Special Insurance Considerations for Dependents

Special Insurance Considerations for Dependents

Children and spouses are just one group of dependents that may require cash proceeds from a life insurance policy. Age and direct ties to your family are a couple things to think about if the worst should happen to you.

Distant relatives, ex-in-laws, foster children, and child support for any illegitimate children may also require additional streams of cash, notes Edward Graves, author of “McGill’s Life Insurance.”

Read More

Naming a Charity as a Life Insurance Beneficiary

Naming a Charity as a Life Insurance Beneficiary

Donating to a charity can be a rewarding personal experience. Whether you choose to do this during life or by naming an organization as a beneficiary, it’s a win-win situation.

By either giving the policy to an organization or naming the organization as a beneficiary, you’ll ensure your favorite charity will receive the funds they need to help others. If you like to think outside the box, the death benefit proceeds given to your family can provide the financial flexibility to make donations to the charity of their choice.

Read More

Should I Get an Accidental Death Benefit Rider?

Should I Get an Accidental Death Benefit Rider?

Do you work in a job that involves a lot of health risk? Perhaps you do a great deal of heavy lifting, work on a construction site or in a coal mine, or find yourself frequently on the road.

If this sounds familiar, attaching an “accidental death benefit” (ADB) rider to your term life policy may be a worthwhile acquisition. According to New York Life, ADB riders provide additional benefits to your family if you die as a result of physical injuries resulting from accidental circumstances while on the job.

Read More

Term Life Insurance Coverage Is Temporary

Term Life Insurance Coverage Is Temporary

As with everything in life, there are two sides to every story.

Edward E. Graves, author of “McGill’s Life Insurance” says that while some argue that term life insurance is great for those who need temporary coverage or have a lack of funds to buy permanent insurance, others are quick to point out its faults.

One of its great strengths in being temporary can also be its weakness.

Read More