Reaching retirement age usually means a reduction of expenses, such as paying off the house, buying fewer vehicles, and no longer having to take care of the children. In addition, those who are retiring may not feel the need to carry a life insurance policy. Why Many Retirees Give Up Life Insurance Policies? Retiring usually means giving up the status of the breadwinner. This is because, with fewer responsibilities, the idea of financially protecting the…
People purchase life insurance for many reasons, including covering funeral expenses, leaving behind legacies, or paying off debts. However, one of the most important reasons is to replace the lost income of the family’s spouse, parent, or breadwinner. According to a recent survey by LIMRA, 34% of people mentioned this reason for owning life insurance. Replacing lost income is often overlooked when purchasing insurance because other concerns take precedence. However, it is vital, especially for…
A life insurance policy offers the benefit of covering funeral, debt, and other expenses when the owner of the policy passes away. However, it is important to note that while not all life insurance policies are the same, they are divided for the most part into three different areas or contracts for carrying out the policy itself. Understanding the differences is important because it lets you know who can do what when it comes to…