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What is the point of term life insurance?

At a guess, you'll be paying nearer 100x that $50 premium per month if it is going to be going past 70 year old person. Remember - the insurance companies (some of the largest and most profitable ...
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What is the point of term life insurance?

Mary, I think I might be able to help with my example. My wife and I took out a 20-year term insurance policy back when I was 40, thinking along the lines of the statements already made here (kids are ...
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2 votes

What is the point of term life insurance?

Yes, you got it right. If all goes well, you will lose money on term life insurance. You will pay in all those years and never get anything out. Which is great! That's the whole point! It's just like ...
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5 votes

What is the point of term life insurance?

You seem to be asking, in essence, about term vs. whole-of-life (WOL) insurance. The major difference is that, since everyone dies, all WOL policies are guaranteed to pay out in the end, so the ...
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2 votes

What is the point of term life insurance?

Life insurance is, like all insurance products, designed to provide financial payout in the case of a catastrophic loss. In this case, the loss of (the financial earnings of) a person. If your husband ...
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4 votes

What is the point of term life insurance?

The point of insurance in general is to protect yourself against an unexpected event. In the case of (term) life insurance, the idea is to protect yourself against the possibility that your husband ...
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12 votes

What is the point of term life insurance?

The goal of term insurance is to replace a stream of income if somebody dies. At some point after a person retires, the stream of income that needs to be replaced isn't wages and salaries it is money ...
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43 votes

What is the point of term life insurance?

I think the part you are missing is that the insurance isn't there to replace your husband, it is to replace his income. The implicit assumption is that when your husband is 80 he is no longer earning ...
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7 votes

What is the point of term life insurance?

The point is to provide a safety net in case of unexpected event. After the age of 80 death becomes somewhat expected, so you should be prepared. Generally term insurance is good for a term where the ...
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Are third-party vehicle insurances allowed to keep the no-claims class down in Germany?

The SF-Klasse only changes on 1st of January. It only improves if you had been insured without accident for at least 6 month and 1 day in the previous year. You started in August 2021, so in January ...
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Are third-party vehicle insurances allowed to keep the no-claims class down in Germany?

They told me that for the next duration of one year, my actual no-claims class will stay 0 ("tatsächliche SF-Klasse"). However, I will receive a special classification of 1 at that insurance ...
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3 votes

Can one cancel ones car insurance after a no fault crash?

Your third party only (liability only) insurance protects the other party's property. Even though you don't think you are even 1% liable for the accident, keep your insurance just in case. As for the ...
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1 vote

understanding 150% replacement cost on homeowner's policy

The typical example for extended replacement cost coverage (the 50% extra the policy you're reviewing mentions) is when a natural disaster hits and damages many homes. Costs to rebuild are higher than ...
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Why is the mandated minimal liability car insurance coverage so high?

In the US there exists an issues with underinsured motorists and illegals not having any insurance. Illegal aliens in some states(NY) can now obtain state driver's licenses and purchase insurance. ...
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4 votes
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Should I lower the liability limit on my homeowners insurance to match the minimum required by my new umbrella insurance?

Is there any good reason to keep the higher liability limit on the homeowners policy, or should I lower it to $300,000, since the umbrella policy will take effect after that? The umbrella policy is ...
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