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Who should have life insurance and why?

BOFYA HAPO CHINI KUJIUNGA NA GRP LETU LA WAHSTAP
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WHAT’S INSIDE? » Who should have life insurance and why? » How much life insurance do you need? » What kind of life insurance is best for you? » Why choose Nationwide

Who should have life insurance and why? Generally, anyone who has people who are financially dependent on them is a good candidate for life insurance, including: » People with children » Married couples or soon-to-be-married couples » Single people who support siblings, aging parents or who have debt they wouldn’t like passed on to relatives » Someone who changed jobs or was promoted and may now have a higher income and greater financial obligations » Business owners thinking about business succession or keeping key employees If something were to happen to you, life insurance may help your family: » Maintain their standard of living » Pay off your funeral or other final expenses » Pay off the mortgage so they don’t have to sell their home » Pay off your other debts » Establish a college savings account for your children 3 How much life insurance do you need? Everyone is different, but a general rule of thumb is to purchase enough life insurance to cover five to seven times your current salary (up to 10 times if you’re the breadwinner in the family). This calculation is pretty general, though. So, if you’d like to find an amount more tailored to your specific needs, talk to your insurance professional. He or she can help you compare your life insurance protection needs with the assets you already have

Use your policy to help cover long-term care expenses and more. Many products today also offer optional features and services, usually for an additional cost, that you can add to your policy for a more customized solution to your planning needs. One example is a long-term care rider, which can help protect against the devastating impact that expenses such as home health care, assisted-living arrangements or nursing home care could have on your personal finances.


BASIC CONCEPTS OF DEMOGRAPHY KEY WORDS Average age   Size of population Generation mortality table   Selection table Mortality table  Life expectancy at birth  Probability of death    Probability of survival  Life table  Disability adjusted life expectancy  Age structure  Life expectancy    In order for insurance to be of help in the planning of the life cycle, the insurer must have concrete ideas and specific models in mind regarding the path of human life cycles and their most  important  parameters.  


(For  example,  their  average  length,  the  ratio  of  active  and inactive  stages,  their  distribution,  the  probability  of  death,  illness,  accidents,  the  expected extent  of  illness  or  injury  from  accidents,  etc.)  This  information  is  usually  obtained  from public  sources,  which  are  mostly  collected  as  a  part  of  a  separate  social  science, demography (the science of populations.) 

In the following sections we will get to know some demographical concepts and implications that are important with respect to insurance. 1.1. TOTAL POPULATION In  general,  demography  -  similarly  as  insurance  -  deals  with  the  patterns  involving  the „movements” of large population masses. One of the most important such indicator-systems is one  that refers  to the  changes and composition  of the  population size of  a regional unit (usually a country).
ILI UWEZE KUANGALIA VIDEO YAKE GUSA HAPA CHINIII
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