My husband doesn’t want to get life insurance, he thinks it is a waste and a scam. But if something should happen to him, me and the kids would be SOL. How do I get insurance for us? How do I know the insurance co. will actually pay if something does happen? Are there ways to write the policy so to protect us better?
If I am the beneficiary of life insurance payment after someone dies, do I have to by law use that money to pay off the deceased debts? Or is this something that the bill collectors cannot touch at least legally? How would the creditors even know that there was a payout of life insurance? Anyway for them to know this? Can I get in trouble for not paying?
Just the other day I was wondering over the stories of my fathers’ first job, promotion and his retirement. With the basic salary of Rs300/- in the year 1970, he was a happy young boy. Subsequently he got promoted, with a increase in his salary to Rs 1000/-. He retired with a salary of Rs25, 000/-, three kids and wife. He retired peacefully, meeting all his obligations, with his PF and NSS schemes. But, time has changed. Insecurity and uncertainly has crept in like a serpent in the house. With this we need more assurance – of a peaceful and secured lifes.
With the bubble of insurance booming all around, things are much better. Investing in a life insurance plan, be it a term plan or a long term plan, gives assurance of a secured life. A life where one can lead a peaceful life, meeting the small and necessary needs. Insurance plans are the guarantee of a happy life – pre or post retirement.
Be it a short term insurance plan or a long term plan, the idea is to secure the future. By working on his pros and cons, budget for the present and future, one can ensure a life filled with happiness, away from unnecessary anxiety, by taking a life insurance policy.
One can project something like this – what is the best policy when he reaches the age of 30; which one to take when his child reaches the age of one; which policy to take when he reaches the age of 40…. (Taking Insurance Policy in the early years is best as the premium is low in younger years. It grows as with age.)
Taking Insurance Policy is generally decided by three factors – age, income and requirements. All the three reciprocate each other, as they are deciding factors of the premium one can pay, the kind of insurance policy one should take, the riders or add – ons one should go for and the number of years or term one should go for.
If you are the one who has not taken a life insurance policy yet and has a family to take care of, then you must go for an insurance policy as early as possible. Don’t delay much, for earlier the policy taken, less will be the premium and easy will be the responsibilities…
As we mentioned in previous articles, UL plans are unbundled, the various components of the plan such as insurance charges and earned interest can each be isolated and quantified. Consequently, they are much easier to understand and explain than traditional bundle permanent life insurance products. In this article, we will discuss the benefits and riders in the universal life policy.
Many of the riders and benefits available for traditional whole life and term plans are also available on UL plans. Quite often the costs for these riders and benefits are paid from the accumulating fund of the UL plan.
1. Term riders
Term riders are additional inexpensive term insurances added by policy holder to the UL policy. They are inexpensive insurances protection for anyone insured by a UL plan. They can also provide the insured lives with additional investment room within a UL plan for exempt testing purposes at a reasonable cost.
2. Child term riders
Child term riders are an efficient, low-cost way of providing small amounts of life coverage on children, within the UL plan. Many child term riders provide conversion privileges that enable the child to purchase larger amounts of permanent coverage when they reach a certain age with or without insurability.
3. Waiver of premium
Should the plan owner become disabled, the waiver of premium rider pays a specified amount into the plan to cover the cost of insurance.
4. Accidental death benefit
The accidental death benefit pays an additional amount of insurance to the beneficiary, if the insured dies as a result of an accident or dismembered in an accident.
5.Critical illness
The critical illness rider pays a benefit to the insured who are stricken by a critical illness. The rider outlines the illnesses that are covered.
6. Long term care rider
Long term care riders pays for institutional or home care costs for the insured due to illness or injury.
I hope this information will help. If you need more information, you can read the complete series of the above subject at my home page:
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
http://life-insurance12.blogspot.com
http://life-insurance16.blogspot.com
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Hi;
I am an independent insurance agent in SC. I have a heavy client [6' 3", 400]. He falls outside the “build tables” of the life insurers I currently work with. He wants term.
Does anyone have any direct experience with a life insurer that will accept a client with this build?
Can anyone direct to me resources that might lead me to a life insurer that will accept a client with this build?
Thank you for taking a look at my question.