Archive for the ‘Life Insurance Ongoing Maintenance & Changes’ Category.

Is It Possible To Receive A Refund on My Life Insurance Policy?

There is a “free look” period in most states which allows life insurance policyholders to receive a refund on a newly purchased policy. The “free look” period was established to allow life insurance policyholders ample time to review policy details. Usually a refund is available within 10 days of receipt for a new policy and [...]

If I Forget To Make A Payment On My Insurance- Do I Lose My Benefits?

If I forget to make a payment on my insurance- do I lose my benefits? There is generally a grace period on your life insurance policy that allows you time to catch up on missed premiums. On most policies, that grace period is usually 30 days. If a payment has not been made by the [...]

When Can A Life Insurance Company Cancel A Policy?

The insurance company is legally obligated to abide the terms of the policy, which was offered by the insurer and accepted by the customer. Certain exceptions apply. Usually, a contestable period of one or two years exists as a clause in the policy. If the insurer discovers that the policyholder has provided substantially false information, [...]

What Happens To My Life Insurance Policy, If I Become Disabled or Unemployed?

If you become unable to pay your life insurance premiums due to disability or loss of work, there are a few options that may help. First, many insurance policies include a temporary waiver of premium payments in the event of temporary unemployment or disability. You should check your policy to see if you can invoke [...]

If I Move To A New State, Is It Possible For My Life Insurance Company To Void My Policy?

Absolutely not. Your life insurance company cannot void your policy if you move, regardless of whether you move out of state or not. There are certain requirements on life insurance policies. The policy must conform to the laws of the state that it was issued in, and even more so than that, it must conform [...]

Can You Receive A Life Insurance Refund?

For many people these days, money is very tight. The last thing that you want or need right now is to toss more money out of the window. Therefore, you need to know what happens if you pay your life insurance premium and then decide to cancel the policy. You want to know if you [...]

What is the “Cost Disclosure” of a Life Insurance Contract?

The Department of Insurance requires the insurance companies to provide a cost disclosure form with the life insurance contract. This is the form that outlines all of the costs and fees that the consumer will be paying for the policy. It is meant to give a standardized measure of the insurance coverage. Once the disclosure [...]

What Happens If You Forget Or Become Unable To Pay Your Life Insurance Premium?

If for one reason or another, an individual forgets or is unable to pay their life insurance premiums, they do not have to worry too much. Should they be able to prove that they are still healthy, they can pay any back and the current amount that is owed to their insurance company. The insurance [...]

Should I Cancel My Life Insurance Policy After Retirement?

As you age, the need for insurance becomes less in many cases. Mortgages are paid, children leave home, and college educations have been taken care of for everyone. Many people have found they have other options to cover any expenses after saving and investing all their lives. For these, and other personal reasons, they drop [...]

How to Handle Complaints Regarding Your Life Insurance Policy

When something goes wrong with a life insurance plan, things can get very unbalanced. This can cause a great deal of stress not only for your family, but for you as well. There is nothing worse than the feeling that your family will not be taken care of in the matter of your untimely death. [...]