Buying the wrong benefits for a low premium does not add up to savings There are ways to save money when buying life insurance, but they don’t always entail paying a lower premium immediately. As your top priority, look for a policy that meets your needs. Buying the wrong benefits for a low premium is a waste, not a saving. Beyond that, here are some ways to maximize your life insurance dollars. Before you buy…Read More
You can buy life insurance either as an “individual” or as part of a “group” plan. Individual Policy When you buy an individual policy, you choose the company, the plan, and the benefits and features that are right for you and your family. You might be able to buy the policy from the same agent or company representative who sells you property and liability insurance for your home, auto or business. And although you won’t…Read More
When you’re considering buying life insurance, it’s important to choose an agent or broker who can help you. Buying life insurance can be complicated or confusing. The key to buying the right amount and the right type of policy at a good rate is a good agent or broker. You should choose one who: Understands your financial situation, including your attitudes about risk, your income and estate tax “brackets,” and your other financial assets and…Read More
Roughly 1,000 life insurance companies sell life insurance in the U.S., but many are members of groups of companies and so aren’t really competitors with each other. Having separate companies enables a group to offer its products through separate distribution channels, to more efficiently meet the regulatory requirements of particular states, or to achieve other organizational goals. There are an estimated three hundred company groups. Moreover, not every group has a company licensed to operate…Read More
So as many Baby Boomer parents help their children and save for their own retirement, grandparents are saving and planning for their grandchildren’s college education with life insuranceRead More
Whether it’s the loss of a job, unexpected medical expenses, home repairs or just putting the kids through college, anyone in a financial bind has a variety of resources they can turn to—particularly if they already have a bit of equity to borrow against.
Options include borrowing from a life insurance policy or a 401(k) plan, tapping a home-equity loan, an ordinary refinancing or getting a reverse mortgage.
Of course no discussion of these issues would be complete without first mentioning the importance of financial planning to try and avoid this scenario. Each of these options comes with potential drawbacks to the point where some financial analysts argue for just avoiding them altogether.Read More
Life insurance is a financial security net that protects your family when you pass away. It provides monetary support, which can be used to pay for the funeral, help make ends meet, pay off debt or even help pay for future expenses like college tuition. Its tax-free payment that can be used for any purpose after an unexpected loss. Is term life or permanent life insurance right for you? One benefit that life insurance has over direct…Read More
If there is strong evidence of neglect and this type of conduct that caused the death of the insured, the company can deny to pay the beneficiary.Read More
The American Council of Life Insurers defines life insurance companies grouping individuals into pools in order to share the financial risks presented by dying prematurely, needling long term care or becoming disabled.Read More
You hired a divorce attorney, split your possessions amicably, remarried, and lived happily ever after for 30 years. Everything’s been taken care of, right? Wrong.
Did you remember to change the beneficiary on your life insurance policy? If not, there’s a good chance your life insurance proceeds might go to your previous spouse, leaving your current partner with nothing more than a pile of bills.Read More