Life Insurance or Savings? Should I buy life insurance or focus on savings? It is a key worry for many of us as we strive to provide security for our family – what are they going to do to pay the bills when I’m gone? Life insurance offers a system to cover this eventuality – it was designed to answer that very question, but in today’s climate, is it better to just accept the concept and purchase a life insurance policy, or look into alternative ways of putting money aside with savings? Life insurance vs. savings – the basics Both life insurance and savings can result in a lump sum being left behind for your loved ones. The difference mainly lies in the level of...
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Home » Blog » Five Reasons Why You Need Life Insurance (and one reason you don’t) Life insurance used to be for the wealthy. Many of us ‘regular’ folk’s parents ain’t never had no need for no life insurance (gone kinda deep south there for some reason) Maybe your old man never saw the point or the old dear said it was a waste of valuable money. It’s far from life insurance you were born young Seán, the car isn’t even insured and that’s useful. However, these days, because it’s so affordable, life insurance is no longer a luxury. What’s the Reason for Life Insurance? So why do you need life insurance? Well, there are many reasons why...
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Life insurance pays out a set amount of money when you die. However, you can choose whether you want a policy that will pay out upon death, or one that will pay out if you die before a certain date. Life insurance becomes more expensive as you get become older. This is because you pose a greater risk to the insurer. It therefore pays to consider how much money, and therefore which policy, might be needed when. 'Whole of life' cover that lasts as long as you do A ‘whole of life’ policy provides the simplicity and peace of mind that no matter when you die, provided you keep paying the premiums, your nearest and dearest will benefit. A whole of life policy can therefore be suitable...
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Three important life insurance myths debunked It is true that no one plans on dying anytime soon or how it will affect their loved ones, but life insurance is a product that you purchase before you need it. Myth 1: Only breadwinners need life insurance While it is true that life insurance is necessary for the person who earns the majority of the household income, there is also value and safety in having life insurance that covers the spouse, whether or not they work. Consider yourself the breadwinner; if the stay-at-home parent happens to pass away, how would you handle all of the auxiliary expenses? There would be a sudden increase in household expenses for cleaning, cooking, child care,...
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Various personal factors such as your age, pre-existing health conditions and daily habits (like smoking) are also taken into consideration when your monthly premium amount is set. This may be a pro or a con, depending on your situation. Your financial advisor can help you better understand the benefits of term and permanent life insurance — and how they pertain to your personal situation. When should I buy life insurance? While there is no one-size-fits-all timeline for when to buy life insurance, several factors can help you determine when you may want to consider it. In many cases, the younger you are when you purchase life insurance, the more benefits you get out of your policy. Here...
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Life insurance is financial coverage that pays a specified amount of money to a chosen beneficiary upon the death of the main policyholder. The face value of the insurance policy is paid by the insurer in exchange for regular payments over the insurance term, referred to as premiums. There is a large variety of life insurance policies on the market to meet a wide range of policy holder needs, and choosing the best coverage for your specific situation depends on several factors including income, dependents, and additional financial priorities. However, life insurance can be divided into two main categories: permanent life insurance and term life insurance. Permanent life insurance is...
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Should I Get Life Insurance In My 20s? The 20s can be the best years of your life, with many exciting things happening on a seemingly daily basis. The last thing on your mind is probably life insurance, but giving it its due thought can turn out to be a smart financial move that will set you up for a far easier future. Taking out a life insurance policy in your 20s is a commitment, and this in itself can help you transition into a world of responsibilities. If you’re looking to start a family, buy your own house, or open your very own business, life insurance can be of tremendously great help. There are many other things to consider, which is exactly what we will be covering throughout this...
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Life insurance is an important part of any good financial planning. For those who have loved ones depending on them, the proceeds from a life insurance policy can provide the necessary funding for paying off debts, replacing ongoing income for living expenses, and paying costly estate taxes that may be due. It can also pay for final expenses, which today can oftentimes exceed $10,000. There are many reasons why people purchase life insurance – and, while all situations are different, typically the 5 most common reasons people need life insurance protection include: One of the biggest reasons people purchase life insurance is to replace income. Should an income earner pass away...
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The average man in the street assumes that Life Insurance and Life Assurance are names for the same form of insurance. How wrong they are! But don’t hang your head in shame, many financial commentators get it wrong too! Life Insurance and Life Assurance perform different financial roles and are poles apart in cost – so it helps to surf for the correct product. Life Insurance provides you with insurance cover for a specific period of time (known as the policy’s “term”). Then, if you were to die whilst the policy is in force, the insurance company pays out a tax-free sum. If you survive to the end of the term, the policy is finished and has no residual value...
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Consumers Will Soon Pay Higher Life Insurance Rates Wheeling, IL, April 01, 2020 --( PR.com )-- COVID-19 has interrupted every part of life globally, and life insurance is no exception. A pandemic of this magnitude will undoubtedly result in a heightened awareness of mortality. In the life insurance arena, this has translated into a surge in demand for coverage. For many consumers COVID-19 has been the motivation needed to obtain coverage for the first time; however, for those that currently own coverage, there’s been a race to ensure they have enough. While pre-COVID-19 life insurance pricing in most cases, is still available, the slip in the bond market has resulted in a sharp...
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