Life Insurance: Coverage for you and your family

Submitted by zhl203 on Tue, 12/08/2009 - 04:26
When you have family members depending on your income, saving for the future of your loved ones is a good idea. Investing in life insurance will give you enough financial support to take care of the future of your loved ones when you are no longer around. A life insurance plan also makes provision for a cash value where a part of your premium is put into a savings account. Hence, while you invest for a secured future, you can make savings too.

What is life insurance?

Life Insurance means insuring your life to save for the future of your family. If you have family members depending on your income you may invest in life insurance. This is a contract between you and your insurance company where your insurer agrees to pay a certain amount of money to your beneficiary in the event of your death.
Top

What are the types of life insurance?

  • Term Life Insurance:

    For those who are running on a budget, you can opt for a simple life insurance. Term life insurance allows the beneficiary death benefits for a specific period or 'term'. This term may be 1 or more years and the benefits are paid only in the event of death of the policy holder within the term of the policy.

    There are certain term life insurance that can be renewed for more than one additional term. However, if you do so, your premiums may go higher. You may even sometimes be allowed to trade your term life insurance for a whole life insurance policy.

    Term Insurances are of 5 types:

    1. Annual renewal term insurance: Allows you to renew your term insurance every year till you reach a specific age which often freezes at 65.
    2. Renewable term insurance: With expiry of the term of the policy (generally 5-20 years), you can automatically renew the policy even if your health condition has worsened. It is similar to the annual renewable policy but this one is for a longer period of time.
    3. Level premium term insurance: Ensures that your premiums will not go higher for the term (between 5 and 20 years) of your policy.
    4. Decreasing term insurance: Allows your premiums to stay level throughout while decreasing your cash benefits each year. Such policies are usually used to cover items whose costs decrease with time.
    5. Convertible term insurance: With this policy you may convert your term insurance into any other type of life insurance policy that the company offers.

  • Whole Life Insurance:

    A whole life insurance covers a policy holder for his entire life. There is no date of expiry like in a term life insurance and the death benefits will be received by the beneficiary mentioned in the policy only in the event of the death of the policy holder. If you buy a whole life insurance you will have to pay a higher premium as compared to a term life insurance. The reason for this is that a certain portion of the premium paid for whole life insurance is put away into a savings program.

    When you compare the total premiums paid for whole life insurance and the total premiums paid for term life insurance it is seen that whole life insurance is less expensive. Even if you pay higher premiums for whole life insurance, the fact is that the premiums remain the same throughout the tenure of the insurance. But in the case of term life insurance, you may be paying lesser premiums in the beginning, but as you renew your term policy, premiums will increase. Hence, the total value accrued in term policy is bigger than a whole life insurance.

    Certain clauses in a whole life insurance allow you to pay premiums for a lesser period of time. The greatest advantage in this policy is that the premiums develop cash values that may be claimed or used for purchasing rider policies for more protection. Few of the whole life insurance benefits are:

    • Guaranteed death benefits
    • Guaranteed cash values
    • Fixed annual premiums

    A whole life insurance also known as "straight life" or "ordinary life" insurance, is not just an investment for your future alone, but also for the future of your family.

    To understand the basic difference between term life insurance and whole life insurance click here.

  • Universal Life Insurance:

    Universal life insurance is a flexible policy that provides security for you and your family. To know more please click here.

Top

How to save money on life insurance policy?

When you shop for life insurance coverage, there are certain ways by which you can save money on your policy. You must look for a policy that meets your needs and the right kind of benefits received. If you think that buying a policy with a low premium will save your money think again. If you buy inadequate insurance, it will be a sheer waste of money. However, you can maximize your life insurance dollars using some of the tips provided here.
  1. Seek financially sound companies: Look for companies that are financially strong so that when your beneficiary(s) make a claim, he may receive the benefits of life insurance without hassle.

  2. Shop around: Get life insurance quotes from more than one insurance provider. You may even ask an insurance agent or an insurance broker to get you few insurance quotes from different carriers. You may then compare the quotations and find a policy that suits your needs as well as pocket.

  3. Seek group insurance: Employer provided group life insurance is often given at subsidized rates so you may find a less expensive policy here. Even if you have to pay premiums out of your own pocket this might be a good idea for the subsidized rate they provide. However, premiums paid by you will probably be through payroll deduction which is convenient. But a comparison of group and individual rates depending on your age, health must be done to assess which is the best policy for you.

  4. Change in lifestyle: Maintain a healthy lifestyle. Smoking may rate you as a risk option and you may have to pay higher premiums. Exercise regularly and consider making more lifestyle changes if necessary.
Top

How to decide on the type of life insurance to choose from?

You may go for term life insurance if:
  • You need to make a short term investment and not a permanent one. With term life insurance benefits you can ensure the education of your children if you can invest in time. If there is a debt that you have to pay off, you may invest in term life insurance. Term life insurance covers you for a term of 5 to 20 years.

  • You need a big amount of life insurance with a premium that suits your pocket. A term insurance usually pays only in the event of death of the policyholder. However, if you are alive at the time the policy ends, term life insurance coverage will stop until you renew it. But here, you will not build a savings like in a whole life insurance.
You may opt for whole life insurance if:
  • You need life insurance stretching for the tenure of your life. A whole life insurance would pay the beneficiary the death benefit no matter when the policyholder dies.

  • You feel the need to accumulate a savings on a tax-deferred basis. A whole life insurance has its own savings program that puts aside a certain portion of the amount you pay as premiums into the savings program.
Click here to know more.
Top

Can you pay your mortgage with life insurance?

Yes. With mortgage life insurance your mortgage loan can be paid for in the event of your death in a time when the loan is not paid off fully. This insurance is available for 15 and 30 years where for the first 5 years, the amount of insurance is level and then decreases on an annual basis. The premiums for mortgage life insurance can be paid annually, semi-annually, quarterly or monthly.

How should you choose a life insurance company?

When choosing a life insurance company, take the following into consideration:
  • Identity of companies - Make sure to know the full name, office location and affiliation of the insurance company that you plan to buy from.

  • Product sold - Check out what products the company is selling. Most often the companies provide a wide range of policies. Check for what you need and if they have it you may consider buying from them.

  • Financial Security - Select a company that is strong financially and has been in business for long. Your life insurance is an investment to secure your lifetime. Be sure that your insurance company will make life easy for you and not otherwise.

  • Ethics - Check if your company abides by the codes of conducts and principles of the Insurance Marketplace Standards Association. This non-profit organization promotes ethical conduct in life insurance marketing.

  • Agent - An agent is supposed to help you out with your insurance needs on behalf of the company. You must consider taking help from a reliable person only. If there is any discomfort in dealing with the agent, move to another one.

  • Cost of insurance - Based on your age, type of policy and features, and the amount of insurance to be purchased, compare one insurance company with the others. Find out one which offers a better coverage.

  • Claims - A national claims database will give you the complaints (if any) against an insurance company. You may want to check to find if the company you are considering buying from is listed for consumer complaint.
Top

How does a life insurance company choose you?

Your application for a life insurance policy has to go through the insurance underwriting process before it's approved. The underwriters evaluate the risks associated with your application and forward it to the insurance processing department of the company.

Factors that influence underwriting procedure for Life Insurance
  1. Age of the individual to be insured.
  2. Gender of the person
  3. Pre-existing medical conditions
  4. Medical records of the family
  5. Smoker or non-smoker
  6. Mental health of the person
  7. Occupation
  8. Hobbies or lifestyle habits (activities like race car driving, mountain climbing or bungee jumping might be marked as risky)
  9. Driving records
  10. Credit history
  11. Selection of coverage limits, benefits etc.
  12. Medical reports after thorough health check-up including tests like :
    • > Blood pressure level
      > Blood sugar level
      > Cholesterol level
      > Weight of the individual
      > Urine tests
      > Blood tests
      > EKG/ECG
      > X-Rays
      > Stress tests etc.

Click here to know how the above mentioned factors affect the rates of a life insurance policy.

Your life insurance policy might not come to your assistance in your lifetime. However it'll help securing the future of your loved ones when you won't be there to take care of them. A small amount spent at regular intervals will thus be able to give you the sense of security, as you hand over the risks to your insurer. Top

Related Discussions

Useful Calculator

My parent bought whole life insurance that pays dividends many years ago. The sales representative told my parent that she can stop paying premium in approximately 12 years because the it policy would be able to pay for itself at that time. And at the same time the policy will make annual distributions to my parent. What does that mean? Is there such thing?

The reason why I'm asking is because they're into the 13th year now and they are still paying the expensive premium. When I called the representative, they told me that the account has accumulated certain cash value and dividend, but the accumulated dividend can only cover approximately 3 years of premium.

I did some research, I understand that the cash value is like equity, but is it truly equity like we really own the money? if yes, when can we cash out the equity? if we cash out, the policy terminates? I understand that when the insured dies, the beneficiary would get paid the face amount, but what happen to the cash value? who gets it? Also, what happen if the insured dies of old age (not due to accident), is it still covered by the policy? what happen to the cash value?

Thanks in advance for your help.

Posted: 08 Jul 2010 10:33 Post Subject:

My husband has colon cancer and I am trying to find some life insurance for him. Can you help me?

Posted: 08 Jul 2010 11:48 Post Subject:

Not to be harsh, but he should have bought life insurance while he was healthy. Until the cancer has been eliminated and he is fully recovered for 1+ years, he's not going to find any fully underwritten coverage. He may be able to qualify for a "graded" benefit policy with a low benefit (usually $50,000 or less), but it will be expensive and the full benefit is not paid until the third or fourth year of coverage. What state are you in?

Posted: 26 Jul 2010 03:27 Post Subject: bacdating of life insurance policies

hi.. is it possible to back date the policy coverage? if possible, is the loss prior to proposal is signed, valid?

Posted: 27 Jul 2010 12:36 Post Subject:

is it possible to back date the policy coverage?



When coverage has been approved in a life insurance policy, it is sometimes possible to "backdate" the policy issue up to 6 months, if it results in a lower premium for the client. The client would have to pay the premiums for the additional months of coverage back to the issue date. It is possible because, guess what? The insured wasn't dead 6 months ago.

Other forms of insurance? NO. Especially liability and casualty.

if possible, is the loss prior to proposal is signed, valid?



If you're asking "Can I get insurance today for a loss that happened yesterday?" the answer should be obvious: NO!!

Insurance works best when you obtain it before the loss actually happens. In fact, it doesn't work any other way.

There have been proposals to change the law in some states that would allow a person to buy auto insurance after the accident, instead of before. But that political prestidigitation is unrealistic.[/quote]

Posted: 02 Aug 2010 03:42 Post Subject:

Policy states we can convert the original amount $5K to whole life policy



That provision was intended for a time much earlier in the contract, if your husband's needs changed from wanting the money at age 65 to having a permanent plan of insurance.

If he converts to $5K whole life and takes the balance in cash what are tax liablities?



IRC 1035 Exchange is specifically available for a situation such as this, and is probably what the insurer is recommending. The policy and its proceeds can be exchanged without current income taxation on gain for another life insurance policy or annuity. (You cannot exchange from an annuity to life insurance.)

You would not convert to a $5000 whole life insurance policy, because a policy of that amount of insurance would not permit the introduction of $8140 in cash value. Instead, it could be exchanged into a larger whole life policy, say $10,000 or much more, or into a universal, indexed, or variable universal life insurance policy.

The question that needs to be answered is:
Does your husband need life insurance to age 121 or a lifetime of payments regardless of age?

An annuity will provide for a lifetime benefit to your husband; life insurance will provide a legacy from your husband to others when his lifetime ends. The two objectives are similar, but different.

If the $8140 is exchanged into a new life insurance contract, there is no taxation due on the gain, and when the contract pays its death benefit to a beneficiary, there will be no income tax due on that money either.

If the $8140 is exchanged into an annuity, it will be taxable as ordinary income only when it is withdrawn (or paid as a death benefit if the contract is not annuitized), to the extent that it represents gain over the original cost basis in the endowment policy -- if taken as a series of payments over his life expectancy (the contract is "annuitized"), only a portion of each payment is taxable when received.

However, if the money is placed in the annuity, and withdrawals are taken without annuitizing, the gain will come out first, and 100% of the withdrawal is subject to income taxation. The tax-free cost basis cannot be taken before all the gain has been distributed.

Posted: 03 Aug 2010 01:35 Post Subject: Sudden change in beneficiary before suicide?

Yesterday, the father of one of my close friends committed suicide. In his suicide note he pretty much stated he did it so that his new girlfriend (the father and mother of my friend were divorced) could get the money from his life insurance policy (it is more than two years old) and his estate. There is even evidence that she encouraged him to commit suicide and it was her idea.

He only recently switched his insurance so that his new girlfriend would be the beneficiary and not my friend. This was less than two weeks ago.

Can we contest that he was not in the right state of mind and that my friend should be main beneficiary? We have a lawyer, but it's not her specialty, and we're not sure what to do! But we don't want to see this woman profit from taking a father away.

Posted: 03 Aug 2010 05:12 Post Subject:

There is even evidence that she encouraged him to commit suicide and it was her idea.



There could be something in the timing of the events that law enforcement might be interested in pursuing. If it was determined that a crime had been committed, and the "girlfriend" might be involved criminally, if proved, she would be disqualified from receiving the insurance proceeds.

The change of beneficiary cannot, however, be undone without a clear showing that there was mental incompetency, coercion, or duress -- and this could be more difficult than proving coercion or duress. So if there is no contingent beneficiary, the money could end up going to the owner's/insured's estate, where creditors would have a first go at the money before any legitimate heirs ever see a penny.

This is perhaps one of the few instances where a disputed death claim might be in order. The insurance company is probably not going to do the investigation, but leave it up to local law enforcement to do that.

So you not only need to dispute the claim with the insurer, you also need to drum up support for an investigation by the local law enforcement agency or district attorney's office. If they refuse, despite your best efforts, the insurance company is going to pay the claim to the named beneficiary and the matter will be closed as far as they are concerned -- they've honored their contractual obligation.

If your lawyer does not have experience dealing with insurance companies or criminal matters such as this might be, you need a different lawyer, because you only get one chance to do it right, and once the money "escapes", it will be nearly impossible to recover if facts later bear out the assertions that wrongdoing was involved.

Posted: 10 Aug 2010 07:58 Post Subject: no insurance at all

Can my 88 years old grandmother be insured of whole life insurance?

Posted: 11 Aug 2010 01:36 Post Subject:

Yes. But getting a policy will prove difficult. She'll need to qualify medically, which is perhaps more difficult than you might imagine.

Posted: 16 Aug 2010 12:18 Post Subject: cancellation of insurance

I want to cancel the life insurance that was charged through my credit card recently but the agent refuse to cancel it. What should I do?

Posted: 17 Aug 2010 03:30 Post Subject:

Have you called (a) the insurance company? or (b) the credit card company?

Why call the agent? The longer he delays, the longer it will be before his commission chargeback occurs.

Posted: 30 Aug 2010 04:03 Post Subject: How can I find out who my late mother had life insurance wit

My mother passed away in Oct 05 and she and my father were separated since 1988 and she did not have a will. I know she had a policy but do not know with whom. How can I find out which company as I know I am the beneficiary to one of them.

Posted: 31 Aug 2010 03:44 Post Subject:

Thanks all for the informative articles. Is there any site where all insurance policies could be compared?

Posted: 19 Sep 2010 04:47 Post Subject: whole life vrs term

While whole life claims to have a savings component, the savings doesn`t actuallybegin to build until 2-4 years. The preimium goes to agent commisions and fees during that period of time. Not only that but the cash value will not be returned to beneficiaries if the policy owner dies. They only get the death benefit.

If you borrow from the cash value your death benefit decreases. If you take the cash for an emergency your death benefit decreases. Reading the policy is the only way to know these facts.

With Term, you can be covered for up to 35 years at a level premium depending on how young you are when you purchase. If you invest correctly and steadily you have cash when you get older and it is truly yours. You renew your term for an insurance amount covering you for what you NEED when you are older making the premium very reasonable. The theory of decresing responsibiliy is the basis for my comments.

Why is it not mentioned in your article?

Posted: 05 Oct 2010 08:42 Post Subject: EIUL

Hi, Sil:

I am a new member, and I found this site because I was doing supplemental research on the subject of Universal Life Insurance. I was introduced to this subject by an agent, who lent me a book, written by Patrick Kelly, called "Tax-Free Retirement."

I would categorize this book as a primer to the concept, but it does not discuss the particulars, so it left me with many unanswered questions. In search of more detailed explanations, I went to the web and found this site.

I would like your advice on the best book or web site that would go into further detail, that actually explains the path that the money, which I invest into a EIUL, would take from premium deposit to calculations of periodic gains and then to tax-free borrowing from the policy at retirement.

Is there such a source which I can refer to in order to fully understand the processes involved in investing in EIULs?

I would appreciate any input you might have in regard to this.

Thank you!

Posted: 06 Oct 2010 10:15 Post Subject:

tax-free borrowing from the policy at retirement.

Is there such a source which I can refer to in order to fully understand the processes involved in investing in EIULs?



Your first minor mistake is believing that owning life insurance of any kind is an INVESTMENT. It is not (others will argue the point with me). Life insurance is life insurance. Stocks, bonds, mutual funds, real estate, gold, options, futures . . . those are all different types of INVESTMENTS.

As for "tax free retirement" by borrowing money from a life insurance policy -- it only works if you die before the policy does. Take out more money "tax free" than you have put in with your "after tax" dollars, and allow or cause the policy to LAPSE because it has no more cash value and you cannot afford to pay up to $1000 per $1000 of coverage in premiums, and you'll find yourself facing an income tax liability you may also not be able to afford.

If you are not going to FULLY and PROPERLY FUND any variation of universal life insurance policy for maximum cash accumulation, especially in the earliest years, your retirement "plan" will not be likely to succeed.

Because UL without sufficient cash value in the later years is just another variation of VERY EXPENSIVE ANNUAL RENEWABLE TERM, and in the last few years of that kind of policy, the cost of insurance will exceed the face amount of insurance by 2 or 3 times -- that's right, you could end up having to pay $200,000 or more to keep a $100,000 death benefit alive in order to prevent a huge taxable event caused by those "tax free" life insurance loans.

Then you'll really wish you had died some time ago.

Posted: 26 Oct 2010 01:47 Post Subject: insurance for a 86 yr old

is there anyway possible i can find life insurance for my mother? She is 86 years old and in good health. I know I should have done this much soon, but just didn't think of it until my daughter asked me about it.

Posted: 26 Oct 2010 05:39 Post Subject:

is there anyway possible i can find life insurance for my other she is 86 in good health,i know i should have done this much soon just didnt think of it until now,my daughter asked me about it.



There is something known as "final expense" life insurance. These are limited value policies (usually not more than $25,000, and certainly not more than $50,000), and they are more expensive for two reasons:
(1) the age of the insured and (2) the fact that the insurance company treats them as a "substandard" risk.

If your mother is in California, I can probably assist.

Posted: 27 Oct 2010 12:16 Post Subject:

Gosh, millfordct, when you don't plagiarize it, we can't understand it. Whatever language translator you seem to be using is not working.

Posted: 28 Oct 2010 06:20 Post Subject:

I...I... I can't TAKE IT anymore. I am going to go on a mad, rampaging delete blitz if this keeps up.

To all of our new posters. welcome to our forums. We welcome your comments, questions and knowledge. But, please understand. You must adhere to the Terms of Use. It's simple. There's a link on the bottom of this very page, just click on it. Since you are able to navigate to this site, it's fairly obvious that you know how to scroll to the bottom of this page and click on the link. Thank you.

Repeated violations of Terms of Use requirements are going to get you booted and we don't want to do that. Plagiarism cannot be tolerated; please give full disclosure and credit to all sources and authors as required. It's not that difficult to adhere to legal requirements.

As well, please use proper online forum ettiquette. Do not SHOUT BY USING ONLY CAPITAL LETTERS, make at least a minimal effort to check your spelling and punctuation, and fully explain your questions, concerns, predicaments, mistakes, location and anything else that will help us help you. Nothing frustrates us more than looking at a post and going "What?"
We're here to help... usually.

InsTeacher 8)

Posted: 01 Nov 2010 09:22 Post Subject: naa

I am investigating a company called NAA. Do you have any information on them? They claim to offer solutions on mortgage insurance and disability life insurance...

Posted: 02 Nov 2010 01:37 Post Subject:

Check the "Insurance Agents" forum. National Agents Alliance will recruit just about any living breathing human being that can be licensed. Beyond that, I have no direct experience or knowledge of their operations. Others do.

Posted: 07 Nov 2010 10:21 Post Subject:

NOT WITH LIFE INSURANCE THEY DON'T.

Combining auto and homeowner's with the same company often brings a 5% to 10% discount. But no such discounts apply to life insurance. The insurance companies will not be the same -- so absolutely no way to obtain a discount.

Farmers New World Life Insurance Company is not the same as Farmers Casualty Insurance Company. (Not to pick on Farmers -- they're a fine company -- just an example). They just have the same parent company.

Posted: 10 Nov 2010 04:20 Post Subject: 10 term life

Can I cash my 10 year life insurance? I have had it since 2003.

Posted: 10 Nov 2010 05:05 Post Subject:

Is it a whole life/cash value policy . . . or is it a TERM LIFE policy?

My guess . . . it's a 10-year term policy . . . and that means you have NO CASH VALUE. You'll simply stop paying premiums each month.

Posted: 14 Nov 2010 02:08 Post Subject: Posted: 26 Oct 2010 13:47 Post subject: insurance for a 86

I can but it will be $400. month for a 25,000 policy-

Posted: 14 Nov 2010 03:40 Post Subject:

I can but it will be $400. month for a 25,000 policy-



Be careful of making promises that you cannot actually promise.

Posted: 14 Nov 2010 08:41 Post Subject: I can but it will be $400. month for a 25,000 policy-

You are right MaxHerr- - It will be close to $400 a month for a 25,000$ policy if they qualify as a standard risk, the prospect will have to be healthy and qualify as a standard risk via underwriters.

Posted: 15 Nov 2010 11:17 Post Subject: Illustration

I would suggest only when you are considering starting a life insurance plan, a usual part of the process is that the life insurance adviser or website that you are using will provide you with an “illustration” from the life insurance company. This will set out the cover details (like the amount of cover being applied for and any optional features included in the income insurance or life insurance plan) and will also contain your personal details (like name, date of birth, and so on). Here are several points to check to make sure you fully understand your illustration.

First, it’s important to double check that your personal details are accurate. For example it’s vital to check that your date of birth and smoking status are correct (particularly as these can dramatically affect the cost of life insurance).

The next point to check is the amount of life insurance cover that is being applied for. This shows the amount that the life insurance company will be setting up – so obviously this is important to double check too.

Another consideration is any optional extras that are included in your plan. For example if you decided to add a “future insurability” feature to your plan, it should be outlined on the quote (“future insurability” is an option where, for an additional fee, you can choose to increase your life insurance sum in the future without having to provide further health information). Or if you had opted to add an option like trauma insurance to your life insurance or health insurance plan, this would be shown too. Also the cost of any extras that have been added to your plan should be shown – so you can easily review the cost of these.

It’s also a good idea to check whether your life insurance amount is set to increase with inflation (sometimes called a “CPI option”). This is usually an option you can select – and it’s important to know whether or not your policy includes this. Some other policies should be taken care of like income insurance,adding extra cover and others while reviewing illustration.

Posted: 15 Nov 2010 04:03 Post Subject:

CRIMINAL!!

If you're going to plagiarize other people's original writing, at least put it in quotes so you don't get paid the $0.45 for it.

All of this crap comes from multiple posts in other places on the Internet -- which plagiarize each other.

Original thoughts are far more valuable than your copied words. So why not post something in your own words?

Posted: 15 Nov 2010 05:35 Post Subject: You should always check with your current auto or home insur

This agrevates me to no end, when agents tell people they can save money by putting Life policy with same company and get multi-policy discount. It is not true -EVER- In fact the companies that offer multi(Car/Home) policy discounts are NEVER competetive in the Life Insurance market. Also Max,How do you do the "Quote" thing.

Posted: 16 Nov 2010 09:40 Post Subject:

The HTML shortcuts are right here above the message box. The one on the right end is the "quote thing" -- paste the text, then highlight it, then click the doohickey thingy that looks like a cartoon caption thingy. You'll figure it out.

see?

Posted: 27 Nov 2010 01:50 Post Subject:

Just post your entire bank account information online and within a few hours there will be $0 in it. You'll be sure to know your fund value then.

Posted: 29 Nov 2010 04:17 Post Subject: 86 mom life insurance

My mom is 86 and she has an excellent health condition and I need a life insurance for her. Can you help me?

Posted: 30 Nov 2010 02:12 Post Subject: afordable life insurance

My grandmother is 81 years old and it is almost impossible to get affordable life insurance for her and she needs it and i was just wondering if you could help!!

Posted: 24 Dec 2010 10:43 Post Subject: life insurance for seniors

Hi do your company insure seniors in they 90s?

Posted: 28 Dec 2010 08:42 Post Subject: policy for mom

Is there a policy I can purchase for my mom? She is 73 73 years old. :D

I am also seeking a policy for my 32 year old daughter :P and my 11 and 4 year old grandsons. :roll:

Posted: 29 Dec 2010 06:05 Post Subject:

Of what state(s) are each of these persons a resident? Insurance for a 73-year-old will not be inexpensive, and there are a multitude of choices available to the others.

Posted: 30 Dec 2010 10:07 Post Subject: need creative Ins. Co.

Need quotes for $100,000 "NO EXAM" 10 year TERM . I have 10 men ready 65 to 68 years old. All to be owned by a Third Party and premiums to be paid by third party. Please e-mail quotes to: bob@seniorboost.com

Posted: 31 Dec 2010 03:14 Post Subject:

All to be owned by a Third Party



If this third party does not have insurable interest in the men, it will not be possible to do this. This sounds a bit like Stranger Originated Life Insurance which is being prohibited by more and more states because it violates the requirement of insurable interest.

It would also be a good idea if you indicated in what state this is intended to take place.

Posted: 02 Jan 2011 03:44 Post Subject:

Do all ten have health problems? If not, why use no exam policies?

Posted: 14 Jan 2011 03:17 Post Subject:

Where are all 10 of your men located? What is the purpose of insurance for them?

Posted: 03 Feb 2011 07:02 Post Subject: beneficiarys

Had two policies,a primary and three secondary.beneficiacary. And there was a 401k. All this was in one trust. Can the primary step down from the estate, and the secondary receive one policy and the 401k, and then the primary wants one of the policy. So can the primary pick and choose.

Posted: 10 Feb 2011 05:55 Post Subject: family relation proved

why does family relation need to proved to take life insurance policy?

Posted: 20 Mar 2011 02:39 Post Subject: Life Insurance Beneficiary

Must a life insurance owner register a change in beneficiary with the insurer to become effective? Another way of saying whether the named beneficiary under the policy takes over a beneficiary named on a change in beneficiary form which was not registered with the insurer?

Posted: 19 Apr 2011 09:41 Post Subject: beneficiary assignment

My husband passed away, I had been paying the premiums on his life insurance policy the last year of his life. When he passed the insurance company told me that the policy was to go to the estate not me. Because it went to his estate and not me, I had to use the money to pay off his debt. Because of my grief I just believed what they said. Now almost three years later, I found all the paperwork by accident and it clearly states that I am the beneficiary. Is there any claims that can be made against the insurance company or agent. Because of this error, I am loosing my home.

Posted: 08 May 2011 12:01 Post Subject: Life Insurance

I am a licensed Life Insurance agent in the state of South Carolina and have three clients who need life insurance. Due to being ages 92, 93, and 95, it is difficult to find an insurance company that will insure them. They need a Final Expense policy for at least $15, 000.00.

Posted: 10 Jun 2011 04:46 Post Subject: Choose a best life insurance and family coverage

Affordable rates for adults with low premium per month.

Say yes or no to health questions with no medical or physical examinations.
Buy directly from us with no waiting period.
Pay low premium for the first month of coverage.


Join in the list of [link deleted by moderator Max per TOU] policy holders.

Full coverage starts the first day with no waiting period.
The policy holders are FREE of Federal income tax.
The benefit of the life insurance is not cancelled as long as you pay your premium on time.
A great enhancement for existing life insurance or insurance provided by your employer.
Your spouse and other family members can avail the same coverage.
Money-back is guaranteed so there is no risk.

Posted: 16 Jun 2011 01:58 Post Subject: life insurance

Several years ago I worked at a State mental hospital in North Carolina that offered life insurance as a benefit. I took out the policy payed into it each month for the two and half years I worked there. Am I entitled to any reimbursement from the life insurance company?

Posted: 16 Jun 2011 02:53 Post Subject:

What kind of policy was it? Term, universal, whole life? Your answer makes some bit of difference.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.