- Posted by insurance for life
Most of us have goals in life that call for an investment of a significant amount of time and financial resources. We may have done some planning. However, our natural tendency is to focus on only one or two goals that are most important to us right now. For most people, developing and maintaining a plan to achieve all of their financial goals is a daunting challenge—one we delay taking on.
Our financial planners are ready to help you take on that challenge. They can assist you in defining your goals, help you make a plan, and show you how to stick to it. It is never too late to act!
Partner with a Financial Planner
Making a plan and sticking to it is sometimes challenging if you go it alone. You don't have to. Partner with someone who will act as your "financial coordinator" to help you make a plan, implement it, and change the roadmap as needed. Learn more about why you should choose a Prudential financial planner.
Define Your Goals
Prudential's financial planners apply a "holistic" approach to financial planning. This means they offer a comprehensive service, assessing your current financial situation and addressing all of your financial goals. Learn more about our comprehensive planning approach.
Set a Plan in Motion
Our planning process centers around you. You and your planner work through the process to identify your needs and goals, develop a strategy, and put your plan into action. Our planners are there to listen, to ask the important questions, to advise you, and to keep you on the road to financial freedom. Learn more about the financial planning process
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- Posted by insurance for life
Life Insurance. Doesn't it just conjure up some insurance salesman knocking on your door trying to sell you a policy that covers you for accidents only, for a small amount and costs you the earth? No? It doesn't too me either because those days are long gone!
I prefer to call it "Life Assurance" anyway, because it is assuring you that your life is convered in the event of death and that what your life is insured for, will be paid out to your estate or policy owner.
But how many of you actually have this cover in place? I know of lots of my friends, who are in their 20's who don't have the cover because 1) they don't know anything about (lack of education) and 2) they don't think they need it and see it as an extra cost. How little they know... like anything, the earlier you start, the cheaper it is...
Following are 5 important reasons why YOU should have life assurance and why those around you too should invest in this:
Reason 1
Hello? Do you have any bills, like maybe a mortgage?? This alone is a pertinent reason to have life assurance... it means that should you die, this major bill will be paid off and not left to your survivors to deal with!
Reason 2
Young, fit and healthy? No ailments? Then this is the best time to get life assurance! Your premium will be small and if you take out a policy that allows you to keep the same premium until the age of 65, you will have considerable savings... the earlier you start, the better. And then if you develop any health issues throughout your life, it doesn't matter, because you already have the cover in place!
Reason 3
Are you married? Do you care about your spouse? Then is it not thoughtful to make sure that your spouse does not have to worry about money should you pass before they do and vice versa? I know a couple who cancelled their life insurance and then 6 months later he was diagnosed as having stomach cancer, and died 18 months later... leaving behind a wife and two children still at home and a mortgage... and no monetry relief for his family. Is this what you want to put your partner through?
Reason 4
Want to leave a legacy for your future grand children? What better way then ensuring your estate will actually have some legacy to pass on! You can elect in your will to have the proceeds of your life assurance paid directly to your estate and then as per your will, divy up the proceeds.
Reason 5
Peace of mind... yours that is. If you can't afford health insurance or any other insurance, you can afford life insurance... and should you develop a terminal disease... your life insurance will pay out a lump sum upon confirmation of this, allowing you to fulfil any dreams you have not achieved or to get your affairs in order.
There are many more reasons I could go into here, but you get the gist... just like you wouldn't risk not having your car insured or your house or contents... how can you not insure your number one asset... yourself?
There are plenty of fantastic financial advisers out there. If you don't have one, a great place to start is your bank, they have trained staff that can guide you... just make sure you read through any quotes you receive etc and make sure you understand just what you are being covered for.
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- Posted by insurance for life
The two types of life insurance are term and permanent. The one that's right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last.
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.
Term life insurance or term assurance is life insurance which provides coverage for a limited period of time, the relevant term. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.
Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.
Term insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not expect a return of Premium dollars if no claims are filed. As an example, auto insurance will satisfy claims against the insured in the event of an accident and a home owner policy will satisfy claims against the home if it is damaged or destroyed by, for example, an earthquake or fire. Whether or not these events will occur is uncertain, and if the policy holder discontinues coverage because he has sold the insured car or home the insurance company will not refund the premium. This is purely risk protection.
Level Term Life Insurance, Much more common than annual renewable term insurance is guaranteed level premium term life insurance, where the premium is guaranteed to be the same for a given period of years. The most common terms are 10, 15, 20, and 30 years.
In this form, the premium paid each year is the same, and is based on the summed cost of each year's annual renewable term rates, with a time value of money adjustment made by the insurer. Thus, the longer the term the premium is level for, the higher the premium, because the older, more expensive to insure years are averaged into the premium.
Most level term programs include a renewal option and allow the insured to renew for a maximum guaranteed rate if the insured period needs to be extended. Typically this clause is invoked only if the health of the insured deteriorates significantly during the term.
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