Whether you're married with kids, or have a partner or other relatives who depend on you financially, having life insurance can be important. Life insurance provides money, or what's known as a death benefit, to your chosen beneficiary after you die. It can help give your loved ones access to money when they need it. Understanding life insurance can help you plan for your family's long-term financial needs. Here are five reasons why life insurance is important. 1. It Can Help to Financially Protect Your Family Life insurance is meant to help protect your family's financial future. Even if you have savings, it's unlikely that it would be enough to cover your family's expenses for several...
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Importance of a Life Insurance Gone are the days when life Insurance was an identification that you are an impulse buyer. Lifer Insurance ids equally important as that of Auto Insurance. This therefore draws to the conclusion that investing ones money to paying premiums monthly is equally not a bad idea after all. With life Insurance, so many developments are made which make it easier to acquire it with ease. Life insurance has made it able for one to acquire without necessarily following up with the so-called medical records in order to obtain it. This is quoted to be one of the distinguished ways in which has resulted to the 30% increase in the demand of life insurance. Life Insurance...
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A good financial plan is like a jigsaw puzzle with different pieces addressing specific needs. Saving, paying off debts, growing your wealth, protection — all working together to maintain your financial health. You might be hard at work on the first three things on that list. But have you given thought to the protection part, which includes buying life insurance? I bought a term life insurance policy when I got married in my early thirties. The coverage gave me tremendous relief to know I had a financial backup plan for my partner and our shared bills. And now that I’m a single parent, it’s even more important to know that my kids have a financial safety net if something...
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How Life Insurance Powered This Family’s Journey Towards Self-reliance If you are one of those people who believe that insurance is good only for saving tax, you are far from the truth. Insurance can serve as a piggy bank where you can buy a variety of insurance policies to save the money lifelong. Think of it like the fire extinguisher you are required to keep in your home or office—perhaps you may never have to use it, but when an actual need arises, you are so glad it is handy. In the same way, if you have unpredictable expenses such as car repairs or medical bills cropping up, insurance can become a financial life saver. There is no way you can avoid the unexpected tragedies of life,...
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In case something unfortunate happens to the insured, the life insurance will provide money directly to the beneficiaries. A life insurance doesn’t only provide protection, but also is a form of financial planning, as the beneficiaries could use the money for: Making up for lost income Funding a child’s education Paying off household debt Certain types of life insurance may provide benefits for you and your family while you are still living. Some policies will offer a payout upon maturity or when surrendering. Different types of life insurance are priced differing rates. In general, life insurance is divided into three broad categories: Permanent Life Insurance Endowment Life Insurance Term...
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If you are expecting a baby, something like life insurance is probably not exactly on your radar. After all, you’ve got a lot of immediate life changes to think about, and lots of major events to plan for (like, ummmm, giving birth and welcoming a baby!). Not only that, but most of us don’t like to think about things like life insurance, because considering what might happen to our families if we die is an uncomfortable thought. What Is Life Insurance? The way life insurance works is pretty straightforward. You sign up for a policy, usually either through an independent carrier, or your place of work. Each month, you pay a premium to maintain the insurance. When you sign up, you pick a...
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As a whole, people don’t like the idea of insurance. Misconceptions regarding the industry are rife, especially when it comes to paying out on policies. “Your life insurance won’t pay out, it’s a scam”, the sceptics say. Of course they’re wrong on many levels, but the fact remains that many people worry that a clause will be found in their insurance policy that denies their family the money they are relying on. Let’s not hide the fact that those types of clauses do exist, but it’s very rare that life insurance doesn’t pay out. Fact #1: More than 97% of life insurance claims are paid out in full. Different life insurance companies have...
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The News Scroll 10 April 2020 Last Updated at 7:56 pm | Source: PTI COVID-19: Govt to give life insurance cover up to Rs 35L to FCI officials, labourers, says Paswan (Eds: Changing word in para 1, 5) New Delhi, Apr 10 (PTI) Food Minister Ram Vilas Paswan on Friday announced a life insurance cover of up to Rs 35 lakh per person to over 1 lakh FCI officials and labourers in case they succumb to COVID-19 within six months of performing duty from the day of lockdown on March 24. State-owned Food Corporation of India (FCI) is the Centre''s nodal agency that is engaged in procurement of foodgrains at a minimum support price (MSP) directly from farmers and distributes the same at a subsidised rate...
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When we think of things that are good for society, we’d normally list things like lower unemployment, better education, curbing violence and crime, and maybe even a winning Springbok team… We wouldn’t ordinarily think of life insurance. Life insurance, in this context, refers to the system of paying premiums in exchange for a big payout if/when you suffer a serious disease, become disabled or die (a little heavy, I know — my bad). Let’s call these the terrible 3. Now yes, this isn’t the type of thing we’d like to think about, but let’s consider the impact they have on our society. The Impact Take becoming disabled as an example; I can only imagine what a life-changing ordeal it must be. In...
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Why Life Insurance Policy Should Be in Your Financial Planning For 2020 With New Year just around the corner, many of us make resolutions and set realistic goals for the upcoming year. One such popular resolution is – to plan your finances. There is no better time than New Year to take your finances to the next level. So, spare a moment, review your finances and make sure you have a truly gratifying year ahead. The most effective way to robust your financial plan is through life insurance. That being said, it is extremely important for every individual to first think about the financial security of his/her family and then ponder about the other aspects of financial planning. Hence, life...
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