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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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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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The Life Insurance Contract Policy articles. i.e.Can a company void my policy if I lie or make a mistake in completing the application.
Most Popular Articles
- If I forget to pay my premium and the policy lapses, Is there anything I can do?
- If I pay my premium and then decide to cancel my policy, Will I receive a PRO rata refund?
- What if I become disabled and cannot pay?
- How about the automatic premium loan clause?
- Cash value build-up
- What if I miss a premium payment- do I lose my insurance?
- An agent wanted me to buy a "retirement plan." when he showed me the contract, It said "life insurance" in the description.
- A computerized statement provided by the insurance company for a specific policy
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