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Terms Life Insurance Complete Details- A to Z Of Term life Insurance

Terms Life Insurance Explained

Hey everyone, this is Jeremy.

  Insurance, today we are going to pass

  The simplest life insurance

  And most financial advisors

  Will tell you what to choose,

  What is term life insurance

  Learn the following from this video

  We are going to talk about death

  Benefit from the reason you have a long-term life

  What does the word insurance mean

  The face value of your regular life policy

  The beneficiary

  From death, the whole benefit

  The purpose of term life insurance is

  Death benefit, if you die at the time of death

  Insurance company has a policy

  Will go to

  The person or entity you designate as

  Your beneficiary, so spend some money

  In the hands of the people

  The entity you have left or you own

  Stay when you leave the word

  Terminology is a very specific part of terminology

  Life policy is simply a period

  Time of policy price

  Locked so the price cannot be changed

  Within the period you choose

  Let's take an example here

  20 years is super common 20

  The annual policy is priced at 23

  Forty-three I just put that number

  Will stay at 20 at 23:43 every month

  Years, so insurance companies cannot

  Change the price at will

  Occurs in your health or other aspects

  20 years like this

  Policy in place is a bit interesting

  What most people don’t know is

  After that 20 years, the policy does not

  As long as it is alive, it will end

  Continue, but the price will rise

  Significantly

  Most of the time you don't want

  Continue to implement the policy after the semester

  Ended due to high prices

  Let's talk about face value

  Other parts of your term life insurance policy

  Face value means

  Will be paid as death compensation to

  Your beneficiary, this is

  money

  You choose to be paid by life

  Beneficiaries from insurance companies

  An example, a common example is

  $250,000 face value will pay two

  $150,000 as

  If you pass away, you will receive a death pension

  Leave when the policy is in place, so you

  Time limit

  Price will not change, face

  What is the actual value

  Payment if you pass

  The third element is your beneficiary

  I mentioned in the video before

  This is this person

  Commercial or non-profit organization

  Received death pension, so this

  Who do you choose to make money if

  You are going to die the most common

  Such as spouse, husband or wife

  You are married, you have one

  Family together or whatever you want

  Know if you are going to die

  They can take care of you, know

  Family may pay off mortgage

  Any money you bring

  Resettlement after a period of time

  Because of your loss, so this is the most

  Ordinary beneficiaries, but there are

  Of course there are other examples

  Including estates or trusts, so if you set

  My will or trust

  Everyone does it, then you can directly

  Your life insurance policy

  Status, then

  Heritage will find out where

  You can send the money

  Sometimes specifically for children

  People do it, but I definitely

  I suggest you trust

  Make it clear that you know if you have

  The face value is $250,000 and you have one

  Eight years old, you are dying

  Suddenly eight years old

  Responsible for two hundred and fifty

  A thousand dollars without anything

  Restrictions can cause a lot

  Problem, so most financial advisors

  Can include me saying you know

  Before establishing trust, please establish

  Child as beneficiary

  Parents who often create a child

  There is a student loan club at the university

  Make parents a small group of beneficiaries

  Life insurance policy, if they want

  Those students who died

  Loan debt will not become

  To support their parents, you can

  Also choose your favorite charity

  Of course someone will buy

  Life insurance policy, if any

  Remove those dollars will go

  Directly to the charity of their choice

  Therefore the beneficiary is an individual or entity

  Receive face value or

  Death compensation for life insurance

  policy

  It was finally a rookie mistake made by people

  This is so important, is not told

  How family members find your insurance policy

  When you buy term life insurance,

  Need to be sure and tell your family

  How is this policy for members

  Please contact your insurance agent

  You die so they can

  Access to their available dollars

  Because you bought term life insurance

  Hundreds of thousands of dollars in life

  Insurance is unclaimed because

  No beneficiary

  Have access to information to access

  Policy, so buy term life policy

  Very important, but equally important

  Purchase policy guarantee

  Others know how to access

  That policy if you die

  Don't know how to use the policy

  That is basically worthless

  Can't do anything afterwards

  Your past, this is us

  Learned the benefits of death here

  The whole purpose of life

  Insurance policy is to pay a certain amount

  The beneficiary’s money is

  a period of time

  The price of your policy cannot be changed

  Regardless of your health

  Or similar face value is

  The amount the policy will pay

  If you are

  Die, finally you

  Who is the beneficiary, if you can get the money

  Passed away, that's it, I hope you

  The duration of this life insurance

  Insurance videos and other Shyne

  Video if you want to check out

  Which includes our guide for new home buyers

  If you are considering buying a new one

  This video is really not about

  Insurance, it goes through the whole process

  Decided to buy one

  House settlement and your mortgage

  The payment is really good

  Really good, you must check

  That video if you want

  in

  Additional liability insurance

  Beyond responsibility

  Usually your house and car policy

  Personal umbrella video will help you

  Outside, if you just want to laugh

  The riding lawn mower failed there

  On our YouTube channel, you can check

  Some people ride badly

  The decision of the lawn mower, laugh with us

  Finally, as usual, this is the last step

  If you like this video, please

  Video, please subscribe to our YouTube

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  Videos in inbox

  Such a space, we will be super

  Appreciate it, then exceed

  If you really learned something

  Please share the video, I always say

  Good information is only in

  Share with others to your favorite

  Social media spaces tell people about you

  Found this interesting soon

  Concise video

  Life insurance, they should check

  That’s great, I hope you like it

  Our semester life videos will definitely disappear

  And check your local independence

  The insurance company asked them about the deadline

  Life insurance, they will get set

  Get up if you don't feel like a person

  Call Shine Insurance Company for free, we

  Happy to help you

  Have a good day

How much Term Life Insurance Do You Need? 


life insurance is not about putting a

value on your life after all life is

priceless the key purpose of enrolling

in a life insurance plan is to provide

adequate financial resources to a

dependents who can then provide for

themselves

if you were to meet an untimely death in

this video we look at how you can

calculate the correct life insurance

coverage and what factors you need to

consider while doing that before we get

started make sure you subscribe to the

eating money Channel and hit the bell

icon for regular updates let's get

started to understand how to calculate

your term insurance requirement we'll

take the example of Akshay who like a

lot of households is stretched with his

finances and was untimely death would

certainly put his family through many

hardships Akshay is 35 years old and

lives with his wife his parents and his

two children aged 7 and 3 years Akshay

and his family spend about 60,000 rupees

every month which is totally unavoidable

additionally Akshay continues to pay an

EMI of 30,000 rupees every month with 70

lakhs of loan still outstanding on his

house let's look at the five steps

Akshay needs to take to calculate his

term insurance coverage step 1 factor in

your dependents monthly expenses Akshay

is family monthly expenses are 60,000

rupees which comes to 7.2 lakhs for you

it is generally recommended to provide

coverage at 10 to 15 times of the annual

expenses while this is entirely a chess

call in his case a multiple of 15 is

suggested to account for higher

inflation on account of rising education

costs for his children and the health

care costs for his parents at a multiple

of 15 times

Akshay's coverage on the basis of future

household expenses needs to come to

about 1.08 course step 2 factor in the

liabilities the most difficult situation

one can leave their family in is with a

pile of debt Akshay has an outstanding

of 70 lakh rupees on his home loan which

is his primary burden that needs to get

taken care of adding the 70 lakhs to the

1.08 gross takes Akshay as life

insurance coverage requirements to 1.78

gross

step 3 Akshay needs to factor in

important life events and goals Akshay

has two young children who have a number

of milestones coming up with their

education and the marriage Akshay wants

the best for his children has already

set up a monthly si P of 7,000 rupees to

create a corpus of 20 lakhs over the

next 15 years to manage their higher

studies his untimely death will put his

goals in a limbo and hence it is wise to

add this amount to Akshay his life

insurance coverage requirements this

takes up Akshay's life insurance

requirement to 1.98 Carew's now step 4

factor in a retirement corpus for your

spouse so far Akshay has been

calculating his life insurance needs on

the basis of existential and unavoidable

daily expenses existing liabilities and

future visible needs like his children's

education the last variable to consider

here for Akshay is to leave a corpus for

his wife which can grow over time so

that she can manage her retirement

Akshay reckons his wife will need at

least 80 lakhs in her a diamond fitting

this additional 80 lakhs pushes up

access calculation of his ideal life

insurance coverage to 2.78 Carew's now a

useful tip here as you would have

noticed to calculate how much term

insurance you need is a science but is

certainly not an exact science because

you're predicting into the future and

making a few assumptions

hence it is never a bad idea for you to

be conservative in your estimates so if

you think your family can do with 50000

rupees and monthly expenses I suggest

you nevertheless estimate 60,000 rupees

and finally step 5

factor in additional variables like your

age and your wealth your age and your

current wealth are also important

determinants when calculating your term

insurance requirement let's start with

each actions term insurance requirement

was very high

because he has debts high monthly

expenses and for dependents including

young children who have their entire

future ahead of them but if you're in

your 20s and not married

then your life insurance requirement is

not that high similarly if you are in

your 50s with a decent investment

portfolio your children are married and

working then to your life insurance

requirement is not going to be too high

hence don't forget to factor in your age

another key factor is your existing

wealth we spoke about factoring

liabilities like home loans credit cards

and other money you owe to others while

calculating life insurance coverage on

the other side of your personal balance

sheet are the investments that you have

made over the years which can be

accessed by a family on account of your

demise these include your Provident Fund

fixed deposits mutual funds and even

your real estate let's assume akshay has

a mutual fund portfolio of 30 lakhs this

money is readily accessible to the

family upon his demise which means he

can deduct this amount from his life

insurance coverage requirements so from

2.78 Caroll's

his new life cover requirement is 2.48

Carew's now the term insurance

requirements exercise we just went

through is not an exact science but

should have helped you understand your

future priorities and current standings

with respect to offering financial

stability to your family now you can't

predict everything so it is always a

good idea to evaluate your term

insurance needs every five years to

check if your responsibilities and your

insurance is on the same track if you

liked this video hit the like button and

share this video with your friends and

don't forget to check out the term

insurance section on the easy money app

for more information on everything we

have discussed in this video

you

5 Important Benefits Of Buying Terms Life Insurance! 

having a term insurance plan is one of the most important financial decisions

that you can make in this video we will look at the many benefits of term

insurance and how you can extract maximum value from this essential

protection instrument before we get started make sure you subscribe to the

ETMONEY Channel and hit the bell icon for more updates let's get started

benefit one term insurance is one of the most affordable forms of insurance out

there to put that into perspective we pay about 2% of the car's present value

as its premium in comparison term insurance plans are available at as low

as 0.1 percent of the sum assured that's 20 times cheaper than a car insurance

premium not only is term insurance the least expensive insurance out there but

to add a cherry on top of the cake most insurance companies on online platforms

like ETMONEY offer an extra discount on your term insurance premiums as compared

to offline channels do make sure you take advantage of this and further lower

your term insurance premiums benefit 2 term insurance plans offer a much much

higher coverage as compared to traditional or ULIP plans in traditional

or unit linked plans the coverage offered is generally 7 to 10 times of

the premium you pay if you pay an yearly premium of 20,000 rupees you can

expect about 2 lakh rupees of sum assured 2 lakhs of sum assured is too

lower coverage and might cover only 3 to 5 months of your family's expenses on

the other hand term insurance plans of a much higher sum assured so that you can

leave your family and dependents with enough money so that they don't go

through financial hardships in your absence let's put some numbers behind it

on ETMONEY the average sum assured of a term insurance policy is a little over

one crore rupees which comes to an average premium of 17,000

rupees this one crore sum assured is about sixty times of the sum assured I

would have received in regular traditional money back endowment

or ULIP plan net-net term insurance plans offer high life insurance coverage

at very low premiums benefit number 3 term insurance plans are super

simple to understand simplicity is one of the reasons for the growing

popularity of term insurance plans term insurance plans are Pure Life covers

which focus on offering your dependents the contracted sum assured in case you

were to die you simply need to ensure that you have been paying the premium

properly benefit for term insurance plans offer immense tax benefits there

are three types of tax benefits that term insurance plans offer one benefits

under Section 80C which allows an exemption for life insurance premiums of

up to 1.5 lakh per annum to benefits under Section 10 (10) D which pertains to

death or maturity benefits that are payable under the policy this section

directs all insurance benefits payable to be fully exempt from taxes which

means your beneficiaries will get the entire coverage upon your death and no

taxes will be deducted 3 benefits under Section 80 D which allows an exemption

to that part of the premium that is paid for health related coverages like

critical illness riders which can be added with a term insurance plan

remember tax laws change often so it is wise to be on top of this and consult

your tax advisor for greater details benefit 5 the premiums of term

insurance plans are locked for the duration of the plan it is surprising

how many consumers don't know this but when you purchase a term insurance plan

you are effectively locking the premium that you'll be paying this year the next

year and every other year until the end of the term plan and this is where it

becomes highly beneficial and smart of you to start your term insurance plan as

soon as possible when the premiums are lower for younger ages let's do some

math here if one were to take a 1 crore term plan at the age of 30 years the

premium would come to approximately 10,000 rupees for a plan that provides

coverage until 75 years of age this means you're

paying 10,000 rupees every year for the next 45 years which totals to 4.5 Lakh rupees

let's say one word to procrastinate and decide to enroll on a term plan much

later say at the age of 45 years at this age the annual premium is going to be

much higher at about 30,000 rupees per year which means you'll be paying 30

thousand rupees every year for the next 30 years with totals to 9 lakh rupees so

figure this when you enroll to the plan at 30 years you would have been covered

for 45 years and the total premium outlay will be 4.5 lakhs but you

procrastinated and when you're enrolled at the age of 45 you would have been

covered for only 30 years but you would have paid double the amount of premium

in those 30 years at 9 lakh rupees as compared to 4.5 if the plan was taken at

a much earlier age of 30 be smart about term plans and don't wait any longer to

enroll for one great so let's summarize what we have learned thus far term

insurance is super affordable it provides very high coverage it's very

simple to understand offers tax benefits under Section 80C 80D and 10(10) D and

lastly your premium is locked for the entire duration of the policy beyond

these five points term insurance perfectly complements your goals and can

be used in many ways to ensure you always live with good peace of mind

knowing that essential things like money have been taken care of for your family

even in your absence I hope you found this video useful and enjoyed watching

it as much as I enjoyed bringing it to you do tap on that like button and share

it with your friends and don't forget to check out the term insurance section on

the ETMONEY app for more information of everything we have discussed in this video

How to Choose a Term Life Insurance Plan | 5 Steps for Selecting Best Term Life Insurance Plan


term insurance plans were introduced

with a very basic structure the plan

will offer a death cover will cover you

for up to 65 years and premiums can be

paid in only the annual mode then as

more insurers started offering online

term insurance plans things started to

become a little complex today there is

limited pay plans increasing cover plans

staggered payout plans return of premium

plans and dozens of combinations while

this profusion of choices is good news

it is also becoming a problem as most

Millennials are unable to decide on

which policy to buy in this video we'll

separate the wheat from the shaft and

identify the most important variables

you need to consider when buying a term

insurance plan before we get started

make sure you subscribe to the et money

Channel and hit the bell icon for

updates let's get started number one

identify your needs and the term

insurance coverage you seek your term

insurance coverage should broadly assess

how much financial resources your

dependents will need to have to provide

for themselves if you were to meet and

untimely death and the best way to get

started on this is to grab a piece of

paper and do the following one estimate

your dependent family's monthly expenses

and multiply it 450 times this multiple

of 150 factors future inflation and is a

good way to start the process

to add your liabilities on account of

home loans credit card bills personal

loans etc 3 deduct any liquid assets

that you already have like fixed

deposits stocks and mutual funds fourth

add your expenses planned on account of

important life goals that are likely to

happen in the next 15 audience like your

children's higher studies or the

marriage etc and point 5 finally add the

retirement corpus you want to leave for

your spouse on his or her retirement the

total of all these will help you arrive

at how much of term insurance cover one

should be endeavoring for if you want to

know how to calculate your term

insurance requirements in greater

details do check out a comprehensive

video on the subject which I have linked

in the description below

number two determine the tenure of your

plan once you know how much cover you

need it's important to determine till

what age you need the cover for you

don't want the tenure to be too little

as your policy might lapse before you

are done with your financial obligations

you also don't want the tenure to be too

high because the premium charge from you

will be high on account of the higher

tenure a very good and scientific way of

estimating the right tenure for your

term insurance plan is to determine by

what year will your liquid net worth

that is the total investments that you

have in mutual funds proud and fond

stocks etc after subtracting your

liabilities will be more than the life

insurance requirement we have calculated

earlier the age at which these two

numbers coincide will be the age until

which you need coverage because for

start your assets will take care of your

dependents upon your demise

number 3 target to achieve the highest

peace of mind per rupee of premium paid

the premium is one of the most important

factors that needs to be considered your

goal should be to get the highest peace

of mind per rupee of premium the reason

I use peace of mind rather than coverage

per rupee of premium is because

consumers often value some key

intangibles in decision-making this can

be things like stability of the

insurance provider or its reputation in

the eyes of the policyholder since term

insurance is a long-term contract often

running into 30 40 or 50 years it is

important for you to be happy with your

decision of insurance provider which

will be a combination of premium and

your perception of the insurer a useful

tip here for most insurance companies

term insurance policies that are sold

online on platforms like ET money are

cheaper than policies sold off line in

branches or our agents so it makes more

sense to purchase term insurance plans

online as it gives you a clear premium

advantage number four choose your

add-ons wisely term insurance plans

offer riders at reasonable costs which

should certainly be considered by you

even if it might not fit in your

requirements there are four major riders

that are available which are one

additional cover for depth due to

accident for an amount in addition to

your basic depth cover shall be paid if

you were to die in an accident to

critical illness cover where a lump sum

amount is paid on the diagnosis of one

of the listed critical illnesses with

the life insurer

three waiver of premium on disability

where future premiums are waived off if

the policyholder is rendered permanently

disabled and for waiver of premium upon

critical illness where future premiums

are waived off on diagnosis of a listed

critical illness off the four riders the

two waiver of premium riders come at low

premiums while the critical illness

rider is generally the most expensive

one you have to run some permutations

and combinations to see if the

additional benefit match up for the

premium charged and don't forget to read

the fine print of all these add-ons

which tend to be different for the

and insurance companies number-5 broadly

look at the claim settlement ratio claim

settlement ratio attracts a lot of

consumer attention as it indicates the

efficiency at which the policies are

being settled so when you see a number

of 95 percent in the claim settlement

ratio column it means 95 out of hundred

claims reported to the insurance company

were settled a word of caution here the

claim settlement ratio is merely an

indication and if this ratio is over 95

percent then the company has been very

efficient about settling claims you

really don't need to go much deeper into

it as to see who has 99 percent ratio or

who has 98.5 percent ratio it is

advisable to use the claim settlement

ratio as a filter rather than a key

decision making criteria term insurance

are long-term contracts which benefit

your dependents and it is in your

interest to identify the right plans for

your family with the use of the 5

considerations explained in this video I

hope you found this video useful if you

liked this video hit the like button and

share this video with your friends and

don't forget to check out the term

insurance section on the et money app

for more information on everything we

have discussed in this video

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