Archive for the ‘Life Insurance Claims, Collecting, & Cashing Out’ Category.
There are specific life insurance policies that you can purchase that will cover your remaining mortgage, should you die before your home is paid. These policies are separate policies from your normal life insurance and can be based on the balance of the mortgage. By basing the premiums on the balance, you will see your [...]
Some people purchase life insurance in order to help their family members, or other loved ones to receive some money after their passing. Generally, a life insurance is paid. However, there are situations when some companies may refuse to pay the claim. This does not happen often. There are times, however, under some unusual situations [...]
Life insurance is a sales job. Projections mean nothing. Guaranteed rates mean everything. Remember, a projection is just that: a hoped for outcome, not a guaranteed payout to you. Your life insurance company is not necessarily obligated to pay exactly what they say they will on a projection. There are numerous things that can affect [...]
If anyone you know would like to take a life insurance policy out on you, the insurance company will first need to verify that you agree to the policy. After the agreement has been established, the person taking out the policy will be required to explain the reason they wish to take out such a [...]
When a beneficiary receives a payment from a life insurance policy it will not compromise their Social Security benefits. A payment of a life insurance policy is not considered taxable income. Therefore, payments cannot be decreased because someone was the recipient of a life insurance payment. As an additional note, people who receive a life [...]
If you are the beneficiary listed on a life insurance policy, it is important that you contact the nearest office of the insurance provider. You can visit the office in person in order to file a claim, or give the company a call for the proper instructions if the insurance company does not have an [...]
When a close relative, like a mother or father, dies and their life insurance can not be found, many people are unsure of the next step. Unless you know specific information regarding their policy, like which company carried it and if the policy is still in force, there are a few different possibilities regarding the [...]
The first thing you need to do is determine if you have any physical evidence of the policy. Presuming that you can find some indication that the policy exists (e.g. summary paperwork, records of payment) and with which company you should contact the insurance company, promptly to inquire as to whether the policy has lapsed [...]
If you want a policy that has cash value, that plan will charge more in the early years than a term policy would. The life insurance policies would be comparable in the amount of life insurance. What happens to the extra money? It is invested and is used to establish the cash value, which will [...]
Life insurance policies are sometimes complex legal documents. They have a few hidden protections that most outside of industry may not be aware of. One of these such provisions is known as the incontestability provision. This is what protects you from having your claims contested after a certain period of time. The incontestability provision also [...]