New York, NY (PRWEB) September 05, 2013
PageHamster.com began a mission to more thoroughly acquaint readers with the potential benefits and positive effects of having a life insurance policy. This campaign was instigated by a Daily Finance article published on September 3rd and titled “How to Buy Life Insurance is Point of Confusion; Despite Broad Understanding of Its Value”. The article reveals the lack of understanding present in most American households, resulting in a large number of American families being woefully underinsured. Many are unfamiliar with different types of insurance, including term life, whole life, and even no exam life insurance.
Business Wire began its article with an acknowledgment of the American public’s attempts to do the right thing, including recycling and testing vehicle records before making a purchase, but American families’ tendency to stay away from life insurance. Though 70 percent of households own that purchasing a life insurance policy is part of their plans for the future, few have put this plan into action, and remain either uninsured or underinsured. The greatest confusion in the face of increased urgings to purchase life insurance is the how portion, as numerous survey participants anticipated being able to purchase life insurance through the new government health care act. Participants were also confused about the purpose and benefits of life insurance, with nearly half of the participants admitting the need for life insurance as a result of their status living paycheck to paycheck. Despite a lack of understanding, participants demonstrated an openness to the prospect of making life insurance a part of their monthly budget.
In light of the current common nature of poor life insurance understanding and awareness, Page Hamster.com began working to promote life insurance awareness, starting with a general overview of different types of life insurance policies. The first type of life insurance is whole life. Whole life is a life insurance policy designed to last a lifetime, accumulating cash value as it ages. Though at first glance, whole life may seem to be the best deal, it typically boasts high premiums and extends past retirement, an age life insurance is not designed to cover. The second form of life insurance is called term insurance, and is a type of life insurance that covers a specific term (usually 20 or 30 years). Term life is far more flexible than whole life, and is tailored to fit the need presented by the death of a loved one such as income replacement, the development of a college fund, or assistance for eliminating debt. In addition to its flexibility, term life insurance is also generally inexpensive, as it does expire and does not accrue cash value. Finally, a sub-type of life insurance is no-exam insurance, or life insurance that does not hinge on medical state and history, but is instead a more generic policy. This is particularly helpful for those with prior medical conditions who do not qualify for term or whole life. The editor of Page Hamster found this article on MCFIR.com to give valuable information regarding life insurance no medical exam.
Business Wire is an article composing team that works through The Motley Fool to bring articles to Daily Finance. Business Wire articles provide information regarding business and finances, including news and current events.
A study found that majority of Americans are confused and overwhelmed at the prospect of purchasing life insurance. Most are unaware of how to go about purchasing life insurance, while still more are unsure of the benefits provided by life insurance. Page Hamster urged readers to become familiar with the ins and outs of life insurance, from the different types (whole life, term life, and no exam life insurance) to the prices and benefits associated with these types. Doing so will put readers on the road to financial peace of mind and will ensure that the right insurance policy for their needs is found.
PageHamster.com is an online resource for insurance and financial news, related specifically to personal finances and money management.