Learning About Life Insurance Policies

Not everyone is blessed with enough money to do all the things in life that "should" be done. In fact, almost 80 percent of Americans say they live paycheck to paycheck. Of course, this is all relative as living paycheck to paycheck on $100,000 a year is a far cry from trying to live on $20,000 a year, and when you factor in the location and family size, the lines become even more blurred.

If you are listed as a beneficiary on the life insurance policy of a relative who recently passed away and the insurance company is disputing the settlement for some reason, then follow these tips to resolve the problem. Tip: Put All of Your Correspondence with the Life Insurance Company in Writing The adage "if it isn't in writing then it didn't happen" is always true for financial transactions, especially those involving insurance companies and settlement payments.

As you work on your estate planning, you may want to consider an Irrevocable Life Insurance Trust (ILIT) for your beneficiaries. The trust can be funded one of two ways. The grantor can transfer a life insurance policy to the ILIT, or can pay for a policy that is bought by the trust for the beneficiaries named within. It's a trust that is funded when the grantor dies, and the proceeds from the life insurance are available.

Starting your first job is an exciting time in anybody's life. You get the opportunity to gain your financial independence and make money to buy the things that you've always wanted. However, while the salary aspect of your work is definitely important, there's another factor that needs mentioning as well: the benefits. Chief among the benefits is life insurance. Although you may be thinking about passing up on the life insurance, use this information to learn more about why you should enroll in the life insurance program when it is presented to you.