Many new homeowners investigate life insurance options to help cover costs in a worst-case scenario. Life insurance can replace your income and enable loved ones to maintain their lifestyle after your death. Term policies provide coverage for a set period of years. Whole life policies provide coverage for your entire life, but tend to be expensive. Flexible policies let you adjust your premiums and coverage levels over time. The process of applying for coverage can be quick and easy with the right partner. Buying a new home is an exciting new chapter! It’s more than just a place to live—it’s an investment in stability, community, and generational wealth. And while any new buyer quickly...
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Identify your goals to determine your insurance needs When you’re considering life insurance, chances are you’re thinking about how to ensure that your family might keep their home and achieve their goals, like attending college, even if you’re not there to support them. Identifying your family’s goals will enable you to determine how much money they may need in the event of your untimely death. If you have several large goals but don’t clearly estimate them, you may end up underinsured. If your family’s need is lower, you could be overinsured, which means you could be paying too much in insurance premiums. Understanding your family’s financial needs and goals will help you reach the most...
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What's the point of life insurance? The obvious answer is that it provides much needed financial protection for your family and loved ones in the event of your death. A term life insurance policy is a cost-effective way to achieve that important goal for a specific number of years, usually between five and 30. But did you know that life insurance can do so much more? Permanent life insurance gives you all the benefits of term life insurance with some added features that can give you financial flexibility and help you build wealth. First, unlike term life insurance, permanent life insurance stays in place as long as you pay the premium, which could be for the rest of your life. It also...
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Why is life insurance so important? Life insurance is a financial safety net your family can rely on in the event of your death. Paying a regular premium helps ensure that your loved ones won’t have to deal with burdensome funeral expenses or, even worse, lose their home or college fund because they can no longer keep up with payments. In fact, the earlier you get coverage, the more benefits you’ll have. Not only is it more affordable at a younger age, but you’ll have more options to use it. With certain types of insurance such as Universal Life Insurance (UL), the lifetime premiums also allow you to build cash value over time. These funds can be used later to buy a home,...
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Participating life insurance is whole life insurance with a twist. While enjoying lifelong coverage under the policy, it has the added bonus of building guaranteed cash value, while your premiums stay the same. The main difference between whole and participating life insurance is that you can “participate” in the insurance company's profits by earning dividends, which in turn increases your death benefit, and accumulating cash value. In this article, you will find out what participating life insurance is and whether it’s right for you. What is participating life insurance? Wouldn’t it be nice if you could share the profits of your insurance company? Well, a participating life...
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Getting life insurance is an important decision with a lot of factors involved. It's important to know why you need it and how it's going to help you. But insurance companies often have the bad habit of thinking that you speak fluent insurance. Having a better understanding of how life insurance works will help you make the best decision for you and your loved ones. Life insurance isn't really for you. It's for those that you care about and are financially dependent on you. What does life insurance do? It gives money to families, loved ones and other people that may need it if you were to die. That money can help with anything from paying off the mortgage to replacing your paycheck that...
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Retirement Plan A retirement plan assists an individual in financially securing his/her post retirement life. Multiple retirement plan options are available in the insurance market. An investment plan offers two advantages – along with offering insurance coverage, it also promotes investment, thus helping to enhance savings and accumulate wealth as well. ULIPs too offer the advantage of both insurance and investments. However, the performance of these plans is linked to the market. The policyholder is free to choose the allocation of investments in the financial market. Like other life insurance policies, here too the full sum assured is paid out to the nominee/beneficiary in case of the...
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Life insurance is a financial product that allows you to provide Life insurance is a financial product that allows you to provide for your dependents in the unfortunate event of your death and helps your family maintain the standard living that they are accustomed to. If you have any family members financially dependent on you then you should consider purchasing a life insurance policy. This will help make up for the income your family loses when they lose you. How does a life insurance policy work? When you buy insurance, you enter into a contract wherein you pay a monthly amount to the life insurance company in return for which your beneficiaries receive a death benefit when you die. A...
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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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