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 insurance companies issue policies, they offer an illustration of assumed future values which show A) How your policy will perform if the insurance company credits the GUARANTEED interest rate from now on and B) How your policy will perform if the insurance company credits the CURRENT (NON-GUARANTEED) interest rate from now on. NEITHER OF THESE WILL HAPPEN. It is very unlikely that the insurance company is currently paying its guaranteed minimum interest rate at this time, and even if it is, that shouldn't go on for the life of your plan. It is just as unlikely that the rate currently being paid will stay put. Interest rates go up and down. Since we are currently crawling slowly out of the depths of 45 year lows in interest rates in this economy, it simply makes sense that your policy is paying less than "expected" when you bought this plan. Since the cost of insurance (not premium, but internal cost) goes up as you grow older, you are experiencing a "double whammy"- a policy that needs to eat more money coupled with interest rates that aren't spinning off enough interst to meet the rising cost requirements of the policy. This is happening to many people who have not had contact with their agent regularly over the life of the policy. You don't get something for nothing ... consider yourself lucky that you've had (and still have) coverage and didn't have to dig into your pocket for a long time to pay for it. If you still need the coverage - and you probably need it more now than ever - do what you must to keep it. The good news: Interest rates are beginning to rise!
A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.
Insurance covers the car identified in the insurance policy. You could ask if they could transfer your insurance policy to the rental car. it depends... is that the only car on the policy? if so, then no once u have no more vehicles.. you can no longer have car insurance. you no longer have an insurable interest in the vehicle. But if you have car insurance on a vehicle and you have the right coverage (OPCF 27) then your auto insurance will cover the insurance portion of your rental, assuming u have collision and comprehensive on that policy.
Yes, monthly payments are more for a 20 year term life insurance policy than for a 10 year policy. This is usually the case for all forms of insurance since the insurance company is in effect taking on more risk by insuring you for a longer period of time when injury and health problems could arise.
Yes, if you have a disability insurance policy with a "base benefit" that does not integrate with social insurance benefits.
A life settlement is a good way to get rid of a life insurance policy that is no longer needed or wanted or even to make way for a new policy. Sometimes people may not be able to afford their payments any longer and wish to sell their policy.
Depends on who the owner of the policy is.
No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.
the interest rate is stipulated in writing in the life insurance policy
An insurable interest must exist at the inception (beginning) of the policy.
A parent or other adult can purchase insurance for a minor. A minor might not be able to make the payments on a policy.
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
A life insurance policy is a contract issued by a life insurance company providing protection against the death of an individual in the form of a payment to a beneficiary. Premiums are paid by the owner of the policy to keep the life insurance contract "In Force". In exchange for a series of premium payments or a single premium payment, upon the death of an insured person the face value (and any additonal coverage attached to the policy), minus outstanding policy loans and interest, is paid to the beneficiary.
The length of the terms on a Progressive auto insurance policy will depend on which type of policy you choose. The longer you commit to their insurance, the better deal you will get.
Universal life insurance is special in that it allows the policy owner to alter the time period and amount of premium payments as well as the death benefit and you can do this while the policy is in effect. However the altered payments must be with limitations of the company you are getting the insurance through.
No. Under Section 51(1) of the Internal Revenue Code, the general rule is that interest payments on a loan used to fund a life insurance policy are not deductible. Congress considers life insurance a highly tax privileged form of investment and declines to afford this additional benefit.
Insurable interest must exist at inception of the policy cover and at the time of the loss.
Contact the vendor of the insurance policy. There will be an address on the policy, and if the address is no longer valid search for the company name in Google.
Past-due interest payments not paid after 3 months will void the policy
It's a payment made to the policy owner by the mutual insurance company when there is a profit. The policyholders are the owners of a mutual life insurance company and they share in the profits by receiving dividend payments from the insurance company.
I believe you are asking about waiver of insurance policy premium. There are certain insurance policies like children's plans, where even if the policy holder (Parent) is no more, the insurance company would waive off the premium payments and continue to provide the benefits to the policy beneficiaries (Children)
Contact the carrier that wrote the policy on you. At some point the life insurance company had to contact you for a no medical life insurance policy or a fully underwritten policy would require an exam. I think you would've remember the later considering blood and urine would have been required. Call the carrier and see if the policy is still in force. If there no insurable interest any longer (no kids or support payments being made by you) then there's a good probability they don't want to insure you either. For more info contact me at http://www.CaliforniaLife.com
No, a Lien holders "Single Interest" insurance policy, only covers the lien holders interest in the property, not the interest of the previous owner or foreclosed buyer. When a lien holder places it's own policy on a foreclosed or otherwise uninsured home it means that the buyer chose not to have insurance. The Lien Holder has placed the coverage to protect it's own interest. This type of policy is also referred to as "Single Interest Policy".