As a non-U.S. resident, getting life insurance in the United States isn’t impossible, but it is much more difficult and your options for coverage will be limited. One of the main reasons for this is it poses higher risks to life insurance carriers, especially if you’ve come from one of a few specific countries. The majority of non-U.S. residents will be able to find quality life insurance from the United States, but only as long as they meet certain requirements. Below is all the information you need if you’re shopping for life insurance as a non-U.S. resident or foreign national. Who Is Considered a Non-U.S. Resident? The best place to start in your search for life...
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College students are graduating deeper in debt than ever, as tuition and fees keep escalating while family incomes stagnate. The average student debt jumped to nearly $30,000 for the Class of 2012, compared to $26,000 in 2011, according to the Project on Student Debt at The Institute for College Access and Success. Average student loans… Read more » Just because you have a pre-existing medical condition doesn’t mean you can’t afford life insurance. A nationwide survey by Genworth Financial concluded that many Americans fail to buy life coverage because they have a chronic illness that they believe will make insurance unaffordable. The study of 24,000 adults found that between...
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Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, they buy coverage for a specific period of time and pay a specific price for that coverage. If the policyholder dies during that time, their beneficiaries receive the benefit from the policy. If they outlive the term of the policy, it is no longer in effect. The person would have to reapply to receive any further benefit. Unlike permanent insurance, term insurance only pays. It does not accumulate a cash value. That’s one of the reasons term insurance tends to be...
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Insuring Your Business With a Buy/Sell Agreement Life insurance is designed to help protect a household from the financial hardships that may follow the untimely death of a primary wage earner. But how will a death affect a small business? One way of safeguarding a business is to create a buy-sell agreement. A buy-sell agreement is a contract between different entities within a corporation to buy out the interests of a deceased or disabled member. A buy-sell agreement also can protect the business from loss of revenue and cover the expense of finding and training a replacement. Types of Buy-Sell Agreements There are two main types of buy-sell agreements commonly used by businesses: Cross-...
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Top Tips for Talking to Your Adult Children About Insurance Just because your millennial child is living on their own or perhaps even raising children of their own, that doesn’t mean important parent-child conversations should stop. And this also includes the important protection conversation. Use the following tips to get the conversation rolling. Life Insurance The benefits of your millennial child getting life insurance include: Both term and whole life insurance offer death benefit protection for dependents and financial obligations Rates are based on age and health history, so for many, the younger you are, the cheaper your rates will be Whole life insurance offers many living...
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Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, they buy coverage for a specific period of time and pay a specific price for that coverage. If the policyholder dies during that time, their beneficiaries receive the benefit from the policy. If they outlive the term of the policy, it is no longer in effect. The person would have to reapply to receive any further benefit. Unlike permanent insurance, term insurance only pays. It does not accumulate a cash value. That’s one of the reasons term insurance tends to be...
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Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, they buy coverage for a specific period of time and pay a specific price for that coverage. If the policyholder dies during that time, their beneficiaries receive the benefit from the policy. If they outlive the term of the policy, it is no longer in effect. The person would have to reapply to receive any further benefit. Unlike permanent insurance, term insurance only pays. It does not accumulate a cash value. That’s one of the reasons term insurance tends to be...
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(This April 17 story corrects to fix name of company in second paragraph to make it Protective Life Insurance Co instead of Protective Insurance Co.) (Reuters) - Some U.S. life insurers are deciding not to gamble on older Americans during the coronavirus crisis by temporarily suspending applications from certain age groups or imposing tougher requirements. Prudential Financial Inc PRU.N, Lincoln National Corp LNC.N and Protective Life Insurance Co are among the insurers that have made changes. Prudential and Protective are temporarily halting applications from individuals aged 80 or older, while Lincoln has postponed approving policies for that age group and others, the companies said....
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Life insurance can be a difficult item on the financial to-do list. “Buying something for when you die is not appealing, but you still need to take the time to research it,” says Zhaneta Gechev, a 15-year life insurance agent and owner of OneStopLifeInsurance.com. “The biggest mistake I see when people shop for life insurance is to rush through it.” Take time to find the right life insurance policy and company for you. Doing so can help ensure your loved ones’ financial security and well-being in the long run. Here we’ll give you the tools you need to research life insurance and find a policy that fits both your coverage needs and your budget. How to Buy Life Insurance in 6 Steps 1. Decide...
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Although this information appears in another spot on the Sagicor website, it is an appropriate second entry to the blog and a good follow up to the first entry. Following are the top three reasons that you may want to consider buying life insurance today. Reason #1 – The cost of life insurance is based on your life expectancy. A 40 year old will pay more than a 20 year old, but less than a 60 year old, for the same policy with the same amount of coverage. You will never be younger than you are today. Each year that you wait to purchase life insurance will cost you more. Over time, this cost can be significant. Getting life insurance today makes financial sense. Reason #2 – The cost of life...
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