Amidst recession and job insecurities, you may have cut down heavily on gifts, investments and treats for your family. While it is wise to cut expenses, there is one gift or investment that is perfect in these times of uncertainty. Insurance, and in particular life insurance is usually never thought of as a gift, and though the receiver may be taken aback, a little thinking over will definitely make them realize how selfless and thoughtful your intentions are.
Why term life insurance is the perfect gift
Life insurance comes in two main variants whole life and term life insurance. While whole life insurance has a cash value attached to it along with a death benefit, the premiums can be really expensive. Secondly, claiming a whole life policy is more complicated than working through a term life claim. In times of uncertainty when finances are tight, and extravagance should be avoided, term life insurance is very affordable and effectively serves the purpose of life insurance. These days you can even get term life insurance with level premiums, and they are such an easy way to provide for the future.
Gift a life insurance policy on your own life to a loved one
When you have dependents a spouse, children, siblings or aged parents your income is a source of financial security to the household. Should you die, they will have to deal with financial upheaval amidst their grief. Why not show them you really care, by taking out a term life insurance policy in your name, and make them beneficiaries? It may come across as a strange gift, but when you explain that you love them and want them to be as financially comfortable when you are gone, as they are today, the enormity of the gift is sure to make them appreciate you all the more.
Take out a life insurance policy on a friend's life and make his family the beneficiaries
An insurance policy is a great gift not only to your family, but to your friend's family too. How can you gift insurance to another family? Take out a term insurance policy in the name of the breadwinner of that family and make his or her dependants as beneficiaries. A gift of life insurance is most apt when a family is going through a new phase a new arrival, moving into a new place, etc. Your honorable gesture will be well appreciated, and this is a great way to extend your support to your friend. It will put his mind at ease, especially at a time when his expenses are mounting, and he may have put off buying insurance himself.
Make a charity the beneficiary of a policy on your own life
Do you have a pet charity that you help out? While regular donations may put a strain on your finances in times of recession, why not take out a term life policy on your life while mentioning the charity as the beneficiary on your policy? It is a great way to make a sizable future donation while enjoying tax savings on it. A term life policy can help you make a huge contribution to the charity, and you will rest easy knowing that even after you are gone, your legacy will contribute greatly to the charity.
The best place to shop for your life insurance gifts
The recession has made us all cautious even while buying gifts. We all want a good deal but not at the cost of quality, and your gift of insurance should be bought the same way. It is important that you choose an online insurance agency that deals with hundreds of insurance companies. They will quickly run the statistics of the policyholder through their vast database of insurance policies, and give you the best deals. Opt for an agency that asks you for in-depth details on the policyholder's health and other information (and not just your age and income figures). Factoring in personalized information will help you get a more accurate life insurance quote. You can be sure that the free online term life quote they give you is one that you will actually qualify for when the insurance company does the evaluation. Too often term life quotes offer their best rates, but after the underwriting process is over, you find out that the best rates are not applicable to your particular situation.
Not just insurance, but peace of mind too
If you are hit hard by the recession, and are drastically cutting corners, make sure you never skimp on insurance. It is the one real way to take care of your family's financial needs when you are gone. So buy a term insurance policy for someone you love, and relax with the knowledge that from now on, they need never worry about the future.
Why term life insurance is the perfect gift
Life insurance comes in two main variants whole life and term life insurance. While whole life insurance has a cash value attached to it along with a death benefit, the premiums can be really expensive. Secondly, claiming a whole life policy is more complicated than working through a term life claim. In times of uncertainty when finances are tight, and extravagance should be avoided, term life insurance is very affordable and effectively serves the purpose of life insurance. These days you can even get term life insurance with level premiums, and they are such an easy way to provide for the future.
Gift a life insurance policy on your own life to a loved one
When you have dependents a spouse, children, siblings or aged parents your income is a source of financial security to the household. Should you die, they will have to deal with financial upheaval amidst their grief. Why not show them you really care, by taking out a term life insurance policy in your name, and make them beneficiaries? It may come across as a strange gift, but when you explain that you love them and want them to be as financially comfortable when you are gone, as they are today, the enormity of the gift is sure to make them appreciate you all the more.
Take out a life insurance policy on a friend's life and make his family the beneficiaries
An insurance policy is a great gift not only to your family, but to your friend's family too. How can you gift insurance to another family? Take out a term insurance policy in the name of the breadwinner of that family and make his or her dependants as beneficiaries. A gift of life insurance is most apt when a family is going through a new phase a new arrival, moving into a new place, etc. Your honorable gesture will be well appreciated, and this is a great way to extend your support to your friend. It will put his mind at ease, especially at a time when his expenses are mounting, and he may have put off buying insurance himself.
Make a charity the beneficiary of a policy on your own life
Do you have a pet charity that you help out? While regular donations may put a strain on your finances in times of recession, why not take out a term life policy on your life while mentioning the charity as the beneficiary on your policy? It is a great way to make a sizable future donation while enjoying tax savings on it. A term life policy can help you make a huge contribution to the charity, and you will rest easy knowing that even after you are gone, your legacy will contribute greatly to the charity.
The best place to shop for your life insurance gifts
The recession has made us all cautious even while buying gifts. We all want a good deal but not at the cost of quality, and your gift of insurance should be bought the same way. It is important that you choose an online insurance agency that deals with hundreds of insurance companies. They will quickly run the statistics of the policyholder through their vast database of insurance policies, and give you the best deals. Opt for an agency that asks you for in-depth details on the policyholder's health and other information (and not just your age and income figures). Factoring in personalized information will help you get a more accurate life insurance quote. You can be sure that the free online term life quote they give you is one that you will actually qualify for when the insurance company does the evaluation. Too often term life quotes offer their best rates, but after the underwriting process is over, you find out that the best rates are not applicable to your particular situation.
Not just insurance, but peace of mind too
If you are hit hard by the recession, and are drastically cutting corners, make sure you never skimp on insurance. It is the one real way to take care of your family's financial needs when you are gone. So buy a term insurance policy for someone you love, and relax with the knowledge that from now on, they need never worry about the future.
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