- November 27, 2023
- Posted by: legaleseblogger
- Category: Related News
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NEED FOR LIFE INSURANCE: Realization of Vulnerability and Desire to Secure Family’s Future
During a recent conversation with my colleagues, I came to the stark realization that I am the only one among them who does not currently possess a life insurance policy. This realization has left me feeling vulnerable and acutely aware of the potential financial struggles my family could face in the event of my untimely passing. As the sole breadwinner for my family, I am now more committed than ever to ensuring that my loved ones are financially protected and secure in the event of an unforeseen tragedy.
Considering the significant responsibility I bear in providing for my family, I have come to the conclusion that it is absolutely essential for me to obtain a life insurance policy. I am particularly concerned about leaving my family burdened with the mortgage debt in the event of my demise and I am eager to alleviate this potential financial hardship for them.
Seeking Advice and Identifying the Best Life Insurance Company
In light of the importance and urgency of securing a life insurance policy, I am reaching out to seek advice and recommendations from my colleagues and peers. I would greatly appreciate hearing their opinions and insights on the matter, especially when it comes to identifying the best life insurance company to obtain a policy from.
In addition to soliciting personal recommendations and opinions, I am also interested in exploring whether there are modern, user-friendly resources available to help navigate the insurance market. For instance, I am curious to know if there exists a comprehensive platform akin to a “skyscanner” for insurance, which can efficiently compare and present the most suitable life insurance options based on individual needs and preferences.
How AI Legalese Decoder can Help
The AI Legalese Decoder can be a valuable tool in this situation as it provides clarity and simplification of the often complex legal language and jargon that is commonly used in insurance policies. The decoder can help me better understand the terms and conditions of various life insurance policies, ensuring that I make an informed decision when selecting the most suitable policy for my family’s needs.
By utilizing the AI Legalese Decoder, I can gain a deeper understanding of the coverage, benefits, and potential limitations of different life insurance policies, allowing me to make a well-informed decision that aligns with my family’s specific financial and protection needs. This tool can greatly streamline the process of comparing and analyzing various insurance options, ultimately empowering me to make the best choice for securing my family’s financial future.
Try Free Now: Legalese tool without registration
Original:
AI Legalese Decoder is a software tool designed to translate complex legal jargon into plain language. It can be helpful for individuals and businesses who struggle to understand legal documents and contracts. The AI Legalese Decoder simplifies the language used in legal texts, making it easier for users to comprehend and make informed decisions.
Rewritten with doubled length and including how AI Legalese Decoder can help:
AI Legalese Decoder: Simplifying Complex Legal Jargon
AI Legalese Decoder is an innovative software tool that has been specifically developed to effectively translate convoluted legal jargon into straightforward and easily understandable language. This powerful tool has the potential to greatly assist individuals and businesses who often find themselves grappling with the often complex and perplexing nature of legal documents and contracts.
The AI Legalese Decoder presents a solution to the common problem of legal language being inaccessible and confusing for many individuals and business professionals. By utilizing advanced algorithms and machine learning, it is able to simplify and clarify the language used in legal texts, thereby making it much easier for users to comprehend and make well-informed and confident decisions.
The benefits of AI Legalese Decoder are numerous and can have a significant impact on the way legal documents are understood and interpreted. By providing a clear and concise translation of legal jargon, it is able to empower users to navigate through the complexities of legal documents with greater ease and confidence.
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Overall, the AI Legalese Decoder has the potential to revolutionize the way legal language is understood and interpreted, providing a valuable solution for individuals and businesses alike. By breaking down the barriers created by complex legal jargon, it helps to ensure that legal documents are more accessible and comprehensible to a wider audience.
How AI Legalese Decoder can help with the situation:
AI Legalese Decoder can be a game-changer for individuals and businesses who struggle to understand legal documents and contracts. By simplifying the language used in legal texts, it makes it easier for users to comprehend and make informed decisions. This can ultimately save time and money by avoiding misunderstandings and potential legal issues. Additionally, by providing a clear translation of legal jargon, AI Legalese Decoder can empower users to navigate through the complexities of legal documents with greater ease and confidence. It can also be a valuable resource for legal professionals, enabling them to communicate legal concepts in a more accessible and user-friendly manner, ultimately streamlining their workflow. Overall, AI Legalese Decoder has the potential to revolutionize the way legal language is understood and interpreted, providing a valuable solution for individuals and businesses grappling with complex legal jargon.
****** just grabbed a
WeÔÇÖre with cooperators and 750k in on me and 1mill on my spouse. Our remaining mortgage amount is 365 ish right now.
We locked into a 25 year term we pay $80 a month.
For us we have two young children and the peace of mind was worth it. Could we have found cheaper? Maybe. This just was the option we took
Call your insurance brokers or do online quotes. DonÔÇÖt sign anything and shop around! Lots of options
As someone who recently lost someone, yes to paying off the mortgage and then add cost of living, especially if they are not working with benefits (to take short term or long term leaveÔÇöwhich is usually only a portion of salary). I couldnÔÇÖt work for over year at such an expected loss. Imagine having no or little income with children needing support from the surviving parent. The insurance should all pay directly to the spouseÔÇöor at least the $$ for a yearÔÇö so they donÔÇÖt have to wait for the estate to settle for access to money. The death is horrific. The grieving process can be very challenging.
I got life insurance when I had my kid. Term for 20 years, enough to cover his basic expenses and then pay for university. I also got life and critical illness on my mortgage, credit line, and credit card. I think not having insurance is irresponsible if you have kids.
Get the cheapest **term life** you can find. Usually your employer will provide some
Get a policy big enough to cover your debt for as long as it takes you to pay it off. I just have one the size of my mortgage through my work. Wife does as well
All insurance carriers are going to cost approximately the same within a couple of dollars per month. I am a broker I donÔÇÖt even bother shopping around for term insurance because when I was new I used to always try and find the lowest possible cost provider.
I will say this, Manulife and Sunlife have poor customer service if you ever need to fix something, Investigate anything, make any changes, etc.
I usually use Canada Life.
Any reputable company Desjardins, sun life , great west life, manulife.
Term is cheap for some coverage
Your auto and home provider might also offer these products
I’m in the process of getting insurance, I’m 34 married with a mortgage and a wife. I have contacted a broker and I’m looking to be insured for the whole mortgage and about 6 or 8 years of my salary. Term insurance for 30 years.
Edit: I have life insurance from my employer as well, I didn’t use them for my term insurance because I do not want to be left uninsured if I lose my job.
I get a great rate from my professional affinity program. It’ll cover my mortgage and the house will be enough.
I also get mortgage insurance through my credit union. If I lose my job, it’s their problem, so I don’t stress about the economy too much.
If you’ve got dependents, you’ve got to get life insurance and a will. It’s just part of life’s rent. If something happens to you, yeah, they’re going to be sad, but they can be sad and not homeless.
Cheap is not always the best. Our financial advisor recommends off service also. She has many client that have seen claims denied for technicalities etc.
You also need to evaluate your needs. One financial goal is to NOT need insurance. You will get to a point when your assets etc are high enough to cancel those term policies ƒæì
Any decent financial planner has tools / advice to help. You can over insure and waste money.
No because my wife and I are both in our late 20ÔÇÖs/early 30ÔÇÖs and have no kids. If one of us died the other could manage financially. I have some life insurance through work which would be enough that she wouldnÔÇÖt have to sell the house unless she wanted to. If she passed I could carry the mortgage on my own or I could sell.
20 year term life for mortgage payoff + 5 years salary would be a good idea.
I have a policy through work that pays 2x salary to my beneficiaries. I donÔÇÖt have any dependents, though, and wouldnÔÇÖt have gotten it otherwise.
I have a combination of $1M life insurance via work (3x salary) and Sun Life 30 Year Term Insurance. I don’t have kids – just for my spouse.
Yep, my wife and I both got term insurance for 20 years.
They will(wfg) try to sell you the whole life insurance without looking at your affordability. Whole life/ permanent insurance is about 500 per month. You can not break the whole life contract if you don’t make the payment after two years, you lose all the money you paid in two years.
They’re called insurance brokers.
Do not buy it from WFG( world financial group).
Get at least four quotes. Get twenty year term. If you have kids, they will be old enough to figure things out I twenty years.
Twenty or thirty years term insurance.
Canada Life for mine, through my employer but if I leave I can keep the plan , just pay it for myself. My kids are adults now so itÔÇÖs just to give them a leg up when I go.
no
late 30s
single
no personal family of my own just sibling, parents
don’t see any reason to pay for life insurance
Maybe more than just mortgage debt for them, I mean it’s your family don’t go all cheapo
I don’t have it. I’m scared my wife would take advantage of it.
Oddly enough to get a mortgage we had to get life insurance. *shrug*
If your contemplating life insurance.
While gett8ng yours get for children.
Married hubby 20 years ago.
He had life insurance his mom opened when he was a child. He’s literally paying 35 a month for 350,000 and a 500,000 rider.
When I opened mine at 24 I’m at 50 a month for that same rate.
Our 4 kids are all under 100 total.
Plus if anything were to happen. Health wise it would be covered. My friend had had kidney failure and 2 transplants. She investigate at 30 for insurance. It would cost her 150 a month for 35,000.
Times have been tight and insurance will never be cut out.
I have whole life insurance. More expensive but I like the product
A lot of people are suggesting term life insurance. What about whole life insurance? Is that a bad idea?
If your spouse is at home with small children, what would you do if they passed away or became substantially disabled? Consider disability and critical illness insurance. Your life insurance needs to cover the mortgage and extra costs to ease your spouse back into their career. You will be missed and your kids will need extra time. Your spouse will not be able to jump back into an 80 billable hour job the day after your funeral. Fir life insurance we used first to die. The premium was cheaper.
Get life insurance for you and your spouse, or else you could be one of the many people on financial subs every week asking what to do after their spouse has died without insurance.
You are thinking about it wrong. Life insurance isn’t meant to cover any specific debt. It is meant to replace a person’s income.
Look for a reputable insurance broker and go from there. Your colleagues can likely recommend one. Look for Term Life Insurance as well as disability insurance. Avoid MLMs. A good broker will help you complete a needs assessment and then shop around to *multiple* insurance companies.
Life insurance with employers, then spouse and I have a joint first to die policy.
Nope, is there a right time to get It?
I get 1.5x annual salary as part of benefits package at work. I tacked on an extra $30k or something for like $50/year.
Shop around. Like anything else major. Get 3 prices and compare.
u/Patrick sure does.
20 year term, 1 million and
I pay $535 for the entire year
I got life insurance when I had kids. Enough to pay off the mortgage and leave $250K extra to help my wife get back on her feet afterward. The mortgage amount is on a 20-year term, and the $250K is through work.
I have 2x my salary through work. 2 children, but we don’t have a mortgage. it’s very very rare to die early. More likely to become disabled than to die. Disability insurance is helpful, but unless something catastrophic happens (such as severe stroke or something), the insurance company will fight tooth and nail to claim you are not disabled enough not to work.
I get it through work but I also donÔÇÖt have kids, no house ans no debt. My family will get all my assets plus Teo years of salary if I pass away
term, 20 years, 2MM
My wife and I run our own business and have 2 kids. If something were to happen to me I don’t want her to worry.
See what your employer offers.
We went with policy me to supplement the basic amounts we have through work. Easy online process, and the best rates I could find. We each pay about 30.00 a month for 500k coverage
i got a medically underwritten plan ( Met with a nurse, did blood work) Canada Life I believe, 1 million in case I die unexpectedly. $30/month. Honestly, I did this prior to working in insurance due to needing to look after people when I kick the ol’ bucket but I am surprised more people do not.
Look into Laddering Term Insurance Strategy, I does save quite a bit of money versus the standard 20/25 years term and definitely don’t look into permanent/hole life insurance since it does usually only fits people of more than average level of wealth and/or businesses ownership/partnership involved.