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Should the insurance company contact the insured person when a life insurance policy matures?
Wiki User
∙ 15y ago
When the policy matures, an attempt must be made to contact the policyowner at the last address the insurance company has. But if they have moved and not notified the insurance company, after a few months, the maturity value of the policy will be sent by the company to the State that they operate in as unclaimed property.
If the policy simply ends - such as with a term life policy - the policy will state the date when coverage ends.
Wiki User
∙ 15y ago
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What is the difference between a matured and an unmatured life insurance policy?
Mature. In insurance, a policy matures when its face amount becomes payable. This could occur upon the death of the insured, or in some forms of insurance such as endowments, as of a specified date.
What to do when life insurance policy mature?
If you have reached the age where your whole life policy matures, call your life insurance agent or the insurance company. They owe you a check. If you are talking about the end of a term policy, you are owed nothing.
What are some key features of Endowment Life Insurance?
An endowment life insurance policy pays the holder a lump sum either after it reaches maturity, generally within a specified time, or upon the holder's death. Endowment life insurance will either pay a set amount of money to the holder's beneficiaries in the case of the holder's death prior to maturity, or once it matures the policy is paid out to the holder. It is similar to whole life insurance except that it has a shorter maturity rate and is intended to be used as a benefit while the insured is still alive.
Can you out live a life insurance policy?
Yes, you can out live your Insurance Policy. When the amount of the premium paid equals the face amount of the policy (the death benefit), the policy matures and you get all your money back.
What type of insurance do most offer for children?
If you are referring to State-sponsored insurance plans, many have health insurance programs designed to cover the children of low income families. These are frequently called Children's Health Insurance Plans ("CHIP"). On the private side, all insurers that are authorized to write insurance within a state are required to make coverage available to the children of the insured, although an additional premium may be charged. Also on the private side, most insurers that are authorized to write life insurance policies have plans designed to be purchased for the benefit of children. It is often a good idea to buy life insurance for a child, because as he/she matures, health issues may develop that preclude the later purchase of life insurance (or make it more costly).
How do you find out the cash surrender value of a physicians life insurance policy?
There is generally not a special form used for a life insurance policy issued to a physician. That said, if you are concerned with the cash surrender value, a whole life insurance policy (rather than a term life insurance policy) is implicated. The cash surrender value changes (usually increases) as the policy matures. The amount of the cash surrender value is shown on a schedule on the declarations page of the policy. The declarations page is one of the first pages of the policy which identifies the insured, the policy number, the amount of policy benefits and other information.
What type of insurance do most states offers for children?
If you are referring to State-sponsored insurance plans, many have health insurance programs designed to cover the children of low income families. These are frequently called Children's Health Insurance Plans ("CHIP"). On the private side, all insurers that are authorized to write insurance within a state are required to make coverage available to the children of the insured, although an additional premium may be charged. Also on the private side, most insurers that are authorized to write life insurance policies have plans designed to be purchased for the benefit of children. It is often a good idea to buy life insurance for a child, because as he/she matures, health issues may develop that preclude the later purchase of life insurance (or make it more costly).
What types of insurance do most states offer children?
If you are referring to State-sponsored insurance plans, many have health insurance programs designed to cover the children of low income families. These are frequently called Children's Health Insurance Plans ("CHIP"). On the private side, all insurers that are authorized to write insurance within a state are required to make coverage available to the children of the insured, although an additional premium may be charged. Also on the private side, most insurers that are authorized to write life insurance policies have plans designed to be purchased for the benefit of children. It is often a good idea to buy life insurance for a child, because as he/she matures, health issues may develop that preclude the later purchase of life insurance (or make it more costly).
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