Life insurance – Intuttitalia http://intuttitalia.com/ Sat, 24 Sep 2022 04:48:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://intuttitalia.com/wp-content/uploads/2021/10/icon-2-120x120.png Life insurance – Intuttitalia http://intuttitalia.com/ 32 32 Life insurance rule: minimum sum insured an investor needs – explained https://intuttitalia.com/life-insurance-rule-minimum-sum-insured-an-investor-needs-explained/ Sat, 24 Sep 2022 04:48:43 +0000 https://intuttitalia.com/life-insurance-rule-minimum-sum-insured-an-investor-needs-explained/ Life insurance rule: After the outbreak of the Covid-19 pandemic, investors realized the importance of life insurance in their financial planning. According to financial and investment planners, a good number of people buy life insurance when they failed to get life insurance early in their career. However, they said that when buying life insurance, people […]]]>

Life insurance rule: After the outbreak of the Covid-19 pandemic, investors realized the importance of life insurance in their financial planning. According to financial and investment planners, a good number of people buy life insurance when they failed to get life insurance early in their career. However, they said that when buying life insurance, people look at the minimum sum insured, but it is necessary to understand whether it would be enough for their family or not. They said that one would buy life insurance keeping in mind one’s annual expenses. You should opt for a life insurance policy that offers a minimum sum insured of 12 to 15 times your annual expenses.

Speaking about the life insurance rule that one should implement while purchasing a life insurance policy, Vinit Khandare, CEO and Founder of MyFundBazaar, said, “Generally , the sum insured should be at least 12 to 15 times their annual expenses.or 8 to 10 times their annual income when it comes to buying a life insurance policy.While the minimum amount insured on a life insurance policy will not be less than 10 times the annual premium for persons under 45, for persons over 45, the minimum sum insured is 7 times the annual premium.”

The MyFundBazaar expert added that while opting for life insurance, knowing your needs is essential. While renewable term insurance is known to be sufficient for most people, the individual must analyze their scenario – calculate their children’s education, retirement fund, etc. should make sure to do a thorough analysis to ensure they are getting the best life insurance possible.

How to calculate the minimum sum insured you need

Explaining the rule of life insurance when it comes to calculating the minimum sum insured, Rahul Agarwal, a certified financial planner, said: “To know how much minimum sum insured one requires from a life insurance policy life, one must first calculate his annual income and the present value of his long and medium term goals.Apart from this, one must deduct his current liabilities from the minimum sum insured by the life insurance policy that he If the addition of the present value of a long and medium term objective and the present annual value the expenditure is equal to the final result of the sum assured offered by the life insurance policy and the liabilities of the investor, then only the investor is advised to opt for the insurance policy.”

Disclaimer: The opinions and recommendations made above are those of individual experts or personal finance companies, and not of Mint.

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Renewable Term Life Insurance Explained https://intuttitalia.com/renewable-term-life-insurance-explained/ Wed, 21 Sep 2022 12:42:19 +0000 https://intuttitalia.com/renewable-term-life-insurance-explained/ If you’re shopping for life insurance, you may have come across the term “renewable term life insurance.” But what is renewable term life insurance and is it right for you? Here’s what you need to know about this type of life insurance. What is renewable term life insurance? Life insurance is an important tool that […]]]>

If you’re shopping for life insurance, you may have come across the term “renewable term life insurance.” But what is renewable term life insurance and is it right for you? Here’s what you need to know about this type of life insurance.

What is renewable term life insurance?

Life insurance is an important tool that can protect your family and ensure that they will be financially supported in the event of your death. Term life insurance is a policy that lasts for a certain number of years. Term insurance policies only pay a death benefit if the insured dies during the policy period.

Renewable term life insurance is a type of life insurance policy that can be renewed after the original term expires. The renewal process allows the insured to extend their coverage without having to undergo another medical examination. The policy death benefit will remain unchanged.

Renewable term life insurance policies provide coverage for a fixed period, usually five, 10 or 20 years. They can even be as short as one year. Renewable term life insurance policies are beneficial because they provide flexibility and security to policyholders.

How does renewable term life insurance work?

When you first purchase a term life insurance policy, you can include a renewable term clause. This will generally increase the cost of the term policy, making it more expensive than a no-clause policy.

When the term is about to expire, you can renew and extend your term insurance policy for another period of time without undergoing a new medical examination. You cannot be denied if you have a renewable policy.

The Benefits of Renewable Term Life Insurance Policies

When deciding whether or not to purchase renewable term life insurance, it’s important to consider your needs and budget. Here are some benefits that come with this type of policy.

No new medical examination

With a renewable term life insurance policy, you don’t have to undergo a new medical examination. Renewable term life insurance can be a good option for people whose health has deteriorated or who have health conditions that make it difficult to qualify for other types of life insurance.

Cost

Renewable term life insurance policies are often more affordable than traditional whole life insurance policies. This is because they do not accumulate cash value over time.

Convenience

With a renewable term life insurance policy, you don’t have to go through the underwriting process again when renewing the policy. You don’t need to shop around, get new quotes, and start a new app. This can be a major benefit if your condition has changed since you originally called the police.

Flexible

Renewable term life insurance policies are beneficial because they provide flexibility and security to policyholders. These policies can give you the flexibility you need if you still have financial obligations when your insurance expires, such as a mortgage or paying for your children’s college education. They can be a good option for people who need coverage after their policy ends, providing peace of mind that their families will be protected.

Disadvantages of renewable term life insurance policies

Renewable term life insurance policies also have some disadvantages.

More expensive than traditional term insurance policy

Renewable term life insurance policies are generally more expensive than non-renewable term life insurance policies. If you don’t renew, you would have paid more than getting an equivalent term policy. You essentially pay more for the option to renew at the end of the term.

Premium increase

Policy premiums will increase with each renewal. Renewable term life insurance can be renewed at the end of the policy term, even if your condition has deteriorated. Companies offering life insurance will compensate for this by increasing your premiums with each renewal. This can be expensive as you get older, and over time your rates cost many times your original premium.

Renewals only available up to a certain age

Another downside is that some companies only allow renewals up to a certain age (usually between 65 and 70). So if you want insurance coverage, you may not be able to renew after reaching a certain age.

How much does renewable life insurance cost?

The cost of renewable term life insurance will vary depending on the length of term, the policyholder’s age and health, and the amount of the death benefit. Upon renewal, your life insurance premiums will be based on your current age, as well as other factors.

Renewable policies often have higher premiums than traditional policies. In effect, the insurer assumes a greater risk by offering coverage without requiring another medical examination. Your insurer will usually tell you the maximum amount your rates will increase if you renew the policy.

When to buy renewable term life insurance

Policyholders should consider renewable term life insurance if they want to extend their coverage without having to retake a medical exam. Those who are healthy and younger and have no pre-existing medical conditions are likely to get the best rates.

Whether renewable term life insurance is right for you depends on your needs and personal circumstances. If you want coverage that will last your lifetime, whole life insurance or universal life insurance may be better options for you. These types of policies do not expire and as long as you pay your premiums, your coverage will continue.

Permanent life insurance policies, however, are more expensive than term policies. If you cannot afford a permanent policy and would like to obtain a term policy with the possibility of renewal, a renewable term policy may be right for you. Renewal policies are popular among young people looking for short-term coverage and affordable premiums. As a general rule, the earlier you purchase a life insurance policy, the lower the premium cost will be.

When deciding whether to purchase renewable term life insurance, policyholders should consider their needs and budget. Renewable term life insurance is a good option for those who want to extend their coverage without having to retake a medical exam. However, renewable term life insurance policies have some drawbacks, such as the possibility of increased premiums and age limits for renewals.

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Mr Price launches ‘simplified’ life insurance product – Life Matters https://intuttitalia.com/mr-price-launches-simplified-life-insurance-product-life-matters/ Mon, 19 Sep 2022 07:43:19 +0000 https://intuttitalia.com/mr-price-launches-simplified-life-insurance-product-life-matters/ Mr Price Money has partnered with local startup Root for its new insurance product. Life Matters is underwritten by GuardRisk. The cover ranges from R100,000 to R200,000 and can be activated immediately. Mr. Price Money announced a new life insurance policy product called Life Matters. The new offer is being made available to existing credit […]]]>
  • Mr Price Money has partnered with local startup Root for its new insurance product.
  • Life Matters is underwritten by GuardRisk.
  • The cover ranges from R100,000 to R200,000 and can be activated immediately.

Mr. Price Money announced a new life insurance policy product called Life Matters. The new offer is being made available to existing credit card customers of Mr Price, with the Cape Town-based company Boot Root help with the infrastructure of Life Matters.

The company explains that Life Matters is underwritten by GuardRisk, which is already part of a host of Root-supported services.

As for the life insurance product itself, Mr. Price Money notes that it does not require a medical exam and that customers enroll simply by answering a limited number of questions.

He goes on to explain that depending on their needs, they will be offered cover of R100,000 to R200,000. On top of that, hedging is activated immediately, according to Price Money, with other options noted as taking 45 to 60 days.

“This product is a great example of how household names with strong brand identity and an existing customer base can extend the services they offer their customers by adding a suitable insurance product,” said Louw Hopley, CEO from Root, in a press release sent to Hypertext.

“The product was designed with Mr Price’s existing customers in mind and addresses a very real need in the marketplace. This means it can better serve its customers, while increasing revenue and operational efficiency through its existing financial services products,” added the CEO.

According to Hopley, microinsurance, as it is called, is growing globally, especially in countries like South Africa where there is a large unbanked population. These types of solutions are also designed to help people who don’t meet traditional life cover requirements or who fail the application process due to a number of personal issues.

Whether more of these kinds of solutions are offered by Mr. Price remains to be seen, but it’s clear the company is indeed growing outside of its retail context.

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Roselyn Sánchez on life insurance https://intuttitalia.com/roselyn-sanchez-on-life-insurance/ Thu, 15 Sep 2022 18:02:31 +0000 https://intuttitalia.com/roselyn-sanchez-on-life-insurance/ Actress, Producer and Singer-Songwriter Roselyn Sánchez Partners with Life Happens for Life … [+] Insurance Awareness Month. life happens September is Life Insurance Awareness Month, and this year life happens, a national non-profit organization that educates consumers about the importance of life insurance, has partnered with Roselyn Sánchez as a spokesperson to communicate the importance […]]]>

September is Life Insurance Awareness Month, and this year life happens, a national non-profit organization that educates consumers about the importance of life insurance, has partnered with Roselyn Sánchez as a spokesperson to communicate the importance of protecting your family. You may know Sánchez as an actress, producer, and singer-songwriter, but she describes her most important role as that of mother and wife. “Family is everything,” she explains. “I had never thought of life insurance before the children. I thought it was something old people do. But once you have kids, everything changes. You no longer live for yourself; you live for your children”. It was this shift in priority that made the decision to purchase life insurance so easy. Sánchez always considered herself an educated person, but she had no idea how accessible, affordable, and necessary life insurance was until she started learning about it.

As a Puerto Rican woman, she feels this message is especially important to convey to the Hispanic community. “In the Hispanic community, we’re so family-oriented, but we don’t necessarily focus on the financial aspect.” Although 55% of Hispanic millennials say their family would face financial hardship within six months if the main earner died unexpectedly, only 41% actually have life insurance. She says one of the biggest barriers to buying life insurance specific to the Hispanic community is communication. “Latinos can be superstitious. We don’t want to talk about death. She continues to say that lack of education is a major barrier for all adults, but especially for Hispanic adults. Often people mistakenly think life insurance is too expensive or a huge commitment. What most don’t know is that a healthy 30-year-old can get a $250,000 20-year term insurance policy for just $13 a month. This means that if you buy this policy and pay the $13 per month with no fault, your loved ones will receive $250,000 if you die at some point during those 20 years.

Finally, language barriers can often contribute to a lack of education around life insurance. This year’s LIAM will feature a selection of resources in Spanish – including digital flyers, social media graphics, videos, animations and more. Life Happens will also release Spanish versions of some of its most popular tools and resources as well as the Life Insurance 101 video and brochure, Myths vs Facts about life assurance and Life Insurance Needs Calculator.

For Sánchez, this decision gives him peace of mind. “Life insurance is about investing in your future and your family. If anything happens to me, I know my family will be taken care of.

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Entrepreneur launches personalized, tech-driven life insurance platform https://intuttitalia.com/entrepreneur-launches-personalized-tech-driven-life-insurance-platform/ Wed, 14 Sep 2022 14:15:59 +0000 https://intuttitalia.com/entrepreneur-launches-personalized-tech-driven-life-insurance-platform/ To encounter Sam Ayenifounder and CEO of AfriKare Lifea black-owned company that has developed an easy-to-use life insurance platform and other financial solutions to help working-class people of African descent and other people of color in America. Mr. Ayeni, with his founding partners, Maureen Mark and Andrew Fyneboy, are celebrating the launch of their new […]]]>

To encounter Sam Ayenifounder and CEO of AfriKare Lifea black-owned company that has developed an easy-to-use life insurance platform and other financial solutions to help working-class people of African descent and other people of color in America.

Mr. Ayeni, with his founding partners, Maureen Mark and Andrew Fyneboy, are celebrating the launch of their new modern interactive technology for life insurance quotes and apps. The company began with a vision to lift individuals, families, and tribes living in America out of financial captivity and help them escape generational poverty. AfriKare Life aims to realize this vision by caring for its customers through practical financial education and offering personalized and affordable financial products, including tailor-made life insurance plans.

“Using interactive modern technology for ease and access, we are committed to ensuring that no one is left behind when it comes to financial security,” Ayeni said.

There is a misconception among people of color that life insurance is expensive, unaffordable, and only makes Caucasian agents rich. However, AfriKare Life is changing this misperception. For example, a 42-year-old man with average health can get $300,000 coverage starting at $85 a month with one of his prestigious premium A++ carriers.

One reason some people of color are reluctant to buy life insurance is because they feel rushed and harassed by agents who are only there to collect a commission. With engaging modern technology, prospects can easily run their own quotes from the comfort of their home on any device, without speaking to any agents. In some cases, the entire application can be completed easily. There is a misperception that life insurance is expensive and also robs people of color of generational wealth creation. While their Caucasian counterparts use life insurance and other financial products to build generational wealth for their unborn children, people of color shy away from lack of knowledge and overlook these open-ended opportunities when it comes to is about creating generational wealth.

Regardless of income bracket, with just one hour’s pay per week, AfriKare Life agents can customize life insurance that meets any family’s financial needs and budget. The ultimate goal of AfriKare Life is to end the cycle of generational poverty among people of color and to uplift the next generations towards wealth creation and prosperity.

With years of experience in the life insurance industry, AfriKare Life is uniquely positioned to provide its clients with the best life insurance plans and financial services available. The CEO of AfriKare Life has a unique ability to understand and connect with his clients, which he developed during his previous career as an army veteran.

“My military experience taught me that I needed to be flexible and adaptable when working with different people. My goal is to apply this same principle to the business world,” Mr. Ayeni said.

During his years of military service, Ayeni lost a few friends in battle, and since all of them had life insurance plans, their families were financially supported afterwards. This led him to the idea of ​​doing something for Africans who come to the United States hoping to build a better future but do not earn enough to save for bad weather.

Much more than traditional life insurance, AfriKare Life offers multiple financial service products for different financial situations and incomes, including premium financing. People of color commonly use leverage, i.e. borrow from banks to buy a house or a car, or even fund an education, but very few know they can leverage leverage for life insurance, particularly for retirement planning purposes.

Mr. Ayeni comments, “The best part of the premium finance product we offer is that there is no credit check, no loan documents, no personal guarantees and no interest payments. The policy secures the loan, giving our clients the opportunity to get 60-100% more for their retirement without the typical risks associated with leverage.

“Through AfriKare Life, we aim to equip all of our fellow Africans and people of color in America with the knowledge and tools to ensure their families are safe from financial hardship should anything happen to them,” it adds. -he.

To learn more about AfriKare Life or to purchase their services, contact them at 877-560-2099 or visit their official website at AfrikareLife.com.

This article first appeared on Blacknews.com.

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10 Best Ways to Use Life Insurance for Charitable Giving https://intuttitalia.com/10-best-ways-to-use-life-insurance-for-charitable-giving/ Mon, 12 Sep 2022 05:40:28 +0000 https://intuttitalia.com/10-best-ways-to-use-life-insurance-for-charitable-giving/ In this scenario, the donor is requesting a life insurance policy that will be paid up in five years. The endowment is the beneficiary. The donor checks the charity for $6,500 each year for five years. The society matches the checks for $6,500, which means the endowment receives a total of $13,000 each year. The […]]]>

In this scenario, the donor is requesting a life insurance policy that will be paid up in five years.

The endowment is the beneficiary. The donor checks the charity for $6,500 each year for five years.

The society matches the checks for $6,500, which means the endowment receives a total of $13,000 each year.

The endowment uses $6,500 to pay premiums for a life insurance policy. The charity then owns the life insurance policy.

Another $5,000 stays with the endowment, and the endowment spends $1,500 each year to provide scholarships.

After five years, the endowment is complete and the life insurance contract will be released.

When the donor succeeds, the endowment will become a super endowment.

9. Offer an initial cash gift and a planned gift of life insurance, without taking money out of the donor’s pocket.

It’s basically a four-step plan:

Step 1: Use land or other assets as loan collateral.

2nd step: The lender grants a loan.

Step 3: The loan provides money to the charity, to fund the donor’s wishes and create an Irrevocable Life Insurance Trust, or ILIT, which will purchase a life insurance policy.

Step 4: The first stage guarantee is released when the value of the cash value in the ILIT is equal to the value of the guarantee.

ILIT transmits funds to the charity and to the heirs.

This is sophisticated premium financing. To implement this type of arrangement, you and your client must collaborate with a highly qualified ILIT expert.

10. Donate a policy to a charity that manages a portfolio of life insurance policies and uses the proceeds from the policy to provide regular cash flow to other designated charities.

It’s the newest, easiest and easiest way to donate a life insurance policy. All financial advisors should discuss this approach with their clients.

The donor donates the policy to a specific 501(c)(3) non-profit charity (“Charity A”) established to benefit other charities.

Donors choose the ultimate charity they wish to support, once the policy has been accepted by Charity A.

Charity A pays for all costs associated with keeping the policy in force until maturity, eliminating any need for the donor or ultimate charity to pay the premiums.

Charity A also administers policies and manages portfolios, relieving the ultimate charity or donor from having administrative capabilities.

After the donor completes donating the policy to Charity A, the donor receives a charitable income tax deduction.

Charity A places the donor’s policy in a trust with enough other policies to achieve actuarial credibility. As the policies mature, the trust distributes money to any charities nominated by the donors, with distributions based on the difference between premium costs and the amount of policy benefits received .

In other words: the ultimate donor charities do not have to wait for their donors to die to receive distributions.

The donors’ ultimate charities receive distributions from the trust for the life of the trust, whether their particular donors are dead or alive.

This is a paradigm shift, allowing some donors to see the good works they have funded with life insurance while they are still alive.

Now that the donor no longer pays premiums for the given policy, the donor’s cash flow is improved.

The reasons

As you can see, life insurance offers great flexibility for clients who want to include charitable giving in their long-term financial and estate planning:

• Proceeds from the life insurance policy are paid in cash. Life insurance gifts are generally not subject to possible probate fee reduction. Unless the proceeds of death are payable to the estate, late settlements generally do not occur.

• A gift of life insurance is practical. Changing the owner and/or beneficiary of a life insurance policy can be easier and more cost-effective than creating a trust, writing or changing a will, or arranging other forms of giving.

• A gift of life insurance is private. A life insurance policy is not in the public domain; thus, total confidentiality of donations can be ensured.

• A gift of life insurance is economical. In some circumstances, the size of a person’s donation may actually be greater than the original cost.

Charitable giving and life insurance have gone hand in hand for many years.

If you haven’t been active in charity planning, you should consider hiring charity planning specialists to help clients structure life insurance gifts that can support their favorite causes.


David B. Simon is a lawyer, co-founder and president of the Ensuring a Better World Fund in Chicago. The fund helps donors use unwanted life insurance policies to support charitable causes.

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Is whole life insurance worth it? https://intuttitalia.com/is-whole-life-insurance-worth-it/ Sat, 10 Sep 2022 15:52:59 +0000 https://intuttitalia.com/is-whole-life-insurance-worth-it/ [Editor’s Note: How well has DLP Capital done for its investors? In 2021, the DLP Housing Fund paid a 45.57% net return to investors! Need more convincing that the long-time WCI real estate partner could be the right fit for you? All of DLP’s funds invest in much-needed workforce housing (great news during the housing […]]]>

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By Dr. James M. Dahle, Founder of WCI

Whole life insurance is a lifelong life insurance policy that gradually builds up a cash value that can be accessed by surrendering the policy or borrowing from the insurance company on predefined terms with the cash value as collateral. As a rule, it is a product intended to be sold and not bought. It’s rarely the best way to use someone’s extra cash, even if it’s a doctor. So the short answer to whether whole life insurance is worth the premiums you pay should be, “No, it’s not.”

However, given the persuasiveness of those who sell whole life insurance, it’s important to understand the reasoning behind that “no, it’s not worth it” answer. Let’s get into the long answer.

Whole life insurance is designed to be sold

What do I mean by a “product designed to be sold?” Well, once people understand how a whole life insurance policy works and how it performs against alternatives for various financial tasks, very few people actually want whole life insurance. They simply use the money to buy better financial products, regardless of their financial needs or desires. For example, here are some of the potential uses of a whole life insurance product and what is generally a better alternative (you can click to enlarge):

Alternatives to whole life insurance

If whole life insurance is rarely the best product for a given need, why is it purchased so often? There are two main reasons, and both have to do with the sellers of the product. The more cynical among us consider the first reason to be the most important, but I think the second has more to do with it:

  1. Whole life insurance pays very high commissions and people do what they are told to do.
  2. Agents don’t understand the chart above because most of their financial education has been provided by the insurance company they work for.

Whole life commissions are 50% to 110% of the first year’s premium. If you buy a policy from an agent who has premiums of $40,000 a year, that agent was paid between $20,000 and $40,000 to sell it to you. Now you know why they were selling you so hard. You don’t need to sell a lot per month to have a great life.

Someone surely loves whole life insurance, right?

If someone really understands how a whole life insurance policy works and they still want it, I tell them more power. Buy as many fonts as your heart desires and your wallet can afford. I have no problem with someone buying a whole life insurance policy that they really understand and really want. While whole life has its pros and cons, there are a handful of reasonable and appropriate uses for a whole life insurance policy. They are rare, but they certainly exist. Let’s go through seven case studies just to demonstrate.

Case study #1

John really wants a guaranteed death benefit to fund a specific need when he dies. He wants to endow a chair at his faculty of medicine. It costs $1 million right now, but the price goes up every year. He wants to make sure he can do it whether he dies next year or 30 years from now. He therefore values ​​the security offered by a permanent life insurance policy, even if it means that, on average, he is likely to leave less money for the school. He was considering a guaranteed universal life insurance policy. In the end, he opted for whole life insurance instead, because the guaranteed death benefit increases a little each year, as does the cost of staffing a chair.

Case study #2

Sally hates the government and she hates the banks. For some reason, insurance companies are excluded from his institutional hate list. She frequently purchases real estate properties and would like to have a ready source of funds with predefined terms that can be reached within a week or two without any underwriting hassles. She doesn’t mind that she gets a negative return on these funds for the first few years, because she feels the higher long-term returns on her money will make up for it. She buys a well-designed whole life insurance policy to apply the “Bank on Yourself/Infinite Banking” technique with freed-up additions and indirect recognition.

Case Study #3

Jacque and Talifa are partners in a successful business. Although they are both still in good health, they plan to run this business well into their 70s or 80s. However, if either of them were to croak, they wouldn’t want to be forced to run the business with the other’s heirs. So they decided to ask the company to take out a whole life insurance policy on each of them for about half the value of the company. When one of them dies, the remaining partner now has the money to redeem the heirs of the deceased partner according to the buy/sell agreement. To save money, they can even just purchase a single “first to die” policy for this need.

Case study #4

Bobby Jo owns a large farm and is in good health. She really wants to keep it intact when she dies, but it’s 95% of her net worth and she has four kids. She wants them all to have an equal inheritance, but only one of them is interested in the farm and she doesn’t want it to be divided, anyway. This child has money and can afford to take out a mortgage for part of the farm, but cannot afford to buy the whole thing for his siblings. So, Bobby Jo decides to take some of the large farm income and use it to buy a whole life insurance policy. This policy will provide most of the cash inheritance for the other three siblings, and the child holding the farm can cover the rest.

worthwhile whole life insurance

Case Study #5

Rodrigo stays awake at night, fearing he will lose everything he worked so hard for. He is in a high-risk medical specialty and has already been named six times in his career, settled a lawsuit, then lost one in court with a payout slightly above policy limits. One of the city’s personal injury attorneys really wants it. But he loves his practice and wants and must continue to practice. He lives in a state that doesn’t offer many asset protection benefits, but fully protects retirement accounts and whole life insurance from creditors in the event of bankruptcy. He already maximizes retirement accounts (including Backdoor Roth IRAs every year) and has already made several big Roth conversions. He plans to form a trust overseas, but instead decides to put money into a whole life insurance policy. He knows the returns won’t be as high as simply investing the money in tax, but he finds the benefit of asset protection very valuable.

Case Study #6

Bella has been very successful and has an estate tax problem. She decided to form an irrevocable trust to provide for her adult children upon her death and to try to minimize the estate tax bill. She considered placing stocks, bonds and real estate in the trust, which could maximize the return (and the amount of money she is likely to pass on to the children). Instead, she finds the guarantee of a large amount in the trust should she die prematurely combined with the hassle-free, tax-free nature of having one large whole life insurance policy in the trust to be attractive.

Case Study #7

Carinda and Pablo have a disabled adult child. They are far from financially independent, despite being in their early 60s. They expect to work at least until they are 70, and they are terrified that their child will be thrown into poverty when they die. Supporting themselves is their most important financial goal, even if it means they will live mainly on social security and a small pension in their later years. They have opened an ABLE account, but it won’t be big enough to really meet the needs. So they bought a 10 premium, second-to-die whole life insurance policy, and they will retire as soon as they have paid the 10 annual premiums, knowing that the proceeds of this policy, paid into a trust, will be provide for their child’s needs.

Conclusion: Is Whole Life Insurance Worth It?

Hopefully this shows some of the situations where a whole life policy can make sense. Note that none of them are medical students or residents. None are youth participants with student loans and practice loans. In each case, the buyer understands how the policy works and what trade-offs they are giving up in exchange for the benefits they want.

When they don’t, you’re much more likely to see doctors regret buying whole life insurance and even feel like they’ve fallen for the “whole life scam.” “. Seventy-five percent of investors in white coats who have purchased a whole life policy (including me) regret their decision, and the Society of Actuaries has found that approximately 80% of whole life policies are redeemed before the death. Don’t be part of the majority of buyers. Buying a policy is like getting married. It’s either “until death do you part” or the breakup is going to be very expensive. Do the same degree of due diligence in buying that you would take to get married.

Whole life insurance has many niche uses, but for most financial needs there is a much better financial product. Simply saying “no” and walking through the door is unlikely to result in regret. Whole life insurance is grossly oversold by ignorant insurance agents facing a massive conflict of interest. Although I’m well known for being “whole life anti-life”, I have less of an issue with the policies themselves (although most seem designed to maximize commission rather than desired benefit) and more with how and the frequency with which they are sold.

As you accumulate wealth, you need a way to protect your assets. WCI’s latest book is The White Coat Investor’s Guide to Asset Protectionand it gives you techniques you can use to protect your money while providing the most comprehensive list of state-specific asset protection laws ever published. Get Amazon’s Best-Selling Book today and protect your wealth!

What do you think? Do you have a whole life insurance policy? Do you regret it? Why did you buy it? Comments below!

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Millennials are 45% more likely to purchase life insurance due to COVID-19 https://intuttitalia.com/millennials-are-45-more-likely-to-purchase-life-insurance-due-to-covid-19/ Tue, 06 Sep 2022 15:13:25 +0000 https://intuttitalia.com/millennials-are-45-more-likely-to-purchase-life-insurance-due-to-covid-19/ Protected Choices CEO says misperceptions about insurance affordability affect families’ long-term financial security SCHAUMBURG, IL/ACCESSWIRE/September 6, 2022/ In most parts of the United States, the COVID-19 pandemic appears to have peaked, but deaths continue to rise. According to the Life Insurance Marketing and Research Association (LIMRA), global death claims for life insurance increased by 20% […]]]>

Protected Choices CEO says misperceptions about insurance affordability affect families’ long-term financial security

SCHAUMBURG, IL/ACCESSWIRE/September 6, 2022/ In most parts of the United States, the COVID-19 pandemic appears to have peaked, but deaths continue to rise. According to the Life Insurance Marketing and Research Association (LIMRA), global death claims for life insurance increased by 20% in the first three quarters of 2021. Nearly 60% of these deaths were COVID-related. Translated into dollars, life insurance policies paid on $90 billion in 2020, an increase of 15.4% compared to 2019.

According to LIMRA officials, claims for non-COVID deaths also spanned the spectrum of causes due to delay in medical treatment or care for existing conditions such as those related to diabetes, hypertension and diseases kidneys.

Many who had never spent time thinking or planning for their own death, or that of a loved one, are now grappling with the topic of life insurance, especially among Millennials aged 22-40. year. According to a recent study Insurance Barometer Study45% of millennials said they were more likely to purchase life insurance due to COVID-19, compared to 15% of baby boomers and 31% of Gen Xers.

Joanna Czapla, insurance agent for Protect Choices, LLC, has worked in the education and service industries for over 20 years. She works with families to help them create financial security and protect their family’s future. Czapla said that when the pandemic brought the world to a standstill, it also endangered his life and his future. But what saved his family from devastation was in the making.

“This dramatic toll reminded us how fragile life is and death can come when you least expect it,” Czapla said. “It clearly proves that all breadwinners should have the right plan in place to protect their children and those who depend on them. And one of the biggest mistakes parents can make is saying they are too busy or that they’ll “think about it later” when it comes to insurance.The best way to deal with the times we’re too scared to think about is to be prepared.

Yet that “wake-up call” Czapla notes hasn’t quite translated into action by more Americans. Even though interest in life insurance remains high, policy ownership has declined slightly in 2021. According to LIMRA, only 52% of American adults report having life insurance coveragecompared to 54% in 2020.

Czapla reviews policy options for a Protected Choices client

Czapla emphasizes that couples need to take their future into their own hands.

She adds that misperceptions about insurance affordability are what prevent families from getting financial security in the form of retirement funds, long-term care and funds for beneficiaries. When it comes to life insurance in particular, every couple’s needs are different, but nowadays life insurance policies can be customized to meet their coverage and protection needs with additional options. which can be adjusted later in life, if necessary. Plus, the right insurance plan can increase cash value even when markets go down.

Czapla adds, “More than 250,000 children have lost a parent or caregiver to the virus. Young people across the United States are facing a new day without a parent. They are also facing a new financial reality. Of course , we can’t predict what happens tomorrow, but we have a choice to protect ourselves and our families.The happiness of life is peace of mind assured.

ABOUT PROTECTED CHOICES, LLC

Protected Choices is created by Barra & Associates, an insurance brokerage and financial services firm with divisions specializing in all personal and business solutions. Their main areas of expertise cover the personal and commercial property, liability insurance, life insurance, health and indexing markets. For more information, visitwww.ifsbrokerage.comor visit Facebook, TwitterWhereLinkedIn.

CONTACT

Joanna Czapla
www.ifsbrokerage.com
[email protected]
(847) 962-9902

THE SOURCE: Protected Choices, LLC

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The children’s life insurance market could see a big move https://intuttitalia.com/the-childrens-life-insurance-market-could-see-a-big-move/ Mon, 05 Sep 2022 17:28:00 +0000 https://intuttitalia.com/the-childrens-life-insurance-market-could-see-a-big-move/ Children’s life insurance market The latest published Children’s Life Insurance Market research has assessed the future growth potential of the Children’s Life Insurance market and provides useful insights and statistics on the structure and size of the market. The report aims to provide market insights and strategic insights to help decision makers make sound investment […]]]>

Children’s life insurance market

The latest published Children’s Life Insurance Market research has assessed the future growth potential of the Children’s Life Insurance market and provides useful insights and statistics on the structure and size of the market. The report aims to provide market insights and strategic insights to help decision makers make sound investment decisions and identify potential gaps and growth opportunities. Moreover, the report also identifies and analyzes the changing dynamics and emerging trends alongside key drivers, challenges, opportunities and restraints in the Children’s Life Insurance market. The study includes analysis of market shares and profiles of players such as Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA, Sumitomo Life Insurance, Aegon, Dai-ichi Mutual Life Insurance, CPIC, Aviva, Munich Re Group, Zurich Financial Services, Nippon Life Insurance, Gerber Life Insurance & AIG.

If you are a manufacturer of children’s life insurance and want to verify or understand policy and regulatory proposals, designing clear explanations of issues, potential winners and losers, and options for improvement, this article will help you understand the pattern with Impacting Trends. Click for sample PDF (including full TOC, table and figures) https://www.htfmarketreport.com/sample-report/3841731-child-life-insurance-market-1

Key Highlights of the Children’s Life Insurance Market Report released by HTF MI

Market split by applications: under 10 and 10 to 18

Market Split By Types: , Children’s Term Life Insurance, and Children’s Permanent Life Insurance

Revenue and Sales Estimation – Historical revenue and sales volume are presented and other data is triangulated with top-down and bottom-up approaches to forecast the complete market size and to estimate forecast figures for key regions covered in the report as well as classified and well-recognized data. End-use types and industry.

SWOT Analysis on Children’s Life Insurance Players
In addition to player market share analysis, in-depth profiling, product/service, and business overview, the study also focuses on BCG Matrix, Heatmap Analysis, FPNV positioning as well as SWOT analysis to better correlate market competitiveness.

Demand from blue-chip businesses and government agencies is expected to increase as they seek more information on the latest scenario. See the Demand Determinants section for more information.

Regulatory analysis
• Local system and other regulations: regional variations in laws relating to the use of children’s life insurance
• Regulations and their implications
• Other compliances

You have a question ? Ask our expert @: https://www.htfmarketreport.com/enquiry-before-buy/3841731-child-life-insurance-market-1

FIVE FORCES AND PESTLE ANALYSIS:

In order to better understand the market conditions, an analysis of the five forces is carried out, including the bargaining power of buyers, the bargaining power of suppliers, the threat of new entrants, the threat of substitutes and the threat of rivalry.

• Policy (Political policy and stability as well as trade, fiscal and tax policies)
• Economic (interest rate, employment or unemployment rate, raw material costs and exchange rate)
• Social (changing family demographics, education levels, cultural trends, shifts in attitude and changes in lifestyle)
• Technological (evolutions of digital or mobile technology, automation, research and development)
• Legal (labour law, consumer law, health and safety, international and commercial regulations and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal and sustainability)

Book the Latest Edition of the Children’s Life Insurance Market Research @ https://www.htfmarketreport.com/buy-now?format=1&report=3841731

Heatmap analysis, financial and detailed 3-year profiles of key and emerging players: Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA, Sumitomo Life Insurance, Aegon, Dai-ichi Mutual Life Insurance, CPIC, Aviva , Munich Re Group, Zurich Financial Services, Nippon Life Insurance, Gerber Life Insurance & AIG

Geographically, the following regions as well as national/local markets listed are fully investigated:
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Bas, in Poland, Czech Republic, Slovakia, Hungary and Romania)
• North America (United States, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)

Some excerpts from the children’s life insurance market study Table of contents

Child Life Insurance Market Size (Sales) Market Share by Type (Product Category) [, Term Child Life Insurance & Permanent Child Life Insurance] in 2021
Children’s Life Insurance Market by Application/End Users [Below 10 Years Old & 10~18 Years Old]
Global Children’s Life Insurance Sales and Growth Rate (2017-2028)
Children’s life insurance contest by players/providers, region, type and application
Children’s life insurance table (volume, value and sale price) defined for each geographical region defined.
Supply Chain, Sourcing Strategy and Downstream Buyers, Industry Chain Analysis
……..and see more in full table of contents

Check It Out Full Report Details @ https://www.htfmarketreport.com/reports/3841731-child-life-insurance-market-1

Thank you for reading this article; HTF MI also offers custom research services providing targeted, comprehensive and personalized research based on customer objectives. Thank you for reading this article; you can also get individual sections by chapter or reports by region such as the Balkans, China, North America, Europe or Southeast Asia.

Craig Francis (Public Relations and Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Unit #429, Parsonage Road Edison, NJ
New Jersey United States – 08837
Telephone: +1 (206) 317 1218
sales@htfmarketreport.com

About the Author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire research and advisory services to empower businesses with strategies for growth, delivering services with extraordinary depth and breadth of thought leadership, research, tools, events and experience that help decision-making.

This press release was published on openPR.

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Financial focus: Do you have adequate life insurance? | Local News https://intuttitalia.com/financial-focus-do-you-have-adequate-life-insurance-local-news/ Sun, 04 Sep 2022 12:30:00 +0000 https://intuttitalia.com/financial-focus-do-you-have-adequate-life-insurance-local-news/ You probably won’t see it on your calendar, but September is Life Insurance Awareness Month. And it is indeed important to be aware of the importance of life insurance. Are you sufficiently insured? Many people are not. According to a 2021 survey by research and advocacy groups LIMRA and Life Happens, about 40% of Americans […]]]>

You probably won’t see it on your calendar, but September is Life Insurance Awareness Month. And it is indeed important to be aware of the importance of life insurance. Are you sufficiently insured?

Many people are not. According to a 2021 survey by research and advocacy groups LIMRA and Life Happens, about 40% of Americans face some type of life insurance shortfall, either because they are uninsured or under -insured.

The need for life insurance is quite simple: if something were to happen to you, would your family be able to continue living the same way? Would the mortgage still be paid? Could your children still continue their studies?

So if you decide to acquire or strengthen your life insurance, how much do you need? Your employer may provide you with insurance as a benefit, but that may not be enough. You may have heard that you should have coverage for seven or eight times your annual salary. But this estimate is just that – an estimate. Everyone’s situation is different and there really is no single formula that can tell you how much insurance you need. To determine what coverage you need, you’ll need to consider several factors, including your age, number of dependents, your and your spouse’s income, and the amount of your mortgage.

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It’s obviously important to know the amount of coverage you need, but you’ll also need to determine what type of life insurance is right for you. You have two basic choices: term or permanent insurance.

As the name suggests, term insurance provides coverage for a fixed term, such as 10, 20, or 25 years. Term insurance only provides a death benefit – there is no cash value accumulation in your policy. Generally speaking, term insurance is considered quite affordable, especially when one is young.

Permanent insurance, on the other hand, offers a death benefit and the ability to create cash value. For this reason, premiums for permanent insurance — which includes “whole life” or “universal life” — are significantly higher than those for term life insurance.

What type of insurance to choose? Again, it all depends on your situation and preferences. Some financial experts advise people to “buy term and invest the difference”, that is, to use the money saved on lower term insurance premiums to invest in stocks and bonds. mutual fund. Others, however, disagree and point to the benefits of permanent insurance, such as the ability to borrow against a policy’s cash value to pay for unexpected expenses. Ultimately, deciding between term and permanent insurance will require you to look at your overall financial situation to determine which option is best for you.

In fact, life insurance should be a key part of your overall financial strategy, along with your investment mix and any long-term goals you’ve set for yourself. Insurance can even play a role in your estate planning, as you determine how best to distribute assets to family members and charities you support.

Life Insurance Awareness Month lasts 30 days, but your need for life insurance can last for decades. Be sure to do everything you can to protect your loved ones.

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