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Thread: Life Insurance For Adults Or Children

  1. #1

    Default Life Insurance For Adults Or Children

    Importance of insurance No one likes to think about the need for life insurance, but if you were no longer in the picture what would happen to the people who depend on you for financial support?. Even if the deceased has some life insurance, the amount is often inadequate. insurance is an essential part of any financial program. Your insurance coverage should be reviewed regularly as changes occur in your life, career and financial goals. Most people buy insurance to replace income that would be lost at the death of a wage earner. Proceeds from a life insurance policy also can help ensure your dependents are not burdened with significant debt when you die.

    An important advantage of insurance is that the proceeds pass income tax free to beneficiaries and without going through probate. Most people think of life insurance only as a legacy something left behind after they die. If diagnosed as terminally ill, the insured may request payment of the insurance policies face amount instead of the death benefit being paid to a beneficiary. Portability Under most group policies employees can take their life insurance protection with them when they leave the company or retire and take advantage of group rates and the convenience of direct billing. Cash accumulation some insurance policies have a cash value account or investment component that lets you contribute premium in addition to the amount you pay for your insurance coverage.



  2. #2
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    Protecting Your Adult Children

    The process for buying life insurance for your adult children is much the same as buying life insurance for yourself. As the policyholder, you choose the amount of insurance you want to buy, you pay the premiums, and you decide who the beneficiaries will be. However, your adult children need to give their consent for you to take out the policy.

    How much insurance do your adult children need? This will depend on how many dependents they have and whether or not they are in debt. Many experts suggest an amount that is eight times their annual income, which should provide for living expenses for 20 years.

    Finding an Affordable Policy

    The Internet is an excellent source for finding an affordable life insurance policy that will protect your adult children and their families. By going to an insurance comparison website on the Internet, you will be able to quickly and easily obtain insurance quotes from several A-rated insurance companies.

    Of course, you will need to complete a form with information about the insured, such as their medical history, jobs, and habits. You will probably want to work with your adult child to complete the form so it will be accurate.

    On the best insurance comparison websites, you can also get answers to your life insurance questions by talking with insurance professionals by phone, or through their online chat service (see link below).

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