A Personal finance blog for saving money and earning more and thus having a better life
Preparing for the end of one’s life is not something that many people look forward to, but it is an essential and responsible action to take.
When you pass away, you may be leaving financial dependents behind, a pile of debt for your loved ones to contend with, a spouse dependent on your contributions for their retirement plans, funeral expenses, and much more. Life insurance isn’t required for everyone, but there are significant reasons why most people may benefit from coverage.
Recently, while on my way home from work, I heard on NPR radio that one insurer was offering up to a 15% discount on life insurance if you were to wear a Fitbit and let them track your daily exercise routine. The more you exercise, run, walk, the more of a discount you’ll earn.
Yet according to the same NPR report, the new generation of potential policyholders are not biting. Life insurance ownership is at the same level it was in the 1970s. And that’s despite the population growing by 20% since then.
While all life insurance policies serve the same general purpose – providing funds to your family in case of your death – not all types of coverage are equally ideal for you and your family’s long-term financial future.
Like the IRS, life insurance companies can make it difficult to understand all the fine print, terms and conditions. Sales representatives, agents, brokers and financial planners can also make things worse by marketing certain policies because of the huge commissions they earn after each sale.
Unless you’re with your employer’s group life insurance plan, you need to undergo a medical test when you apply for a traditional life insurance. Now, amоng thе fаѕtеѕt grоwіng financial рrоduсtѕ, уоu’vе рrоbаblу hеаrd ԛuіtе a deal about No Mеdісаl Lіfе Insurance, оr lіfе іnѕurаnсе wіth “nо medical exam”.
It’s оn TVs, рrіnt ads, аnd all оvеr the іntеrnеt (іnсludіng hеrе), but what’s thе real story? Iѕ no medical exam life insurance rеаllу аѕ easy and simple as іt сlаіmѕ to be? And is іt a worthwhile insurance рlаn, оr іѕ іt аn еxреnѕіvе trар?
Have you ever thought about having a life insurance policy as an investment vehicle? I am talking about whole-life insurance policy, not the term insurance. A life insurance policy may be a good investment from diversification perspective. Let’s find out how a life insurance policy can be an important factor in securing your financial future and that of your family.
I don’t have a whole or a term life insurance. I have employer-provided group life insurance. I am insured for 8 times my gross income per year. I pay $12 per pay check (bi-weekly) as insurance premium, that hardly dents in to our financial health. I know if I stay alive, this money is simply draining out. To provide to your family you go out dining and watch movies, you go on vacation. I consider this insurance premium as another expense towards family’s well-being.
Apologies for long absence of posts on my blog. I had to go to India to take care of my father, he had hospitalized with critical condition. Now he’s doing good and I am back in states. This is a guest post from Ruby, she talks about benefits of having an insurance coverage and steps to take to get a million dollar coverage.
Insurance cover is the amount of liability or risk that insurance services cover for an entity or individual. An insurer issues it in the event of unwanted or unforeseen occurrences. There are various types of insurance covers like life, auto, and other exotic forms like whole-in-one insurance cover.
Like it or not, death is inevitable, with life insurance there is a protection against the loss of income that would result in case the person who is insured passed away. In this article I am not going to advice you about a mathematical formula to derive at your need. I’d only let you think about your need so that you can come up with the figure yourself. I’ll just outline the requirements for your calculation.
In basic financial planning, life insurance is of great importance. Figuring out exactly how much life insurance you need can be a daunting task, but it is one task that you need to tackle especially if you have dependents looking up to you. One of the basics your should look at while deciding upon your life insurance is to consider the standard of living that you want your beneficiaries to maintain in addition to your financial situation.
I know I wrote about reducing insurance cost earlier, ways to reduce insurance premium. One of the tips was to shop around and get quotes from as many places you can find. Well, have you ever thought why different insurance providers charges different premium to put a price tag on your life? For me I didn’t have to comparison shop for life insurance, my employer has a group life plan covered through our health insurance provider. In case you want to know how premiums differ for the same life, here’s a guest post from a life insurance agent, Frank Mitchel. Enjoy the post!
Life insurance, like anything else available on the market, is a commodity. Any competent businessman will tell you that with a product available on the market, there’s always leeway to negotiate the price. While this may be true for 99% of the products out there, it doesn’t really work for insurance though. Companies are very strict in their pricing structure and won’t give any quarter to your cheeky little bid for a bargain.
