! @ � 24 0 obj The Importance of Life Insurance There are several different types of life insurance. @ � ( PB� �R @� ( ! ( �P 19 0 obj @! ) stream 2. By choosing the most suitable individual insurance plan, you can make the most of your investment. @ Loved ones can use the money to pay down the mortgage, send the kids to college, or keep food on the table. ) important notice regarding your life insurance premium payments Per NY Regulations effective as of March 30, 2020, the following relief is available for life insurance policyholders experiencing a financial hardship as a result of COVID-19: ( 9 0 obj ( P � B�@ P � P ( @ � � � @ @( �� � ) ) �� ��P �)@� B� � @ �B� � �B� ) <> /Thumb 23 0 R endobj The Significance of Life Insurance WHEN a person buys insurance of any sort he is protecting himself or his family or his business from possible catastrophe. endobj 25 0 obj %PDF-1.4 Life insurance (the many other kinds of insurance 1. 11 0 obj There are various types of insurance that cover motor accidents to health problems to property damage and even loss of life. ( B��P B� � ( @P � R � P @P R H B� ( B� R � If you’re overwhelmed or you’re not sure where to go next, it’s simple. In fact, we firmly believe it’s one of the best important investments you’ll ever buy. <> � H Life insurance -- V. Business insurance -- VI. ( �@ P) 10 0 obj The growth of the insurance business shows that more and more men are turning to this way of providing for contingencies. Insurance can help encourage investment by promoting financial stability and mobilizing savings. @��� One of the most common ways of using life insurance in a wealth transfer plan is by using it in conjunction with @ R bHP) � �@ ( Scott and Trish were happily married with two kids. <> endobj ��@RH Insurance Through Work Isn't Enough. Individuals, families, businesses, properties and assets are exposed to different types and levels of risks. 12 0 obj H Read more about why life insurance is important and if you need it. Life insurance can be used to maximize your wealth and pass it on to the people or causes that are important to you with less risk and the potential for greater tax eiciency. (� @� � P � P � P � � Replace income for dependents If people depend on an individual’s income, life insurance can replace that income if the person dies. ��B�� @ �@ �P H � B� � B� ( 8�)�'J~��4�O�%�QV����\�"� z�ї�.��F_�/�pd z�B^P�2� yC�/(\ �: �RV��N��F_�3�|����5���#�%ዃ0u(�r�J �8�.��ȗ ۣ����3�@ ,)�K��%~��:"����P��Stiя��F ߠ��X�M�b ( *� z%����6� � �KOc����J��G��#U�� @ �� �� ! endobj endobj • Maxine’s husband has a job and she runs a successful business, which is also well insured. Benefits of Insurance. Select the appropriate answer to complete the sentence (Checking learning - Direct) i. The concentration of income from customers purchasing life insurance policies, for example, provides capital that can be invested elsewhere in the economy by the company for greater returns. It also highlights the special role of reinsurers in the insurance sector and discusses some of the key differences between insurers and banks from a fi nancial stability point of view. 3 0 obj <> � ( ( @ � <> The son has a car, with higher insurance premiums than his parents and grandparents due to the As per Section 80C of the Income Tax Act, 1961, the premium paid for life insurance policies is qualified for deduction, up to a maximum of Rs. Drawbacks of group life insurance plans . <> 4 0 obj Why Life Insurance Is Important. �( � ! @� R )@ � �� ) � ��[email protected]( P � @( P �! 1 0 obj �_�ʠ�(��3���<2Dyf���K���ŮQD2)�%�2a������ {��NMprh�I.�sӟ������F�ٛ��ӟ�Iӗ��7�-�~���D�O��O��Z_Q�n��F})�9�\^��-�}Gbf�� h Rrt�N. @ � R� (�( �(� R�H ( P � The documents stand as a proof of the contract between the insurer and the insured. endobj No one knows what life will send your way, and life insurance is like a Swiss Army knife of financial protection. Irrespective of what plan you buy, you could save taxes with insurance policies. endobj Listed below are some important differences between different types of life insurance policies and what they mean for you. <> %���� P � �� � P HP ��RH � A Life Risk Cover. @ ! Insurance provides security against risk and uncertainty. B� ( @ � Importance of Life Insurance. Please use the search box or menu above to find older pages as well as new features. >> In the event that you or your spouse pass away, will your family be financially protected? endobj 1.5 lakh a year. endobj Stay up to date on everything happening at The J! @ �P � � � �� P � � Life insurance provides you with a high life risk cover that keeps you and your family … B� ! Related Articles. endobj 21 0 obj The benefits of insurance are discussed below: Benefits of Insurance to insured. IC 02 – Practice of Life Insurance – Model Questions I. <> @ @( @�( �@�( � !H( �PB� The major documents in vogue in life insurance are premium receipt, insurance policy, endorsements etc. endobj The process of insurance has evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. B� ! @ � R It can be an important tool in the following situations: 1. @ @ �S(� � R � In life insurance several documents are in vogue. In this article, we look at an often-overlooked life insurance need – protection in the event of the loss of a spouse who is the primary caretaker. As you can see, there are a lot of benefits to buying life insurance. <> �@ And while we set the cutoff at 75, it’s important to note some insurers are willing to sell term life policies to individuals over the age of 75, and that may increase with life expectancies. @ P � P ( P � @(� � ! 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To Add More Financial Security. �! <> @ @ B� @ � Like most parents you probably want to know your kids will be well … Download full-text PDF Read ... and competitive equilibrium -- IV. <> �@ ��@ What is the meaning of life insurance and what is its importance? d����Q��ˮ��:1��&�P $��T[�C DOWNLOAD TO PDF; Many financial experts consider life insurance to be the cornerstone of sound financial planning. � <> Funded in part by the Jewish Federation of Greater Phoenix. @ � [email protected] � H 18 0 obj 13 0 obj <> Insurance plays a key role in mitigation of risks. 6. @ � These include risk of losses of life, health, assets, property, etc. @ @)@ @! why insurance companies can be important for the stability of the fi nancial system. @( P @( � ` � ! � endobj 14 0 obj Death benefits may be estate-tax free if the policy is owned properly. @ @ @ @ R P-��� � 2 0 obj ���� JFIF ,, �� C =*.6.&=626EA=I\�d\TT\���o����������������������������������������� CAEE\Q\�dd��������������������������������������������������������� � �" �� �� 8 !1AQ2aq"3�#4B�R�D$b�C���r����� �� !1AaQq��� ? 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