A Primer On Finding & Selecting Medical Insurance At one time, only a few such as the self employed really had to know much about selecting medical insurance because for many years, the majority of the working population was working in "employee" status and Medical Insurance was a company benefit, and ... How To Change Auto Insurance Companies There are many reasons why you may choose to change your auto insurance coverage to another company. Perhaps you've found another company that offers you the same amount of coverage for considerably less money. You might have changed jobs and are eligible ... Insurance versus assurance: what is the difference? The world of finance is extremely complicated and there are many factors to consider when choosing any financial protection product. When looking for a policy you need to know what you are looking for and what is on offer in order that you get the right ...
Life Insurance - Who Should Have Life Insurance And What Kind Of Policy?
Life insurance doesn't benefit the person that dies; it benefits those who are the beneficiaries. There are many types and many reasons to buy life insurance but you need to consider the needs of your family and how long they will need protection. Life insurance doesn't benefit the person that dies; it benefits those who are the beneficiaries. There are many types and many reasons to buy life insurance but you need to consider the needs of your family and how long they will need protection. Life Insurance For The Living The best life insurance policy is one that pays the biggest benefit. If there are young children you should have a term life insurance policy and if both parents work, there should be disability insurance as well. And anyone with dependents or liabilities, should move to protect themselves at the lowest possible cost. Do I Pay Forever? The reality is that the policy should benefit the surviving spouse after the children have left home if you do not have a lot of assets. Term Life Insurance The two most common types of life insurance are term life insurance and whole life insurance. Term life insurance offers coverage for a specific number of years with a set premium. If you choose a policy to age 100, you are buying a policy, similar to whole life but without the cost. The biggest drawback is that you can keep on paying and have no value if you decide to cancel. But that is what life insurance or any type of insurance is about; risk. You insure your car and house but you don't secretly hope to have an accident or your home burn down. And whenever you sell either, you cancel the policy but don't receive a refund of the premiums. And so it is with term life insurance. It is just that; insurance against an event that may happen prematurely. And if you decide to keep it, your purpose has changed from protection against death to the provision of the proceeds to your family and loved ones. Whole Life Insurance Term life insurance is up to five times cheaper than whole life and for that reason, provides up to five times greater coverage. This type of policy will provide a cash value at a later date, but remember that you have paid a fair amount more in premium. And this cost of term life insurance compared to other types, holds true until the older ages. Then both types must be compared to see which offers the greatest advantage. Both policies offer protection but a very different cost. When you are younger, the two best reasons to buy term life insurance are that it is cheaper and gives you greater coverage. When you are older, your needs have changed. If you have become wealthy, perhaps you need to continue with the coverage to pay income taxes. If not, perhaps you will need to keep the coverage so that your spouse can buy a life annuity to provide just that, an income for life. ABOUT THE AUTHOR Ivon T. Hughes of The Hughes Trustco Group is the author of the Life Insurance Handbook: How To Get The Best & Cheapest Life Insurance available FREE to all new subscribers at http://www.hughestrustco.com.
Insurance News
Aon fined over bribery allegations - In the News Insurance broker and consultants Aon has been fined a record £5.25 million for making suspected bribery payments. The Financial Services Authority (FSA) said Aon Limited made various suspicious payments, totalling around $7 million, to overseas ...
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Ideas on property insurance are appalling - St. Petersburg Times Story Tools I read with disdain the Jan. 8 story, "Citizens rates may jump . " I, for one, take exception to the tactics employed to violate and punish Florida homeowners who were dropped like hot potatoes by their private insurers. And I must add ...
Insurance cover may come to audit firm's aid - Business Standard Though it’s still early days to gauge the damage to the firm, Price Waterhouse has purchased a liability insurance cover from clutch of international insurers, whose details were not immediately available. Price Waterhouse’s spokesperson for ...
