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These are programs that claim to offer a lump sum payment in return for selling to the company your insurance contract. Since it is being sold prior to your death, the policy is sold at a discount from face value. When you die, the difference between the face amount and the amount that the company paid you for the policy is profit.
There are various other names for this type of transaction. If you are considering it, you must evaluate whether it is in your, and your survivors' best interests to do so. The problem is that since life insurance is bought as protection for the survivors of the insured, the risk exists that they will have substantially less protection at that time because life insurance proceeds will have been depleted.
If you are considering this type of transaction, it is important to "comparison shop". That is, providers of this service vary in the percentage of face value that they will pay and in other terms of the transaction.
Finally, providers of these services are increasingly becoming subject to state licensure requirements. Therefore, it is important to check with your state's insurance regulatory authority to determine if there is a licensure requirement. If so, make sure that the company with which you are considering has the requisite licensure.
What else can I help you with?
Is the insurance plan self-funded or fully funded?
The insurance plan is self-funded.
Is cobra coverage the same as my insurance plan?
Cobra coverage is not the same as your insurance plan. Cobra is a temporary continuation of your employer-sponsored health insurance after you leave your job, while your insurance plan is the coverage you have while employed.
What are the insurance options available for a 401k plan?
The insurance options available for a 401k plan typically include life insurance, disability insurance, and long-term care insurance. These options can provide additional financial protection and security for individuals participating in a 401k plan.
Can I change my dental insurance plan?
Yes, you can change your dental insurance plan, but it may depend on your specific circumstances and the policies of your insurance provider. Contact your insurance company to inquire about changing your plan and to understand any associated costs or restrictions.
Can you add a friend to your health insurance plan?
Yes, in many cases you can add a friend to your health insurance plan if your insurance provider allows for it and if you meet the eligibility requirements set by the insurance company.
What is a insurance 770 plan?
A 770 insurance plan is a whole life insurance plan. The life insurance plan is set up as an annuity. When seven years of premiums are paid the plan will pay for itself.
What is an OAP health insurance plan?
My insurance expert states that an "OAP" health insurance plan is an Open Access Plan.
Where can I buy a life insurance plan?
You can buy a life insurance plan, individually, or a family life insurance plan, from a bank, or an insurance company, such as all state, progressive, or state farm.
Is the insurance plan self-funded or fully funded?
The insurance plan is self-funded.
Is there anyway that i can view an online sample of a reverse mortgage plan?
Yes, on website of banking institution that offer reverse mortgage plan, sample of the plan are shown for costumers interested in reverse mortgage. you can view them online, download it or print it for reference
What type of insurance does A-Plan offer?
A-Plan insurance offers automobile insurance. They have everything from standard insurance to specialized insurance. They have reasonable rates and cover a wide variety of mishaps and problems.
Is cobra coverage the same as my insurance plan?
Cobra coverage is not the same as your insurance plan. Cobra is a temporary continuation of your employer-sponsored health insurance after you leave your job, while your insurance plan is the coverage you have while employed.
Does NRMA insurance cover motorcycle insurance?
NRMA covers a wide variety of insurance from home owners insurance to motorcycle insurance. They offer a comprehensive motorcylce insurance plan or you can opt for the third party motorcylce insurance plan.
How much would insurance cover of a heart transplant?
Depends on the insurance plan you have. Contact your plan administrator.
Is yoga covered under the Ontario health insurance plan?
no its not covered by Ontario health insurance plan
What are the insurance options available for a 401k plan?
The insurance options available for a 401k plan typically include life insurance, disability insurance, and long-term care insurance. These options can provide additional financial protection and security for individuals participating in a 401k plan.
What is indemnity health insurance plan what are the disadvantage?
An indemnity health insurance plan is traditional health plan that pays all or part of a persons medical bills. A disadvantage of this type of insurance plan is that it can be very expensive. Another disadvantage is that the individual has to submit all the paperwork to the insurance company.
