If you’re one of those millennials who are educated about the importance of getting a life insurance plan but haven’t picked the right time to buy a policy or keep postponing it till another year, this article will, hopefully, extinguish any inaction on your part. If you’re a superhuman who thinks that no kryptonite in the world (and outer space) combined can take you down, this article could be your saving grace! Please read on, because here’s 5 risks you definitely do not want to take in times like these: Risk #1. Leaving Your Surviving Dependents Unprotected Are you the sole breadwinner of your family? One doesn’t invest in life insurance for his or herself—it’s a measure any wise adult...
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Insurance professional and Mexican American Monica Rangel works hard to educate the Hispanic community about life insurance. The founder and CEO of Efficient Financial and Insurance Solutions in Brea, Calif., regularly helps members of her local community get life insurance coverage. Here are the biggest misconceptions she encounters from her Hispanic clients. 1. We can rely on loans or help from family if anything happens. Monica says this is one of the most frequent myths she hears in the Hispanic community. Many clients like to think that their children will take care of them or that extended family members will come forward in times of need; any money needed beyond that could be covered...
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Insurance helps you safeguard your health, possessions and financial well-being. By paying a little money every month for coverage, you can avoid needing to come up with the entire amount in a time of crisis. Make sure you’re prepared for the unexpected by having these 5 types of insurance policies on hand. If you pass away, life insurance benefits can replace income for your family, pay final expenses, (including taxes), create an inheritance or make charitable contributions to a favorite cause. Life insurance may be necessary if you want your family to be financially secure in the event of your death. Term life insurance pays a benefit only if you die during the term of the policy. Young...
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You're young. You're healthy. You don't need life insurance, right? SolisImages | Getty Images Actually, you might want to re-think that conclusion. No matter your age, no matter whether you're a business owner or an employee working for one, life insurance is crucial. Say, for example, you're married with children and want to provide for them after you're gone. Or, as a business owner, you have debt that could wind up haunting your survivors. Or, quite possibly, you want to make sure your personal debts are paid off upon your death. 1. You're young and healthy (it's the best time to get insurance). Waiting to set up life insurance will cost you. The younger you start, the lower your...
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Life Insurance a must for today’s woman By Anil Kumar Singh, Chief Actuarial Officer, Aditya Birla Sun Life Insurance Co. Ltd. Whether she’s a professional and the sole earner in her household, working part-time during school hours, or the stay-at-home mother running the household – a woman is a significant member of a family. Given her important contribution to the household, it is unfortunate that Indian women still remain vastly under-insured particularly when it comes to life insurance. While India’s Life Insurance penetration is comparable to Asian peers at 2.8 per cent of GDP, the protection gap is alarmingly high especially among women. A huge chunk of them lacks basic awareness...
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What would your family do if you were to pass away unexpectedly? Could they continue to pay the mortgage or rent, or would they be forced to move out of their home? Would they be able to maintain their standard of living? And would they have enough to pay their essential bills? If any of these situations would leave your loved ones in a difficult position, it’s time to make sure you put the right protection in place. Life insurance ensures those closest to you receive financial support when you’re no longer around. It’s a cheap and effective way to ensure peace of mind. If you already have some life insurance in place, you’ve taken a valuable and important step towards protecting your...
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Life insurance is a fundamental part of a responsible and reliable financial strategy. While it only takes a little planning for your clients to protect themselves and their families from future instability, shockingly around 49% of the adult population do not have any kind of life insurance. Many of these people believe a life insurance policy is either too expensive, too complex, or simply impossible to understand — and because of this, their families are left unprotected in the event of an unfortunate tragedy. Perhaps one of the most significant problems is that people assume they can only use life insurance for limited functions, such as paying off mortgages or funeral costs. The truth...
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3. Your beneficiaries get tax-free payouts There is a key tax advantage that comes with life insurance policies. “It depends on the structure of how they take the payment out,” says Zigmont. “But, normally, life insurance payouts are tax-free.” That means the money that’s going to your loved ones won’t be reduced. If, for example you have a $1,000,000 policy, your family will get the entire amount.[1] However, there are a few situations when it could become taxable, like if your beneficiaries opt to get the payout in installments.[5] They will then be responsible for the interest income, which is taxable. 5. You can earn money There are two main types of life insurance: term life, which is...
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Curious about life insurance but unsure where to start? MetLife is here to help. Ever wondered “What do I need to know about life insurance”? Here we look at five things you might not have known about life insurance, including how your needs change, what the different premium types are and more. 1. There are two different types of premiums There are two types of premiums. You need to consider the best type of premium for your current needs, as well as your future needs. The first type is a stepped premium. These can be popular among young people as the premiums start low and increase over the years. But those considering a stepped premium should consider if they will be able to afford the...
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These 5 Life Insurance Mistakes Could Cost Your Family Thousands Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. Life insurance is a vital component of financial planning. Key points Protecting the people you love often comes down to a good life insurance policy. The longer you wait to purchase a policy, the more expensive it will be. Financial planning includes determining how much auto, home, and business insurance is required to protect your assets. However, when it comes to life insurance,...
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