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.

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.


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.

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.

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.

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

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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: 28 Dec 2011 12:39 Post Subject: Legal age to receive Life Insurance proceeds in Missouri

Need to know what is the legal age a dependent child can receive life insurance proceeds in the State of Missouri.

Posted: 28 Dec 2011 08:26 Post Subject:

Age 18. This is the age of majority in all states.

Having said this, most states utilize the Unform Transfers to Minors Act (UTMA) which allows a donor to delay ownership of a trust account for a minor child to as late as age 21 or 25 --depends on state law.

That would not be applicable to life insurance proceeds unless they were payable to a trust under UTMA. Most states have adopted UTMA over UGMA which makes the age of transfer 18 under all circumstances.

Posted: 05 Feb 2012 11:49 Post Subject: Lapse - Termination of Policy

I really don't like dealing with any kind of insurance on any level. I admit it's because of my lack of knowledge regarding the subject. I recently received a 1099-R from Phoenix Life Insurance so I assume the policy has gone beyond lapse, grace period and terminated since the automatic premium payment loan amount was less than the premium. Do I still have options ? I bought the policy in 2008, paid up additions & option term whatever that is. I want to make sure I haven't blown this completely. Many thanks.

Posted: 05 Feb 2012 11:03 Post Subject:

Email me with the particulars of your situation. There may be some hope of reinstating or pursuing some other action against the insurance company.

Posted: 27 Feb 2012 03:37 Post Subject: Insurance Fraud

My late husband had 2 life insurance policies for over 30 years. Between a divorce attorney, and Statefarm insurance Attorney, they constituted fraudulent misrepresentation of an "Agreed" Order , in 2006 and again in 2010, to have life policy premuims diverted to to the "ex" wife from the premuims. It is clear the StateFram wasnever party to this, and the ex wife's attorney lied about the :agreed" order. All this happened everytime my husband would be out of the country. We have now lost our policies, my husband had died because of all this stress, and I need to know how I can get help with this. Is there somebody I could contact, this is very sensitive and could involve many people. Please advise!

Posted: 27 Feb 2012 10:33 Post Subject:

If there is merit to your allegations and a case can be put together, it may be possible to obtain some restitution or compensation. Please contact me.

Posted: 11 Apr 2012 12:46 Post Subject: Life Paid at 98

Hi, my mom has a policy that states it is a "Life Paid at 98". Her payment used to be around 200 a month. Recently they have sent her bills double that amount. When she asks her representative he says it is because my dad smokes. But the policy was written with the knowledge that he smoked. She wanted additional details and all he said was to contact Metlife but Metlife says to contact our representative. Isn't it to my understanding that premiums for this policy stays consistent? Thank you for any help in advance.

Posted: 11 Apr 2012 06:40 Post Subject:

my mom has a policy that states it is a "Life Paid at 98". Her payment used to be around 200 a month. Recently they have sent her bills double that amount.

This is not enough information to be able to give you a good answer to your question.

Any number of kinds of life insurance could be Paid UP and Age 98 (or 95, 100, 65 or . . .). What your mom's policy probably is is something called Universal Life (or Flexible Premium Adjustable Life"). You will find those words somewhere on the front cover or the first page or two of the policy. Or you will find words describing something else, such as Modified Premium Whole Life.

Once a policy is issued, a person's underwriting classification will not change, except to get better. The agent is lying when he says the premium increase is due to tobacco use. Why he is lying is a different matter.

If, as I suspect, the policy is Universal Life, it is going to continue to get more expensive every year, until your mom can no longer afford to pay the premiums, and the policy will die just before your dad does.

Send me an email with the more important details identified above, and I can give you some better, and confidential guidance. Just click on the email icon below.

Posted: 19 Apr 2012 10:49 Post Subject: life insurance through an employer

my husband has life insurance for both of us through his employer, they sold to a different company and the insurance changed, shouldn't we have gotten reimbursed for all we had paid in, and the company is going to sell again, so all our insurance will change again, i feel like we are being taken?

Posted: 21 Apr 2012 09:13 Post Subject:

You don't provide enough information to be able to give you an answer. I am currently involved in several investigations of group and individual insurance misrepresentation. Send me an email with more details, names of companies, types of policies, and dates of policies, and I'll be happy to review your situation. If you are entitled to some form of reimbursement, I can help you get it.

Posted: 02 May 2012 12:14 Post Subject: insurance


Posted: 02 May 2012 12:37 Post Subject:


Yes, your policy most likely includes an "automatic premium loan" provision that gives the insurance company the right to invade your cash value to pay premiums which are unpaid at the end of a grace period. They will continue to do so until there is no longer enough money to pay a full month's premium.

Is there a reason you have stopped paying premiums? If you no longer want the policy, then you should write to the insurance company and request that it be cancelled. You nay be subject to surrender charges, which allows the insurance company to keep some or all of the current cash value.

If you no longer want to pay premiums, and the surrender charge would eliminate any refund of value to you, then it would be best to simply allow the insurance company to use the cash accumulation until the policy lapses for nonpayment of premium. You will have full coverage until then, and by not surrendering/canceling the policy, you would still be eligible to reinstate it within the stated period of time in the policy (usually three years, and you would have to pay all the past due premiums and, possibly, interest on those unpaid premiums or premium/policy loans).

Posted: 03 May 2012 05:42 Post Subject:

Thanks for share information for life insurance.. I want to also share Business owners insurance – It is a package policy protects against losing to the building, computer etc, small business insurance, business owner insurance, small business liability insurance, insurance for business owners. You can also visit site on business insurance:-
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Posted: 22 May 2012 10:12 Post Subject: Index UL insuance

Does Index UL policy good to own 2milion for estate planning us. Also my children have few whole life policy we own them over 20 years already, some agent tell me to use 1035 exchange to use the cash value to buy a bigger coverage index UL insurance, it it worth it to exchange?

Posted: 23 May 2012 12:15 Post Subject:

some agent tell me to use 1035 exchange to use the cash value to buy a bigger coverage index UL insurance, it it worth it to exchange?

This is probably not a good idea, unless you are the agent who wants to earn a fat new commission for the sales.

Index UL with specific no lapse guarantees and premiums can be used for estate planning purposes, however, you must plan on paying premiums every month, every year, without interruption, or you could lose the guarantees and the insurance as the result of higher costs later in the contract.

If, at your death, your estate will not exceed $5,000,000 under current law, you have little or no need for insurance for estate planning uses. Next year, the numbers could be different depending on what Congress does with the extension given to EGTRRA 2001 at the end of 2010 that kicked the can down the road two years to 1-1-2013.

Posted: 23 May 2012 01:43 Post Subject:

My children have 20-Payment Life policies with Guardian and, within the next few years, their policies are guaranteed to be paid up.

Many Whole Life plans taken out on children, have the ability to support themselves after 20 years - provided all premiums were paid and no loans exist.

Rather than entering into entirely new contracts, and higher premiums, you might want to consider giving paid-up policies to your kids. If they need more insurance in the future, you can always help guide them in that direction.

Posted: 23 May 2012 04:58 Post Subject:

In general, Max, you are correct, but let's not forget that many states have estate tax thresholds that are lower than the federal estate tax, so we can't make the assumption that an estate of under $5,000,000 can't benefit from insurance for estate planning purposes. Let's also keep in mind that some or all of that $5,000,000 may be used during the person's lifetime.

The 1035 exchange is probably a bad idea.

Posted: 23 May 2012 05:57 Post Subject:

Yes, you're right, we cannot overlook state estate/inheritance taxes. But only a third of the states collect them.

As of January 1, 2012, there were 18 states still collecting estate/inheritance taxes:
District of Columbia
New Jersey
New York
North Carolina
Rhode Island

Ohio's exemption is a paltry $338,333, New Jersey's is $675,000. Hawaii's is about $3,360,000 and North Carolina's is $5,120,000 (equal to the federal exemption in 2012). The other 14 states fall somewhere between $892,865 (go figure) and about $2,000,000, with most at $1,000,000.

And, of course, the gross value of the insurance death benefit held for estate planning purposes will add to the estate tax bill itself unless held in an ILIT.

Posted: 28 May 2012 10:52 Post Subject:

It doesn't have to be held in an ILIT. As long as the insured isn't the owner, it won't be in the insured's estate at death.

Posted: 28 May 2012 05:41 Post Subject:

As long as the insured isn't the owner, it won't be in the insured's estate at death.

No disagreement, but with another person as the owner, instead of an ILIT controlled by a written legal trust document, all manner of problems could arise, up to and including termination of the policy without the knowledge or consent of the insured, or a change of beneficiary to someone other than the insured's chosen beneficiary, with utterly no recourse.

You want to eliminate problems? You use a trust attorney and a life insurance trust. Not always a perfect guarantee (if the attorney is a slouch), but generally a better plan than leaving the policy in the hands of a living, breathing human being.

Posted: 28 May 2012 11:29 Post Subject:

I agree that in most cases an ILIT is preferable. My post was just about making sure that correct information is given.

Posted: 29 May 2012 10:57 Post Subject:

Actually the thing is clear. If at the time of insurer's death, the estate is not under his/her name, then anyhow the beneficiaries are not going to have any type of advantages from the insurance companies.

Posted: 29 May 2012 12:32 Post Subject:

ronekenn, can we assume that English is not your native language? Nothing that you wrote makes sense.

Posted: 29 May 2012 02:35 Post Subject:

ronekenn, can we assume that English is not your native language? Nothing that you wrote makes sense.

LOL But it did generate $.00112.

Posted: 29 May 2012 10:53 Post Subject: LIFE INSURANCE BENEFITS

I have been the beneficiary on my deceased common law husband of 40 yrs life ins policy for about 15 -20 yrs. His biological no good moneyhungry despot of a daughter who was never involved in his life now after his death has contested his policy claim. SHE BASED IT ON THAT HE WAS NOT ABLE TO READ OR WRITE not true - he worked for yrs, handled his own financial affairs, did his taxes,wentto hisdrs on his own, but yet we are facing court due to her allegations. Can I be removed and the benefits paid to her?

Posted: 31 May 2012 12:17 Post Subject:

Can I be removed and the benefits paid to her?

Not at the insurance company level. Probate court is a different situation.

When a death claim like this is challenged, the insurance company typically files an "interpleader" with the Probate Court, and pays the death benefit to the court, ending the insurance company's obligation under the contract.

The Probate Court holds a hearing to determine the validity of competing claims to the insurance proceeds. The "interpleader" will state that the insurance company's records indicate that "X" is the beneficiary, and has been since "19xx". "Y" may contest, but in the absence of compelling evidence of coercion or duress that caused the owner to (re)designate a particular beneficiary, the court is highly unlikely to overturn the beneficiary as identified by the insurance company.

Posted: 31 May 2012 12:59 Post Subject:

reading through this thread shed a new light in understanding life insurance.

Posted: 25 Jun 2012 08:02 Post Subject: NY LIfe whole life insurance policy

my son at age 27 purchased a whole life policy for valued
at 250,000 he was told in 2007 that the policy would pay for itself in 22 yrs in 2010 he was told differently he was told it would pay for itself in 30yrs in other words he would no longer have to pay premiums he was recently told now it will be even longer since the market is not doing well? he pays 1,920 annually he tried contacting his agent who simply said the increase is due to economy and the agent is hard to reach to get further explanation as he makes himself unavailable and assigns his secretary the responsibility of responding to my son and sending out new illustrations which are similar to mortage amortization tables and illustrations is this reasonable sounds like he will be paying the policy forever as I just read in another explanation that you gave to another inquiry so why does the agent continually promise that it wil pay for itself what is a reasonable amount of total premiums that an age 27 male in excellent health should have paid and will continue to pay for 250,000 of whole life insurance and for how long will he be paying I know we have to read the policy as you stated to the other inquirer cause the policy may say payable until age 100 and I assume that is a reasonable and legal practice or should we be contacting the NYS insurance board any help would be appreciated thank you

Posted: 26 Jun 2012 06:48 Post Subject:

Are you positive it's a Whole Life policy? By my calculations, the policy was sold in or about 1988 - close enough to see the very top of the Vanishing Premium mountain. Whole Life policies were generally not sold that way. Usually it was the Universal or Flexible Premium Life policies. Can you tell me which company your son purchased his policy from?

Does your son have any notes or illustrations (which may have been hi-lighted) to show that premiums can be discontinued at some point?

I seriously doubt NY's Dept of Insurance will do anything to help. Feel free to send me a message if you'd like me to look into this further.


Posted: 04 Jul 2012 05:06 Post Subject:

i just wanted to ask that which policy is good fixed or floating policies or flexible for family.

Posted: 04 Jul 2012 05:18 Post Subject:

That depends on a number of factors. A licensed agent can help you determine which type of policy would be best for your family. I personally think I'd stay away from the floaters.

Posted: 05 Jul 2012 10:57 Post Subject:

Yes i think you are right, but floaters are better as compare to flexible.

Posted: 05 Jul 2012 11:45 Post Subject:

Well explained discussions. This has helped me a lot to know about the life insurance and its live scenarios. I have contacted many advisors regarding my life insurance, they gave different guidance which was quite confusing as was not aware of all these. By reading on these discussions, i am bit clear on insurance. Now i can ask questions regarding the insurance before i choose.

I got the list of agents from this [link removed per TOU]

I thought it would be useful for someone who are searching for the agents or advisors.

Posted: 05 Jul 2012 04:46 Post Subject:

Do you live in the U.S.? Since you are apparantly serious about it, I would like to learn what a Floater is - with regards to life insurance.

Posted: 08 Jul 2012 05:02 Post Subject:

By my calculations, the policy was sold in or about 1988

I think you miscalculated on this, Mark.

my son at age 27 purchased a whole life policy for valued
at 250,000 he was told in 2007 that the policy would pay for itself in 22 yrs

The insured is age 27. The policy was probably issued much more recently than that -- like in the last 5-7 years (probably in 2007).

But it probably was illustrated as a vanishing premium policy at that time.

We know that insurance company "current assumptions" have been unfavorable and that they are raising internal expenses. What has probably happened is that the "original current dividend scale" illustrated in 2007 has fallen off the tracks, and the "new current dividend scale" is reflecting that.

There is probably a good basis here for a new VP case for us to work on.

Posted: 08 Jul 2012 06:30 Post Subject:

Very good, Max. I assumed that in 2007, the 22 years had already passed. I obviously should have read it more closely.

Posted: 27 Jul 2012 11:51 Post Subject: Life Insurance Over 50- Is it worth it?

This is the major thing that works in favor of people over the age of 50. With cheap life insurance it doesn’t really matter what your medical condition is. In order to get the amount, you need to survive for two years.

Posted: 10 Sep 2012 09:06 Post Subject: LIfe Insurance?

Commonly referred to as whole life insurance, most permanent insurance is simply an extended term insurance policy with an accumulating savings element. The insurance is designed so that the investment portion increases at a similar rate as the mortality rate.

Posted: 14 Sep 2012 12:58 Post Subject:

Life Insurance is an important part of life, something not for ourselves but for our near and dear ones. It is a financial security for our family members after our death. It is available in two forms : term life insurance and permanent life insurance. Term life insurance is comparatively cheaper gives protection for a limited period of time and offers low premium while the other one offers full life time coverage.
[Link removed - Admin]

Posted: 26 Sep 2012 12:20 Post Subject:

It’s important to share original thoughts with today’s reader. Your post is a good example of how to make sound points and write interesting content. I agree with your views. Thank you for this post.

Posted: 10 Oct 2012 09:10 Post Subject: discrepency of beneficiary

I have a situation that my father passed away 2 months ago and informed the insurance company and they provided me information of what was in need to release my father policy funds. At that time I was informed I was the beneficiary and when I received the check it was in another person's name. When I phoned to ask why they said that this is the beneficiary and stated I have to write a dispute letter how do I do this task?

Posted: 11 Oct 2012 12:33 Post Subject:

I'm confused. Why would the insurance company send you a check in the name of another person if you are the beneficiary?

You need to see the document that establishes who the beneficiary is. Call (or write a letter to) the insurance company claims department and ask for a copy of that document. Then, if you have some kind of dispute, you can email me for additional advice.

It's always possible that someone just made a mistake and you simply received the wrong check.

Posted: 15 Nov 2012 09:57 Post Subject:

I was in a accident and my door is damaged on the lower bottom panel will the insurance company total my car 1997 lexus es 300.

Posted: 15 Nov 2012 05:12 Post Subject:

Probably not.

Posted: 29 Nov 2012 03:33 Post Subject: Death Certificate

My fiance died in Mississippi. I am a beneficiary on his policy. His employer knows this. The insurance company knows this. I cannot get a copy of the DC from Mississippi because I am not related to him. Mississippi wants a copy of the signed beneficiary designation form. The employer so far has ignored this request. The funeral home won't send it due to instructions of my fiance's sister. Since it is needed to process the claim, what do I do? Whose ultimate responsibility is it to get a copy of the death certificate? Thanks.

Posted: 30 Nov 2012 05:37 Post Subject:

While you may not be able to get a "Certified" copy of the death certificate, you should still be able to get an "Informational" copy, which the insurance company will accept. If this is a group life policy, usually all that's necessary is certification by the employer that the employee has died.

Posted: 04 Dec 2012 11:13 Post Subject: Mississippi Death Certificate

Thank you for responding, MaxHerr. I was just reading another thread and I was first pissed at all the people who wanted to contest the 19 year-old's beneficiary designation and then I calmed down after reading your rebuttals to several other posters. (As an aside, I think it was his freaking business who he chose and I thought it was rude that so many people said "She (the girfriend) shouldn't get that money!" Maybe I feel that way because I'm a beneficiary who is having to deal with an ex-wife and sister of my fiance who are livid that I am a [40%] beneficiary.)

Anyway, back on topic. I spoke with Vital Records in Mississippi. The state does not have "Informational" copies of vital records. They made it clear that they need the policy and the signed beneficiary designation form.

The claim form states that the employer must send the death certificate. But, it seems like everybody is relying on me to provide it. Is it ultimately the beneficiary's responsibility to get the death certificate?

Thank you.

Posted: 05 Dec 2012 02:10 Post Subject:

If you know what funeral director handled those details, they can order a copy of the death certificate for you. There is nothing on the Mississippi death certificate form about sending in the life insurance policy or beneficiary form. That information is just plain wrong.

Posted: 05 Dec 2012 04:07 Post Subject:

I do know which funeral home. The director is somehow connected to the ex-wife and sister and told me "You'll have to get that from the family."

I applied for the Mississippi DC twice and both times they returned it with emphasis on the statements that "Mississippi death certificates are not public record" and that the applicant must have "a legal tangible interest" in receiving it. That means, if you are not an heir, parent or sibling, you have to prove your interest. For me, they told me specifically how it had to be proved - the policy and signed beneficiary designation. Dumb.

Posted: 15 Dec 2012 05:17 Post Subject:

Basically life insurance policies were purchased to eliminate the uncertainty arising due to death or disability of the bread winner for the family. But today it is being purchased as a useful investment tool. A good life insurance policy can be purchased for the following purpose:

• Purely as a life insurance cover
• As an investment for future
• Investment for child education
• Investment for the years of retirement

An interested buyer can purchase from a variety of insurance products available in the market to cater to his and his family’s financial requirements.

[Link removed - Admin]

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