As you move forward in the financial planning process and weighthe options for life insurance, these reasons may influence your decision making process, especially in regards to how much insurance you may need. Income replacement, final expenses, estate liquidity, covering debt, and building cash value are some of the many reasons you may want to consider purchasing life insurance.
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When investing in life insurance, many individuals will immediately select family or friends as the policy’s beneficiaries. However, another option has been receiving attention lately — that of donating your life insurance to either a charity or a college. Individuals can either “name the charity as the policy’s beneficiary (and the charity receives the proceeds when the client dies) or they can transfer ownership of the policy to the charity while they’re alive.” While not all charitable organizations or colleges might be able to own such a policy, it is an interesting option to give charitably.
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When considering purchasing
life insurance, there are many aspects to weigh in regards to the type of plan you are seeking. Primarily, it is incredibly important to understand your options and be educated in regards to the varieties of policies available to you. Setting coverage priorities, purchasing your plan early, insuring both parents, and consulting an insurance agent are also other recommended steps to take in the process of looking at life insurance.
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When taking it upon yourself to consider valuable investments, one of the most important and worthwhile considerations may be that of
life insurance. Beyond just deciding whether or not you want life insurance, choices between permanent and term life insurance may seem daunting. While permanent insurance provides coverage for your entire lifetime, term insurance lasts for a specified period of time. Discussing your options with an insurance agent and doing research will help you to choose what is the best option for you.
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Often times individuals choose to purchase life insurance that will benefit their loved ones when they are no longer around. On average, people will expect life insurance to “cover expenses for at least 14 years after they die – but in reality, the money is usually enough to cover only three years of expenses.” This new information may affect how Americans look at life insurance coverage and financial planning for their families’ futures.
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A large number of millennials are delaying purchasing any type of life insurance until later in their lives. With this trend continuing, many insurers are feeling the pressure to expand into new markets and adjust how they are communicating with that generation of young people. Insurers are “investing at a much heavier pace” to appeal to the young millennials and prove benefits of life insurance.
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The global insurance market has seen rate increases in many high volume markets, including life insurance, which are driving premium growth internationally. According to Munich Re, an independent risk management and reinsurance company, 2014 will bring growth for premiums of 2.8% and can expect growth of 3.2% in 2015. Rapid industrialization and growth in emerging markets, as well as steady growth from industrialized countries, have contributed to growth in a variety of markets, especially life insurance.
Click here to read the full article by Claire Wilkinson for Insurance Information Institute.
Life insurance is incredibly important for the future of both individuals and families. As new parents begin to grow their families, it may be time to consider life insurance that will best benefit all family members and ensure a financial safety net in time of need. Five main tips may be key to helping new parents determine their options for life insurance to protect themselves and their loved ones in the event of future harm.
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Death is not something that most people want to dwell on. Facing mortality often leaves people feeling uncomfortable, and wanting to think about more pleasant things. The fact remains however, that eventually every person will die. The important thing to remember is that there are many people who have to deal with a person’s death once they have moved on. Death comes with a number of financial burdens that need to be considered. The cost of possible medical expenses, funerals, headstones and burial plots is enough to cripple some of individuals left behind to mourn financially. This is why it is important to have adequate life insurance policies. Continue reading Taking Care of Loved Ones With Affordable Life Insurance Policies
Choosing the right amount of life insurance can be a daunting task. People normally do not want to think of the situations in which life insurance may actually pay out. This causes people to sometimes ignore the issue altogether, or to at least put it in the back of their minds without giving it much thought. Since most of life is so uncertain, it may be tempting to think that the amount of life insurance to get is not really that important. However, the question of “How much life insurance should you have?” is a very important one indeed. Continue reading Things to Consider When Asking How Much Life Insurance Should You Have