How does life insurance work?
i talked my dad into buying life insurance but he says that i just want him to die but i told him only to take out a 50 thousand dollar policy for the funeral and other expenses nothing else i don't need a million dollar policy and how does life insurance work if i talk my dad into getting a 50k policy does the insurance pay it all at once or does the insurance give it month to month or year to year explain it all just in case he wants to get more which i highly doubt he will but anything from 25k to 50k will be find i don't need a million dollars to plan a funeral and how much do you think it would cost to make him have a 50k policy and i asked this question before and i got the response 50k is too much i see people who get 5million dollar policy im not trying to get rich im just trying to get enough to pay for the funeral if i really wanted something i would ask for more because im paying off his 500 thousand dollar house with my money and my pay so he can at least appreciate what i do for him
Has anyone taken out a 25k-life insurance policy?
Ask the agent for a NON-MED Life insurance policy. They do not draw blood or take a urine specimen. The insurance company only asks medical questions. One of these questions is do you or have you used cocaine, marijuana, ... etc. You should answer these questions honestly, however, why do you think companies have this type of policy? Because they know some people can't pass the urine test.
What are the best life insurance services for a fresher employee earning approximately 25k I.N.R. in India?
Since you have not given me details about your family, I will assume some things when answering this question. I assume that you are unmarried and aged 25 or thereabouts. You currently are supplementing the household income but not the primary breadwinner. You live with your parents, at least one of whom is working and the main breadwinner.In the light of the above you would do well to buy the following two products:1. A term planSince you will get a higher coverage at this age for a lower premium, buy a term plan. A term plan is insurance in the purest sense. It gives your nominees a fixed amount in the event of your untimely demise. This will allow you to lock-in a cheaper premium so that when you do settle down with a family, your family's financial future will be secured. You may delay buying this policy, but the more you age, the more premiums you pay for the same Sum Assured. For a Sum Assured of Rs. 1 cr, you can get a term insurance plan for a policy term of 30 years at Rs.6132/- p.a. Click here to know more about a term plan.2. An endowment planAn endowment plan is a life insurance plan which gives you a lumpsum guaranteed amount on maturity. This amount is known to you when you buy the policy. It is a good investment cum insurance instrument. Insurance, because, in the event of your untimely demise, your nominees will receive a fixed Sum Assured. By investing a small amount every year, you can generate a decent corpus for you in 15-20 years time, which will help you in fulfilling your dreams. For Rs.15000/- p.a, you can get an endowment plan with Rs 2.90 lacs as the maturity benefit at the end of your policy term of 15 years. This premium amount of Rs.15000/- will have to be paid by you for only 12 years. Click here to know more about an endowment plan.Both the above plans can prove to be a good buy for you. If you cannot buy both plans at the same time, go for an endowment plan before you go for a term plan. This is because the earlier and longer that you remain invested in an endowment plan, the better will be your returns.
Why is term insurance (which costs less) better than whole life (which costs more)? Is it that simple? If not, what am I missing?
I like Term Life Insurance more than Whole Life or Universal Life because it is cheaper and it there when you need and you don’t pay for coverage when you don’t need the coverage.When a person is in their 20’s, 30’s and 40’s. They are still accumulating money and property for upcoming lifestyle expenses. ie. Saving for and buying a house, children’s current expenses and college, and funding their retirement.Term insurance protects against the financially devastating loss of income when a primary wage earner in the home passed. A 30 year level term policy should be bought when a home is purchased. There should be no other debt if possible.A Whole Life or Universal Life policies are sold for the living benefits that may be available. Like borrowing against the death benefit to fund retirement. A person would pay less fees and have easier access to a Roth IRA in retirement than a Unversal Life policy with the same tax advantages. A passbook savings account with 3 to 6 months of income saved would offer the same amount of needed savings with no fees to access the money.
Can I open a life insurance policy on my grandma who is in her late 60's?
While your husband could justify insurable interest, I would not ethically recommend an amount of insurance unless I, as a licensed agent, actually interviewed your grandmother in law and observed her overall health for myself. In fact, in Florida we are required by law to certify that we have done just that, especially if it is someone over 65, and anyone who tells you differently may well be an unethical agent. My suggestion is that if you are only looking at what we refer to as "final expenses", in Florida, the average funeral is $6,000 to $8,000 except in South Florida where they are likely closer to $8k-$10K. There are also other expenses that you have to take into account that have nothing to do with the funeral such as taking care of medication bills, hospital/doctor bills, preparing the house for the market if it is being sold by the estate, etc etc. My suggestion is that you ask around among your family and friends and find an agent that they believe to be reputable, and then maybe look at a SMALL whole life policy of no more than $10,000. You could supplement this with a small savings account or CD for a remaining amount of, say, $5000. The reason I don't suggest term because she is approaching the age where term insurance is not an option, and unlike whole life policies, term policies expire and have to be renewed. You don't want to be in the position of having to purchase term insurance for a person of 80 or 85 years of age, if it is even available. This is the safer way to go, believe me. This premium will not change. Like I said, I don't sell on the internet, but if I can help you answer any general questions, please feel free to email me @ skypilot32610@yahoo.com
What does the K in 25K stand for?
k stands for kilo. Kilo refers to 10^3 = 1000 As in Kilo-gram, Kilo-volt, Kilo-meter. So 25k stands for 25x1000=25000 As a notation k is always written in small case, 1kg, 1kV, 1km etc. Using capitals is wrong while representing it.
Is 25k uae dirhams as salary+car+health insurance is ok for living in sharjah for a familiy of 3 members?
Rentals in UAE are the most expensive part. I believe tht if you want to rent a place (2-bed apmt), it will cost you atleast about 5kdhs per month. I would suggest that you budget between 5 and 7k dhs (depends on luck also you see). Food is not very expensive unless you decide to eat out often. Again, Indian restaurants are cheap; Lebanese are also. If you need italian mexican etc its more expensive. But you should budget for about 4k dhs per month. Car: While car can cost anywhere between 1.5k to .....depending on the car you want, you have to factor for the initial period (Can be 6months or more) for getting a license. This process of getting a license will cost you (minimum) of 2k dhs. Till you get the license your transport cost (or time) will be very high. Budget for that. If you live in Sharjah and work in Dubai, please factor for atleast 1hour to 1.5hour of travel every day (one way). The travel costs should not be too much. But its a hassle. Schools will be an expensive affair but many times the company will cover it. Please check with them. If its not covered, then you will have to factor between 800dhs to 2000dhs per month. This is a big expense. Electricty, water -- about 400dhs. Telephones - Again a big range, but remember that the call costs are extremely high (one of the highest in the world). So, you have to factor that. Petrol is cheap. Car Insurance is expensive (can be between 2k to 5k per year). Summary: As someone else said, there are people who live from 1k dhs per month onwards. Average salaries are about 7k to 10k dhs for a decent job. So, you are doing good. But if your main aim is to save, then be prepared to live in less-than-happy environments, travel long hours. If you want to enjoy life and give your kids a good exposure (multi-cultural environment, good facilities etc) then its perfect and you can do with the salary you mention. One last word of caution: Job visas have some restrictions attached. You may not be able to easily switch jobs. Also, (though illegal) i hear that many companies hold your passports. These are some quirks of this country (and region). Be prepared for them. Set your expectations accordingly and you will enjoy life. Welcome to UAE. Enjoy your stay