Life Insurance:

What is Life Insurance?

There are several definitions of life insurance, however, in a nut shell life insurance provides for a payment of a sum of money upon the death of the insured to a named beneficiary. It can also provide a stream of income from the proceeds of the life insurance contract.

Why do I need Life Insurance?

In my opinion, not everyone needs life insurance at some stages of their life. Generally, if a loved one will suffer financially upon the death of a wage earner or will be left with substantial debt, then life insurance can provide benefits to accomplish both paying off debt and provide money to replace lost income as well as providing a sum of money to accomplish goals that were set whether or not the other lives, especially with the existence of surviving children.

Types of Life Insurance:

Basically there are 2 types of life insurance, term life insurance and cash value life insurance, but there are many variations of each type of life insurance policies. It is always best to consult an insurance professional for details on which type is best suited for you, based on your specific life insurance needs. Life insurance also has several business needs, such as Key Execute life insurance or to fund a buy/sell agreement.

How much Life Insurance do I need?

Everyone’s needs are different, some people have their own formula and know exactly the amount they want to buy others really seek advise on what is the right amount and the right type for me. It is best to have a needs analyst done for you so you can be sure there is enough money to provide for your wishes.

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Disability insurance:

What is disability insurance?

Disability insurance is really income protection. It is a form of health insurance which provides periodic payments when the insured is unable to work as a result of sickness or injury.

Why do I need Disability Insurance?

According to a recent study, most people estimate they have only a 16% chance of becoming disabled during their working years1 – in spite of the following startling facts:

If you’re under age 35, chances are one in three that you will be disabled for at least six months during the course of your career.

Men have a 43% chance of becoming seriously disabled during their working years. Women have a 54% chance. At age 42, it is four times more likely that you will become seriously disabled than that you will die during your working years.

Sources: 1. Gallup survey, conducted for UNUM Corporation (508 respondents, aged 30 to 65), reported by Best’s Review.
2. “Why Disability” booklet, published by National Underwriter.

Disability Insurance Available:

Disability insurance can be either offered in a group or on an individual basis. If you work for a company that offers disability insurance, it can be either short or long term disability insurance or a combination of both.

Short term usually will have benefits paid for a short period of time, such as 3 or 6 months. Long term may pay benefits for a much longer period of time, such as years and sometimes for a lifetime.

What is the Benefit Amount?

The benefit amount is the amount of money the insurance company will pay to you based on certain criteria, such as job occupation, wages, waiting period and benefit period.

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