Archive for the ‘Uncategorized’ Category.

Will My Group Insurance or Social Security or Mutual Fund Assets Cover My Life Insurance Needs?

It depends on the case, but in most scenarios, no, your group insurance, social security or mutual fund assets will not cover your needs solely without life insurance. Life insurance needs, oftentimes, are greater than the funds that are available to cover those needs. If, you believe that your other funds will cover these needs, […]

How Does Life Insurance Affect My Income Taxes?

As the proverb says, nothing is certain but death and taxes. However, federal income taxes on the death benefit of a life insurance policy are not certain. The beneficiary of a life insurance policy does not owe federal income taxes on the amount paid to him or her as death benefits of the policy. Estate […]

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 […]

Do I Need to Release Medical Information to Insurance Companies that Promise No Physical Needed?

Sometimes life insurance is, indeed, sold under the promise that no physical exam will be required to be eligible for the coverage. This does not mean that you do not need to fully release any medical information they may ask for; if you do not, they have the right to cancel your policy. There is […]

Whom do I Contact in Regards to Government Regulation of Life Insurance Policies?

Your state government is most likely the primary actor in insurance regulation, as only a few federal laws are in place that actually regulate the insurance industry. Contacting your state government directory or general information at your state government building will likely be the most expedient way to determine the contact information for your state’s […]

How Do I Name my Beneficiaries on My Life Insurance Policy, Do & They Have to Be Related?

Naming the beneficiaries is totally up to you and you can choose to name anyone you wish to be a beneficiary, regardless of whether or not the would-be beneficiaries are related to you or not; however, the application requires that your beneficiary or beneficiaries have an “insurable interest” in the insured. This means that there […]

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 Applying for Life Insurance, Will I Need to Give Personal Information About My Health and Finances?

The answer is usually yes, you will have to give information regarding your medical state and finances. You might have to take medical tests. These are to help determine how much of a risk you will be to the company if they decide to insure you. They will most likely ask for some other information […]

How Do I Buy Life Insurance?

There are two great ways to go about the purchasing and getting information of life insurance. If you have a friend or associate who has great experience in the life insurance business, they should be contacted first. It is a great thing to go with someone that you know. This makes it a more comfortable […]

What is Universal Life Insurance?

As with all insurances, there are different types available to the policy holders. Universal life insurance is one such of these types, in regards, to life insurance. It was introduced only a couple of decades ago and is a type of cash value insurance. It allows the policyholder greater control and flexibility over their coverage […]