What is Group Life Insurance? Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group. Group life insurance is often provided as part of a complete employee benefit package. In most cases, the cost of the group coverage is far less than what the employees or members would pay for a similar amount of individual protection. So, if you are offered group life insurance through your employer or another group, you should usually take it, especially if you have no other life insurance or if your...
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What is whole life insurance and how much does it cost? Updated 03 November 2022 A whole life insurance policy pays out a guaranteed lump sum when you die, no matter when your death takes place. This makes it different from other types of life insurance, which are time-limited. Whole life insurance is therefore more pricy, but for some people, the cost is worth it. What is whole life insurance? Life insurance is designed to give you peace of mind that if you die, your loved ones will receive a lump sum. This is very important if you are a major or sole earner in your family, as otherwise your death could leave your family without enough money to live on. When you take out life insurance...
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Understanding Life Insurance Plans If you’ve owned a whole or term life insurance policy for years and are having trouble keeping up with your monthly or annual premiums, you may be wondering whether you have any options short of stopping your premiums and forfeiting any coverage. For some Americans, selling your life insurance policy through a process known as a “life settlement,” can be a viable way to drum up some extra cash when you need it. Read More» Shopping around for life insurance can be time-consuming and challenging. Even with a good agent helping you, there may be terminology you don’t understand if this is your first time shopping for life...
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Life insurance companies have been given a two-month extension to withdraw products and riders that are not in tandem with the new product regulations. This is a good news for policyholders as they would have no sudden dearth of products to choose from, while for insurers this means that they have more time to get products out of the market. The Insurance Regulatory and Development Authority of India (IRDAI) had earlier asked insurers to withdraw products by November 30. But this deadline has now been extended to January 31, 2020. IRDAI said that they had received representations from Life Insurance Council and various other life insurers, requesting for an extension of the timeline....
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If you are the main breadwinner of your family, have taken great economic obligations and want to insure yourself against all the risks, there are various insurance companies that offer life insurance policies. The function of life insurance policies is to compensate the persons mentioned in the policy (usually dependents and family) in the event of death of the insured and in other cases, even in case of loss of ability to work. Key things to know about a life insurance policy There are many things you need to know about life insurance. If you have any questions about your fundamental rights and are in doubt, you can consult a life insurance attorney to clarify the matter. However, there...
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Universal Life Insurance Universal life insurance is permanent life insurance — that is, it remains in force for your whole life. But universal life insurance has an important difference from other types of permanent insurance: it provides a flexible premium. That means the policyholder decides how much to put in above a set minimum. By extension, the policyholder also determines the face amount of the policy. Universal life insurance policies accumulate cash value — cash value that grows tax deferred. Guarantees are based on the claims-paying ability of the issuing company. Universal life insurance policies normally let policyholders borrow a portion of their policy’s...
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Many people consider purchasing life insurance at some point throughout their life. When considering this, it is important to look into its benefits and drawbacks. Life insurance can seem complex. However, it does not have to be. An experienced attorney can guide you through the process of understanding the concept of life insurance and which type is right for you. What is Life Insurance? Life insurance is a contract between a person and an insurance company. The insurance company typically provides a lump-sum payment to a beneficiary in the event of that person’s death. This is in exchange for premium payments throughout their lifetime. This lump-sum payment is usually known as a death...
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SINGAPORE – Media OutReach – 7 August 2019 – Last Saturday, in celebration of 5 years since successfully launching its Life Insurance business in Singapore, 40 members of Etiqa Insurance took part in a Corporate Social Responsibility event jointly organised with the Lions Befrienders. The beneficiaries were seniors residing in the mature Tampines East estate who have no or little family and social support, and are at risk of social isolation. Each beneficiary received a goody bag containing essentials and food items donated by staff, who then visited the homes of elderly beneficiaries to present the gifts. With close to 200 bags contributed, the event also saw a large...
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Life doesn’t always go to plan and can be cut short at any time. Whether it be due to a freak accident, a short or long-term illness or even a violent crime, there are a lot of possible ways that you could pass away prematurely. This is the unfortunate truth and there’s no sugar coating it. Of course the majority of us live to a decent age anyway, and that’s why average life expectancies are pretty high in a lot of countries- but what if you aren’t one of the lucky ones? Do you really want to take that risk? You just need to think about what you’d be leaving behind, and more importantly who you’d be leaving behind. Will they be able to cope in your absence, or will a lack of planning hit...
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Insurers classify untimely deaths into various categories, based on which deaths are covered or not covered, and the insurance company declines or pays the death benefit. Most people opt for life insurance covers so that in case of any unfortunate event, the dependents or the family members of the policyholder can be financially secure. However, did you know about certain kind of deaths that are not covered under Term Insurance? Term insurance plan acts as a savior in times of crises. It provides protection to the dependents of the deceased to tackle any adversities that may come upon them. Under Term Insurance, in case of death of the policyholder, who in most cases is the breadwinner in...
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