If you need a list of reasons to get life insurance, here are a few to get you started. Life insurance is one of those things that few people could fail to benefit from. It offers peace of mind to the policy holder and financial support to its beneficiaries.
The most obvious part of life insurance is that in the event of your death, it will help to provide for your family. It works as simply as this: because you have been paying your monthy premiums, the company that holds your insurance policy will agree to pay a specified lump sum of cash to the benificiary listed on your policy (this is the person or people you designate to receive the death benefits).
It is important to remember that with this policy, no restrictions are placed up your beneficiaries as to how they utilize the money. Your beneficiaries can decide if it will be used to alleviate debt, purchase their home, or even attend college. The amount they receive will vary depending upon the type and coverage you purchase.
In some instances, the benefit may be used to pay off money you owe. Some people may choose to link their largest debts to a decreasing term insurance policy due to the magnitude of their debts. For instance, a decreasing term policy covering a home debt will charge lower premiums as the the home loan is paid off. The insurance company will pay the remaining amount to the bank should death occurs before the loan has been fully paid.
If you would like your insurance death benefit to pay more than just enough to settle outstanding deaths, whole life insurance may be a viable option. Here, premium payments are made in the course of your life. Plans are available where you to pay a level amount throughout, or pay higher premiums at the start of the policy. Depending on the plan, payments cease stop at age 60, 65 or 85 but coverage will still continue. In the event of your death, the insurance company will pay out a benefit to your chosen beneficiaries. The benefit does not depend on how long you have actually held the policy.
If you are HIV-positive, South Africa is one of only two countries that offer life insurance cover for people with HIV/AIDS. Your premiums may be somewhat higher, and your insurance provider will require you to maintain antiretroviral treatment.
Make sure that you deal with reputable and dependable companies that are known to honor their payout agreements. Most experts recommend checking with more than four companies to find out about the different options and plans in the market.
Bear in mind that a life insurance policy may be the only protection your family has from financial hardship in the event if an unexpected death. The peace of mind coming from the knowledge that your family will be provided for more than offsets any inconvenience you may experience now.
Tom Martens is the syndication coordinator at lifeinsurance-southafrica.co.za. South Arica’s leading Life Insurance portal
Many American citizens are now considering overseas retirement, in an effort to really live the retirement dream, which is increasingly becoming difficult within the United States. One of the aspects that they must take into consideration is international health Insurance, to ensure that they are adequately covered when retiring abroad.
When you’re planning overseas retirement, you might be tempted to think that since healthcare costs are cheaper in your intended new home, you can afford to pay the costs yourself. However, if you end up paying the bills yourself, the bills may deplete your savings, no matter what currency or rates you use.
Retiring abroad, however, may not be for everyone. It is best suited for those who like experiencing different cultures and have few ties that bind them to their home country. Retiring overseas is a great idea for those who actively want to improve their standard of living with a fixed income.
The top item of worry on most seniors lists is adequate health insurance, since healthcare is most required with advancing age. worldwide health insurance purchased in the United States should help take care of medical problems.
If looking to move abroad, it might be a good idea to do a ‘trial run’ and lease out property at the overseas destination. International travel health insurance can also be purchased to take care of health issues during the period. This will provide great insight into whether moving to the country will work.
Overseas health insurance is available through short-term and long-term plans. If moving to a country, long-term insurance, which covers more comprehensive benefits, is preferable. The insurance can also cover regular check-ups (after a waiting period) and pre-existing conditions (if not excluded after underwriting), which is ideal for living abroad.
You might be tempted to purchase local healthcare coverage, if you are deemed eligible for it. However, remember that emergency evacuation is a benefit that will secure your health, paying for your evacuation to the hospital that is able to adequately treat your medical emergency. This clause can be a lifesaver, especially important in foreign countries.
When you choose a plan, you should also consider the insurance company’s ratings, which are routinely done by several companies including A.M. Best. Once you sign on that overseas health insurance dotted line, you are ready to enjoy the beautiful place that you will call home!
Dan Miller often writes about international insurance.
I teach Estate Planning and Administration from an attorney/paralegal perspective at Shepherd Univerity to a classroom comprised mostly of seniors. That is senior, young and getting ready graduate and start their journey to retirement and asset protection. I think they are finally starting to get it as I take every opportunity to make the concepts applicable to them as well as their families. I had a representative from Hospice of the Eastern Panhandle in Martinsburg, WV, emphasize, in the absense of assets, that living wills and advanced directives are useful, even for “invincible” young adults. It’s one of the easiest, and free things that they can do for themselves.
I ran across this article from Wealth Junkie$. Though brief, I thought it was appropo. The following is the rest of the article:
Estate Planning: It’s For Young People, Too
“Estate planning sounds like something that should only concern senior citizens. After all, it’s a system of making sure that your assets wind up in the hands of your beneficiaries as quickly and easily as possible. And who has an estate these days? The word implies plenty of wealth.
But the fact of the matter is that estate planning is just as important to the young and the less-than-wealthy as anyone else. For one thing, estate planning these days can include the documents that state how you want your medical and financial affairs handled if you’re incapacitated. For another thing, estate planning is just as useful as an insurance policy: it gives you a way to make sure that your family is taken care of in a worst case scenario.”
Tags: advanced directive, asset protection, attorney /paralegal, Estate Planning, financial, incapacitated, insurance policy, living will, martinsburg, Martinsburg West Virginia, medical, premier guaranty, senior citizen, Shepherd university, United States, west virginia, West Virginia United States
