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Insuring your Dependents
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If you have
insured your dependents, you need not
fear accidents or illnesses, because this
insurance policy should pay the costs
of hospital treatment and recovery. Such
a policy covers your spouse or domestic
partner, and children. |
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You can insure
your dependents either through a workplace
insurance policy or an independent policy,
which could be for their whole life or
for a term. To get more information on
these policies, get online and log on
to the relevant site, select the type
of policy you want, the period for which
you want it, and the amount of premium
you are prepared to pay. You should get
several quotes for each type of policy. | |
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For
a whole life insurance policy, you will
need to pay the premium over a long period
of time. A whole life policy also includes
a large savings component. However, a
whole life insurance policy also covers
college education or retirement. This
could be a safe policy for a spouse, domestic
partner, or child. |
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If
you select a term policy, you can pay
a larger premium over a shorter period
of time. Use term insurance policies covering
10 years or 15 years to create assets
for your children till they reach adulthood.
These policies could enable your children
to pay for college education or buy their
first car. |
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You
can buy an insurance policy for your dependents
if you are employed for 20 hours a week
or more. Select a cover that is at least
five times your monthly salary when insuring
your dependents to factor in the effects
of inflation. When you insure your dependents,
you reduce taxes, create un-taxable income,
and create an asset. |
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You
can buy an insurance policy for your dependents
if you are employed for 20 hours a week
or more. Select a cover that is at least
five times your monthly salary when insuring
your dependents to factor in the effects
of inflation. When you insure your dependents,
you reduce taxes, create un-taxable income,
and create an asset. |
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Note
the age of the dependent and the financial
goal to be achieved when selecting a policy.
A policy for your spouse or domestic partner
should cover eventualities, such as retirement
and illness. A policy for a child should
cover college education. |
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Those
who have started a new job can purchase
a dependent life insurance policy one
month after they have been hired by submitting
a completed enrollment form to the insurance
company or the employer, in case a workplace
insurance policy is in operation. |
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When
you insure your dependents, you ensure
that you will pay for hospital care in
case of accident or illness, tuition bills
for college-age children, or other needs,
for domestic partners and spouses. |
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