Life insurance important terms

Why is term life insurance important for self-employed? - The Financial Express

A self-employed individual faces a plethora of more challenges than a salaried individual and this is why it is all the more important for a self-employed person to invest in term plan. The plan has been specifically designed to cater to the financial expenses caused due to COVID-19. The COVID-19 outbreak has changed how all of us view the world. Every part of people’s lives in India has been affected, along with the economy, politics, culture, and society. The official data released by the National Statistics Office (NSO) says that India’s gross domestic product (GDP) contracted 23.9 per cent in the April-June quarter of 2020-21 from that in the same quarter last financial year. This was...

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Life insurance glossary - Aviva

The maximum or minimum age that an insurer will issue a policy or continue one that’s already in place. You need to be aged between 18 and 77 years to apply for our life insurance, and between 50 and 80 years to apply for our over 50 cover. The person applying for the insurance policy. Once you have a quote, you can apply for life insurance by completing an application online or over the phone. You’ll usually need to answer questions about your health and lifestyle as part of your application. The person or organisation that will receive the insurance policy payout if you pass away or have a terminal illness within the policy term, and the claim is successful. The amount of money paid to...

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Four major mistakes to avoid while buying term life insurance

Four major mistakes to avoid while buying term life insurance It is important to understand the features of every life insurance product available in the market. In this piece, we take a look at the four major mistakes one must avoid while buying a term life insurance. Non-disclosure of critical information It is very important to disclose all the crucial information for the smooth processing of claims. These can include any pre-existing medical condition, family medical history, risky lifestyle choices like smoking and engaging in hazardous occupations. Santosh Agarwal, CBO-Life Insurance, said, “At first, it may seem that not disclosing such information will result in a lower premium. But...

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Term Insurance Terminology - Common Phrases in Term Insurance, ICICI Prulife

1. Policyholder: Also known as the policy owner, this is the person who owns the policy. The policyholder is the one who buys the insurance and pays regular premiums. 2. Life Assured: This refers to the person for whom the insurance is bought. This may or may not be the same as the policyholder. For example, if you buy insurance for yourself, you will be the policyholder and the life assured. But, if you buy insurance for a parent, and pay the monthly premiums for them, then you will be the policyholder while the life assured will be your parent. 3. Nominee: The nominee or the beneficiary is the person who inherits the sum assured in case the life assured passes away during the term of the...

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How to choose between joint vs separate term insurance plans? Latest News Headlines l Politics, Cricket, Finance, Technology, Celebrity, Business Gadgets

Life insurance has traditionally been designed to provide financial protection on the life of the breadwinner of the family. In today’s world, with the rise in the number of working couples, the significance of life insurance for both spouses has increased considerably. Accordingly, the best step forward, for both spouses, is to buy a term insurance plan. What is term insurance It is a low-cost, high-cover insurance plan that is primarily meant to provide life insurance coverage in the purest form. But, hold on! Should the husband and wife buy the term insurance plans separately or buy a joint life term insurance plan? Let us find out. In a term insurance plan, on the death of the insured...

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De Goudse to purchase Leidsche from Reinsurance Group of America - NS Insurance

In accordance with the agreement, terms of the transaction are not being disclosed De Goudse to purchase Leidsche from Reinsurance Group of America. (Credit: Pete Linforth from Pixabay) Reinsurance Group of America, Incorporated (NYSE: RGA) (RGA) announced that it has agreed to sell its Dutch life insurance company, Leidsche Verzekering Maatschappij N.V. (Leidsche), to De Goudse N.V. (De Goudse). Leidsche has liabilities of approximately $0.5bn at year end 2019. “RGA remains highly committed to serving its clients in its reinsurance business in the Netherlands,” said Johan Tuijp, Managing Director, Netherlands and Nordics, RGA. “We believe the sale of Leidsche supports their long-term...

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Cancelled, not!, Knowledge, Fasken

The High Court in Johannesburg recently granted an order declaring the cancellation of policies by an insurer unlawful and of no force and effect. We look at the judgment in Hermione Nell and 74 others v Constantia Insurance Company Limited and others delivered by Judge Vally on 26 June 2020 and its significant effect on insurers. Between 2010 and 2018, Constantia Insurance Company Ltd sold two short term insurance products to over 5000 customers in the open market. These products were marketed through various media outlets and physical brochures. Beyond this marketing, potential customers were sold the policies telephonically. In 2017, the Short Term Insurance Act 53 of 1998 (STIA) and the...

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Term Life Insurance Market Research Study including Growth Factors, Types and Application by regions from 2020 to 2026 - MarketWatch

The MarketWatch News Department was not involved in the creation of this content. May 21, 2020 (The Expresswire) -- Global “ Term Life Insurance Market ” report 2020 is an overview of the market is provided with prime focus on factors boosting and debilitating market. This will help investors get a clear understanding on which aspects to focus on and how to economically support the market globally. The impact of prevailing regulatory scenario on both regional and worldwide Term Life Insurance market is provided detail in this report. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by...

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MNUFC & Allianz Life Donate to NUFC, Minnesota United FC

Minnesota United and Allianz Life Insurance Company of North America (Allianz Life®) are partnering to donate $75,000 to the Neighbors United Funding Collaborative (NUFC) to support Midway and Union Park area residents, local businesses and organizations during the COVID-19 pandemic. “We are extremely proud of the relationships we have built with our community surrounding Allianz Field. One of the most important things we can do as a club during these times of stress and uncertainty is to support our neighbors in soccer,” said MNUFC CEO Chris Wright. “We are honored to work with an incredible partner like Allianz to offer essential funding to provide for the communities around Allianz Field...

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Terminology You Need To Understand When Buying Life Insurance - Understanding Life Insurance Plans

Understanding Life Insurance Plans « Back to Home 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 insurance. The more familiar you are with the following terms, the easier time you'll have choosing the policy that best fits your needs. Term Insurance: Term life insurance is one of the two most popular types of life insurance. You pay over a specified period of time, say every month for 10 years. If you pass away during those 10 years (the term) the policy pays out. Once the term is over, however, the policy won't do anything for you...

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