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Life insurance is a contract between you the policy holder and the insurance contractor. This is an agreement whereby the insurance policy holder agrees to pay a specific life insurance rate, and in return, in the event of his death, the policy’s premium would be paid out to his beneficiary(s). Why You Need it? Life insurance is an investment in your family’s future and the most secure way to ensure their financial security in the event of your death. If you die, your family will lose your income and be forced to pay the monthly expenses out of a much smaller pool of money. Life insurance can help cover some or all of this lost income, plus the costs of the funeral, depending on the policy that you choose. Types of Life Insurance There are two general types of life insurance to choose from; temporary and permanent, each of which has subcategories with differing policy features. Temporary – Temporary life insurance, also known as term life insurance, is a life insurance policy where the policyholder pays a specified premium in return for a guaranteed payout if he dies during that time. Depending on the policy, once the time period is up, there may be the opportunity to renew. Permanent – This is life insurance that remains in place until the policy matures or the policy holder cancels the coverage. The only way the insurer can discontinue its insurance coverage to you is if there is evidence of fraud on your life insurance application. Permanent life insurance holders can usually have early access to their benefits in the cash value by...
Term life insurance is life insurance coverage provided for a fixed term agreed upon by the insurance company and policy holder. With this type of life insurance policy, the policy holder pays a set premium for the coverage, and if the person happens to die during this time their beneficiaries will receive a full payout of the agreed upon death benefits. After that term has ended so does the coverage. Term life insurance is the most popular type of life insurance for a number of reasons. First is that it’s a cheap alternative to permanent or whole life insurance. Term insurance uses the same mortality tables for determining your premium as permanent life insurance, and a death benefit which is always income tax free, but the insurance company saves money because the term life insurance plans often expire without a payout. Permanent plans, on the other hand, always have a payout, eventually, and as such have a higher premium in order to cover these additional costs. Another perceived advantage of term life insurance is its flexibility and convenience. You choose the amount of time that you want life insurance coverage and can even choose as little as a year. Under term policies you have the option to renew or discontinue your life insurance according to your changing coverage needs. There is one potential drawback of term insurance and that is the unpredictability of the insurance market. When your term is up and you want to renew, or perhaps change companies, you run the risk of having to pay a new, higher rate than before with potentially different conditions on...
Whole life Insurance, or permanent life insurance, is a life insurance policy that remains in force for the insured’s whole life and requires yearly premiums to be paid into the policy. Whole life insurance gives the policy holder a guaranteed death benefit with a cash value that builds up with a percentage of the yearly premiums paid, plus interest. But because whole life insurance has a guaranteed death benefit that is paid out to each policy holder eventually, they need to charge a higher premium to ensure that the insurance company continues to make a profit. Whole life insurance companies can charge as much as 30% overcharge which translates into pure profit for the company, but policy holders have the peace of mind knowing that their monthly payments are being accrued in part for a hefty death benefit in the end. Types of Whole Life Insurance In the United States there are five types of whole life insurance policies which will vary by rate and benefits. These include non-participating, participating, indeterminate premium, economic limited pay, and single premium. Each of these is explained below. Non-Participating Non- participating is a whole life insurance policy that has the death benefits, premiums and cash surrender values all determined at the initial signing of the contract. This means that once you lock into the contract nothing can be altered for the life of the agreement. The benefit, or potential drawback of this agreement, is that insurance rates cannot be raised, even if market prices are going up. But at the same time if the market lowers the insurer is stuck paying the higher...
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MedicareHelp.org is a privately-owned Non-governmental agency. The government website can be found at HealthCare.gov.
Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options. Enrollment depends on the plan’s contract renewal.
Every year, Medicare evaluates plans based on a 5-star rating system.