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Low Cost Family Finance Guide
If you are likely to have surplus funds, are you likely to invest these? If so, will you invest in medium or long term options? Available resources for parents:Child Benefit:
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Term Life Insurance Medical Exam
A nurse or doctor (often an independent contractor) who is paid by the insurance company will normally conduct the exam.It's hard to get a life insurance no medical exam.
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Buying Life Insurance After Being Diagnosed With Cancer from metropolitan life insurance company
Buying life insurance after a cancer diagnosis is challenging, but not necessarily impossible. Insurance companies have differing procedures and philosophies on offering life insurance policies to cancer survivors.
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I just discovered that I was the sole beneficiary for a policy purchased by a distant relative years ago. How do I find out if I have any money coming?
I just discovered that I was the sole beneficiary for a policy purchased by a distant relative years ago. How do I find out if I have any money coming?
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I can't find my dad's insurance policy and don't know what company he had it
The first step would be to carefully check any of his papers for receipts, canceled checks or other clues that would help identify the company. If that fails, you could try sending a letter with his name and address to some of the largest companies
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What is a contingent beneficiary, A revocable beneficiary, And irrevocable beneficiary?
Generally, a policy has a beneficiary and a contingent beneficiary. The money would go to the beneficiary in the event of the death of the insured. But, if the first beneficiary had already died, the contingent beneficiary would receive the proceeds.
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Because she was listed first. Is this right?
My sister and I were listed by my deceased father as beneficiaries. The insurance company paid the proceeds to my sister because she was listed first. Is this right?
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Filing a claim
To file a claim on a life insurance policy, for which you are the beneficiary, you should contact a local office of the company, if it has one. Call and ask for instructions or go in person.
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What is the effect on a beneficiary's federal income tax liability?
Proceeds of a life insurance claim are generally not subject to federal income tax if it is paid to a named beneficiary.
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What is the effect of social security payments on a beneficiary?
Social security payments have no effect on the beneficiary of a life insurance policy. Also, life insurance proceeds have no effect on the beneficiary's social security payments.
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Number of beneficiaries
Generally, a policy has a beneficiary and a contingent beneficiary. The money would go to the beneficiary in the event of the death of the insured. But, if the first beneficiary had already died, the contingent beneficiary would receive the proceeds.
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Changing beneficiary
Once a life insurance policy has been issued and is in force, the owner of the policy (who would often also be the insured) is free to change the beneficiary.
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Naming beneficiary(ies)
When you apply to take out a new life insurance policy, the insurance company requires that the beneficiary (or beneficiaries) have an insurable interest in the insured.
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Who can take out a policy on my life?
If someone else wants to take out a life insurance on your life, your agreement and an explanation of the reason for the insurance (such as a business relationship) would be required.
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If I forget to pay my premium and the policy lapses, Is there anything I can do?
You can pay the back and currently due premiums and certify that you are still in good health. The company may require you to give evidence
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If I pay my premium and then decide to cancel my policy, Will I receive a PRO rata refund?
If I pay my premium and then decide to cancel my policy, Will I receive a PRO rata refund?
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What if I become disabled and cannot pay?
If a policyholder has selected the automatic premium loan provision, a loan would automatically be taken against the cash value of the policy to pay the premium
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How about the automatic premium loan clause?
a loan would automatically be taken against the cash value of the policy to pay the premium in the event the policy was about to lapse for non-payment of premium.
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Cash value build-up
Cash value build-up.This is money that accumulates in your life insurance policy while the policy is in force that the insured can borrow or cash out.
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What if I miss a premium payment- do I lose my insurance?
The grace period is typically 30 days. After that, the company may or may not allow you to pay back premiums and reinstate the policy. Sometimes this may depend on whether you can provide evidence of good health.
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An agent wanted me to buy a "retirement plan." when he showed me the contract, It said "life insurance" in the description. How can I be sure what I am buying?
An agent wanted me to buy a "retirement plan." when he showed me the contract, It said "life insurance" in the description. How can I be sure what I am buying?
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A computerized statement provided by the insurance company for a specific policy
A computerized statement provided by the insurance company for a specific policy shows how much money I will get back in various years after buying the policy? Are these numbers guaranteed? Is it right that I could stop paying premiums after only a c
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What is a "cost disclosure" form?
This gives you a standardized measure of the cost of the insurance coverage. It takes into consideration the "time value of money" and allows you to compare the cost of this insurance against other plans.
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Can a company void my policy if I moved to a new state?
the requirement is that it has to be in conformity with the laws of the state where it was issued, at the time it was issued.
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Can a company void my policy if I lie or make a mistake in completing the application?
the insurance company has to discover the mistake during the "contestable period" specified in the policy. If they fail to do so, then you can have confidence that your policy will be honored ¨C and the company cannot cancel it.
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Can a company refuse to pay a claim?
though there are occasionally unusual cases such as where someone disappears under mysterious circumstances, or a fraudulent claim is suspected, where payment could be withheld until it becomes clear what has happened.
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Can the insurance company cancel my policy?
Once the company has offered a policy and the customer has accepted it, the company is committed to the terms specified in the policy. The exception is provided by a clause in the policy called the "contestable period"
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What's the difference, To me as a consumer, Between a stock company and a mutual company?
Not much. The main difference is that you will probably get dividends if your policy is from a mutual company. Most of the 2000 or so life companies are stock companies,
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Who regulates the insurance industry?
State Insurance Departments. So if you have a problem about life insurance that cannot be resolved with the insurance company, you should contact the State Insurance Department in your state.
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What services examine and rate insurance companies?
A.M. Best Company is the leading provider of financial information and ratings for life insurance companies. The A. M. Best book for life companies is available in many libraries or you can go to its web site (insurance-advice.net).
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How do I interpret a rating?
Each insurance service uses a different rating scheme so you should find out what the ratings definitions are for the service that you are using.
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How important are "ratings"?
Life insurance consists of promises you make to an insurance company (primarily to pay premiums) and promises it makes to you (mostly to pay the claim). Ratings of life insurance companies tell you how much
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What is the "cost index"?
Most states have now adopted the interest adjusted index method of cost disclosure as recommended by the National Association of Insurance Commissioners (NAIC) for comparing the cost of life insurance policies.
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What happens when a company becomes insolvent and is liquidated?
When an insurance company becomes insolvent, other life insurance companies that are headquartered or do business in the same state will rescue the faltering company.
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How do I check up on a company's financial strength?
A. M. Best Company, Moody's Investor Service, Standard & Poor's, Duff & Phelps, and Weiss Research are providers of financial information and ratings for life insurance companies. The A. M. Best book for life companies.
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Wouldn't my group insurance from work or social security or mutual fund assets pay these needs?
Maybe, but usually not. The needs are often greater than the available funds. To determine if your other "insurance" would be adequate, you should get a more extensive examination of your needs
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Why buy life insurance?
Some reasons to buy life insurance are:1.Income Replacement2.Funeral Expenses3.Pay Off Debts4.Pay Off Medical Bills 5.Mortgage life insurance
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Do I need life insurance?
You need life insurance if some person would experience a significant financial loss in the event of your death. A common example of this is the family breadwinner whose income totally or partially supports a family.
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What is the connection between risk and life insurance?
Life insurance, like other types of insurance, is based on the concept of sharing risk. For example, everyone understands that people who are 95 years old are far more likely to die in the coming year than those who are 35.
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Top 10 Most Dangerous Jobs
Do you work in a dangerous occupation? According to the Bureau of Labor Statistics, the top 10 most dangerous jobs are:1. Timber cutters2. Airplane pilots 3. Construction laborers
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Who can take out a policy on my life?
If someone else wants to take out a life insurance on your life, your agreement and an explanation of the reason for the insurance (such as a business relationship) would be required. Also, parents would be allowed to take out policies on young child
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Can I change my mind and get a refund?
Most states have a requirement that a life insurance policyholder can return a newly issued policy within a specified period and receive a complete refund of any premiums paid.
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Should I worry about the company's financial soundness?
Yes. There have been a few failures by life insurance companies in recent years. The percentage of companies that have failed is very small and most of the customers have eventually received what they were entitled to. But the delay, the worry, and t
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What is life insurance?
Life insurance is a contract, often called a "policy", between you and an insurance company to provide money to a person you designate
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Most Popular Articles
- Low Cost Family Finance Guide
- Term Life Insurance Medical Exam
- Buying Life Insurance After Being Diagnosed With Cancer from metropolitan life insurance company
- I just discovered that I was the sole beneficiary for a policy purchased by a distant relative years ago. How do I find out if
- I can't find my dad's insurance policy and don't know what company he had it
- What is a contingent beneficiary, A revocable beneficiary, And irrevocable beneficiary?
- Because she was listed first. Is this right?
- Filing a claim
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