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At age 87 I would imagine you have a whole life policy and it is probably paying dividends. The dividends may be enough to pay the annual premium or at the very least a portion of it. If this is the case you could probably arrange for such and no longer make premium payments. Call the insurance companies customer service department or your agent and inquire. Be careful of churning where they may suggest using cash values of one policy to take out and pay for another policy.
What else can I help you with?
What happens to a life insurance policy if you stop paying premiums at age 70?
There are many different types of life policies. You need to call your insurance company to get the specifics of your policy. Some policies will simply cancel when payment is not made. Others have cash calue build up that can make your payment for you. In some sitiuations it may benefit you to convert it to a paid up policy.
Is a 1946 life policy still valid?
It's possible that a life insurance policy from 1946 is still valid, but you should contact the insurance company to verify the policy's status. Insurance policies can vary in terms of their conditions and expiration dates.
Can you get long term care insurance at age 68?
Yes, you can still get long-term care insurance at age 68, however, the premiums you are going to pay will be more expensive compared to someone who got it in a younger age, say like around his 50s. Also, qualifying for the coverage might be more difficult because insurance companies also take in consideration the applicant's health condition. The older you are, the higher the chances that you have health issues that have already started to manifest and this can cause insurance companies to run. But don't be discouraged. The good news is there are companies who would still be willing to insure you.
How could someone over 50 years old get life insurance?
Someone over 50 can typically still get life insurance coverage through various options such as term life insurance, whole life insurance, or guaranteed acceptance life insurance. It may involve higher premiums due to age, but it is still possible to secure coverage by applying directly with insurance companies or seeking the assistance of an insurance agent specializing in this demographic. Additionally, maintaining good health habits and having a medical exam can help in obtaining better rates.
What is the maximum age you can buy long term care insurance?
Long term care insurance companies do not necessarily have age limit but in general, they don't sell ltci to people above 84 years of age, and even if you are qualified to buy long term care insurance at that age, the premiums will be very expensive. When planning for long term care insurance, age is one of the major factor to consider because the cost of long term care insurance increases as you age, and if you are one of those people who are at risk of developing chronic illness, then there is a big chance that you might be declined so I suggest you plan for long term care while you are still young, healthy and employed.
If your health insurance has maxed and is no longer paying but you are still paying premiums to stay covered should you receive insurance-covered rates at the medical facility?
I would say YES. It seems similar to me, that it's the same question as, what if the insurance isn't paying because it's below the deductible? I know for a fact there that you get the Insurance Negotiated rate.
What happens if your ex wife is still using your health insurance after the divorce and you are not responsible per your agreement for her health insurance?
Contact your insurance company and let them know IMMEDIATELY !!!! Are you paying premiums for her?
Do you still have health insurance coverage when unemployed?
Assuming you had health insurance when you were employed, you may continue that insurance through the COBRA program by paying the applicable premium. Those premiums will be much larger than the ones you were paying while you were employed.
Can a company stop paying health insurance premiums causing the insurance to be cancelled without notifying employees although employees are still paying for insurance?
No. I don't have the citation off hand, though. If nothing else you'd probably qualify for HIPAA.
You have a term policy for many years. one policy holder becomes incarcerated. Is policy still enforced if something should happen to that person?
As long as you keep paying the premiums the life insurance is in force.
When paying off a loan. Is mortgage insurance premiums still due?
No, unless it specifically states in the mortgage contract the last insurance premium is to be paid with the loan payoff. If you don't pay it all they can do is cancel your insurance which you don't want anymore.
Does union fidelity have cancer insurance?
I've had one of Union's Cancer policies for about ten years. I'm still paying premiums as of 05-16-09, so I assume my policy is still in effect. Whether they're still selling new policies, I can't confirm.
Does the employer pay for insurance costs for the Family and Medical Leave Act?
Under the Family and Medical Leave Act (FMLA), employers are required to maintain the employee's health insurance coverage during the leave period as if the employee were still working. This means the employer must continue to pay their portion of the insurance premiums. However, employees may be required to continue paying their share of the premiums, if applicable, during their leave.
Who pays for insurance?
For most types of insurance the insured (i.e. you) pays for the insurance via premiums. The insurance company makes its money by calculating loss expectations and setting the premiums high enough across the entire group of insured such that after paying the worst case estimated loses they still have money left over to pay their operating costs plus profits.Some types of insurance are subsidized by the government using taxpayer's money to reduce premium costs and encourage people to get insurance that might otherwise be too expensive.
What are some ways to lower Honda motorbike insurance premiums?
Insurance premiums are often higher with riskier behavior, but there are still ways to save on costs. Users can try bundling their insurance policies to receive a discount. Also, many insurance providers will provide discounts for those who take safety courses.
Can your insurance ask you to pay for premiums that you have put a claim in to?
I have claimed on my ppi, that also covers my house contents. As I am no longer working, and to enable to meet my mortgage payments for twelve months. my question is: can they ask me to carry on paying these premiums even though I have submitted a claim and are unemployed. I was to understand that if you put a claim in to your insurance, that all the while the insurance was paying out on this premium that you did not pay a penny till your claim started again? Only my insurance have said for my policy to proceed, i would have to make sure that all payments are met, which they are, even through the claim. How can i be expected to carry on paying the policy when i am unemployed. also, they have put my house contents amount up from £35.00 to £47.00 since i put the claim in, and still paid every month since putting in. are they right to still charge you for the premiums, even though your unemployed? I have never heard of this. I am curious to be told the ans and would appreciate asap. thankyou very much. paula
What does it mean when a Whole Life Insurance policy has lapsed?
The policy is no longer in effect. Any cash values have been used. You should be able to reinstate the policy within a period of 6 months by paying all premiums due from the lapse date to the current time. Additionally, you will have to provide a statement of current health conditions on an insurance company form. If the the policy is still in the "grace period," (it has been less than 30 or 60 days since the last premium due date) you should not have to provide a statement of current health conditions - just pay the back premiums.
