100 Cost-Effective Articles - Insurance
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Health Insurance: How's Your Coverage?
In today's day and age, securing health insurance coverage privately, or through an employer, is essential from both a personal and financial perspective. When the time comes to choose among various types of health care coverage, it's important to gain an understanding of the different types of plans that are available. Three types of basic health care plans, each with its own advantages and disadvantages, provide benefits to the majority of insured Americans.
(456 words)
Life Insurance through Life Stages
Clearly, you recognize the importance of life insurance and the role it can play in protecting the financial security of your loved ones. And yet, are you reviewing your policy on an annual basis? Doing so becomes particularly important whenever you reach any of life’s milestones. New additions in your life such as a spouse, homeownership, or the birth of a child make reviewing your policy a necessary component of planning your financial future.
(522 words)
Compare and Contrast: Term vs. Permanent
When faced with the wide range of life insurance coverage available, you may wonder which type is best suited to your needs. As the years go by, it will be important to review and update your plans, as you will likely find that your coverage needs will evolve with your changing life goals. There are two basic types of coverage—permanent (sometimes referred to as cash value) and term life insurance. A closer look can illustrate the short- and long-term benefits that each provides.
(683 words)
Who Owns Your Life Insurance Policy?
While it is common to think of life insurance planning in terms of type and amount of coverage, a more complete analysis should also include policy ownership. In many cases, the proceeds of a life insurance policy may be unnecessarily included in your taxable estate unless you plan ahead to avoid this event.
(637 words)
Variable Life—Insurance for the 21st Century
One of the most important issues of the 21st century is to find a means to deal with a constantly changing and uncertain economic climate. Families and individuals are concerned with paying current bills, as well as planning for future events and changes in their lives, such as providing college educations for children and comfortable retirement incomes for themselves. If these concerns match yours, variable life insurance may offer an answer that has the potential to help fulfill current investment objectives in the face of changing economic conditions. In addition, as variable life is life insurance, the aim of fulfilling the financial needs of loved ones in the event of your death may be met.
(836 words)
Term Insurance—Time to Convert?
The low cost/high benefit of term insurance is its most attractive feature. However, term insurance premiums typically continue to rise with age. Some term contracts do offer premiums that remain level for a pre-determined number of years, but these contracts may experience significant premium increases in the future, or death benefits that decrease yearly. A policy that has long-term value and benefits, and the flexibility to help cope with change, is important. Therefore, converting a term policy to a cash value policy may make sense.
(529 words)
Disability Income Insurance: Key Policy Features
Prospective insurance buyers are often confused about disability income insurance because the features and benefits vary widely from one policy to another. Essentially, there are a few key elements that could make a big difference when you make your choice. If you are in the market for disability income insurance, this article covers important policy considerations.
(547 words)
Life Insurance—Analyzing Your Needs
You probably are aware it is important to have enough life insurance coverage to handle the financial contingencies that may affect your family in the event of your death. However, determining the necessary amount of life insurance can be complicated. One general rule of thumb is that you should have enough life insurance to equal five to seven times your annual salary. However, to be more specific, you may want to determine the "right" amount of life insurance coverage with a careful needs analysis, rather than using an arbitrary formula.
(658 words)
Inflation and Your Insurance
When Carol and Josh Wallace purchased their life insurance policies 20 years ago, they thought they did things the right way. They assessed their insurance needs, taking into account their home mortgage, the projected college education costs of their children, and their living expenses. Well, that was then. . .and this is now. Recently, as they contemplated retirement, the Wallaces reevaluated their insurance needs and were surprised to discover their insurance coverage is inadequate. How could this be? The answer is really quite simple—inflation.
(584 words)
Strengthen Your Ability against Disability
You value your assets, but how much money do you spend to protect them? Most of us have automobile insurance, homeowners insurance, and possibly, additional coverage for items or collections of particular value. Your true wealth, and perhaps your greatest asset, however, comes from your ability to earn an income. While no one likes to consider the possibility of becoming disabled through an illness or accident, the risk of disability does exist and should be given full consideration as you plan for your financial security.
(599 words)
Life Insurance and Divorce: Protecting Your Family’s Future
Divorce takes a significant financial and emotional toll on both parties, their children, and other family and friends. In the midst of the immediate financial and legal concerns, couples need to look beyond the present to help ensure that their financial futures are secure and that the future needs of children, such as education expenses, will be provided for in the event of an untimely death. Life insurance may offer a solution.
(649 words)
Understanding Life Insurance Beneficiary Designations
In the language of life insurance, a beneficiary is the recipient of the proceeds of a policy when the named insured dies. The owner of a life insurance policy has a great deal of flexibility in naming beneficiaries and can generally name anyone he or she chooses. When making beneficiary decisions, it is important to ensure that the wishes of the policyowner are fulfilled and that legal complications are avoided.
(795 words)
"Living Value"—The Other Side of Life Insurance
Many people may think of life insurance—in its simplest form—as a means of securing funds to cover financial obligations, such as a mortgage, or to replace income in the event of the death of a family breadwinner. With a cash value life insurance policy, also known as a permanent life policy, there is typically a component that allows cash to accumulate, and it may be used to help supplement a number of financial objectives, such as a retirement plan or a child’s education. Because cash value insurance may be used to supplement a savings program, it has a "living value" in addition to the traditional death benefit feature.
(581 words)