Life insurance is a contract between you and an insurance company. You pay premiums to keep the policy active, and in return, the company pays a sum of money, known as thelife insurance death benefit, to your b
Your insurance company or a creditor may have different record-keeping requirements than the IRS. How long should I keep financial and legal documents? Some things you’ll need to hold on to for your whole life and others for just a few months. In addition to tax returns, forever ...
Whole life insurance is a popular type of permanent life insurance, meaning your coverage will be active your entire life as long as you continue to pay the premiums. It comes with a separate cash value — a tax-deferred savings component — in addition to the standard death benefit. Unive...
Term Life Insurance How does term life insurance work?Term life insuranceprovides coverage for a certain number of years, typically between 10 and 30. With term life insurance, you decide how long you anticipate needing the coverage — for example, until the mortgage is paid off, until the ki...
Keep in mind that life insurance by itself doesn’t cover every situation. For example, a standard life insurance policy won’t pay out if you develop a chronic illness nor will it cover long-term nursing care costs. Still, you can purchase chronic illness riders orlong-term care insurance...
Life insurance premiums pay for your life insurance policy on a periodic basis (usually monthly or annually). Premiums keep your policy active; if you skip payments, your insurance company may cancel your policy. Term policies have lower premiums, as they do not accumulate value beyond the po...
Think about your life insurance needs.Everyone’s family, financial situation and needs are different. So before pursuing a policy, reflect on your life. For example, are you the sole income provider for your family? If so, your family would have no income if something happened to you. Do...
While taking out a life insurance policy on oneself is a common practice, some people may wonder if it is possible to take a life insurance policy out on someone else. Whether it’s a family member, a business partner, or someone with whom you have a financial interest, the idea of ...
If you don't plan to work that long, you will likely need to save more than 15% a year. If you plan to work longer, all things being equal, your required saving rate could be lower. Other steps to take The road to retirement is a journey, and there are steps you can take along...
A new accident on your driving record will typically cause the cost of your car insurance to go up when your insurance company renews the policy. But the change isn’t permanent. While your insurer will likely add an extra charge to your policy as long as your accident remains on your DMV...