There are many great reasons to buy life insurance. Getty Images Buying a life insurance policy can help you and your family financially in several ways. With some life insurance types, like term life insurance, you can protect against scenarios like passing away while you have young children. Rather than being financially unprepared, you could leave them with a nest egg to navigate your absence a little more easily. Other life insurance types, like whole life insurance, can also have an investment component that some people are drawn to. Accordingly, the benefits of life insurance are both significant and personal to the individual in question. If you're in the market for life insurance...
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What's the Best Life Insurance for Your Family Members? Most people would agree that life insurance can provide a huge benefit for your family. It helps you prepare for the uncertainties of life and provides you with peace of mind knowing that your family will have financial help if something were to happen to you. If you’re the breadwinner of the household, you want to be sure you have enough life insurance coverage to help your family pay the bills when you’re gone. Even if you’re not the primary breadwinner, life insurance can be a godsend for your family. Some ask if those who don’t earn an income need life insurance. There are a number of reasons why it makes sense: if the family...
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Types of life insurance There are two main types of life insurance cover - whole life insurance...
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The COVID-19 pandemic has changed so much of our world, from day-to-day activities to long-range plans. But one thing hasn’t changed: the need for life insurance. If you have put off getting it—or more of it—here are three reasons to take a closer look now. 1. Life insurance offers financial protection. And it can be your family’s financial bedrock, providing protection against unforeseen events. Unfortunately, many Americans are uninsured or underinsured: Just 50% of Americans own a policy, according to the 2020 Lincoln Financial Group Life Insurance Awareness Month Survey . The COVID-19 pandemic, however, has put the value of life insurance back into the spotlight. More than a third of...
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If your family is growing you'll want to increase your life insurance coverage. Getty Images Life insurance offers financial security by providing a sum of money to select beneficiaries following the death of the policyholder. Millions of Americans currently have such policies in place to protect themselves should something go wrong. Sometimes this is through an employer, sometimes it's directly via a provider and other times it's a combination of both. And when those fall short they rely on supplemental life insurance to fill the gaps. While many people can agree a life insurance policy is a good investment, it's important to regularly review your coverage - particularly when you undergo...
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Reassessing Your Life Insurance Coverage Following the Death of a Friend or Family Member Life insurance exists to help protect loved ones who depend on you financially and who may face financial uncertainty or hardship upon your death. Life insurance is considered an essential component of a long-term financial plan but despite its crucial role, many people remain uninsured or underinsured. The “need-gap” for insurance grew to 16 percent in 2020, meaning 41 million consumers say they need life insurance coverage but do not have it. The statistics clearly show consumers recognize the need for life insurance, so where’s the disconnect between knowing you need it and making that purchase? It’...
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Life Insurance is not a set-and-forget type of thing. Your policy should evolve and adapt as your life changes and your family grows. That’s why, similar to doing your tax and reviewing your financial strategy each year, it’s important to regularly review your Life Insurance policy to ensure you’re adequately covered. While Life Insurance – such as Suncorp Life Protect – can provide your family with a payout in the case of your death or terminal illness, you may also consider having Income Protection – like Suncorp Income Protection – to cover you for serious illness or injury which leaves you unable to work. Having one or both may help your family stay on track financially if anything...
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If you’re looking to buy life insurance cover on a permanent basis there's one policy in particular that may be perfect for you. Whole life insurance can provide you and your loved ones with permanent cover, find out how it works in the following article. What is whole life insurance? Often referred to as life assurance , whole life insurance can cover you for your entire life once you take out a policy. When you die, your insurer pays out a lump sum to your family to support them financially during a difficult time. How does whole life insurance work? With whole life insurance, your policy pays out no matter when you die - essentially meaning your family is guaranteed a pay-out (so long...
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3 Considerations of Term Life Insurance Term life insurance has been a popular choice for many consumers due to its flexibility and cost. Just as any insurance would be, term life insurance can get complex and there are a few things you many want to consider before diving right in. Think about what events may happen in your life in the next 30 years: You could purchase a house You could approach retirement All of these events come with a price tag, maybe even a loan. Term life insurance could offer you and your family financial protection during all the major stages of your life. Let’s look into the details and considerations. WHAT IS TERM LIFE INSURANCE? Term life insurance is just what...
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Rising unemployment and abrasive pay cuts have made it crucial to plan for our family's future, especially for the next of kin. As a parent, we know you want the best life for your children. So, given the rise of lifestyle diseases and the high treatment costs today, safeguard your children's tomorrow by signing up for a term life insurance policy, like HDFC Life's Click2Protect Life . Mentioned below are three reasons why term life insurance is the need of the hour: Shields Children from Financial Difficulties Given your experiences, would you agree that life is one beautiful yet uncertain journey? This unpredictability has driven parents to turn vigilant for their children's safety and...
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