Times Are Tough But Don't be Tempted to Cancel Your Life Insurance

South African consumers have been hit hard in recent months. From electricity to food and petrol, prices are soaring. Consider, for example, our latest fuel price increase: petrol went up by 93c a liter and diesel by 69c. According to the Automobile Association, this latest increase is the highest in South African history. As a breadwinner you battle to contain your family's monthly living expenses, stretching your budget to the limit every month and cutting corners where possible. It is at times like these that we are tempted to cut back on our life insurance premiums, a cost that we can do without surely? Think again.
The joint income that you and your partner bring home every month is your family's livelihood. It puts a roof over their heads and covers daily living expenses, including transport costs and the food on their plates. It pays for their education and takes care of your medical aid premiums. For those families that are lucky enough, it might even allow for an annual holiday, extra maths lessons or ballet classes. It goes without saying that raising a family is expensive.
As you tackle your budget this month take a moment to think about how your family would survive if you or your partner died? How would he/she provide for the family on just one salary? What would it mean for the family? A smaller house in another suburb, perhaps even a flat? More affordable schools perhaps? Would the family medical aid have to be sacrificed? It is not inconceivable that your family would survive without your income or that of your partner but at what cost to their education, their health and their safety?
Enter life insurance. Life insurance is the financial lifeline your family will need in the event of your death. Quite simply, your life insurance pay-out will replace the salary you brought home every month. A life insurance policy means that in the event of your death your family is provided for and will not have to sacrifice any part of the life that you have worked so hard to build for them.
As tempting as it might be to cancel your life insurance policy in tough times, remember that life insurance is about providing your family with the future income they will need to survive without your or your partner's salary. It is your guarantee that they will be looked after just as you look after them now, that your dreams for them, from a university education to that overseas holiday, will be kept alive. Don't deprive your family of the future they deserve.

Read More

Group Term Life Insurance: An Unpaid Supplemental Term Life Program

If you work for a tiny company that has a least of five employees and your employer does not at present have a basic group term life insurance plan or a unpaid supplemental term life program, you can sign up for elastic Plan of Group Term Life Insurance policy.

Elastic (flexible) plan of group term life insurance is a plan that is set up by and paid for by employees. It was created to provide low-cost group term life insurance to employees where NO employer paid group program is in place.

There are many things which affect group policy premiums

Flexible plan term life insurance rates are dogged by how the group chooses their coverage: fully guaranteed or guaranteed-issue. If the group chooses the guaranteed-issue option, no health questionnaires or medical exams will be necessary, however, the group term life insurance rates will be more costly since the hauler will be insuring the group absolutely.

Another option that will affect the flexible plan term life insurance rates is whether or not the group chooses to apply ?tobacco-free? or ?tobacco-consumers.? The option to merge the two is also accessible.
Restrictions

1. Premiums must be compensated through payroll assumptions.

2. Coverage finishes when the employee turns age 70.

3. Spouses are entitled for coverage but the face value may not go beyond that of the employee or $250,000

4. If you work in an industry that is measured a hazardous profession, you are ineligible to apply. Your spouse's coverage is also subject to occupational consent.

Term life insurance has allowed millions of Americans to safe the financial prospect for their dependents at affordable rates. As healthcare costs increase, getting an affordable term life insurance quote is now an absolute necessity. With thousands of products to choose from, it is often a daunting task to research for the one which will give you the best value for your money.

Types of Life Insurances

Term Insurance ?

Life insurance given that a fixed amount of coverage at a specified quality for a specified period of time. This type of insurance does not build up cash value and the premium usually increases after the pre-determined time period.
Permanent Insurance ?

The life insurance known as Permanent term life insurance affords longer term financial safety with a death benefit and in some cases a cash savings component. Universal Life policies offer flexible premiums, it is a type of life insurance policy under which the policy owner may change the death benefit from time to time and differ the amount or timing of premium payments.

Over the last few of years, term life insurance has become goods due to tough opposition among the companies. Moreover, online instantaneous comparison shopping has also moved the market manage to the buyer resulting in lower premiums and better services. If you are not interested in building cash value from your life insurance through funds, term life insurance seems to be the cheapest and the most intelligent conclusion for just pure life insurance.

Read More