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Life insurance is a necessity if you have loved ones you'd like to ensure the protection and well-being of your family when you die. There are choices to make once you decide to take a life insurance policy such as; will I take term or whole life insurance?
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∙ 12y ago
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Is it bad not to have life insurance?
Life insurance is a necessity if you have a spouse and/or children that rely on you for their subsistence. If you have no dependents it is not necessary to create a windfall for someone else.
What are some contingencies in life insurance?
In life insurance, there are some contingencies. The persons who are engaged in mines or similar high risk jobs are always prone to eventualities. Further, persons doing outdoor jobs also fall under the same category. They are made to pay higher premiums for their professions for which life insurance cos. are to spare funds for contingencies Uncertainty of death is inherent in human life. It is this uncertainty, that is risk, which gives rise to the necessity for some form of protection against the financial loss arising from death. Insurance substitutes this uncertainty by certainty.Life Insurance Cos. are to maintain Contingency Fund for such eventualities.
Is student insurance a necessity?
It is not a necessity, but is a very important thing to have. If you were to get into an accident or have something stolen, the insurance company can give you something for the damage.
What types of insurance does AARP offer?
The American Association of Retired Persons, AARP, offers Medicare, long-term care insurance, automobile insurance, home insurance, and life insurance. It is intended for improving the quality of life for seniors age 50 and over.
How does a persons perception of a good is a necessity or a luxury affect his or her purchase of it?
a good that is perceived as a necessity will be purchased even if the price rises
Are life insurance benefits part of a will?
It will state on the life insurance policy the name of the person or persons who are to receive the death benefit. Since a life insurance contract is a legal document, the insurance company is required to carry it out exactly as stated in the policy. The money may be argued over from that point, but the will cannot dictate where the money from a life insurance policy goes.
How does a persons perception of whether a good is a necessity or luxury affect his or her purchases of it?
a good that is perceived as a necessity will be purchased even if the price rises
Is life insurance considered part of deceased persons estate when money is owed to loan companys?
If the life insurance has a named beneficiary then life insurance benefits are not subject to debtors claims. If there is no beneficiary or the "estate" of the deceased is the named beneficiary, then loan companies can come after the estate.
What is normally covered by accidental life insurance policies?
Accidental life insurance typically pays out a predetermined sum of money in the event of a persons death. However, this predetermined sum of money will not be paid out if the persons death was not determined to be an accident, such as if they committed suicide or died of old age complications.
Can a non beneficiary family member collect an unclaimed life insurance 45 year after the persons death?
yes
What type of insurance coverage will pay for the loss of a person's sight?
It is important to have different types of insurance during a life time. A persons health insurance coverage will pay for the loss of the person's sight.
How does a persons perception of whether a good is a necessity or a luxury affect his or her purchases of it?
a good that is perceived as a necessity will be purchased even if the price rises
