Life insurance is not a new term to any of us. We are quite aware of the life insurance policies, on how these help in safeguarding our family and us. These policies are insurance contracts that the policyholders make with the insurer to get financial support during an emergency. There are several reasons as to why having such policies are essential, but first, you need to understand what life insurance is. Life insurance is like an agreement between the insurer and insurance holder to financially cover the expenses of the policyholder’s family during an emergency. Many people understand the importance of having life insurance as they understand the need for financial support at the time of...
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Q. I have been paying the premium on a $10,000 whole life policy for close to 50 years that now has a cash-in value of $16,000. I have been adding the interest I receive from the 1099 form to my gross income. Will the $16,000 be tax-free and will this money affect the $100,000 ceiling to qualify for the New Jersey 2020 pension income exclusion? A. It seems you’re receiving taxable dividends from your cash value life policy. This is because the dividends exceed the amount of premium you paid for the policy. Otherwise, life insurance policy dividends are usually not taxable, said Altair Gobo, a certified financial planner with U.S. Financial Services in Fairfield. If you decide to cash in the...
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E-commerce major Flipkart on Monday said that it has entered into partnership with Aegon Life Insurance to sell paperless life insurance policies on its platform. Now, Flipkart customers, aged between 18 and 65 years, can buy an instant digital policy with a sum assured of upto 10 lakh. "An instant digital policy with a sum assured of up to 10 lakh will be available to consumers from March 2020," Flipkart said in a statement on Monday. With instant life insurance cover through a digital policy as its core value proposition, such policies do not require medical tests or paperwork, Flipkart said. "With this product, Flipkart and Aegon Life aim to solve for these issues and make life insurance...
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Many of us choose to buy insurance policies such as health, critical illness cover and income protection to give us peace of mind in uncertainty. And it’s hard to think of any time more uncertain than 2020. Europe is now the epicentre of Covid-19, which has spread to 123 countries, according to the World Health Organisation (WHO). So it’s unsurprising that travel insurance providers have taken steps to limit their exposure, with several now refusing to sell travel insurance to new customers. That’s unfortunate because the crisis has concentrated the minds of many travellers, and there has been a surge in the number of enquiries about travel insurance. However, there are still some policies...
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Life Insurance Knowingly or unknowingly we take a lot of steps to protect ourselves on a daily basis. Whether it is wearing a helmet before taking your bike for a spin or wearing gloves before handling something hot. It is only natural that we take our lives a bit more seriously. If you want to protect yourself and your loved ones from any unforeseen events in the future, a life insurance policy is a must. One of the most commonly given pieces of advice is to buy life insurance. But what exactly is a life insurance policy? About Life Insurance A life insurance policy is a contract between you and a life insurance company. As per the contract, you must pay a fixed premium annually and the...
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Profiles in Risk GET READY! With Mike Pepe: E8 - Improving Life Insurance Review Processes with Technology "The bottom line is the Golden Rule, try to do the best thing for the client, treat them just like you want to be treated. And, really be passionate about what you do" - Mike Pepe In this episode of GET READY!, Tony Steuer spoke with Mike Pepe, founder of Proformex ( here ) about Proformex’s life insurance policy management system. We discussed how Proformex utilizes technology to enable insurance agents, financial advisors and trustees to more efficiently manage their customers life insurance policies. Mike and I also covered how Proformex is designed to expedite the policy review...
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Insurance The federal government has been on a mission to improve your financial literacy ever since the 2008 financial crash. To be financially literate, you need to know how to track your expenses, use credit wisely, comparison shop, save for the future, invest prudently and protect yourself from scams. Luckily, you can find a host of helpful apps, blogs, books and online resources aimed at Canadian consumers. But where do you go for advice about protecting yourself from a financial disaster arising from loss of life, income, health, home, car or travel? I’m talking about insurance, a key part of financial literacy that gets too little love or attention from authors, bloggers and app...
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The 4 Discussions You Must Have About Life Insurance People don’t fully understand all that life insurance can do for them while they are alive. As a result, they miss out on the numerous benefits that make up what many have discovered to be “ The Miracle of Life Insurance.” Sure, life insurance is best known for its death benefit protection, but that is often where the conversation seems to end. It is now time for everyone to resume the conversation regarding life insurance by using one or more of the following discussions: Discussion #1. What is the right amount of life insurance? A quick online search of “ How much Life Insurance do I need? ” returns over...
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6 Types of Life Insurance Policies 6 Types of Life Insurance Policies The two primary types of life insurance policies are term life insurance and permanent life insurance. In this article, we'll cover the differences between these two types of life insurance, help you understand their costs and show you six types of life insurance that fit into these two categories. What Is a Term Life Insurance Policy? Term life insurance offers coverage for an agreed-upon amount of time. This can range from shorter terms (covering you for a handful of years) to the longer term (offering coverage for up to 20 or 30 years). If you pass away during the term of your insurance policy and it is still in effect...
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In the old days, if you had a question and were seeking an answer, you probably had to go to the library or talk to a trusted advisor about that matter. Most of the time, we want a quick solution without reading a 1500-word article on the subject. We just need the in-and-out result so we can move on. Today, we are so privileged to live in a day and age in which you can bark at your smartphone with a query, and your lovely Siri or Google assistant has the answer for you. In this post, I have decided to compile the questions I receive on a daily basis as a life insurance broker and provide you with a resource about the most commonly asked questions regarding life insurance. If you have extra...
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