Premium Waiver of premium Normally, you pay premium for the duration of the life insurance. Some providers offer, in the event of a declining life insurance (annuity or linear), an exemption from the premium in the last five years. Especially for a short duration, this can be an important condition. En bloc clause There is also an en-bloc clause included in the terms of a number of insurers. This means that the insurer has the right to increase the premium in the interim. According to most conditions, this can only come into play if there are compelling circumstances, such as an impending bankruptcy of the insurer. This clause does provide some degree of uncertainty about the level of the...
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Life Insurance and Medically Assisted Death Life insurance and medically assisted death: Overview It is interesting to note that nearly all life insurers treat physician-assisted death/euthanasia in a similar way. If there is a clear case of MAID (medical assistance in dying) where both health preconditions (terminal disease/palliative condition) AND legal requirements are met, life insurance companies will pay claims in full – it does not matter how long the policy was in place. It is different for a suicide death – if it happens in the first two years while the policy is in place, insurance companies do not pay the claim and only return paid premiums. After two years, suicide is treated...
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What You Should Know About Coronaviruses Coronaviruses are a large family of viruses that are common in people and many different species of animals, including camels, cattle, cats, and bats. Rarely, animal coronaviruses can infect people and then spread between people. The new SARS-CoV-2 virus (the coronavirus which causes the disease COVID-19) is a betacoronavirus, similar to MERS and SARS. All three of these viruses have their origins in bats, according to the CDC. More information about SARS-CoV-2 and COVID-19 can be found at the CDC website. As the number of confirmed cases and deaths continue to rise, health officials are working on all fronts to learn more about the virus and put...
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The Malaysian life insurance market is projected to grow from MYR46.7 billion (US$11.6 billion) in 2019 to MYR55.4 billion (US$13.7 billion) in 2023 in terms of gross written premiums, at a compound annual growth rate of 4.4%. This was revealed in a report by GlobalData, titled ‘Malaysia Life Insurance: Key Trends and Opportunities to 2023’. The report also said that term insurance, endowment and whole life products account for almost 90% of Malaysia’s life insurance business. Rising working-age population and government and regulatory initiatives towards affordable insurance products are among the key factors driving the market’s growth. “As of end-2018, the...
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The process of buying life insurance can seem complicated. So let’s take a look at most of the parties directly involved in the buying process and demystify their roles and create some clarity. The Insured The Insured is the person whose life is insured in the life insurance contract. The insured is the individual who goes through underwriting and shares their health records and fluids to be examined by the insurance company, and the insured is the person whose life is depended upon by their loved ones for buying life insurance. The Policyowner The Policyowner is the person or entity who owns the life insurance contact. They pay the premiums and are ultimately responsible for buying the...
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Basic Life Insurance All regular full-time University employees working a minimum 35 hours per week Starts on the first of the month following the date of eligibility, if date of eligibility is mid-month, otherwise the first of the month The purpose of this benefit is to provide financial assistance in meeting the employee's share of the expenses of the final illness and funeral as well as the needs of the survivors. Includes an accelerated benefit in the event the covered person is diagnosed as terminally ill and both conversion and/or portability privilege in the event the covered person loses coverage. Beneficiary designation(s) must be completed online in bswfit (the benefits management...
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If you had life insurance through your workplace plan, you may be able to keep that coverage and not have to go through the process of a medical exam to get the best rates possible. With Sun Life Financial, you have 2 options to continue your life insurance: a conversion product or rollover products. Conversion Conversion is available through a Sun Life Financial advisor. It enables you to automatically convert up to $200,000 ($400,000 in the province of Quebec) of your life insurance coverage to either a term or permanent life insurance product. This is a guaranteed-issue product without any questionnaire or exam. For all conversion products, you must enrol within 31 days of the date your...
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We all know life insurance can help provide financial security for your beneficiaries when you pass on, but death benefits are not the only thing these policies can provide. A properly designed life insurance policy can complement funding your own needs or reaching your savings goals as well. It’s important to determine not only how much life insurance you need and which policy is right for you, but also how it can be used. In many cases, it can be part of a financial plan. Here are some features that might be worth considering. If You Outlive Your Term You may feel hesitant to buy life insurance because if you outlive your policy, you think you will have wasted money paying premiums. There...
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When Dr. Jeffrey Nielsen, 61, first took out his life insurance policy, he never guessed that he would someday donate it to charity. As a young surgeon, he bought the policy to ensure he could take care of his family if anything were to happen to him. But now that his mortgage is paid off and his family is financially secure, the death benefit his insurance provides is no longer as critical as it once was. In fact, he and his wife, Kristine, have been increasingly focusing on giving away their wealth in recent years. “We feel very fortunate,” he said. “I’ve done very well in my career, and we feel that to those who much is given, much is expected.” While they’ve contributed generously to...
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Being debt-free is the dream, but for most American families this isn’t realistic. Try as you might to live according to Dave Ramsey’s teachings, if you want to own a home or go to college in America, you’ll likely need to take out loans. Life insurance can protect your family from being saddled with your debt. Keep reading to learn about how debt is treated after death and how to get the best life insurance rates. You Work Hard for the Money You work hard to provide a good life for your loved ones. If you’re married, you probably contributed costs toward a wedding. If you have children, you’re probably paying for daycare and saving for college tuition. Then there’s rent or a mortgage and...
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