Posts Tagged ‘grief’
Wednesday, November 11th, 2009
Nothing can be as unpredictable as life. In order to live comfortably in the world, each one of us ought to find a way to earn a living. People also have a family to support with their earnings. In the event of a sudden death of the bread winner of a family, a major financial crisis could hit that family. In such cases if the deceased person had a life insurance policy, it could do the family a whole lot of good as the life insurance company would pay them a lump sum.
Almost every day there are reports of untimely deaths for one reason or another and it could happen to anyone. One of the main concerns that people have about this, after the emotional trauma that would of course be suffered, is the sudden loss of financial income for the family.
In order for a breadwinner of a family to lead a life without worrying about what would happen to their family without them, there are companies that offer generous life insurance policies for anything up to 50 years, and so there will definitely be a life insurance policy out there that suits you.
As unbelievable as it sounds, there have been many cases where a family breadwinner has taken out a big insurance policy paying large premiums with a big payout to be made to the family upon the policy holders death, and then a few years down the line, the policy holder has been murdered by his own family! So although you may not believe it, people do try to scam life insurance providers over in this way, and so lots of investigating must be done to decide whether or not any claim is genuine.
The death of the policy holder therefore calls for scrutiny and it is only when the insurance company is satisfied with the facts, that the money is paid. Go ahead and insure yourself as it could do you and your family a whole lot of good.
For more informationabout financial advice please visit our website – life insurance quotes
categories: insurance,grief,investment,death,family,finance,law,contract,legal,life,advice,society,protection,misc
Tags: advice, affordable life insurance, contract, death, family, finance, grief, insurance, investment, law, legal, life, misc, protection, society
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Wednesday, September 9th, 2009
We have no need for life insurance when we are young as we have nobody depending on our financial well being to survive and nobody who will suffer financially if we should tragically die. However as we get older, get married and build a family, we acquire dependants (people who depend on us financially) and so it is probable that you will want to protect them in the event of your death.
It makes sense to insure the main breadwinner of your family because in the event that you lose them, and then in turn, their income, it will not put financial pressure on the other family members in that traumatic time.
There are two types of cover available, Life Insurance which covers you against death for a set period of time, paying out only if you die, and Life Assurance into which you pay premiums for life and your estate will receive a return when you die. Life assurance is guaranteed to pay out eventually as long as you continue to make payments, whereas Life Insurance is over a fixed term (Also sometimes called Term Assurance in the US).
If you have a young family (young children) and your family relies on one income, the it would be a sensible step to take to insure your life, at least while your children are living at home and in full time education as they will be fully dependant on you for this period. As they leave school and get their own income, their dependence will not be as high, and neither will your need for a large income.
How would your family cope if your income was to come to an abrupt halt? If the worst were to happen, what would they do? Would they be able to live? It is these kinds of thoughts that drive people to get their lives insured. The future is never certain but life insurance allows you and your partner to have relative peace of mind about what could be round the corner.
Life Insurance can be inexpensive for cover that will protect your family against major upheaval in the event of your death. Sometimes, in the case of very high earners, or for specific policy inclusions the cost can rise, but in the main, the cost is affordable when balanced against the potential losses possible.
To find out more about totally independent financial advice please visit our website – online life insurance
Tags: advice, affordable life insurance, contract, death, family, finance, grief, insurance, investment, law, legal, life, misc, protection, society
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Friday, September 4th, 2009
When we are young, we have no need for life insurance. We have no people depending on us and our financial assets and nobody who would suffer a big financial loss if we were to die. However as we get older and start a family, the chances are that we will want some assurance that our loved ones will be protected financially should we suffer an untimely death.
It makes sound economic sense to insure your family’s main bread winner so that in the event that you were to lose them, and subsequently their income, it would not result in hardship for your family at an otherwise traumatic time.
There are two types of cover available, Life Insurance which covers you against death for a set period of time, paying out only if you die, and Life Assurance into which you pay premiums for life and your estate will receive a return when you die. Life assurance is guaranteed to pay out eventually as long as you continue to make payments, whereas Life Insurance is over a fixed term (Also sometimes called Term Assurance in the US).
If you have young dependants (children) and are a one-income family, then it would be advisable to take out life insurance to cover the period in which your children will be at school as they will be fully dependant on you during this period. When they leave school and get incomes of their own, the need for you to have a high income will decrease, as will their dependence.
How would your family cope if your income was to come to an abrupt halt? If the worst were to happen, what would they do? Would they be able to live? It is these kinds of thoughts that drive people to get their lives insured. The future is never certain but life insurance allows you and your partner to have relative peace of mind about what could be round the corner.
Life insurance can be quite cheap considering what it will do for your family if you were to die. Although if you are on a particularly high wage the premiums can rise, or if you have selected an expensive inclusion in your policy, but in the big picture, life insurance is a small price to pay when you consider what it will do for your family if you should die.
To find out more about totally independent financial advice please visit our website – life insurance
Tags: advice, affordable life insurance, contract, death, family, finance, grief, insurance, investment, law, legal, life, misc, protection, society
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Wednesday, July 29th, 2009
by Rodney Daniel Bolton
The term Life Insurance refers to an agreement between an insurance provider and the policy holder whereby the policy holder pays a certain amount of money at regular intervals and the insurance provider agrees to pay out an agreed sum of money to the policy holders dependents (usually family) upon the death of the policy holder.
In some countries it is normal to have funeral expenses covered in a insurance policy, but in the UK, companies tend to simply pay out a lump sum to the beneficiaries of the insured upon his/her demise.
A life insurance policy will contain contract terms and these terms will include death circumstances for which the insured will not be covered, and the ones for which they will be. Death circumstances that will generally not be covered by life insurance are suicide, riot or war.
There are two main types of life contracts; protection policies and investment policies. Protection policies will be beneficial to pre-specified parties (usually in the form of a lump sum) in the event of a scenario mentioned in the contract. Investment policies use regular premiums (payments) in order for capital to grow, some common forms are universal life, whole life and variable life policies.
The term beneficiary refers to the person who will receive the lump sum upon the death of the insured person. Usually the beneficiary can be changed at any time unless an irrevocable beneficiary is appointed. In this case, the beneficiary must grant their permission regarding any changes relating to the beneficiary.
Although the policy holder and the insured are usually the same person, they are not always. For example, if a man takes out life insurance on his own life, then he is the policy holder and the insured, and this is usually how it works. However, if his wife takes out the policy on his life, then she is the policy holder and he is the insured.
Insurance companies do however want to put restraints on who can take out policies for someone else’s life. This is because if anyone can take out a policy for anyone else’s life, then there is a good chance that people will start taking out policies for people who they know will die soon or worse still, people who they intend to kill. So insurance companies sought to limit the people who can take out insurance policies on someone else’s life to only those who will suffer a genuine loss if the insured were to die, i.e. family members or those who can prove that they are close friends.
As is the case with most general insurance policies, life insurance is a contract between the insurer and the insured where a payment is made to pre-designated parties upon the occurrence of an event covered in the insurance policy, in the case of life insurance, this is usually death.
Tags: advice, affordable life insurance, contract, death, family, finance, grief, insurance, investment, law, legal, life, protection, security, society
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