The primary benefits of term life insurance are designed to be simplicity, affordability and flexibility — but purchasing a life insurance policy can sometimes be complex. Ultimately, choosing the right type of life insurance for you and your beneficiaries is a personal decision, so it requires careful consideration. Before buying a policy, it's important to know what features and benefits it offers to determine if it's an ideal fit for your needs. You may have heard of the basic insurance coverage types, but perhaps you're wondering — what are the benefits of term life insurance? Here's what to know about this type of insurance when determining if it will suit your needs. 3...
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Why term insurance should top financial to-do list Sanjay Tiwari, chief strategy officer, Exide Life Insurance, said, “A diverse investment portfolio enables people to invest in a systematic and disciplined manner. Insurance, on the other hand, is a product that ensures financial guarantees even in the absence of the policyholder." When one has insurance in one’s kitty, there is an intangible promise of assurance. Sushil Jain, chief executive officer, PersonalCFO.in, said, “If you don’t have adequate insurance cover, your financial plan is always on a stack of uncertainty." Benefit of having term insurance: The sum insured is usually a huge multiple of the premium that one pays. If one were...
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The benefit of whole life insurance extends far beyond the peace of mind that your family will be protected should something happen to you. Whole life insurance builds cash (or accumulated) value, which makes it an asset that you can use throughout your life. From a source of funding for emergencies to playing a key role in retirement planning, when you learn more about benefits of whole life insurance, you’ll find that it can become a flexible and critical part of your financial plan. These are some of the key benefits of whole life insurance that you can take advantage of throughout your life. GUARANTEED GROWTH AND UNIQUE TAX ADVANTAGES For starters, the death benefit from a whole life...
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The benefit under pure term life insurance can only be availed upon the demise of the policyholder. The premiums paid for term life insurance are eligible for tax exemptions under section 80C of the Income Tax Act. Health Insurance Policy is an agreement between the policyholder and the insurance company, that takes care of all medical expenses of the insured. People are often confused between term insurance and health insurance. Many of us think that term insurance is not required if they have health insurance. This is because each one of us doesn’t understand the difference between both kinds of coverages. In short, term life insurance is a complete protection plan that offers...
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What is Term Life Insurance Used For? Are You Wondering What is Term Life Insurance Used For and Why You May Need Term Life Insurance? If so, it’s a common question many people ask themselves when considering the purchase of term insurance coverage. First, it’s important to understand what life insurance is and how it works. The insured agrees to pay premiums on a regular basis in exchange for a certain amount of life insurance. And, if the insured person dies while insured by the policy, the insurance company pays out a death benefit to the beneficiary chosen by the insured. So, you pay premiums to the insurer, and if you die, the insurer pays...
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They say that buying a life insurance policy is one of the most selfless acts a person can do for their loved ones, and it’s true. After all, let's face it, if you choose to purchase a life insurance policy, its not like you’re actually going to receive any benefits from it during your lifetime…right? There are a few perks of buying a life insurance that the actual insured can benefit from, while still being alive and well. Now since these benefits aren’t as obvious as the benefits to those who are the beneficiaries of a life insurance policy payout, we’ve chosen to list just a few them in this article so that we might help make the decision to purchase a life insurance policy on yourself...
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5 Key Benefits of a Whole Life Insurance Policy There are two broad categories of life insurance – whole life and term life. Essentially, term life insurance runs for a specified period of time, say 10 or 30 years and can be renewed depending on the terms of the policy. A whole life insurance policy, meanwhile, runs for the rest of your life. Recently, term policies have been attracting more attention with consumers seemingly convinced that whole life insurance policies offer little value. We aren’t going to take sides on this. However, we believe that it’s in your best interest to make an informed decision. So, we want to bring your attention to several key advantages of whole life...
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Benefits of Term Life Insurance Term life coverage is used to cover the life of a person for a specified period of time. It is especially useful for income replacement of the wrongful death of an individual. There are several benefits to a term life insurance policy that many make it a better choice than whole life insurance. Generally, term policy payouts can range from 100,000 to multi-millions. Ultimately, you will need to select a life insurance policy that meets your individual needs and the needs of your family. Below is a list of the benefits of term life insurance to help you achieve peace of mind. Advantages of Term Life Policies Affordable – The primary benefit of term life...
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The Advantages of Whole Life Insurance Plans Have you been thinking lately about what would happen to your family if you were to die? No, it’s not anyone’s favorite topic of discussion, but looking into your options now could end up benefiting you greatly in later years. Hardly any Americans feel like they have adequate coverage should something happen to the primary earner in their household. In fact, 3 in 10 households have no life insurance whatsoever. There are term life insurance plans and whole life insurance plans. Today, we’re going to talk about the benefits of whole life insurance plans, but it’s beneficial if you know the basic differences between the two...
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3 Benefits Of Term Life Insurance Insurance is not the most exciting purchase, but it is an important one. Not only will it ensure your family has the financial means to handle your final expenses, but life insurance can also provide you and your beneficiaries some peace of mind. Of course, knowing which life insurance policy is right for you and your needs can be challenging. With this guide, you will learn a few key benefits of purchasing term life insurance. One of the main benefits of choosing term over whole life is its affordability. Since it offers insurance coverage for a specific period of time only, instead of the insured's entire life, term can offer protection at a more...
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