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The Beginning of Life Insurance in the United States

Life insurance was originally established in the 1706 by two men, William Talbot & Sir Thomas Allen.  In 1762 Edward Rowe Mores created the “Society for Equitable Assurances on Lives and Survivorship” which became the basis of all life insurance today.  The sale of life insurance in the United States began in the late 1760’s and between 1787 and 1837 more than 24 life insurance companies came into existence.  Then in 1879 after the widely publicized masses of widows and orphans left stranded in the West, after the Battle of the Little Big Horn, military officers founded the “American Armed…

Do You Have the Correct Amount of Life Insurance?

Know Your Amount of Life Insurance A question that people rarely consider is if they have the correct amount of life insurance.  This question is definitely subjective to interpretation but there are 3 immediate cash needs most people would agree on.  First is final expense.  What will it cost for burial expenses and final expected administration expenses such as probate and legal fees to transfer ownership of property?  Second are mortgage balances and other outstanding debts such as credit cards or lines of credit.  When people get a mortgage it is public information and marketing companies will mail out letters…

Do You Have the New Type of Life Insurance?

Unfortunate events can alter your future financial plans.  There is a way, though to help protect your plans.  Life insurance provides a death benefit to help protect the financial security of your loved ones when you are gone.  However, about five years ago, a handful of life insurance companies started developing riders and accelerated benefits that are added to the policies at no additional charge.  This means the policy owner can accelerate the death benefit while the insured is still alive and receive some of the death benefit.  These living benefits could help you keep control and maintain your financial…

Two Types of Life insurance

Term Life Quote There are two types of life insurance, term and permanent.  Term insurance can provide low-cost coverage for a specific period of time (the “term”)—most likely during an individual’s peak earning years when death can cause the greatest financial hardship.  Generally the most affordable type of insurance when initially purchased, term insurance is designed to meet temporary needs.  It provides protection for a specific period of time (the “term”) and generally pays a benefit only if the insured dies during the term.  This type of insurance often makes sense when someone has a need for coverage that will…