by Xoseph » Wed Aug 06, 2008 11:51 am
Hi folks,
People buy life insurance for a variety of reasons.
For the fun of it, let's compile 100 reasons why people buy life insurance.
To start with, the first reason is to provide an income replacement fund for the loved ones.
Anyone else like to try?
People buy life insurance for a variety of reasons.
For the fun of it, let's compile 100 reasons why people buy life insurance.
To start with, the first reason is to provide an income replacement fund for the loved ones.
Anyone else like to try?
Posted: Sun Apr 12, 2009 11:37 am Post Subject: hi
Know why people buy life insurance -
1. income replacement
2. saving
3.to insure their life
4.to help their family to maintain financial losses if he is no more
5. tax saving
6.for medical benefits
7. for childs future
8 for child education
9. for girls marriage
10. to secure their lifes
Posted: Mon Apr 13, 2009 12:52 pm Post Subject:
Hi akhi0001,
1. income replacement
Are you pointing at the pension plans?
5. tax saving
Yeah, this one has really come up well as a good reason to invest in life insurance.
Steven
Posted: Tue Apr 14, 2009 06:38 am Post Subject:
Hi,
I think people buy life insurance depends on individual considerations and necessities. Life is very uncertain,unpredictable and know one knows what will happen in future.So the prime reason is to protect the policy holder and his family even after the person is no more.
I have heard about the insurance product for mentally disabled persons.It is specially design for autism,mental retardation and multiple disability.I think its a great step and family members of mentally challenged person reduce financial burden to some extent.
Posted: Tue Apr 14, 2009 06:57 am Post Subject:
It may sound funny but some people buys insurance to know how much worth they are..
Posted: Tue Apr 14, 2009 08:45 am Post Subject:
emotional reasons also play a significant role in buying a life insurance policy by an individual......if you don't have any other significant assets to pass onto your surviving family or loved ones, you can create an inheritance by naming your heirs as beneficiaries in your life insurance policy.
Posted: Tue Apr 14, 2009 10:46 am Post Subject:
Hi there,
Now-a-days people also invest in life insurance as an investment perception. Because the returns of the investment are not taxable under Life insurance.
Regards
Bhartiaxa
Posted: Tue Apr 14, 2009 12:19 pm Post Subject:
am nt sure whetjher i should put this point forward or not....but it might be an important reason..... life insurance policies can provide cover for the costs of a funeral, which can be extremely expensive events. So you can ensure your dependants do not have to bear this financial burden. Pre-paid funerals allow the insured to choose the type of funerals they want too.
Posted: Tue Apr 14, 2009 01:35 pm Post Subject:
Hi Super,
This can be a very good reason to buy a life plan since it'll help you to maintain the lifestyle even when you can't earn wages anymore.
Do such annuity returns come to the insured on a monthly basis? Does the value remain uniform throughout this payment period? I'd heard that such returns are associated with the profits of the carrier. Is that true?
Steven
Posted: Wed Apr 15, 2009 06:15 am Post Subject:
it depends on the kind of Life annuity ....... some life annuities are :-
1. Fixed and variable annuities
2. Guaranteed annuities
3. Joint annuities
4. Impaired life annuities
e.t.c
these annuties have further subdivisions.......for example in case of immediate fixed life annuity , an insurance company determines a monthly fixed payout for insured based on his sex, age, investment amount, and the current interest rate.......
in this case return does not depend on company's profit...... but in some other plan it might
Posted: Wed Apr 15, 2009 06:38 am Post Subject:
Well Super, I guess..I got an explanation for Guaranteed annuities and Impaired life annuties. But what about these 'joint annuities'? Any example!
Steven
Add your comment