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Life Insurance, Bristol Financial Services

Life Insurance What type of insurance and how much coverage you have is an important aspect of a solid financial strategy. As you consider the purchase of a life insurance policy there are three important questions to answer. How much life insurance should be purchased? How long do you want the policy to stay in force? Which type of policy will best suit your needs? In order to arrive at an adequate amount of life insurance, consider: Help for Special Needs family members Estate planning situations — life insurance can be a valuable tool to provide estate liquidity to pay for final expenses and possible estate taxation Business planning — to fund buy/sell agreements between...

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Understand the waiting period on life or funeral policies or wait in vain

Make sure you know the terms of any waiting periods on life or funeral policies you have recently taken out, or on which you have missed premiums. During a waiting period, you typically only enjoy cover for a death resulting from an accident and not from natural causes. Even if you, or any other insured under the life policy, die from natural causes one day before the end of the waiting period, the policy benefit will not be payable. Claims rejected for deaths during these waiting periods are the cause of most of the complaints to the office of the Ombudsman for Long-term Insurance. This shows that the complainants are often unaware of the restrictions that apply to their cover. The waiting...

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Wife of late Palestinian terrorist can’t collect on life insurance policy, Ontario court rules - The Globe and Mail

The wife of a notorious Palestinian terrorist who attacked an Israeli airliner has lost out on her bid to collect on her late husband’s life insurance because he failed to mention his unsavoury past when he took out the policy in 1987. In overturning a lower court decision, the Ontario Court of Appeal ruled against Fadia Khalil Mohammad given the important omission on his original application. “It is a principle of long standing that an applicant for insurance has an obligation to reveal to the insurer any information that is material to the application,” the Appeal Court ruled. “The deceased knew that his past activities were relevant.” Mahmoud Mohammad Issa Mohammad, a member of the...

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Common Life Insurance Exclusions

Common Life Insurance Exclusions Common Life Insurance Exclusions Life insurance pays out a death benefit when you die, but there are a few common exclusions that could prevent your beneficiaries from receiving any money. If you are covered by a life insurance policy but your death falls under one of these exclusions, the insurance company may not have to pay out the benefit. 5 Common Life Insurance Exclusions If you aren't aware of the exclusions in your life insurance policy, your family could be left without a life insurance payout. Here are five common exclusions and what they mean for you: Suicide - Most life insurance policies list suicide as an exclusion. Insurance companies will...

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Life Insurance

1) Term life insurance is typically on a short time basis, this is the most affordable type of life insurance, particularly when bought at a younger age. It is often referred to as ‘temporary insurance’, as one is only covered as long as the premiums are paid. It is sold as a 10, 20, or 30 year level, which means that the premiums stay the same for those years. This term often comes with an option to convert to universal or whole life policies which are referred to as ‘permanent insurances’. Premiums for term insurance are downright cheap for people in good health up to about age 50. After that age, premiums start to get progressively more expensive. The same holds true for whole life...

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Holding a lapsed life policy? LIC will now let you revive it even after two years - The Hindu BusinessLine

Facility applies to policies bought after Jan 1, 2014 Worried about a lapsed life insurance policy? Now, LIC has introduced a facility to revive policies that have remained lapsed for over two years. The measure will be available for policies purchased after January 1, 2014. A traditional, non-linked policy which has lapsed can be revived within five years of the first unpaid premium while a unit-linked policy can be revived within three years. “The policies which have lapsed for more than two years and were not allowed to be revived earlier can also be revived now,” LIC said in a statement on Monday, adding that this will help ensure financial security. Persistency ratio The move will...

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A Look at Whole Life Insurance, Michael P. Austin, CFP® and Associates

A Look at Whole Life Insurance Whole life insurance is designed to remain in force for your whole life, as long as you remain current with your premiums. In exchange for fixed premiums, the insurance company promises to pay a set benefit when the policyholder dies. Whole life insurance policies can build up cash value — effectively a cash reserve that pays a modest rate of return. This growth is tax deferred. Guarantees are based on the claims-paying ability of the issuing company. Most whole life insurance policies allow policyholders borrow a portion of their policy’s cash value. Interest payments on policy loans go directly back into the policy’s cash value. When the...

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Life Insurance

Protect What Matters Most! Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it! Types of Life Insurance: Term Insurance, the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "term")...

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How to choose a life insurance policy to meet your needs - The Financial Express

With multitude life insurance policies available, both offline and online, it is critical to choose the right life insurance policy with adequate sum assured. Each and every wealth management plan demands regular evaluation of the financial goals and objectives. In order to achieve them, it is very important to implement and practice a well-designed approach. Talking about life insurance, though it is often overlooked as a financial planning tool, it can even serve a broad spectrum of needs for individuals with dependents. With a multitude of life insurance policies available, both offline and online, it is critical to choose the right life insurance policy with adequate sum assured. It is...

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Life Insurance 101: Common Provisions,

A life insurance policy is a legal document, and as such it can be somewhat intimidating. However, the life insurance industry is highly regulated and policies contain many standard provisions. In this chapter, we will discuss some of the more common ones. Let's start with the parties involved in the policy: the insurer, the insured, the owner, and the beneficiaries. - The insurer is the company who underwrites the policy and promises to pay the death benefit upon the death of the insured. - The insured is the person whose life is insured under the policy. In some cases a policy can be written on more than one person such as in a second-to-die policy, which is used for estate planning...

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