Life Insurance

The review of literature on IDBI Fortis Life Insurance Co would involve an analysis and evaluation of existing academic articles, books, and other resources related to the company. This review would cover aspects such as the company's history, financial performance, customer satisfaction, marketing strategies, and overall reputation within the insurance industry. It would aim to provide insights into the strengths, weaknesses, opportunities, and threats associated with IDBI Fortis Life Insurance Co based on the existing literature.

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The best life insurance company is one which is financially sound and has a proven track record for paying out death benefits. Life insurance companies are rated for this by rating companies like A.M. Best. The best rating with them is an A++.

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The principle reason people might get life insurance is so that survivors might be able to pay funeral costs. Many people that have children might also get life insurance so that the children will be provided for in the case of a sudden death of a parent.

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It absolutely depends on the policy, they are all different. This will all be laud out in the policy itself; if you need assistance try either Citizens' Advice or an independent financial advisor.

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.

You can visit the website of the insurer and get status of your life insurance policy. Or, you can visit the branch office of the insurance policy personally or through messenger and request them to issue policy status, citing the policy number.

"Although the advertisement on TV about Colonial Life insurance specifies that the insurance is for people over 50, Colonial does offer insurance for those at least 18 years of age. This company offers old-fashion customer service to the clients."

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.

It will help you to shop around- but make sure you have a copy of your gaernel policy so that you can compare coverages and request the same type coverages, because some insurers will put minimum coverages and take some protection away from you just to beat other quotes, without taking into consideration your financial protection!

There are a few ways you can check but some do require that you are authorized to access their personal records. If the policy was being paid through withdrawal form a checking account or credit card account, then the payments should show on the statements. You can also request an MIB record that may indicate applications on record. You can also ask a relative. Be well. mcdlife.com

I have a term life insurance policy that was fully paid in 1980. This policy is through Security Life Insurance Company of Georgia. How do I cash this policy in? I am unable to find the company !

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.

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

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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.

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.

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.

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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).

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.

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.

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