Whole life insurance is a blanket term covering several different policy subcategories. These subcategories all share enough characteristics to make them quite similar, but they also have substantial differences. Understanding this specific type of policy can help determine what type of plan to purchase, as well as give an insight into a potential investment for future use, or the future of loved ones. Defining Whole Life InsuranceMost people who...more
With life insurance rates as diverse as they are, determining the perfect amount of coverage is more difficult than ever. In this economic climate, some families are targeting life insurance rates as a way to bring down overall costs. Yet, many experts are warning against such large-scale budget cuts because the risks to families have not changed. If anything, investing more in your policy is warranted because of the greater financial risk to...more
Life InsuranceMan is a social animal and is emotional too; one needs to take care of his family who is a constant source of support and inspiration. Life insurance is a way of securing their future for any unfortunate eventuality which may take you far from them.Theoretically, life insurance is a system whereby your family and dependents get financial security by getting a lump sump amount after the death of the policy owner. The person who is entitled to such an amount is called the nominee. One can have single or multiple nominees depending upon policy requirements. In lieu of this arrangement, the owner has to pay a monthly installment of a prescribed amount, called premium.Premium amount of an insurance policy can vary from the type of plan and also the company you have chosen to parent with, not to mention the changing business environment. As insurance company is an entity established to earn profit, it has to take into consideration various factors before entering into a life insurance contract. These factors may range from your financial health, premium paying capacity, medical history etc. There are many types of insurance policies catering to varied business interests of...more
Term life insurance can be a type of insurance which will supply protection for a restricted amount of time at a fixed rate. When the insured person dies during the coverage period than the benefit is compensated for that beneficiary which is named about the policy. Term life insurance is normally the least expensive to purchase a death benefit and...more
Life insurance exists as a means to protect one's family if the unthinkable happens and you are no longer with them. The purchase of a policy ensures that your loved ones will have financial security even if the one who is responsible for the primary income is lost. Thus, in theory at least, potential income will be replaced.Another purpose that a...more
Accidents occur when we least expect them, forcing us to carry out certain measures to alleviate the extent of loss. Having accident insurance makes the transitional period after the accident rather smooth, but not so perfectly enough. Claiming money from your insurer can later turn out to be cumbersome, thereby prompting you to rethink on things that impact on how long accident insurance claims take.The moments just after an accident are perhaps the most important because they actually form the basis of your claim. Take as much evidence from the site as possible, be it the phone numbers of eye witnesses, the insurance details and car registration numbers of guilty third parties, and even the pictures of your car and accompanying injuries.The reason for this is pretty clear; it makes it easier to persuade your insurer that the accident did in fact happen. On occasion policy owners totally misrepresent facts so as to receive claims in times of great need, leaving the insurance companies with tonnes of fraudulent claims on their hands. You need to understand that insurance is not a service, but a business, with people just like you and me who are trying to make a living.File for your...more
Insurance is a funny thing. Its the one product you can only buy when you don't need it. And you can't buy it when you do. Well to put it more precisely is the service that the insurance pays for that you need not the insurance itself. Insurance is...more
In these trying economic times, there aren't many professions that aren't suffering. There are only a few industries that aren't being affected, and many upcoming high school graduates and anyone looking for a career path are beginning to consider...more
Unfortunately when we ware young we believe we are invincible. Nothing will hurt us and nothing will ever happen to us. But that of course is not true. The last thing on your mind is life insurance. You are invincible and death is not going to happen...more
One difficult thing to think about is our own death. Often death itself isn't the issue, it is the unknown of when, where, and how we will die. If those questions were answered, most people would prepare for it one way or another. Some would do all...more
Life insurance is something that everyone needs. Many people who purchase insurance under estimate what they truly need which leaves their family under insurance.A life insurance needs calculator is a great way to determine what your insurance needs...more
Set Your Goals and Live a Better Life By: Ade Adenekan About the Author Ade Adenekan is the Executive Director of Pan-African Reconciliation Centre in Nigeria and a leader in the third sector of the global economy. If this...more