Each person gets a portion of the total amount. You can specify the percentages or have them split it equally. My aunt's life insurance was split between 23 of us!
A life insurance policy is a contract. You can have as many as you want. They all have to pay out on the death of the insured.
Yes. As long as there exists an Insurable Interest between two parties, they can buy life insurance. For instance, there is insurable interest between spouses, parents and their children, and relatives. A daughter may purchase life insurance on her father.
There are two parties involved in an insurance contract. They are;Insurer: The party to an insurance arrangement who undertakes to indemnify for losses.Insured: The person, group, or property for which an insurance policy is issued.
Life insurance does normally include an exclusion period for suicide, and 2 years is common. It depends on the state you live in.
No, if the life insurance policy is less than two years old. Some insurance companies would not pay at all in case of suicide. It all depends on the conditions in the life insurance policy.
Yes. You can have as many life insurance policies as you are willing to pay for, but it usually is less expensive to increase coverage on a current policy that to purchase a separate policy.
Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.
there are two types of insurance 1. Life insurance 2. General insurance
there are two types of insurance 1. Life insurance 2. General insurance
A Dual life insurance policy covers two people, though independently. It is effectively like having two single policies where cover will pay benefits on the death of both insured.
Liberty Mutual insurance offers two major types of life insurance to policy holders. Those two types are term life insurance and permanent life insurance.
In most states, policies include a suicide exclusions for the first two years of the policy. I will look at your policy and call the insurance company.