endowment insurance- life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured tontine,tontine insurance- a form of life insurance whereby on the death or de...
Is your spouse working? If yes, you can plan the premium amount based on the ratio of contribution to the family’s income. How much will your children’s education cost? Do you have any loan to be paid-off? You are likely to consider the loan amount as your life insurance cover. Be...
be covered in the event of your death. Consider things such as mortgage, college tuition, credit cards, and other debts, not to mention funeral expenses. Also, income replacement is a major factor if your spouse or loved ones will need cash flow and are unable to provide it on their own...
Domestic partners have the same life insurance coverage options as married couples. It’s illegal to take out a life insurance policy on your spouse without their knowledge. Why should couples consider getting life insurance? Life insurance can protect the surviving spouse and any other members of...
1. Taking care of our family in the event something should happen to me or my spouse was the real basic tenet for our life insurance. We did scenario planning basically how much did we need for how long. We had to look at all the gruesome scenarios especially if you have kids. Term ...
Depending on the life insurance policy you purchase, the death benefit can cover many expenses. After a partner, spouse, or parent dies, their annual income also ends. A life insurance policy can help fill in the gaps to pay financial obligations such as rent ormortgagecosts, funeral and bur...
Additionally, a whole life policy could offer peace of mind If you have a loved one, such as a spouse or dependent child, who will require lifelong financial support. Build cash value: Whole life insurance has a cash value component that grows on a tax-deferred basis as the policy ages....
Joint life insurance (also known as “second-to-die” or “survivorship life”) often makes sense for couples that don’t have children. Joint life policies usually come in the form of permanent life insurance to provide a death benefit after both policyholders die. If only one spouse dies...
spouse or partner. It is an optional add-on to your own life insurance policy, allowing you to provide an added level of financial protection for your loved one. This type of insurance is designed to help relieve the financial strain that may occur if your spouse were to pass away ...
If you have a $500,000 death benefit on day one of a 20-year policy, you’ll have a $500,000 benefit during the 20th year as well. Families often seek more coverage when they’re younger. Although the income you’d need to replace (should you or your spouse pass away while the ...