Friday, 26 February 2016
Wednesday, 24 February 2016
Buying Life Insurance as a Senior
Some common reasons seniors may want to purchase life insurance:
• Income Replacement – If you and your spouse are still working, life insurance can protect your spouse’s standard of living by replacing your income if you were to die. If your spouse is relying on your pension or social security, life insurance will help cover those benefits.
• Final Expenses – A funeral is not cheap. A life insurance death benefit can help your loved ones afford to honor your life with a proper funeral and burial service. If your estate is of high worth, estate taxes, both federal and state, would be an unpleasant surprise for your family. The death benefit can be used to pay these as well.
• Medical Expenses – Not everyone will have the fortunate circumstance of dying peacefully in their sleep of old age. Sometimes medical conditions develop and expenses (prescriptions, hospital bills, etc.) start to accumulate towards the end of one’s life. Life insurance can help your surviving loved ones pay those expenses instead of trying to pay out-of-pocket.
• Grandchildren – Maybe your loved ones will end up not needing to cover expenses. Instead the death benefit can be used as an inheritance. As a separate matter, many grandparents in today’s world are deeply invested (both emotionally and financially) in the raising of their grandchildren. In 2014, 2.7 million grandparents were actually the primary caregiver of their grandchildren. Life insurance for these specific grandparents is a must to ensure their grandchildren continue happy and healthy lives.
• Charitable Gift – A life insurance death benefit can also be given to an organization you care about. If there is a charity you are greatly involved with, you can continue to give to them even after your death.
Term life insurance is going to be the most affordable type of life insurance to purchase as a senior. As people age, the less life insurance they need, so a 10-year term life insurance plan may be enough for you. You also probably won’t need millions or even up to $500,000 in coverage since your children are likely grown and independent. A healthy 65-year-old can obtain $200,000 worth of life insurance for a 10-year term for under $100 per month.
If you’re still working, be sure to participate in the group life insurance plan your employer offers as well. You can always apply for an individual life insurance plan to supplement the group insurance plan (and that’s a good idea!)
It’s important to note that all life insurance companies price age groups differently. A 10-year, $200,000 term policy at one life insurance carrier may cost you $98 per month while another may cost $150. Quotacy works with multiple life insurance companies so we have the ability to shop your application all over to get you a great product at an affordable price.
Underwriting is the most important step in the application process. It is during this time that the insurance company determines how much of a risk an applicant is to insure. Quotacy has an in-house expert underwriter who has worked in many carrier home offices and knows the ins and outs of the complex underwriting world.
Whether you’re 25 or 65, we can help you get life insurance. Start the process by running term life insurance quotes on our website. You can contact our friendly agents for additional help and questions as well. We won’t push more life insurance on you than you need. Still not sure? We think Quotacy is great, but don’t take our word for it. Check out our customer reviews – we aim for excellent, personalized service and honest advice.
Monday, 15 February 2016
Friday, 12 February 2016
Why should you avail life insurance
Why would you pay
insurance premiums , when the same money can be used elsewhere?
Here are some simple reasons you should to avail life
insurance:
Help your family meet
their goals
Important things that your family saved for, like a new home
or good education for the children, will not be out of reach in your absence.
Your family will still be able to meet its needs and wants, without worrying
about whether or not they can afford it.
Income Protection
It would be unfair for your family to have to combat both
emotional and financial loss at the same time. Life insurance can reduce the
negative impact of loss by contributing towards replacing your financial
contributions to your family.
Stick to your
lifestyle
Life insurance is a financial support that allows your
family to maintain the lifestyle you chose for them. Your family need not
undergo drastic alterations after losing you.
No worries about
loans
With you gone, your spouse might find it difficult to repay
loans and other financial obligations that you made together. However, an
adequate life insurance cover (sum assured)might mean that there will be no
need to worryabout outstanding loans or debts.
Saves tax
Life Insurance offers tax savings also. Premiums paid
towards life insurance plans are currently deductible
under section 80C, while contributions made towards your pension plan are
currently deductible under section 80CCC. The maturity and claim proceeds are
also tax-free. However, there are certain annual limits to these deductions.
Further, the benefits can vary as per the provisions of the Income Tax Act.
Consult your tax advisor for guidance.
Thursday, 11 February 2016
Sunday, 7 February 2016
The Term Life Insurance Policy
There are many
things which you have to consider before buying a life insurance policy. One of
these aspects is a persistent doubt about the significance and need of the life
insurance policy. Basically a life insurance policy is relevant to all those persons
who have any concerns about their finical future of their family in case of
their death. The apart from the pure protectinoal needs, some life insurance
policies like variable and whole life insurance policies offer the opportunity
for reaping dividends and ax free payments and they also have built in cash
values. These polices are also utilized as the liquid cash in order to cater to
the different needs of the policy holders. There are various types of life
insurance policies which can be customized to suit to the different needs of
different individuals. A suitable life insurance policy can be chosen after
discussion with advisors and financial experts. The selection of a life
insurance policy depends on the number of people who depends on it and kind of
insurance needs.
Term life insurance and whole life insurance are two basic types of life insurance polices. There are different variations produced in these polices with the passage of time due to the changing demands of the people. The term life insurance policy is also known as temporary life insurance policy. The term life insurance policy is a purely protection oriented policy which provides death benefits only if the person dies within the period of life insurance policy.Mostly the term life insurance policy is adopted those persons who needs short term insurance like a car loan, house loan, a young individual with some dependants etc. People choose a term life insurance policy because it is less expensive as compared with the whole life insurance policy. In term life insurance policy the premiums are very low initially but these premiums may increase with the increase in the age of the insured person and at that time the premiums became more than that of whole life insurance policy.
The term life insurance policy is divided into two types i.e., Level term which is also known as decreasing premium policy and renewable term which is also known as increasing premium polices. Both these types of term insurance policies suit different kind of people. People choose the policy which suits their budget and needs. Variable, universal and variable universal are different variations of the whole life insurance policies. The universal life insurance policy provides the flexibility to the insured person to choose the kind of death benefits, premium payment ant the coverage amount. On the other hand the variable life insurance policy allows the policy holder to invest his\her cash value in direct investment in order to get a greater potential return. The universal variable life insurance policy is the blend of both universal and variable life insurance polices. Which means a universal variable life insurance provides the flexibility factor to the persons along with the investment option of the variable life insurance policy.
Term life insurance and whole life insurance are two basic types of life insurance polices. There are different variations produced in these polices with the passage of time due to the changing demands of the people. The term life insurance policy is also known as temporary life insurance policy. The term life insurance policy is a purely protection oriented policy which provides death benefits only if the person dies within the period of life insurance policy.Mostly the term life insurance policy is adopted those persons who needs short term insurance like a car loan, house loan, a young individual with some dependants etc. People choose a term life insurance policy because it is less expensive as compared with the whole life insurance policy. In term life insurance policy the premiums are very low initially but these premiums may increase with the increase in the age of the insured person and at that time the premiums became more than that of whole life insurance policy.
The term life insurance policy is divided into two types i.e., Level term which is also known as decreasing premium policy and renewable term which is also known as increasing premium polices. Both these types of term insurance policies suit different kind of people. People choose the policy which suits their budget and needs. Variable, universal and variable universal are different variations of the whole life insurance policies. The universal life insurance policy provides the flexibility to the insured person to choose the kind of death benefits, premium payment ant the coverage amount. On the other hand the variable life insurance policy allows the policy holder to invest his\her cash value in direct investment in order to get a greater potential return. The universal variable life insurance policy is the blend of both universal and variable life insurance polices. Which means a universal variable life insurance provides the flexibility factor to the persons along with the investment option of the variable life insurance policy.
Source:
http://www.artipot.com/articles/1194222/the-term-life-insurance-policy.htm
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