Insurance

My father recently passed away and I found some old polices among his papers. I would like to know if they are of any value. Please contact me at dbwinfall@earthlink.net. Thank you for your attention to this matter. Deborah Bobbitt

Someone over 50 may be able to qualify for life insurance coverage. The chances may be good It depends on your personal situation.

Life insurers consider several factors when offering you life insurance, including your age, health, family health history, occupation, hobbies, height-to-weight ratio, smoking, medication, etc.

Depending on your health, you may be able to qualify for life insurance. You may want to compare rates for life insurance from several insurers before choosing a plan.

If you do have health problems, there are guaranteed acceptance life insurance plans available, but these will cost a lot more than fully underwritten life insurance which requires a medical exam. And, the amount of life insurance available may be limited to around $30,000.

Yes it seems. Think of a situation where parents are either not surviving or deserted their children and it is the grandfather who is the only surviving responsible member to take care of grand child then it may be presumed that grand father is carrying an insurable interest in grand child as being the nearest in blood propenquity.

Surjit.

The age cut off for qualifying for long term life insurance varies depending on the insurance company, but it is typically between 75-85 years old. Applicants over this age may find it more difficult to qualify and premiums may be significantly higher.

Political risk sometimes includes war risk but is otherwise defined as interruption in business or other covered loss due to political conditions, political violence, civil unrest, governmental confiscation of assets, wrongful calling of letters of credit or other similar demands. These can occur whether or not at war.

War risk refers to similar and additional damages arising during wartime and solely out of acts of war.

The value of a 60-year-old MetLife insurance policy would depend on the type of policy, its coverage amount, any accumulated cash value, and the terms outlined in the policy contract. It would be best to contact MetLife directly or review the policy documents to determine its current value.

Life insurance proceeds are typically not subject to income tax when paid out as a lump sum distribution. However, if the policy has accumulated cash value that exceeds the premium payments made, the excess could be subject to taxation. It's always best to consult with a tax professional for advice specific to your situation.

Without knowing all the details, if she is already in an assisted living facility you cannot… she would be uninsurable. If she is in good health and could qualify for a LTCI policy, all policies will pay for her to be in an assisted living facility.

Each insurance company has different age categories. Some companies issue to age 70, some 80. Different companies will require different testing for applications based on your age. The pricing changes, however, every year older you are.

The Product Profile for Life, also referred to as the PPfL, is an XML standard created by ACORD to define the details of a life insurance product. The ACORD Life, Annuity & Health XML Standards actually define it as a tc=1201 Policy Product Transmittal record.

You should be able to get a look at the ACORD specification on the public section of the ACORD web site http://www.acord.org

There are few companies out there that would insure someone of that age and you would most likely be restricted in death benefit to that of a Final Expense poilcy and the premiums that would result but they are available, some are ven guaranteed issue. For quotes on various different companies you can call toll free 866-403-1316

If you worked for INA before the merger with Connecticut General, you were covered under a non contributory pension plan. That is, the Company paid for the plan 100%. You earned 2% each year of your average of you last 3 years salary. Therefore, for the 10 years you worked you earned a pension equal to 20% of the average of you last 3 years. This benefit is reduced by 1/2 of the Social Security benefit. Benefits are payable on a reduced basis at age 55. You need to contact Prudential Insurance who now handles the CIGNA plan.

If you worked for CG before the merger, I cannot help you. However, Prudential can help as they now handle the pension for former employees like you.

A number of life insurance companies will offer life insurance coverage up until the age of 90, depending on which state the life insurance policy will be issued.

Some things to note about older age underwriting:

Each life insurance company has its own set of underwriting guidelines, some are more strict than others. It is critical to understand the underwriting requirements BEFORE you apply for life insurance.

Examples for Age 76:

Some companies will require a treadmill stress test for age 76, while other life insurance companies will require a simple resting Electrocardiagram.

Some life insurance companies now test prosposed insureds for dementia by having the insured complete a "clock drawing test" or "word recall test"...Other companies won't test you for any of these.

Some companies will require an insurance exam performed by an MD, while other companies will accept a simple paramed exam performed by an examiner.

Any competent life insurance agent should be able to tell you the requirements before you apply for life insurance so you can decide beforehand if you want to apply to certain companies.

Medicare is the health insurance program administered by the government for most elderly people aged 65 and older in the United States. It also covers certain younger individuals with disabilities.

Before an insurance company can sell insurance in a certain state, it must register with the State Dept of Insurance. If the company is sold, then it must notify the Dept of who it was sold to. If it just closes down, its policies were likely sold to another company, the Dept will have to be notified of that as well.

Contact the IL Dept of Insurance and inquire there.

There are websites that list many companies that have been sold and are now under a new name. You may also find them by contacting the Insurance Board in the state where the policy was written.

See attached link for more help.

A type of insurance that pays a benefit upon the death of an insured person Life insurance means providing financial protection for your family at a time when they need it the most. It means having foresight and protecting your family against the uncertainties of life. Term life policies are the most popular as they provide maximum death benefits against cheap premiums. If you have dependents and debts to pay, you may want to consider life coverage for your loved ones.

To research an old life insurance policy, start by looking through the insured person's personal records, contacting their financial institution or employer, checking state unclaimed property databases, reaching out to the insurance company identified in any documentation, and hiring a professional locator service if needed.

When reaching retirement age and considering assisted living needs, long-term care insurance would be beneficial as it can help cover the costs associated with assisted living facilities, home healthcare, and other long-term care services not covered by traditional health insurance or Medicare. It is important to review policy details carefully to understand coverage limits, restrictions, and eligibility criteria. Consulting with a financial planner or insurance agent specializing in long-term care insurance can help you make informed decisions.

All of the policies mentioned would have cash value with the exception of the 20 year level term. Although it might be some time before the cash value started to build up (likely years), and the variable and universal life would not have "guaranteed" cash value. The variable cash value is based on how your investment choices did, and the universal life could lose all of its cash value if you went a long time without paying on it. Short answer A. Here is the correct answer: Option A, C and D will both have guaranteed cash surrender values. Variables are securities and as such there are risks. In addition it can only be sold and counciled on by a registerd Rep. The 20 year term does not have any cash value unless the policy has a money back rider then it will. Now there are life settlement companies that given certain criteria may offer a better alternative selling the policy over cashing it in.

When an insurance policy's guaranteed cash value equals the initial death benefit, it is said to "endow" or mature. Whole Life contracts typically endow at the insured's age 100.

The most recent mortality tables for life insurance (2001 CSO - Commissioners Standard Ordinary) would endow at the insured's age 121. However the Society of Actuaries 2001 CSO Maturity Age Task Force recommended that insurance policies issued under the new mortality table assume all contracts will pay out in some form by age 100.

Some policies have earlier endowment periods. These typically pay the face amount upon death or attaining a certain age or number of years, whichever is first.

Life insurance is intended to help make a loss bearable. It is a mechanism for managing risk and should not generally be considered an investment.

You might mean one that pays limited benefits the first few years and increases year by year to pay the full amount. This is often done, when there are no other options due to poor health history.