Home » Term vs. Whole Life Insurance: Which Do You Need? Life is always changing – which is why it’s important to review your insurance needs and make sure your coverage is keeping up with your life. Whether you’re entering adulthood or nearing retirement, you may have a need for life insurance… but understanding which policy is best for you can be confusing. Let’s talk term and whole life insurance to help you find which benefits you the most, at any stage of life. Term Life Insurance Term life insurance provides coverage for a specific number of years and you select the “term”. It’s an easy, more affordable option if you’re not...
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Why Millennials May Need Life Insurance Now More than Ever It’s easy to feel invincible when you’re young, healthy and have a steady paycheck. After all, the chances of something catastrophic happening to you are pretty low, right? Well, the fact is that even if you’re in the best shape of your life and at the top of your earning potential, there’s a lot that you don’t want to leave to chance. Especially considering that these days, young adults are facing a mounting number of unique financial challenges — from global economic shifts to student loan debt, family planning, and figuring out how to save for retirement. What’s more, you may be among the...
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Do Young Adults Need Term Life Insurance? Do Young Adults Need Term Life Insurance? UPDATE 3/31/2012 - Not only can young adults benefit from carrying life insurance but so can teens and younger children. GerberLife is an example of a company focusing on life insurance products for the youth. They offer lifelong protection for children that can help build security as they enter young adulthood. Do young adults need term life insurance? This is, of course, a question that is left up to the individual and will vary from person to person. In general though, term life insurance for young adults can be a ticket to financial freedom for their families if they plan appropriately. ...
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Starting Out: Reconciling Debt and Opportunity for Young Adu Starting Out: Reconciling Debt and Opportunity for Young Adults “Wherever you go, there you are” is a classic reminder to live consciously and fully in each moment. In terms of financial confidence and well-being for young adults, that advice makes excellent sense as well. Wherever you are in life — starting out, building a family, advancing your career, or contemplating retirement — there are tools and support to help you manage the specific financial challenges you face. This article kicks off a four-part series on relevant financial resources for each stage of your life, and how they can be leveraged to...
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We need to learn to accept death in the United States Life may never be the same after COVID-19. With tens of thousands of Americans having succumbed to the coronavirus in the United States, some of us are considering our own mortality. Life insurance companies have plenty of new customers. Estate planning attorneys are busier than ever. Many of us are thinking about how our loved ones will be taken care of in the event of our own death. Death is always on my mind. I’ve worked as a physician assistant in a large hospital system in Dallas, TX for the past five years. Patients dying is normal part of my practice. Most patients are older and have multiple medical problems, but I do see...
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Life insurance can pay bills, cover debts and protect those who rely on your income through the payment of a tax-free death benefit to your beneficiary. Here’s why you may want to include life insurance in your long-term financial plan. Many people think of financial planning primarily as a two-pronged strategy: managing current income and debts and then saving and investing for the future. But there’s another component to a comprehensive financial plan that’s often overlooked: protection. This is where life insurance comes in. Life insurance can pay bills, cover debts and protect those who rely on your income through the payment of a tax-free death benefit to your...
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Life insurance as a gift? Absolutely! Life insurance is fast becoming the go-to solution for those who want to give—or receive—a gift with real staying power. As consumers switch from buying things to buying experiences, and as a desire for financial security becomes a goal, more and more people are opting for gifts that can create a sound foundation and stability. Following are some ways that life insurance is being given: As a wedding gift A newlywed couple may be knee deep in linens, glassware and appliances, but do they have financial security in place should something happen to one of them? A gift of life insurance for the couple instills a sense of responsibility, with the security of...
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What's the right age to take out life insurance? Few of us like to contemplate our own deaths, but is an inevitable fact of life, and one that can be financially disruptive and even devastating to the ones you leave behind. That's why, since the 18th century, Britons have been insuring their own lives, paying instalments in life so their survivors can receive a financial windfall or simply support after their deaths. Just under half of all Britons have some form of life insurance policy, some provided through their employers and some linked to mortgages. These policies can pay out a lump sum or monthly income to survivors, pay off the outstanding balances on mortgage, replace the salary of...
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When is the right age to buy life insurance? In truth, there is no ‘right’ or ‘wrong’ age to buy life insurance; the right time comes when you are able to afford at least a basic plan. There is no right age, but there is a right time However, if you can afford to buy a plan when you are younger i.e. between the ages of 20 to 35, you’ll enjoy lower insurance costs in general. Premium levels for life insurance tend to go up as you age and the same goes for medical insurance. Still, that does not mean that if you fall above or below this age group that you shouldn’t buy life insurance. You should definitely look into a life insurance plan when you are financially able – especially if you have...
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EPF, child’s tuition fees and home loan EMIs may be enough to exhaust the 80C limit when you’re in your 40s or 50s (Photo: iStock) A guide to strategies for tax-saving investments across three life stages 6 min read . Updated: 19 Jan 2020, 08:00 PM IST Ashwini Kumar Sharma Your tax-saving investments should be in sync with your financial plan. We tell you what to keep in mind and what to watch out for when investing Since you need regular income after retirement, avoid investing in illiquid instruments at this stage At the same time, different life stages entail different expenses. For instance, a young professional may be repaying an education loan, the interest payment of which is...
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