role as trusted advisor to business owner clients? If the answer is not very often, you should reconsider your position, because life insurance is a tool that, when used strategically, can address an array of difficult succession planning challenges. It’s also one that clients of CPA firms are finding increasingly valuable. Succession planning is complex, confusing and laden with unique variables that include family dynamics, business-specific considerations, post-transition goals and more. On top of that, business owners must continue to run day-to-day...
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It has been almost twenty years since the first time I saw Fight Club. I read the book a few months after first seeing the book. I think I was in eighth grade. It made a lot of sense to me at the time. But one detail has repeatedly stumped me about the film. The kind of detail that you might not notice if you just watch the movie once or if you gave the book a single read-through at some point in your life. This was not my experience. For me—a white teenage male living in the suburbs—the book and the film were compulsively rewatchable and rereadable. It further ignited my desire to be a writer and led me to the other writers I would read throughout high school and college, Kurt Vonnegut...
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Why You Need To Talk About Life Insurance Life Insurance is not a topic that many people are able to talk freely about. You can’t discuss life insurance without talking about the inevitability of having to use it one day, and that makes many people uncomfortable. This is understandable, as no one likes to discuss their own mortality or think about the death of a loved one. However, when it comes to important things like life insurance, we have to get over our taboos. Here are a few tips on how to talk about this delicate, yet important issue. Life insurance is something that often comes up with life-changing experiences. For example, couples that are getting married may want to...
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Welcoming a new baby into your family can bring with it unprecedented joy and excitement. It can also be a pretty overwhelming experience, especially for first-time parents. And, with all the decisions to make and options to consider – everything from what to feed your infant and how to diaper them to which stroller to choose and which car seat strikes the best balance of safety and affordability – life insurance is likely to be the last thing on your blissed-out, sleep-deprived mind. It’s very possible obtaining a life insurance policy is something you’ve never spared a thought for in the past. But, as veteran parents will be quick to tell you, having a child changes everything...
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Do you remember the first time you drove in the dark? Maybe terrified because I was lost. And I couldn’t figure out how to use the headlights. So I was terrified, and lost, and couldn’t use the headlights. Not really a good combination for my first time driving in the dark. But what’s this got to do with life insurance for new parents I hear you ask? I was terrified, not because of the driving, but because my first born was due to arrive imminently. And the way things were going, I wasn’t going to make it to the birth. Hannah was still in labour, she had been induced three times but no sign of baba. “Nothing stirring” as the nurses put it, so the hospital...
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