If you don’t own life insurance, then you’re not the only one. Most people cringe when they hear about it. While it’s widely available, most people don’t understand what life insurance is or how it works. Here is everything you need to know about life insurance. This handy guide will allow you to learn about life insurance in just 10 minutes or less. You can use this information to find the right policy that will protect you and your family. Life Insurance is a Contractual Agreement From the moment you apply for a specific life insurance policy and you’re approved for it, you are entering into a contractual agreement with that insurance provider. You’re...
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We know just how confusing and complicated life insurance can be. We also know it’s our responsibility to pass on that knowledge to you and help you understand the ins and outs of your policy. Here’s our breakdown of the TruStage® basics of life insurance. Common words and phrases in life insurance Beneficiary: The beneficiary of a life insurance policy is the person, organization or trust that you define as receiving the life insurance payout. If you take out a $10,000 policy and name your child the sole beneficiary, when you die, they get $10,000. You can also assign multiple beneficiaries to your policy and define just how much of the policy they’ll receive. For example: John takes out a...
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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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It can be a confusing product, especially when it comes to figuring out how much you need and what type to purchase. Here are a few things to consider before buying. At Rick Kahn’s chicken franchise in Pickering, Ontario, the young staff get more than an entry into the restaurant business, they also receive some financial mentoring from their boss, who’s a big believer in saving for the future and protecting what you have with insurance. The 50-year-old entrepreneur often tells them about how insurance can help them protect their families, when they eventually have one, and he’s open about his own insurance-related purchases. He and his wife bought whole life insurance on themselves and...
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What Is Life Insurance? Life Insurance is one of the most important Insurance Policies a person (or business) can purchase. Statistics confirm that 100% of the people in the world will die at some point in time! When you will die is the unknown! This Insurance was designed to offset the financial burden created due to your premature death! What Are The Different Types Of Life Insurance? Experts agree that Life Insurance is something that people should have. The real difference comes when you ask about what type of Insurance Policy to purchase. Some people think that a person should never purchase “Permanent” Policy (to be explained later) and that you should purchase a Term Policy...
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September is Life Insurance Awareness Month, so it’s the perfect time to consider how term life insurance can help you reach your financial goals. While we all plan to be around for our families, no one knows what tomorrow will bring. That’s why life insurance is a critical safety net to have in place. Having the right amount of life insurance isn’t about you. It’s about protecting those who depend on you financially — partner, spouse or children — after you’re gone. The benefit can help ensure your loved ones could pay the bills and enjoy a similar lifestyle without you. Here are five facts about term life insurance everyone should know: Term life insurance is a contract between you...
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Most insurance policies provide a “just in case” umbrella. For example, car and healthcare insurance are based on offering financial relief from the potential of an auto accident and illness, respectively. There are good chances that these events do not occur and, if they do, there are good chances that they will not be serious. The chances of events occurring and the different severities of such events are all factored into the premiums you pay and coverage you receive. However, just because you have auto, healthcare, home, and other insurance policies, do not assume that you are already knowledgeable about life insurance. Life insurance is completely different in that it is based on “...
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Aside from the death benefit, one of the great things about permanent life insurance is that it accumulates cash value. Your policy becomes an asset you own. And with whole life insurance, your accumulated cash value never goes down. That can make life insurance an incredibly stable asset in your financial plan. One common way to make use of your cash value is to borrow against it. But before you take a loan against your policy, here are a few things you should know. HOW A LIFE INSURANCE POLICY LOAN WORKS A policy loan gives you quick access to cash should you need it. You simply fill out a form and the insurance company will send you the money within a couple of days. Repaying a policy...
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Advantages of Life Insurance Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living. Life Insurance Death Benefit - When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased...
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Can I buy life insurance for my parents if they have health issues? Yes. There are life insurance plans that offer Guaranteed Approval for anyone who meets the age requirement. Since you are an adult child, you have Insurable Interest in your parents, and that means you may purchase life insurance on them. Some insurers offer guaranteed issue life insurance for people between the age if 45 to 85 years old. These guaranteed issue policies do not require any health exam, and your parents won’t have to answer any questions about their health. Can I get life insurance quotes for term insurance online? Yes. Actually, most life insurance websites offer you the option to request free quotes...
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