NLIC.org

Adrian Said:

Life insurance for 18 year old?

We Answered:

it would be good but no she doesnt need it

Byron Said:

what is life insurances?

We Answered:

Life insurance is the transfer of risk from oneself to another, for a fee. For example, I go to an agent, fill out the forms and am approved for insurance, now I must pay the company each month for the coverage amount I agreed to. Should I die, my beneficiaries will collect that face amount. If I stoppaying the premiums, the insurance will also stop.

Types of life ins.- Two types Term and Whole Life. 1) Term is pure insurance. You pay the premiums and the company will pay out if you die in a certain time period (term). 2) Whole life, Universal, EIUL, Variable and VUL do the same as term but add a cash account to the insurance. This is why it costs more than term.

But understand that the underlying insurance is TERM, usually Annually Renewable Term, except in the case of Whole life. ART means that as you grow older, the cost of the term policy goes up. This means that less of your money goes to the cash account.

What do they cover? Insurance is meant to be gotten by healthy people. The insurance company doesn't want many sick people otherwise they would lose money by paying out claims each year.They want to limit the number of claims so that they have the most money gaining the most interest. They have rules and you must usually have a medical test done. Even if you have some health challenges they will cover, at a higher premium, some of these. They will also cover people in certain jobs or with certain hobbies but also higher premiums. Usually, the only limit on paying out is in the first two years. After that, it is all good!

Return of Premium is a rider that can be attached to almost any policy. RoP is what you are talking about- have term for 20 yrs, you don't die and the company reimburses you all your premiums without the benefit of interest. You just gave them FREE money!! This costs a little bit more.

Lose your job- this is a disability rider, again it costs a little bit more for adding this. It will cover the cost of premiums after certain conditions are met- usually out of work or disabled for at least six months, then the company pays your premiums for you.

My recommendation is to sit down with angent who will do a complete financial check up for you and your partner. The will look at your full financial picture, ask you what you want to achieve for retirement, education goals of child(ren), show a plan to you that covers all of these questions for you. This plan should also show how much insurance you need and for how long. The person should also have a securities license to assist in setting up retirement plans, educational plans, etc.

Hope this helps. Email if you have any further questions or if I could help schedule a sit down with you.

Ted Said:

Are You Happy For Me? Please Say Yes:-)?

We Answered:

With so good news, what can a star add? But I give you one, just to tell that reading you message made me happy, too. Congratulation, and thank you for sharing your happiness with us.

Felicia Said:

First time buyers (UK) - have we remembered everything!??

We Answered:

No, I think you've got pretty much everything there.

Oh, except to tell your friends so they can come round for a great big housewarming party!

Hilda Said:

Who will get my House if I die (UK)?

We Answered:

Uh, honey you shouldnt be worryin about that right now! What you need to be focused on is on finding your maaaan. aka soulmate!
Wear something nice, go to the closest mall, and hope you get lucky;D

Or online dating sites work as well. :)