Why have life insurance

Why Should I Get Life Insurance? RATESDOTCA

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?, Millennial Money

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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The 5 Most Common Reasons People Need Life Insurance - South Carolina Life Health

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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Life Insurance and Life Assurance are not the same!insure for man

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, Benzinga

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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Ask Clark: Should I Buy Life Insurance Right Now? - Clark Howard

With the news of an increasing death toll from the coronavirus pandemic, you might be thinking about buying life insurance. Money expert Clark Howard says that’s a good idea, but he says that it only makes sense to get quotes for one particular kind of life insurance policy at this time. This Is the Only Kind of Life Insurance Policy You Should Shop For Clark is a big fan of term life insurance because of the simplicity of the product. You buy coverage for a term — typically 10, 15, 20 or 30 years — and it only pays a death benefit if you pass away while the policy is active. There’s no complicated investment component like there is with whole life insurance. Furthermore, the...

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Why Should I Have a Life Insurance Policy?

Life insurance is one investment that no one looks forward to cashing in, but it’s something that most Massachusetts residents should have. If you don’t currently have a life policy, here are several reasons why you might want to get one. What Are the Reasons to Have a Massachusetts Life Insurance Policy? Provide for Your Family Members If you’re a major income provider for your family, life insurance gives you a way to make sure your spouse and/or children will be financially cared for should you pass away in a covered incident. For many families, losing an income-earning parent would be devastating and result in a major financial crisis. Having coverage won’t minimize the pain of losing...

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7 Reasons People Don't Have Life Insurance

7 Reasons People Don''t Have Life Insurance 28 March 2017 There are many reasons people may believe they do not require life insurance. Maybe they consider themselves to be too young or too healthy, or it could be a case of simply not getting around to it yet. Here we take a look at some of those reasons and provide some insight those people may want to consider... 1. I'm Too Young Life insurance is sometimes considered to be something needed for those in the twilight of their lives. If you are young you may not have considered that the worst could happen. It may however be a savvy move to consider life insurance while you have youth and health on your side, to find a suitable policy with...

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Three situations where you need life insurance and three reasons you don’t, Newshub

Not everyone needs life insurance. But lots of people would benefit from having it. How do you tell when you should have it and when you don’t need it? Having life cover means paying for something you may never need, so why have it at all? Newshub spoke to Pinnacle Life Marketing Manager Kerry Vaughan, who simplifies what can be a daunting topic. "Generally it’s a good idea to have life insurance if you have financial obligations that mean your loved ones would suffer if you weren’t around to pay for things like rent, mortgage, groceries, or your kids’ education." There are three key situations when you definitely should have life insurance. 1. You have dependants Dependents are people...

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IndiaFirst Life Insurance looks to double credit life business in FY20 -

Private life insurer IndiaFirst Life Insurance is looking to double its credit life business in FY20. In an interaction with Moneycontrol, Rushabh Gandhi, deputy chief executive officer, IndiaFirst Life Insurance said that they have already written Rs 145 crore worth of business in the April to October 2019 period. That is more than the credit life business for the whole of FY19. The insurer had written Rs 140 crore of credit life business in FY19. Credit life insurance refers to a policy that is taken as a cover against loans taken by an individual. The insurer pays the outstanding loan in case of the death of a borrower. Gandhi said that unlike other insurers who only offer this product...

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