While artificial intelligence (AI) technology has made mortgage underwriting and insurance claims faster and easier, it could also unintentionally discriminate against protected classes. The Casualty Actuarial Society (CAS) this year acknowledged “the potential impact of systemic racism on insurance underwriting, rating and claims practices” in four research papers examining the Read More …
Hispanic Americans are less likely to carry life insurance than the average American, missing out on a key source of financial security. Only 42% of Hispanics have a life insurance policy, below the U.S. average of 50%, according to a 2022 Insurance Barometer Study supplemental report from Read More …
Black Americans are more likely to carry life insurance than the average American, but their coverage does little more than provide for funeral costs. Fifty-six percent of Black Americans have life insurance, according to a study by LIMRA and Life Happens, compared with 52% of all Americans. Read More …
Many people treat life insurance as completely separate from financial planning and budgeting. As Rosalyn Glenn, a financial advisor with Prudential, told Insider, “Life insurance is for the living, not the deceased.” In addition to providing a death benefit for your beneficiaries, a life insurance Read More …
There are two main types of life insurance policies to choose from: permanent life and term life. The difference between term life insurance and permanent life insurance is similar to the difference between renting an apartment (term life) and owning a home (permanent life). When Read More …
For parents, the safety and well-being of their children is paramount — and most people get life insurance to cover the mortgage, education, and other expenses so that their family can continue after they die. While your intentions might be good, naming a minor as Read More …
Life insurance is a contract between you and the life insurance company. You pay premiums (monthly or annually) for a payout that your relatives will receive, known as the death benefit. Should you die, the insurance company pays the death benefit to your chosen beneficiary. Read More …
If you recently became a parent, the safety and well-being of your child is paramount. It is no wonder that the birth of a child is usually a motivator to get life insurance coverage. Most people get life insurance to cover the mortgage, education, and Read More …
Most people aren’t thinking about life insurance in their 20s, but it’s the best time to buy it because most people’s health declines with age. The longer you wait to buy a policy, the greater the eventual cost. An average 20-something or 30-something nonsmoker can Read More …
Term life insurance is similar to renting an apartment. When you rent, you have a lease for a certain term. When that lease is over, you can renew — but most likely with a rent increase. Likewise, term insurance lasts for a specified period, and Read More …
Cash value is a unique feature to permanent life insurance policies. Although the term “whole life insurance” is often used synonymously with permanent life insurance, whole life, universal life, and variable life are actually types of permanent life insurance. Other permanent life insurance policies are Read More …
Whether you choose permanent life insurance or term life insurance, you will need to go through the underwriting process. This process is how the insurance company determines your insurability — deciding how much of a risk you are and how much of a death benefit Read More …