When its owner for more than four decades passed away suddenly, Troy Belting and Supply Co in Watervliet, N.Y. could have collapsed, as do many family businesses that lose their leaders. Instead, the company continued to operate and grow, thanks in part to a succession plan funded by life insurance.
Many people in their 20s and 30s have never even considered writing their will. To the young, it seems like the possibility of death is a long way off.
Even young people with dangerous jobs, like firefighters, haven’t done so, says a report in the Danbury (Connecticut) News-Times. The report quoted a local judge as saying writing a will is a difficult and time-consuming process, but ultimately a worthwhile one because it spares surviving family members from a number of headaches and custody battles.
There are many benefits associated with getting a life insurance policy as a young adult.
One main benefit to purchasing life insurance at an early age is price. When a person is young and healthy they are likely to get a less-expensive quote on their life insurance policy.
Despite the public perception that their services are reserved for those that are at death’s door, a study published this week in the New England Journal of Medicine found that palliative care specialists helped patients diagnosed with deadly cancers live beyond traditional expectations.
The economy is in rough shape and showing few signs of recovery. Add to that a retirement landscape experiencing dramatic shifts, rising healthcare costs and inflation, and you have a picture of retirement that few Baby Boomers would be tempted to call rosy.
Universal life insurance, also known as UL, offers policy owners considerable flexibility as to the amount and timing of premiums, and the face amount of coverage, which can be increased or decreased. Like any other life insurance policy, UL has it advantages and disadvantages.
Life insurance is a financial safety net that protects your family in the event that you die. It provides financial … Read more
Whole life or permanent life insurance protects you throughout the course of your life. There are four types of whole or permanent life insurance, according to the Life and Health Insurance Foundation for Education: traditional whole life, universal life, variable life and universal variable life.
Life insurance plans offered through an employer may not offer sufficient benefits to an employee’s survivors. Company-sponsored insurance plans are advantageous to young, single employees, but those with families should examine their policy to ensure it will cover their survivors’ needs.
According to LIMRA’s third quarter 2013 individual life insurance sales survey, individual life insurance premiums remained level with the same period of 2012.
