Archive for the ‘Life Insurance Claims, Collecting, & Cashing Out’ Category.
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 [...]
It affects your life insurance very minimally after an initial waiting period, and after that, suicide is treated as any other form of death. The suicide clause is this: during a certain initial amount of time of holding the policy, suicide does not count as death and is not covered by the policy; however, after [...]
Insurance companies can pay you, the policyholder, in a number of ways. They can also pay the beneficiary in a number of different ways. It varies from insurance company to company and by the type of policy a person holds. Also, remember that a life insurance settlement is different from a viatical settlement. Viatical settlements [...]
What is life insurance cash value build-up? Life insurance cash value build-up is money that accumulates over the life of a person’s policy. The purpose of this is so that the insured can borrow or cash out, if they need it to pay for whatever they might need it for. Life insurance cash value build-up [...]
Suicide is only covered under a life insurance policy, if the death happens after the initial policy period. This may range from one to two years after the policy has gone into effect. After this time period, suicide is treated just like any other cause of death. You will need to verify the initial period [...]
Usually, a life insurance policy will provide you, the policyholder, with more than one option in addition to your beneficiary receiving a single lump cheque or even a chequebook instead of a single lump check. Another option is to provide the beneficiary of the policy with the right to receive monthly payments for the rest [...]
When collecting a life insurance policy, one must decide what you would like for the proceeds of the policy to accomplish. The proceeds of the policy are many times referred to as the death benefit. Is the death benefit, simply designed to bury the deceased and pay off a few final debts, or is the [...]
Immediately after, the death of a loved one is certainly not a good time to make financial decisions, especially major ones. A few of the major life insurance companies have finally listened to the life insurance customers and advisors regarding this issue. The advisors are those that usually deal with the ones that are grieving [...]
Policy owners do not have to worry about records concerning who is beneficiary because life insurance companies keep watch over the records. With this in mind remember, usually there will be no concern for who is entitled to the money should someone die. Life insurance usually does not go to debt collectors. For this reason, [...]
Benefits can be contested during certain events, such as children of the deceased, suspected murder of the policy holder, and all beneficiaries are deceased. 1. If all beneficiaries are deceased, this will create problems concerning who gets the money. Arguments can arise from this type of situation, especially if other relatives become involved. If children [...]