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Life Insurance

~6500 answered questions
Parent Category: Insurance
Life insurance refers to a contract between the insured and the insurer, where the latter agrees to pay a beneficiary a specific amount of money upon the death of the insured.
From an Insurance agentNO, your spouse does not have to be named as your beneficiary in Texas nor any other State in the USA. You may name any beneficiary you like. A spouse, a Sibling, a Grandchild or other person you choose. It is very common for some people to have mutiple policies in place with …
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Premium Payments No, Under no circumstances may an insurer or agent thereof intentionally "keep" your unearned premium payment. This would be a violation of the agents fuduciary obligations to the insured. However, if there was an outstanding balance due on your previous policy, then they are allowe…
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Insurance Policy fees Yes, most insurance contracts have a state approved associated policy fee and in the USA several other government mandated fees and taxes imposed by law that the insuring company must collect for your state. State mandated fees include state run vehicle anti theft programs, va…
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The cosigner if there is one is first to be responsible for the balance of the loan. After that the mom's estate meaning who ever is seeing to her affairs. This can be the relatives or the actual State government.   If there was a will, the lender has 6 months to file a judgment in the Surr…
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Answer IMHO, the very best way to get life insurance quotes is to find a broker, who (1) knows the underwriting industry (who underwrites which risks) and (2) is willing to take the time to prequalify you with the underwriters to protect your application history from negative information. …
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Life insurance is regulated by the various states, not by the federal government. It is deemed to be contrary to public interest to encourage suicide by making insurance proceeds available to those who see no way out of their financial difficulties. Therefore, insurance companies usually prohibit cl…
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The "bankruptcy" of an insurance company is referred to as "insolvency". It is roughly defined as the financial inability to pay claims as they accrue. As a condition of becoming authorized (licensed) to transact insurance business in the company's state of domicile, it is required to pay a portion…
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The cash value in any life insurance policy does not belong to the owner of the policy. The cash value is an asset belonging to the insurance company which they will use to pay the claim, which will surely come due, when the insured finally dies. Now if the owner of the policy would relieve the ins…
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Insuring someone Basically you can insure anyone with whom you have an insurable interest. meaning those on whom you have a financial or physical dependency a legal symbioses or interest in and with their permission and knowledge. If the loss of the individual would cause financial or certain other …
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But ... here's the issue: Insurance companies may be reluctant to issue a policy. There are, however, companies that WILL do so! The question is, Can you afford the premiums? What would cost you $30 to $80 may end up costing you $900 to $2000 or more. So, it depends on the situation. Try calling som…
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Life Cycle Policy Systems, processes and procedures are all used by the staff responsible for policy processing. Here, new policy processing includes all functions from new policy data capture, through underwriting and rating to policy issue. Policy maintenance wraps the policy change and…
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This is a good question. The answer depends on what your are making the beneficiary designation for. That is, an estate, trust, life insurance policy, IRA or retirement account, bank account. Also, what is the total amount of your assets, are you in a community property state? Finally, what do you w…
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Death benefits are usually not subject to federal income tax. There are exceptions, though, such as, if the IRS deems your insurance policy to be an investment in disguise. Your insurance agent or accountant should be able to give you guidance.
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I am sorry for you and your mother's loss. I hope you are doing okay.Take a look at the life insurance policy itself. There should be a phome number and address of the life insurance company stated somewhere on the policy.You can contact the life insurance company and ask who is handling the servici…
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Adjustable whole life insuranceAdjustable whole life insurance allows you to vary your coverage as your insurance needs change. You normally choose the face amount you need and the premium you want to pay, and the company calculates a plan that provides coverage for your request. The result could be…
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If you have a question about the validity of the offer you can contact the department of insurance in your state and ask if they have received any complaints regarding this insurance company. Also, if you have an attorney you can have them review the offer and verify its validity.   It certai…
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There is a probationary period from the date that the policy is sold and accepted. If the applicant lied on the insurance form and dies during that period, the insurance company investigates (they always do, to my knowledge, when there is a death), and finds the lie, the company is obligated to pay …
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Hi,I don't think there's an easy answer to this question. As I understand it, surrender charges vary widely among insurance companies and might even change over the life of the policy. You'll need to read the fine print of your policy and/or speak to your agent.Click here for more about life insuran…
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Beneficiary's obligation The beneficiary has no legal obligation to pay the bills solely in the name of the insured.
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Answer The face value is what your beneficiaries will collect. The cash value is the excess of your premium payments over the cost of the insurance. Click here for more about life insurance cash value.
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Life insurance trust A life insurance trust is used to remove the assets and death benefit of the life insurance policy out of the insured's estate for estate tax purposes. If the insured were to remain the owner of the policy, the policy procedes would be estate taxable at the time of death. Thi…
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_____________________________________________________________________________________________________ A life insurance policy becomes payable only when the person who is designated as the insured dies. The beneficiary is the person, persons or entity to whom or to which proceeds are payable upon…
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Yes, as a matter of fact, you can! Assuming you've found a qualified broker that's willing and able to work with you "long distance," you'd simply contact him or her with your request. The broker will walk you through the rest, and all arrangements can be made through telephone and email. IMHO, po…
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%DETAILS% Answer No. In fact, the benefit will usually grow at interest until the insurance company can locate a beneficiary. One thing that some people don't consider is the fact that often an insured dies and no one knows he had insurance. Since no claim is made, the insurance either assum…
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Hi Reb,The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father.If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary.If there are no named beneficiaries living, then the policy proceeds become part o…
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One rule of thumb is to buy an amount equal to five to seven times your annual gross income. But the real question is how much your family will need when you're gone. That depends a lot on the family and what stage of life you're at.   When you plan to buy a life insurance policy, the factors…
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Term life insurance is the simplest, and usually the cheapest, form of life insurance. Term life insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. If you are living the policy expires without value. It is sometimes called temporary life …
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Decreasing term life insurance is a variety of term insurance in which the death benefit decreases on a scheduled basis. One of the features of term insurance is that, at least when compared to permanent insurance (whole-life), it is relatively inexpensive. In the early years of a decreasing term p…
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Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance, per se, because upon death of the insured, the LOAN is paid off. The survivor RECEIVED NO CHECK. Life insurance, on the …
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%REPLIES% Answer Variable life insurance differs from whole life insurance and universal life insurance in that policy owners direct the distribution of their premium payments among several different accounts or funds rather than of the company's choosing. Typical account choices are: …
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Variable universal life insurance combines the flexibility of a universal life insurance with the investment account features of a variable life insurance. Like variable life insurance, variable universal is considered a security. It can only be sold by agents who have passed the National Associati…
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Universal life insurance is a type of whole life insurance. Universal life differs from other whole life policies in that it allows the policy owner to vary, with limitations, the amount and timing of premium payments and the death benefit. These changes can be made while the policy is in effect. …
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%REPLIES% Answer Before it was made illegal, some insurance agents used a sales pitch for universal life insurance that suggested the premiums could vanish. The pitch went like this: You start out by putting a large, lump sum into the universal life policy. The policy has the poten…
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Last survivor life insurance, or survivorship life insurance, is a type of joint whole life insurance designed mainly for married couples.Federal estate taxes are not collected on property left to a spouse, but when the surviving spouse dies, estate taxes are due and can be very high. A last survivo…
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Whole life insurance gives you lifetime coverage at a premium rate that does not increase with your age after you buy. In the early years of the policy, when you're a low risk, you'll pay more in annual premiums than it costs to insure you. As you become a higher risk at an older age, the level pre…
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Answer Indeterminate premium life insurance is a type of whole life insurance that specifies two premium rates: a guaranteed maximum, and a lower rate you actually pay. The lower premium level is for a set period of time. Then the company establishes a new rate that may be higher or lowe…
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Answer Interest-sensitive life insurance is a type of whole life insurance where the cash value can increase beyond the stated guarantee if economic conditions warrant. This is also called current assumption whole life insurance.
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Participating life insurance is what a policy is called when the agent gives the pitch that sounds like "and when the company makes enough surplus money, we will return (or share) some of that money with you in the form of dividends". I once saw a check for about $1.73 that a friend received, and t…
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Answer Permanent life insurance is another name for whole life insurance. It provides permanent, lifelong protection. This distinguishes it from term life insurance. Click here for more about permanent life insurance including its advantages and disadvantages. A permanent life insurance policy …
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The idea to save on premiums by switching over to various term life insurance companies is totally childish and counter productive. Continuation with a single term insurance service provider is what is advised. With each switch over, there is the question of premium acceleration as age increases, fo…
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Shop around to obtain quotes from many different life insurance companies. Prices vary wildly among competing life insurance companies, plus they all rate a little differently depending upon your weight, personal health history, family health history, financial need and dangerous hobbies. Each of th…
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You should have your mother leave the insurance to a trust and then you or your family as trustee, then the IRS cannot get to the money since it will not be yours. Additionally you may receive income from the trust. Your family could "spoon feed" you. You should consult an ESTATE PLANNING attorney …
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Sure it can, provided the court has sufficient proof to esablish doing so would be in everyone, particularly the children's best interest.   This might be possible, but if so it's done very, very rarely. I have never heard of it. A court might pressure the policy owner to change the beneficia…
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%DETAILS% Answer When your policy was issued, a lot of things were different. First, you were 30 years younger and Second (and more importantly here) interest rates were higher than they are today. The only thing any of us knows about the future is that it will be different than today. When i…
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%DETAILS% Answer This is why people need to have an agent they can talk to and trust. The agent can answer this question immediately. If you own a life policy that has the word "Accident" or "Accidental" in it's name, that means it will ONLY pay if you die in an accident. The much smaller ba…
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Yes you can. To get insurance, insurance companies, want to see an "insurable interest." Since he is the father of your child, you have an insurable interest on him.
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Answer As per my knowledge both Reinstatement & Revival are two different terms for the same thing , definition of which is following :-- The process by which an insurer puts back into force a life insurance policy that has been terminated for non-payment of premiums or a life insurance polic…
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Many cancer patients can, indeed, find affordable life insurance coverage. How? The key is finding a knowledgeable broker with experience in placing tough cases. Yes, you can get a "graded life" policy for up to $50,000. You maybe able to get more than one such policy. This means that the company on…
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No. How can they prove that nothing was received, if nothing was received? The person who was supposed to pay for the policy should have cancelled checks or bank statements indicating that premiums were paid.
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All you need is to contact Conseco - Why is finding the agent relevant?US Companies sell ALL over the world... The question is if TAIWAN allows them to sell in THEIR country. Even if they sold you a policy in violation of Taiwanese Law - I'm sure they will still honor their contract. Contact Conseco…
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Answer Take a look at the illustrations - they should have a "caveat" similar to this. Guaranteed Contract The guaranteed Accumulated Value is equal to the net amount of premiums accumulated Values and Benefits: at the minimum guaranteed interest rate of 2.00% for ten years since receipt of …
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Typically it is called "Net Cash Surrender Value". This is the amount of cash value in the policy accumulation account minus any outstanding loans etc. But it is typically referred to as "Net surrender Value" or "Net Cash Surrender Value". Get a good agent and he can explain.
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Normally, when one buys an insurance policy a primary beneficiary is designated, as is a "contingent" beneficiary. The latter is second in line to get the proceeds if the primary beneficiary predeceases the insured and the insured does not name a new primary beneficiary. Another circumstance for the…
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%DETAILS% Answer Contact the Insurance Commissioner, they probably had the company taken over by another company.
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If you are not working with an agent for the company that issued the policy, you need to locate one. An agent can effectively explain what your options are. What you can change about the policy, and if any changes are possible depends on what you want to change, and who you are in relation to the po…
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The coroner or the State/Count Medical Examiner would make the initial determination. This is done at the local level.COD may also be declared as undetermined, in which case the local authorities may or may not bring in outside help in order to assist in this determination.
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Beneficiaries You need to contact the insurance company to find out. Unfortunately, there is no easy way to find out what insurance company, if any, the person was using. But here are a few hints: If you have access to the person's records, look through the files for a copy of the policy or…
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Money 101 life insurance There are many companies selling life insurance on the Web, that will give free quotes and advice. The key to buying is to shop by price and by the company's rating. Several agencies, including Standard & Poor's and A.M. Best, rate insurers on their claims-paying a…
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Benefits may be payable if the insured commits suicide, but it depends upon the terms of the policy. Because the contract terms govern the conditions upon which the insurer is obliged to pay, the beneficiaries have no greater rights to payment than those set forth in the policy, and are subject to a…
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A drug overdose does not break a life insurance policy.
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An insurance company makes a decision to issue coverage based on the answers on the application, the company's underwriting guidelines and medical information they may receive from an attending physician's report or even blood and urine samples and test results. If an applicant or insured person mak…
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No   No is correct. Let's look at it this way. Suppose today you buy a term policy for $100,000 and pay the full years premium up front of $300. Exactly 6 months to the date of issue you die, your beneficiary would receive $100,150 which is inclusive of the $100,000 death benefit plus $150 (1…
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They are usually not subject to Income Taxes, but may be subject to Estate Taxes. It would be VERY unusual for income taxes to be due. Federal estate taxes are not an issue if you are of modest means, but your state may have estate, inheritance, or death taxes that could impact most anyone.
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Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state.   It depends on whether the beneficiary predeceased the insured. If the benefici…
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Can you show an insurable interest? That is, do you have an economic loss if she dies? Estate Taxes?There are specialty companies that do this.   The insurance company is going to call her. Won't she become curious when they start poking her with needles to draw blood and ask all those questi…
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You have to check the illustration or cash value table. Maybe 3 years. For more info see www.steveshorr.com/life.htm
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Not with a properly named beneficiary.If the beneficiary is the owner can the life insurance policy be attached by a lien? If the person is deceased than you now have the money. I guess it depends on what entity is putting a lien on. Certainly the IRS can do anything they wish. I don't think any oth…
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There are always Guaranteed Issue Policies, limited benefits the first 3 years.Contact an agent, complete an application and see where it goes.
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Both whole life and universal life have cash values. For Whole Life -Picture a rectangle/box with a line from the bottom left corner going up to the top right corner. Everything under the line is your cash value or savings in your life insurance. The entire box is equal to your coverage amount. When…
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If you feel that someone has fraudulently placed an insurance policy on you, please contact the Medical Information Bureau by going to www.mib.com. They have a fraud investigation department. The only way someone can have a life insurance policy on you is if you signed an application giving your …
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Colonial Penn is always the best company to turn to when you have someone who is ill. I'm an independent life insurance broker specializing in final expense policies issued without a medical exam, but using the Medical Information Bureau, prescription drug check and telephone interview. Once you are…
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Ask them. Sounds simple but there is no one central repository of insurance policy information in the U.S.So if the policy buyer didn't tell you about the policy then it did them no good to buy it because unless you know about it then your heirs can't make a claim even if the policy was good.
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Your insurance broker if they are doing a decent job should be reviewing your financials, company operations, and assessing your property to help you understand and insure your risks. If they aren't doing that then they can't insure you properly because they don't understand the risks associated wit…
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Answer It depends on what the deceased parent has put in their Will. If they said that the surviving parent takes care of any monies or property until you are the age of 18 or 21 then the surviving parent has the right to do so. Your surviving parent is probably keeping the money for you so y…
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Answer Short answer: It can. The Fair and Accurate Credit Transactions Act of 2003 nullified most, but not all, state laws governing the limitations of criminal convictions in consumer reports. Furthermore, according to the NAACP, 60% of employers are probably or definitely not willing to…
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You may be able to obtain coverage on an ex-spouse if you are dependent on them for financial support. Many times during a divorce, you can get the court to require that the ex-spouse obtain life insurance....important to note is that if this is the case with you, insist that you are named the owner…
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Answer Call an insurance agency for a quote. When you contact an agent ask to see prices from different carriers and make sure you understand the difference between whole life and term, because the death benefits may look the same, the costs will be very different. If you are the owner or be…
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The National Association of Insurance Commissioners has a "Life Insurance Company Location System" to help you find state insurance department personnel who might help identify companies that might have written life insurance on the deceased. Check with the state's unclaimed property office. -If a l…
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Before becoming an independent agent, it is advisable that you have some experience in the insurance business. Primarily because the attrition rate among insurance agents as a whole is high. As a captive agent (one that works only for an insurer like State Farm or Progressive) you can often rely o…
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Answer From the TN department of insurance website.
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- For dropping a product or discontinuing a department- Make or buy decisions- Accepting a special order (at a lower price than normal)- Dealing with a limiting factor or multiple limiting factors
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Maine-based Union Mutual demutualized in November of 1986, and became UNUM Life Insurance Company of America. Eligible Union Mutual policyholders became entitled to receive compensation totaling $650 million. Demutualization is the process of converting a mutual life insurance company, owned by i…
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You should be able to research the results at the below related links section indicated below. However, I might add, they do not make it easy to find.
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Insurance is a cost-sharing mechanism designed to limit peope's financial risks to sudden, severe and unanticipated losses. The idea behind insurance is that, by pooling premiums paid in, people and corporations can either avoid or reduce losses that would result if no insurnance was in place.
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Most states require that all beneficiaries receive a copy of the will when the probate process is started. If not, the will is public record once it is probated. Contact the court where the estate is being administered and ask for a copy.
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A Joint Life Policy is an assurance policy taken on the joint lives of the partners. On the death of a partner, the firm becomes liable to pay the executors of deceased partner his capital, interest on capital, his share of profit from the closing of the previous year to the date of death and his sh…
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no, intangible
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If an individual is ill of health or has health risks he may be rated or declined. If someone is at risk of a heart attack he would be heavily rated. If someone has Hepatitis, cancer or AIDS he would be declined, altho there are some companies available that will still issue policies if the applic…
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It sounds like Greg Kinnear to me.
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I was going some papers of dad's and I found a certificat of group crdit life insurance and he died is this valid?
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How does one find a policy that was issued by Rio Grande National Life Ins. Company, Dallas, Texas also has Old Line Legal Reserve Stock Company the policy was issued in 1959
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Check the terms of the policy. In most cases, yes, as long as the beneficiary was not responsible in any way for the murder. The insurance company may require full police reports.
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insurance course 33
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There are 2 types of assignments in life insurance.Absolute Assignment - This means that you give up all of your rights to a life insurance policy forever. An absolute assignment may be used if you are selling your life insurance policy, or during a divorce where you give up all rights to your polic…
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Rebating is when the insurance agent takes a portion of his or her commission and gives it to the person applying for life insurance.Rebating is illegal in most states, exceptions used to be CA and FL.Even if Rebating is allowed in a particular state, most life insurance companies forbid their agent…
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No. A life insurance company can only void a policy if there was material misrepresentation. A material misrepresentation refers to a misstatement on an application for insurance, of a material fact that. A material fact refers to a fact that, had the insurer known the truth, the insurer would eithe…
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Whether or not an insurance company is "good" depends in large part upon a consumer's experience with it (usually how claims were handled), and its financial strength. You may want to contact your state's insurance regulator's office to determine the "complaint ratio" for this company, and specifica…
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Insurance contracts are not one sided. There are two parties to the contract. The insurance company who agrees to insure the insured party. The insured party who agrees to make the premium payments. Thus a contract. While the foregoing is broadly true (although there can be many more than 2 partie…
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They don't "test" for cancer but the question is in the application and interview process. The insurance company will also check with the MIB and your Dr's. You can attempt to lie on the application and hope to get issued a policy but this is never a good practice. Instead, you can buy a policy that…
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