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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Insurance is a quintessential financial product that everyone needs to have. There are various types of insurance, from life, health to general insurance. Each type of insurance protects you against the negative consequences of a low-likelihood event like death, illnesses or accidents. Unfortunately, despite its importance, many of us delay getting one due to the perception of it being complicated. Read on as we demystify life insurance. What is life insurance? Life insurance may be categorised into four major types: Term life, whole life, investment linked and endowment plan. Term life policy is the most fundamental type among the four. The other three types of insurance build upon the...
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The Executor Adviser from Executor.org The Executor Adviser is an advice column created by Executor.org for Legacy. Executor.org's experts aim to help readers with questions about executorship and provide comprehensive, free online resources to guide executors through this complex process. Given that 60 percent of Americans own a life insurance policy, as executor you will likely need to know at least a little bit about how life insurance works and whether it will impact the estate’s assets. Locating and handling life insurance claims is not typically a required part of settling an estate as an executor. This is because, in most cases, life insurance is a non-probate asset — meaning the...
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