You can potentially access your life insurance policy while you're still alive. Getty Images/iStockphoto While life insurance is often thought of as something you leave to your beneficiaries after you have died, there are ways you can use your life insurance while you're alive. This can be used to pay down debt, make mortgage payments or simply to help with major expenses. But not every policy allows you early access. If you want this ability included in your plan, you'll need to do your homework first. How to use life insurance while alive Get a whole life insurance policy Whole life insurance is a form of permanent life insurance (as is universal and variable life). Permanent life...
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There are millions of Americans without life insurance. Here are three reasons why you should get a policy right now. Getty Images If you're a husband or wife, father or mother, or even daughter or son, there's not much you wouldn't do to protect your family. Making sure your loved ones are safe and secure is always at the top of your mind. But security isn't just alarm systems and medical support - it's also financial. And yet, many Americans still don't have life insurance. "In January 2021, just 52% of consumers reported owning life insurance (e.g., individual, employer-sponsored, etc.), which is down from 63% in 2011," a LIMRA study noted. Overall, there were more than 100 million...
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Life insurance is often viewed as a crucial form of protection, helping grieving family members cushion the financial impact of losing a loved one. With the right policy, this type of cover can assist families in paying off loans and debts, as well as provide them with the monetary means to meet daily living expenses. However, this kind of financial benefit is just one of the several elements of life insurance. Like other types of policies, it is a complex investment with its share of benefits and drawbacks – and depending on how it is managed, life insurance can also be used as an effective strategy to build wealth. How does life insurance work? Life insurance plans are available in...
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There are a lot of misconceptions about life insurance. For example, some people think it is a waste of money, while others believe it is necessary. This guide will discuss nine reasons why life insurance is a waste of money. Keep reading to find out more! 9 Reasons Why Life Insurance Is a Waste of Money Some people believe that life insurance is a waste of money because: The premiums can be expensive The coverage may not be needed if the policyholder is young and healthy There are other ways to protect your family in the event of your death financially Life insurance can be a hassle to deal with The process of filing a claim can be difficult It can be difficult to cancel a life insurance...
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Frequently Asked Questions About Life Insurance Get Educated During Life Insurance Awareness Month September is Life Insurance Awareness Month, promoting information that can explain the benefits, costs, and uses for this valuable financial tool. Life insurance is designed to serve as a safety net for your dependents in the case of your death. It can replace that lost income, cover your funeral expenses, pay off debt, and give your family the peace of mind that comes with financial security. Purchasing this essential asset may be confusing if you’re not familiar with how it works (and most people are not). Our Florida Farm Bureau insurance agents are skilled in answering these questions and...
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Protecting your future today is smart You’ve made all the right moves and have finally been rewarded. All that hard work at school has helped you land the job that launches your career. Proper money management is the key to your financial independence. It gives you the power to make the decisions that shape your life. Long-term thinking inspires you to create and follow a financial security plan that covers the next 40 years or more of your life. If you haven’t worked with an advisor to design your financial plan, chances are the only insurance you have is automobile or tenant insurance. But why bother? You’re single and don’t have kids. Surely, there’s no need for personal insurance. Or...
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Having the right insurance coverage is crucial to provide financial protection for policyholders and their loved ones. But many people wonder exactly when to get life insurance. This guide will provide insight into the best time to purchase life insurance coverage. When should you consider buying life insurance? If you're asking yourself "When should I get life insurance?" you've come to the right place to find out. Waiting to buy an insurance policy can have financial consequences for both the policyholder and their loved ones. While this is an individual decision to make, here are some common examples of when buying life insurance makes sense. When young and healthy What age...
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During these times, while you can still invest your hard-earned money in more tangible things like a condominium or car, you can also consider buying something that can help you protect your income, secure your future, and provide support to your dependents when something happens to you, like life insurance. If you want to start investing in yourself through life insurance but have no idea how, don’t fret— you’re in the right place. Here’s a guide on life insurance in the Philippines. What type of insurance is already available to you? Under the Universal Health Care Law (Republic Act No. 11223), all Filipinos are now automatically included into the National Health Insurance Program of...
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Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of Indians are insured. But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. Lots of people die a prematurely every year from illness or accident and, if you happen to be the sole breadwinner in the family and you were to pass away, it could have devastating consequences for your loved ones-their ability to pay household expenses, debts and maintain their standard of living. The least you can do, therefore, is to secure your family's financial future by buying a life insurance policy. Besides, do not overlook benefits of a life...
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Hinterhaus Productions/Getty Images As a parent, you want to provide for your children. You likely have a budget for how you'll pay for their clothes, food, school, and other day-to-day needs. In addition, it's also important to have a plan should something happen to you unexpectedly, causing the family to lose your income. A recent survey found that 42% of households would find it difficult to pay their living expenses (such as rent/mortgage, utilities, groceries, schooling) within six months of the death of their family's primary earner. This is at least partly because many families do not have life insurance. The survey found that only 52% of people in the United States were covered by...
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