Definitions are important It is essential to understand the different types of life insurance available to you and their differences. Permanent life insurance refers to a category of insurance policies that never expire. Typically permanent life insurance includes a savings component as part of the policy on top of the death benefit. Two main types of permanent life insurance are universal life insurance and whole life insurance. Let’s dissect these to clearly understand the differences between them. Universal life insurance Universal life insurance falls under permanent life insurance in that…
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4 Essential Things to Remember When Buying Life Insurance
Whether you’ve already bought life insurance or are in the process of purchasing a plan, you know how important a decision it is. Your life insurance policy is what will help take care of any loved ones you may leave behind. Because of that, you want to spend time deciding which policy is best for you and your family. When looking at a policy, there are many factors that come into play. In fact, there are so many things to remember and questions to ask that it can become overwhelming…
Read MoreHow to Insure Your Growing Family with Life Insurance
You might not think of life insurance as a gift, but it is. In fact, it’s one of the best gifts you can give your new child. Why? If you suddenly die, your life insurance policy becomes wellspring of cash for your kid when he needs it most. However, there’s just one thing standing in your way: money. Life insurance isn’t free. Here’s how to afford it without breaking the bank. Blended Whole Life Blended whole life insurance is one way to provide permanent life insurance protection without spending a…
Read MorePoints to think about when you buy life insurance
The moment you decide to start a family life, your brain begins to plan for the future. It is natural for anyone of us to think and plan about the good life of our loved ones even when we are gone. This very moment is the point when you start to ponder over a life insurance policy. There are several insurance companies trying to attract you with various schemes and coverages but ultimately a long term plan comes down to deciding between universal life insurance or whole life insurance. The…
Read MorePrudential Insurance reaches settlement with Insurance Departments in seven states
Seven states have announced that they have reached a settlement with Prudential Insurance Company of America as well as a number of its affiliate companies. According to Michael Consedine, the insurance commissioner from Pennsylvania, there were concerns raised over the practices at Prudential over the death benefit payments for beneficiaries of life insurance policies following an exam performed by several states. However, he went on to say that they appreciate the willingness of Prudential to “to reach a settlement that includes changing its business practices to better locate beneficiaries. This…
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