0
You no longer have insurance cover - if you happen to die then there is no payment made.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
If a life insurance policy owner dies what happens to the policy?
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
What happens if someone lies on a life insurance policy?
If the insurer finds out, then the policy will not be honored and all your years of premiums will be wasted. It's probably best to come clean if there's any risk of the lie being discovered; if the coverage is canceled, you can get new coverage and be honest on the policy.
What happens to the proceeds of a life insurance policy if there is not a named beneficiary?
The life insurance benefit will be paid to the deceased's estate.
What happens if a life insurance policy fails to meet the federal definition of life insurance?
loss of tax treatment
Does the insurance company charge you fees for surrendering a term life insurance policy?
No. Surrender charges only apply when surrendering a life insurance policy which includes cash value accumulation, and even then only during the surrender charge period. Term life insurance policies have no cash value and can be canceled at any time by simply not paying additional premiums.
It is not important to have a life insurance policy.?
It is not important to have a life insurance policy.
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
Life Insurance Policy?
form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_
What happens if the beneficiary of a life insurance policy is not the spouse- does the spouse need to sign a spousal consent?
Are you referring to a group policy offered through work or an individually owned life insurance policy? For individual life insurance policies, the owner of the policy has complete control and can name anyone they like as the beneficiary, and the owner does not need spousal permission to do this.
Can you cancel term life insurance by not paying the premiums?
Yes, this is one option. You could write a letter to the insurance company requesting cancellation of your policy. Or, you could stop paying the premiums and the policy coverage would lapse and be canceled for non-payment of premiums.
What happens when someone refuses to sign the claim on a life insurance policy?
If they refuse to sign the application for a claim, they will not be paid the proceeds of the policy.
What is portable life insurance?
A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.
