When shopping for life insurance, the best strategy is to: Figure out how much you need, then comparison shop using the Web and other resources. Angelo, age 40, is comparing the premium for a $125,000 whole life insurance policy he may take now and the premium for the same policy taken out at age 45.... read more ›
- First, consider your debt. ...
- Next, consider the everyday expenses of your dependents. ...
- Speaking of children, don't forget about their future college costs. ...
- Then look at the future financial cushion you want to leave behind. ...
- Finally, don't underestimate the cost of end-of-life expenses.
After assessing your life insurance needs, determine how much it will cost you in terms of annual premiums. Before purchasing a life insurance policy, check if you can afford to pay premiums for the entire policy term. If your insurance need is larger, it wouldn't make sense to go for a savings-cum-protection plan.... continue reading ›
1. Less expensive. On average, life insurance rates are more affordable for term than whole life insurance because term policies offer coverage for a predetermined time. If you outlive the term and the policy expires, your beneficiaries don't receive the death benefit, so it's less of a risk to the insurer.... read more ›
- Decide how long you need coverage. ...
- Calculate how much life insurance you need. ...
- Think about other objectives. ...
- Name a beneficiary. ...
- Talk with a trusted advisor.
- Verify whether you need life insurance coverage.
- Calculate how much life insurance coverage you need.
- Decide on your financial goals for your life insurance.
- Determine what type of life insurance best meets your financial needs.
- Find out if you need to add any "riders" to the policy.
- Research Insurers and Get Quotes.
- Compare and Select an Insurer.
- Get Underwritten.
- Choose your beneficiaries.
- Start Paying Premiums and Get Your Contract.
We look at four methods—human life value, income replacement value, expense replacement method and underwriter's thumb rule—that can help you calculate how much life cover you need. This method considers the economic value or human life value (HLV) of a person to the family.... continue reading ›
The Life Insurance Corporation accepts the proposal of the insurer on the commitment made by the agent and after taking into consideration the doctor's medical report. The factors which play a dominating role is the mode of premium, type of policy, the age of the applicant, his health, occupation and habits.... continue reading ›
The income method, basing life insurance needs on multiples of current income, is the easiest and most accurate method of determining how much life insurance a person should buy. The more savings a household has accumulated, the less life insurance they will need.... view details ›
Provides low cost insurance protection for a specific period (or term) and pays a benefit only if the insured dies during that period.... read more ›
Is whole life better than term life insurance? Whole life provides many benefits compared to a term life policy: it is permanent, it has a cash value investment component, and it provides more ways to protect your family's finances over the long term.... continue reading ›
Generally, it's a good idea to buy enough insurance to pay off the mortgage and other debts, fund college education for the kids and replace income for enough years to provide security for the family. Industry experts recommend buying enough coverage to replace seven years of your income.... see details ›
The average cost of life insurance is $26 a month. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. But life insurance rates can vary dramatically among applicants, insurers and policy types.... continue reading ›
Not everyone needs life insurance, but if your children, partner or other relatives depend on you financially, including parental responsibilities, taking out life insurance could be worth it to help provide for your family in the event of your death.... view details ›
At age 50 or older, term life will generally be the most affordable option for getting the death benefit needed to help ensure your family is provided for. 2. Coverage for final expenses. These policies are designed specifically to cover funeral and death-related costs, but nothing more.... view details ›