Whole life insurance is a type of permanent insurance policy. It is called that because, as long as you pay your insurance premiums, the policy is yours for life. This provides your loved ones with security upon your death.When you purchase a whole life policy, you decide what amount you want the policy to be. It is usually in increments of $1000 and should be an amount that will cover your burial needs, cover the debts that you have and include...more
It's a problem that's more common than you'd think. A relative or loved one dies, and you can't find the life insurance policy. To make matter worse, you don't remember the company the policy was through. Luckily, if you find yourself in this situation, there are a few things you can do.The first thing you should do is look for evidence of payment to the insurance company. If your loved one paid their life insurance premiums with checks, there be...more
Determining the amount of life insurance one should purchase is relatively simple, yet many people are either over-insured or under-insured.Life assurance was created to help dependents after the death of a loved one. If you do not have any dependents, you only need enough insurance to cover the average cost of a funeral and burial. Any expenses you have accumulated before death will be taken out of your estate. If your estate does not yield enough money to pay off your expenses, the expenses will be written off by the lenders. Your family will not be personally held responsible for any unpaid bills or expenses accumulated before death unless they are a co-signer on a loan or mortgage.If you do have dependents, it is necessary to calculate how much money would be needed for your dependents to continue living comfortably in the event of your death. Expenses that should be considered when deciding on insurance coverage for your life:1. Mortgage: Buy enough insurance to pay off your mortgage. This will be a great relief to family in the event of your passing, especially if you are the breadwinner.2. College Tuition: If you have children already attending college, make sure you buy...more
Life insurance is usually considered a low priority subject for many people. The fact is life insurance, whether it is term or whole life, really does require your understanding to use it properly. Take a moment to see how insurance can be a useful financial product for you and your family.We will look at the two most common types of life cover,...more
When a person applies for life insurance, the insurance company may ask them to take an exam before they will accept or reject their application. However, all insurance companies will not require a physical exam.Insurance Policy TypesWhether or not an applicant will need an exam, may depend on the type of insurance policy they are willing to pay...more
How Long Term Care Insurance Partnership Works? Many middle-income Americans are torn into pieces when the need for long term care occurs. Everybody knows that long term care falls heavily during ages 50 to 60, and the prices for these facilities can ruin one's finances. Another caveat is the scant support from government to help middle and low income earners from continuing their care either in a nursing home or in a community. Although Medicaid was established to solve the problem on LTC, many middle-income people are disheartened from applying for Medicaid because of the latter's onerous qualification standards. Medicaid favours low-income people, while middle-income people endure the daunting long term care costs or, otherwise, dissipate their assets in exchange for Medicaid coverage. The inception of Deficit Reduction Act of 2005 created a plausible program called the Long Term Care Insurance Partnership. The primary goal of the program is to create collaboration between the state government and private insurance companies to encourage the sale of long term care insurance, while at the same time reduce the weight on Medicaid in paying the country's most expensive...more
Things to Ponder in Buying Long Term Care Insurance Long term care insurance provides significant protection when the extent of disability or mere frailty curbs a person's ability of performing daily activities. There are number of pros and...more
The Benefit Period in Long Term Care Insurance The benefit period plays a significant role in determining the price of long term care insurance premiums. By having precise plan and sufficient knowledge on the benefit period, you can maximise...more
Long Term Care Insurance Keeps Up With Inflation Just like any goods and services, the price of long term care also increases due to inflation. And when this happens, the burden is saddled by many American adults who desperately need long term...more
Choosing Long Term Care Insurance Policy and Company Long term care insuranceseems complicated and risky if you lack understanding on how it works and how it can affect you. You should be careful in deciding which long term care insurance...more
Long Term Care Insurance: What To Know The moment adults are inflicted with debilitating sickness and/or disability signals the need for long term care services to prolong their lives. However, these services are very expensive that an...more
The Underwriting Process in Long Term Care Insurance Underwriting in long term care insurance is important for the companies to assess whether or not the applicant deserves to receive coverage. This is a two-way relationship between the...more