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9 tips to pick the best life insurance for seniors

9 tips to pick the best life insurance for seniors

Signing up for life insurance could be pivotal in protecting the family after one’s passing. However, seniors may find it daunting to choose the ideal plan. This is because buying life insurance requires more research, with various factors coming into play, such as one’s overall health and budget. But that does not mean one needs to settle for less. Here are nine tips to help seniors pick a reliable life insurance policy. Understand the types available People must never sign up for any insurance plan without understanding the options available. The type of plan one should pick will depend on their budget and priorities. Below are some examples: – Term life insurance is a low-cost option if someone is in great health for their age and willing to undergo a healthcare exam. – Whole life insurance offers lifelong coverage on the condition that one continues to pay their premiums. – A guaranteed issue life insurance does not require healthcare examinations, so it works well for those who do not qualify for coverage from other policy types. – Another option is funeral insurance, where the amount received from the insurance company goes directly to a funeral home to cover the expenses associated with prearranged funeral services.

Things to know when applying for disability benefits

Things to know when applying for disability benefits

Disability benefits are the monthly payments that specially-abled people can receive. These payments compensate individuals whose disability stops or limits their ability to work. To get them, individuals over 50 have to prove that they can no longer do the type of work they did in the past, while those below that age must verify how their disability prevents them from working for a living. Here are some key details: Key documents needed for the benefits application The verification authorities that approve or reject applications need a host of documents to prove individuals’ credibility when they seek disability benefits. Some of the documents needed for the verification process are listed below: Proof of citizenship or lawful alien status for individuals not born in the country. Birth certificate or other proof of birth. Individuals who served in the military before 1968 must show their US military discharge paper(s). W-2 form/s and other documents that show self-employment tax returns for last year. Medical evidence includes medical records, doctors’ reports, and recent test/scan results indicating disability. An adult disability report that publishes all details about the applicant’s injuries, illnesses, or conditions, as well as their past work records. Applicants’ pay stubs, award letters, settlement agreements, or other proof of permanent or temporary workers’ compensation-type benefits.

8 things to consider before buying home insurance

8 things to consider before buying home insurance

Life is a series of unpredictable events, so it is best to be prepared. That’s why financial advisors strongly recommend buying appropriate insurance covers, including home insurance. It essentially provides financial reimbursement to policyholders in case of damage to one’s property. Depending on the chosen policy, it may also cover damage to certain assets, such as furniture. But there are some things one should do before buying home insurance so that the process is hassle-free: 1. Evaluating property value The first step to buying the policy is determining the current value of one’s property and assets to be covered. Accordingly, one should choose an insurance policy offering coverage equivalent to the house’s total value and assets. Some valuable assets that a policy should ideally cover are furniture sets, jewelry, home appliances, and electronic items. 2. Check what is excluded from the policy Verifying what’s excluded from the policy is equally important as checking what’s included. Sometimes, policies may not cover damages related to disasters or wars, cash loss, damage due to mold formation, and nuclear accidents. So, it is best to find out what a home insurance policy doesn’t include to avoid last-minute shocks when issuing claims. 3. Consider the type of home insurance required There are many different types of home insurance.

7 mistakes to avoid while buying term insurance

7 mistakes to avoid while buying term insurance

Term insurance is a type of life insurance cover that offers financial protection to the family or the nominee chosen by the policyholder in the event of their death. One may opt for a term insurance policy as it can be less expensive than whole life insurance plans. However, choosing the wrong plan or provider and missing key steps in the policy-buying process can result in inadequate coverage for the policyholder and nominees. 1. Withholding key information When buying term insurance plans, one must disclose all the relevant details regarding their health, finances, and personal life. For instance, one may be asked to share the following details with the insurance provider: – Bad lifestyle habits, if any – Existing health conditions – Family history – Annual income When discussing these details, one should always offer accurate and complete information. The insurance agent or underwriter calculates the premium amount based on this information. So, falsification or incomplete disclosure (even if unintentional) makes the insurance coverage void. If the insurance company suspects anything, they can investigate and trace the death to an undisclosed lifestyle choice or health issue and deny the claim. 2. Not exploring options The death benefit typically stays the same throughout the term of the insurance policy.

7 reasons why whole life insurance is not for everyone

7 reasons why whole life insurance is not for everyone

Life is unpredictable, which is why, many choose to get life insurance that can offer them and their loved ones financial security. Here there are mainly two options, opting for a fixed term insurance policy (term life insurance) or lifetime coverage (whole life insurance). The latter is more expensive but offers lifelong coverage, offering some peace of mind to policyholders. But it may not be the best option for everyone for a few reasons. 1. Lack of transparency One of the primary issues with whole life insurance is that it is often sold inappropriately and made to sound too good to be true. Agents and insurance providers may not share details regarding certain costs, like commission to the salesman, administrative costs, and the actual cost of the insurance. If such hidden costs are revealed beforehand, the terms may be unclear. As this is already an expensive policy, the hidden details can make one regret the decision later. 2. Unnecessary coverage Whole life insurance is often worth less than it costs. The death benefit it offers is also lower than term insurance. Also, whole life insurance might be unnecessary specifically for certain people, like single policyholders. Here, nobody depends on the income of the policyholders, so they do not need to buy insurance for a death benefit.

9 reasons whole life insurance is the right choice

9 reasons whole life insurance is the right choice

Term insurance can protect one’s loved ones in case of the insured’s demise. But whole life insurance policies cover the policyholder’s life and are the best way to get money back even during the insured’s survival. A whole life insurance plan comes with a premium-return benefit and helps build cash value. It is permanent life insurance, wherein one does not have to worry about the coverage expiring as long as premiums are paid on time. Top reasons whole life insurance is the right choice Protects the insured’s family Like traditional life insurance policies, whole life insurance provides death benefit protection. So, it will keep the insured’s family secure even in case of the insured’s demise. Since whole life insurance fully protects one with their first premium payment, it can be an excellent medium to leverage one’s money. Returns premiums paid on survival In term life insurance, the policyholder bears the cost of offering a secure financial future to their family. But, if the insured survives after the policy term expires, the premium becomes a sunk cost. While the premium amount one bears is nominal, it’s better to recover all the money paid upon surviving the policy term. So, if that’s what one seeks, whole life insurance is the right choice for them.

6 whole life insurance features that are easily overlooked

6 whole life insurance features that are easily overlooked

Whole life insurance is a type of permanent life insurance. It offers lifelong coverage and several guarantees, which appeal to many. Beneficiaries can claim the death benefit after the policyholder’s passing if the premiums are paid on time and all the plan’s guidelines are followed. One can also receive dividends and access unique features like cash value accumulation. That’s why people shopping for life insurance should consider a whole life insurance policy. Lesser-known features of whole life insurance Whole life insurance plans have been around for a while, so many are familiar with their benefits. For example, people know they offer coverage for the rest of their lives and that their loved ones will receive a guaranteed death benefit when it is time. But that’s not everything. Whole life insurance also has other features that still need to be explored. For instance, some do not know they can tap into it even while alive. And being unaware, they tend to overlook whole life insurance, losing out on a great investment opportunity. Dependable death benefit that can be used for anything If someone is the sole breadwinner, it is understandable for them to put their loved ones’ financial well-being first. Whole life insurance can help people materialize this goal.

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