Archive for the ‘Life Insurance Ongoing Maintenance & Changes’ Category.
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
As time goes on, it appears the standard rates of term life insurance has been declining. This makes it attractive to seek out a lower-cost policy that may fit your needs for a term life insurance policy. Because these rates are competitive it is possible that this switch will be beneficial. However, it is important [...]
Insurance agents periodically review their client’s policies as a way to ensure that their needs are continually being met. As things in your life change, so does your insurance needs. Families grow, beneficiaries change, divorces happen and many other events that could call for a change in your policy. During these events the last thing [...]
Given our recent economics times there has been a rise in the number of people wondering about what happens to their benefits from their employers if they are laid off. They also want to know if they will be able to enroll in an individual policy if they are dropped from their employer’s plan when [...]
With life insurance, moving to another state will generally not affect your policy as opposed to an auto insurance policy. On the other hand, if you move to another country, your life insurance policy could be affected. If you move to a country with more violence and other war-like activities, your life insurance rates may [...]
The first step in locating paid-up insurance policies is to find any evidence of the policy’s existence. For example, search for any canceled checks, receipts, and old policy payment books that will be aiding in ascertaining the name of the life insurance provider and the policy number. It may be beneficial to check the local [...]