Date Published: 12/6/2019 2:47:15 PM With the rising cost of funerals in the UK, funeral cover and life insurance products are an increasingly popular way of ensuring that you and your family can manage the cost of losing a loved one. But, with so many options to choose from, it can be hard to decide which product is right for you - a funeral plan or life insurance. We’ve created a guide to help you understand how each plan works so that you can make the right choice for your family. So, what’s the difference between life insurance and a funeral plan? The purpose of a life insurance policy is to ensure that your dependents are provided for in the event of your death. With many life...
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Universal and variable life insurance are both permanent policies that build cash value. But they differ in two major ways: how they treat that cash value, and how they treat premiums. Universal vs. variable life insurance These are the key features of these types of permanent policies: How the investment component works The way your cash value is invested differs between universal and variable life insurance. With universal life insurance, cash value earns interest at a rate set by the insurer. That figure can rise and fall to reflect current interest rates, but by law, it can’t drop below 2%. Your insurer will also set a minimum interest rate, which might be higher. In this way, the...
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All life insurance policies are designed to pay a death benefit to your beneficiaries when you die. But permanent policies — like whole life — are also marketed as investments. They have a cash value component that earns interest over time, but it could be years before you see a meaningful return on your investment. Whole life insurance as an investment Whole life insurance is a permanent policy with a savings component. When you pay your premium, a portion is invested to give your policy a “cash value.” The investment is managed by your insurer, who guarantees a rate of return. While your cash value grows tax-deferred and earns interest over time, the growth rate is...
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Reasons a Life Insurance Claim is Denied or Delayed Six Reasons an Insurance Company Will Deny a Claim Let’s face it - insurance companies only make money when they DON’T pay claims, so they have no incentive to pay and will take advantage of any and every opportunity to deny a claim. According to an expert life insurance attorney, here are the top six reasons claims are denied: The policy lapsed or the insured fell behind in paying premiums. Insurance companies will not make it easy for you as beneficiary if the policy lapsed or the insured fell behind in paying monthly premiums. However, it still may be possible to recover your claim, if any of the following applies: The...
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Life is truly unpredictable. One moment you may be living it up and the next moment you may meet with an accident. Accidents can happen at any time and anywhere. Unfortunately, accidents do not give you prior warnings. The statistics of accidents in India are very alarming. As per data from the Ministry of Road Transport and Highways, deaths due to road accidents in India increased to nearly 1.49 lakh in 2018 when compared to the data of 2017. A total of 4.61 lakh accidents took place in 2018. Uttar Pradesh registered the maximum number of fatalities. Any such tragedy can leave your finances in the lurch. That’s why it recommended getting a personal accident insurance policy. The accident...
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Life and Financial Manager, Jerry Angel, explains when and why someone should get life insurance policy. Watch the video below! At what age should someone start looking for life insurance? It really depends on what their goals and needs are in order to determine what the purpose of the policy is. For example, a youngster purchases a policy to have an amount of insurance for the rest of their life as a death benefit. However, there are other purposes for life policies. Some people need the money for college. On the other hand, some people want the money for retirement. Ultimately, life insurance policies work in multiple directions to be able to cover different types of needs. The young...
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What does life insurance cover me for? What are Illness, Accident, Adventure Sports Cover? What additional features of TAL Lifetime Protection can I set up over the phone? I have life insurance as part of my super, is that enough? Can I increase my insurance cover? I’ve changed my address or contact details – how do I let you know? Will my payments be taxed? What is indexation? What are bundled policies? What is a standalone policy? What is the Life Buy Back Option? Who is TAL? Who is Dai-ichi Life? How can Workers’ Compensation payments affect my insurance payouts? Can I cancel my policy if I no longer need it? What is My TAL? Am I eligible...
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Life insurance is one of the few products that we don’t buy for ourselves but for the continued well-being of our loved ones if something was to happen to us. Everyone wants to know how does life insurance work but nobody seems to have the answer. I even searched online to see what’s out there and let me tell you it’s quite disappointing. I hope I can get this right myself but speaking to clients daily there are three questions they are really asking when they ask “how does life insurance work?” Life insurance companies offer many products but its comes down to a basic concept of two types of products: term and permanent. Term life insurance is the most affordable type of life insurance...
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Life Insurance Law and Legal Definition Life insurance is defined as "a mutual agreement by which one party agrees to pay a given sum upon the happening of a particular event contingent upon the duration of human life, in consideration of the payment of a smaller sum immediately, or in periodical payments by the other party." It is also defined as "a contract by which insurer for a certain sum of money or premium proportioned to the age, health, and other circumstances of the person, whose life is insured, engages that, upon the death of such person, within the period limited in the policy, insurer shall pay the sum specified in the policy according to the terms thereof." See Carroll v....
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Death benefit denied? What to do if a life insurance company rejects a claim It’s hard enough to lose a loved one. But what can you do if your loved one’s life insurance company won’t pay a death benefit? It doesn’t happen very often. “Unlike disputed auto or property claims, such instances are extremely rare in life insurance for the obvious reason: It’s hard to fake being dead,” says Brendan Bridgeland, former executive director and now board member of the Center for Insurance Research, a nonprofit consumer organization based in Cambridge, Massachusetts. That said, when it does happen, families and heirs are often ill-prepared to challenge a claim denial. In fact, their blind pursuit of...
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