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Life Insurance

Life insurance refers to a contract between the insured and the insurer, where the latter agrees to pay a beneficiary a specific amount of money upon the death of the insured.

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Insurance who is the best?

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Asked by Wiki User

As an insurance brokerage firm, Omega Insurance Brokers LLC believes that the best insurance provider is one that aligns with the individual needs and preferences of each client. When considering insurance options, factors such as coverage, premiums, customer service, and reputation play significant roles in determining the best choice. In Dubai, for life insurance needs, it's essential to partner with reputable life insurance companies that offer comprehensive coverage options, including whole life insurance policies. By carefully evaluating various insurance providers and their offerings, individuals can select the best insurance solution tailored to their specific requirements and circumstances. Omega Insurance Brokers LLC is committed to assisting clients in finding the most suitable life insurance policy in Dubai, ensuring peace of mind and financial security for themselves and their loved ones.

What is the best life insurance company?

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Globe Integrity is a reputable insurance provider that specializes in offering life insurance products with a strong emphasis on integrity and ethical practices. Founded on the principles of honesty, trustworthiness, and transparency, the company is committed to providing its clients with comprehensive coverage and financial protection. Globe Integrity offers a diverse range of life insurance policies tailored to meet the unique needs of individuals and families. These policies may include term life insurance, whole life insurance, universal life insurance, and other customizable options. Each product is designed to ensure that policyholders and their loved ones are financially secure in times of uncertainty, offering peace of mind and stability for the future. What sets Globe Integrity apart is its commitment to upholding the highest ethical standards. The company's mission is not solely about financial gain but also about creating a positive impact on the lives of its customers. This is reflected in their customer-centric approach, transparent policies, and prompt and fair claims processing. Furthermore, the company actively promotes financial literacy and responsible financial planning, encouraging its clients to make informed decisions and prioritize their long-term financial well-being. By fostering a culture of integrity and accountability, Globe Integrity aims to build lasting relationships with its clients and earn their trust over time. As a leading player in the insurance industry, Globe Integrity strives to be a responsible corporate citizen, engaging in philanthropic activities and supporting initiatives that align with their values of integrity, fairness, and social responsibility.

What is BWRP in insurance sector?

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Asked by Wiki User

Bhima women regulatory protection

Who took over the Independent Life and Accident Insurance Company?

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Asked by Lauragrimes

I don’t know but i

have a policy from them and need to contact the right company. help

help

my name is JoAnn my contact number 770 256 7463

What is the principle of life insurance?

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Asked by Wiki User

The principle of life insurance is to provide financial protection for the individuals named as beneficiaries in the policy in the event of the insured person's death. The insured pays regular premiums to the insurance company, and in return, the company promises to pay out a predetermined amount of money to the beneficiaries upon the insured's death. It is a way to ensure that loved ones are financially protected and taken care of after the insured's passing.

What type of company is G4S security?

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Asked by Wiki User

G4S is a multinational security services company that provides a wide range of security solutions, including manned guarding, cash management, risk consulting, and technology solutions. They work in various sectors, including government, commercial, and residential, and serve clients around the world.

Can a prudential life insurance policy written in the 1940s be cancelled when insured becomes age 100 at dies at age 106?

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Asked by Wiki User

The cancellation of a life insurance policy would depend on the specific terms and conditions of the policy. Generally, life insurance policies do not cancel automatically when the insured reaches a certain age. However, it is possible that the policy may have a specific duration or expiration date, or there may be other provisions in the policy that allow for cancellation or termination. It would be best to review the policy documents or contact the insurance company directly to determine the specific terms and conditions for cancellation.

A life insurance policy that pays whether the policyholder lives or dies is called?

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Asked by Wiki User

A life insurance policy that pays whether the policyholder lives or dies is called a whole life insurance policy. This type of policy provides coverage for the policyholder's entire life and typically includes a cash value component that grows over time.

How can iget the lic policy status?

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Asked by Wiki User

To get the LIC policy status, you can visit the official LIC website and log in to your account using your credentials. Alternatively, you can call the LIC customer service helpline and provide them with your policy details to check your policy status. You can also visit your nearest LIC branch and inquire with a representative about your policy status.

Is colonial life insurance only for older adults?

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Asked by Wiki User

No, Colonial Life Insurance is available for individuals of various age groups, including older adults. However, they also offer insurance policies that cater to individuals at different stages of life, which may include younger adults and families as well. It is best to contact Colonial Life Insurance directly to discuss the available options and policies that align with your specific needs and age group.

If a person has a life insurance policy that is part of a group plan and if that person is no longer part of the group but continue to pay for the plan is the plan still valid when going to collect?

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Asked by Wiki User

If the person is no longer part of the group but continues to pay for the plan, the plan may not be valid. Group life insurance typically requires active participation in the group in order to be eligible for coverage. It is best to contact the insurance provider to confirm the status of the policy and understand the terms and conditions.

How do you find out if grandparents had Life Insurance policies?

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Asked by Wiki User

To find out if your grandparents had life insurance policies, you can start by checking their financial documents, such as bank statements and tax returns, as they may have listed any life insurance policies they held. You can also reach out to their insurance agent or company to inquire about any existing policies. Additionally, contacting their attorney or executor of their estate can help provide information about any life insurance policies they may have had.

How do you contact Security Life Insurance Company of Georgia?

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Asked by Wiki User

I don't have access to current contact information, but you can typically contact Security Life Insurance Company of Georgia using the following methods:

  1. **Phone:** Look for the company's customer service or contact number on their official website or any policy documentation you may have.

  2. **Website:** Visit their official website, which often provides contact information, including phone numbers, email addresses, and sometimes online contact forms.

  3. **Mailing Address:** You may find the company's mailing address on their website or policy documents. You can send physical correspondence to them at this address.

  4. **Agents or Brokers:** If you have an insurance agent or broker who helped you obtain the policy, they can often assist with contacting the insurance company.

  5. **Online Account:** If you have an online account with Security Life Insurance Company of Georgia, you can often find contact information and access customer service through your account.

Please ensure that you use official and verified contact information, such as that provided on the company's website or on official documents, to reach out to them.

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Can you work for two different life insurance company?

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Asked by Wiki User

yes why not?

Its depend on my ability & capablity

Edit: to complete the answer above, many insurance companies depend on insurance agents and brokers to make customers aware of different policy details, etc. Some companies have captive agents who are not allowed to sell other companies' insurance products, but most of them work with contracted insurance brokers which can sell insuranceproducts from different competing companies. This benefits the client ultimately since each insurance company has to show not only the potential clients but alsothe brokers why their product is better.

What is a whole life insurance policy?

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Asked by Wiki User

It is life insurance that you will have for your entire life. A side benfit of whole life is it builds a cash value much like a savings account. It is more costly than tem in the beginning but far more cost effective later in life. Term insurance is the Cash Cow for insurance companies. Only 2% of term policies sold ever pay a death benefit. Think about it! You are going to die someday. With or without insurance? 4lifeguild

Who bought mammoth life insurance co?

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Asked by Wiki User

I spoke to a State Farm insurance agent yesterday and she informed me that state farm did not purchase mammoth

What is a waiver of premium for life insurance plolicies?

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Asked by Wiki User

Waiver of premium on a life insurance policy or disability insurance policy means that in case of a disability, the insurance company will waive the premiums and keep the policy in force. This is a layer of added protection in case you can't afford to pay the policy due to loss of income in case of an illness or accident.

All disability insurance policies include the waiver of premium at no cost, keeping the policy in force while you are disabled and receiving disability benefits.

Life insurance policies have the waiver of premium as a rider which usually cost additional premium to add.

Consult a life and disability specialist to help you choose the best plans available to you.

Difference between term and whole life insurance?

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Asked by Wiki User

Term life insurance provides protection for a specified period of time (e.g., 5, 10, 15, 20, or 30 years) at an affordable cost but premiums increase drastically with age.

Whole life insurance provides protection for your entire lifetime and accumulates a cash value that the policy owner can borrow against.

Term: Want to protect your family from financial hardship in the event of your death. You are underinsured and want to supplement your coverage

Whole Life: Have a long-term need for life insurance. Want to accumulate cash value to borrow against to provide funds for education, retirement or other future goals

Term: More affordable than whole life insurance.

Whole Life: Premiums do not increase with age. Builds cash value.

Term: Does not build cash value. Coverage ends when policy expires. Premiums may increase with age and look negative in later years compared to a whole life policy where cover increases as cash value grows.

Whole Life: Initially higher premiums than term coverage, however later or in older age it pays off.

A well designed whole life plan would ideally serve insurance needs of a person, if they can afford it. Start when no or low loan emi's are there, saving is a habit like spending, after all the money returns to you.

The biggest grouse by pro equity market + term insurance is the earning of the agent. However when buying something you should see what you get not the advisor as everyone in this world has to be paid for work done, just as when buying a car, or a house.

What are the different kinds of life insurance?

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Asked by Wiki User

Term life insurance provides protection for a specified amount of time (or term) and pays benefits only if the individual dies during that period. Term policies can be sold in terms of number of years like (1 year, 5 year, or 10 year) or in terms of individual�s age (term to age 50, or term to age 65). There are three basic types of term insurance: Level term insurance- provides a level amount of protections throughout life of the policy Decreasing term insurance- provides protection in which the amount gradually decreases throughout the life of the policy. This coverage is typically sold for individuals that want to protect family members from current liabilities such as a mortgage. As the mortgage is paid off the need for the higher payout upon death is reduced therefore this coverage decreases not only the payout upon death as time goes by but also has lower premiums. Increasing term insurance- As you may have guessed this policy is the opposite of decreasing term insurance. In this form the protection gradually increases over the life of the policy. Generally the idea here is to keep pace with inflation or cost of living expenses.

Briefly, the three major types of life insurance are:

• Level term life insurance where your premiums remain the same during the entire term period

• Annually renewable term life insurance where the premiums increase each year of the term.

• Return of Premiums (ROP) term life insurance where at the end of the term the sum of all premiums paid are returned to you

Term life insurance is the best choice for people who would like to pay low premiums but provide high insurance coverage for their family. Before deciding on the type of term life, you should consider factors like renewability privileges, waiver of premiums factor, etc.

What is an organism's total way of life called?

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Asked by Wiki User

The term for an organism's total way of life, is niche.

What are the characteristics life insurance?

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Asked by Wiki User

Life insurance may more properly be called "death insurance". That is, since everyone will at some point die, it is intended to pay a sum of money to the decedent's heirs, survivors, or other listed beneficiaries, upon death.

Life insurance is considered to be a "valued" policy, as there is no objective measure as to what one's life is worth. Therefore, although there are factors that should be taken into account as to how much life insurance is advisable (such as minor children that must be supported and educated), one is fairly free to buy as much life insurance as they can afford. Life insurance companies do sometimes impose limits on how much a person may buy based upon health and financial considerations.

Term insurance, one form of life insurance, is considered to be "pure protection" in the sense that it does not accumulate cash value. Instead, it pays the face value of the policy to the designated beneficiary when the decedent (insured) dies, according to the terms of the contract. Of course, all premiums must have been paid and the policy in force as of the time of death.

Whole life insurance (often called "permanent insurance") does accumulate cash value. Cash value may be likened to sort of a savings account within the policy. Part of the periodic premium is applies to the "protection" element of the coverage, and part goes toward the accumulation of cash value. In the early years of the policy, cash value accumulates slowly. However, depending upon the structure of the policy, it can accumulate more quickly. That is, in some policies, the "savings" portion is invested in mutual funds that the insured designates, and therefore the growth of the cash value fluctuates with the performance of the funds. In no event should this be considered to be a savings account or investment; insurance is protection, and the cash value element is just a tangential feature.

There may come a point in a whole life policy when the policy is "fully paid up" meaning that no further premiums need to be paid. Depending upon the structure of the policy, this can be 10-15-20 years. Naturally, the amount of premium payable over that time will be greater or less depending upon how long it takes to pay up the policy. In contrast, premiums on term policies are lower (because there is no savings element), and must be paid for the full term of the policy (which also can be 20 years or so).

What is Life insurance definition?

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Asked by Wiki User

Life Life insurance is a nonprofit organization dedicated to helping people gain financial responsibility and educating people on life insurance. You can get more information at the Life Happens Organization website. Once on the page, click on "About Us" in the top navigation to bring up the information.

What is the difference between a variable whole life policy and a universal whole life policy?

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Asked by Wiki User

Both whole life and universal life have cash values. For Whole Life -Picture a rectangle/box with a line from the bottom left corner going up to the top right corner. Everything under the line is your cash value or savings in your life insurance. The entire box is equal to your coverage amount. When you die, your beneficiary gets the box. It doesn't matter how much cash you have, they get the amount of the box. So if you have $50,000 of coverage, and you have $2000 of cash value, when you die they get $50,000 ($2000 of your cash value and the insurance company only has to pay $48,000) If you want to borrow your money, you have to pay it back at a 6-8% interest rate TO THE COMPANY. You borrow your own savings. If you die, they keep your money. And for the first 2-4 years you have your policy, you don't accumulate any cash. Your premiums cover insuance and fees. Universal life is annual renewable term plus a cash value. This gives you an option if your beneficiaries get to collect both your life insuance amount plus the cash or just the life insurance amount. Obviously, no one would choose to NOT get their money, but most don't see the choice. It is made for them. The cost of insurance goes up every year, but your premiums may stay level. Or you can increase them, it's up to you. However, there is a level term where your premiums are locked in and you don't have to worry about the cost going up every year. Eventually with flexible premium universal life, the cost of insurance is so expensive, people can't afford to keep it. The cash value will pay the premiums for only so long before there is no cash left. You're much better off to find a level term, and invest the difference (which you may increase or decrease at will). Once you have enough money saved, and little or no financial obligations (kids, mortgage, debt, etc) get rid of the life insurance. Why pay for life insurance if you have money saved and no responsibilites?

Whole life insurance is a permanent life insurance. Premiums for whole life insurance are generally high and remain status quo throughout the life of the policy owner. Whole life insurance is often seen as an investment as it develops cash value over time. Whole life insurance allows the owner to dip into his insurance through loans or surrender, in times of need.

A flexible universal policy is almost the same as whole life insurance but offers more flexibility for the policy holder. This kind of policy gives the policy owner flexibility to modify the insured amount, or the premiums according to changing circumstances in life.

How long do you have to be a non smoker for life insurance?

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Asked by Wiki User

I had this same questions and found my answer during my quest to quit smoking in 2012. The short answer is that each insurance company is different but the average is 1-3 years without the use of tobacco products such as cigarettes, cigars, or chewing tobacco. I also found that nicotine alone is not considered smoking and many people like myself can be considered a "non-smoker" while using products like electronic cigarettes. I'm gona try a Nicomate.com electronic cigarette in 2012 and see if it works. I hope quitting smoking with electronic cigarettes proves easier than the gum, meds, and patches I've already tried! Cheers and happy 2012!