INSURANCE

4 Living Benefits of Life Insurance

4 Living Benefits of Life Insurance
4 Living Benefits of Life Insurance

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CHICAGO, June 28, 2022 (GLOBE NEWSWIRE) — One advantage of getting a life insurance policy is the death benefit. This helps loved ones replace the policyholder’s income and pay off debts if the policyholder passes away during the policy term.

However, life insurance policies can also offer living benefits while the policy is in force. These benefits can help the policyholder make the most of their premium payments. This article will dive into how life insurance with living benefits can help policyholders while they are alive and the policy is still outstanding.

1. Cash value withdrawals

Cash value is a growth component of permanent life insurance policies. Part of each permanent policy premium goes into this component, which then grows tax-deferred at a certain rate depending on the permanent policy type.

Once the cash value grows large enough, policyholders may be able to withdraw funds from it for any use, such as emergencies, large purchases, or college tuition for their children. Keep in mind that proceeds above the policyholder’s basis, or the amount initially invested, may be taxable.

2. Taking out loans against the cash value

Policyholders can also borrow against their cash value when it grows large

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July 6, 2022 by INSURANCE

Employment insurance benefits delayed for thousands of Canadians

Employment insurance benefits delayed for thousands of Canadians
Martin Courtemanche has been waiting for <a href=employment insurance benefits since December 2021. (Radio-Canada – image credit)” src=”https://s.yimg.com/ny/api/res/1.2/vlbZA98qLvEivvw_uOulNQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTcyMA–/https://s.yimg.com/uu/api/res/1.2/fdoFL_qCVz0ZtxQS.jMNNg–~B/aD04ODU7dz0xMTgwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/cbc.ca/400ee76dbeddbb447bc9e2573dd0c698″/

Martin Courtemanche has been waiting for employment insurance benefits since December 2021. (Radio-Canada – image credit)

The last few months have been trying for Martin Courtemanche. After suffering from depression last summer, he left his job on Dec. 6, 2021. What followed, he says, was an “infernal spiral.”

“I’m at the end of my rope,” he said.

More than six months have passed since he submitted his employment insurance application, and he has yet to receive a payment.

“I have to ask myself how I’m going to pay my rent, my groceries,” he said. “I’m lucky to have some savings. I maxed my credit cards. This is how we manage to survive.”

At a time when Service Canada is mired in passport processing setbacks, delays in obtaining employment insurance are also increasing. Many unemployed people say they haven’t received a penny, several months after filing a request.

The Service Canada representatives who spoke to Courtemanche first explained to him that the pandemic caused the delays, before letting him know that a document was missing from his file: a termination of employment letter.

“I ended the call and just

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July 4, 2022 by INSURANCE

Flood insurance fight in Mayfield

Though the community of Mayfield hasn’t had a flood for decades, residents are now shelling out thousands for flood insurance.

MAYFIELD, Pa. — Editors note: A previous version of this story indicated a $2.3 million federal grant was awarded to Mayfield Borough for the completion of a levee project. While the borough has been awarded a grant to clean the river of vegetation, the article has been updated to reflect that a possible $2.3 million grant has not yet been awarded.

Mayfield Borough officials tell Newswatch 16 that water from the nearby Lackawanna River hasn’t threatened this community in more than 50 years.

Despite a significant levee, many of the homes and businesses are now considered to be in the flood plain, and that distinction is costing them. 

The Lackawanna River flows gently on the outskirts of Mayfield, the water seldom rising up the walls of the levee that stretches more than a mile and a half. 

Mayor Al Chelik says the borough has seen significant flooding once, back in the early 1960s, but since the levee was installed, it hasn’t flooded at all. 

Still, FEMA says the levee doesn’t meet its criteria and recently changed the floodplain to

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July 3, 2022 by INSURANCE

Fired-up N.J. Senate President calls opposition to costly auto insurance plan ‘nonsense’

New Jersey’s top lawmaker came out swinging in fierce defense of his legislation that could force more than 1 million people in the state to pay more for car insurance each year.

Senate President Nicholas Scutari on Monday defended the bill that would hike the minimum amount of liability insurance in the Garden State from its current $15,000 coverage to $25,000 beginning in 2023, and a minimum of $35,000 starting in 2026. He says it’s long overdue to protect victims of crashes.

“This is all nonsense,” said Scutari, D-Union, during a Senate committee hearing, arguing the cost to drive in the state would not immediately increase.

“(Insurers) cannot raise rates for a minimum of three and a half years. They cannot substantiate a raise in rates when we go to $25,000 in coverage. The industry cannot substantiate it. It is an impossibility. The Department of Banking and Insurance will not allow it,” he said.

“The people of New Jersey need this Legislature to protect them from themselves because we tell them what they need to get, and that’s what they get.”

He added taxpayers are the ones who are stuck with the costs to “subsidize unpaid medical bills” and

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July 2, 2022 by INSURANCE

Citizen’s Property Insurance facing 900 new lawsuits a month

One month after state lawmakers were summoned back to Tallahassee to fix Florida’s broken homeowner’s insurance industry, the crisis continues.

“As we sit here today, we are just under 19,000, but quickly approaching 19,000 lawsuits,” said Elaina Paskalakis of Citizen’s Property Insurance, during a claims committee meeting earlier this month.

Citizens, the sate-backed insurer of last resort isn’t just facing mounting litigation, it is also absorbing some 12,000 policies a month.

READ: New affordable housing community for seniors opens in Orange County

“Last year at this time they (Citizens) were growing at about 5,000 policies a week, so they are growing exponentially more,” says State Senator Jeff Brandes (R-Pinellas). “They have about $6 billion in cash and about $300 billion in potential liability if they have a big storm.”

With police and lawsuits piling up, Citizens recently approved $50 million for litigation costs, with the state-backed insurer set to approve another $50 million when it meets again in July.

“It is all hands on deck at Citizens, and frankly I don’t know how they are going to manage all this, we would never let a private insurance company grow as fast as citizens is growing right now,” says Brandes.

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July 1, 2022 by INSURANCE
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