Comments for The Life Insurance Company

Comment on Life Insurance Policy..Plz answer!!10pnts best answer? by Hutchings Insurance

Hutchings Insurance — Thu, 11 Mar 2010 11:25:59 +0000

A will is not necessary here, life insurance passes directly to the beneficiaries. You just need to find out who the beneficiary is. If you can find out the name of the company, you could call them and ask if you are the bene, they may be able to verify if you are or not.

Normally policy payouts are a few weeks. The payout would only be double if he had accidental death, many group (from work) policies do, but a lot of individual policies do not.

good luck and sorry
References :
Chartered Life Underwriter

Comment on Life Insurance Policy..Plz answer!!10pnts best answer? by james m

james m — Thu, 11 Mar 2010 11:20:59 +0000

I’m terribly sorry to hear about your Dad.

A life insurance company would need an original copy of the death certificate, and, if possible, a newspaper report of the accident. As soon as the Home Office receives the documents, it should take no more than three weeks to receive settlement, unless there were questions as to how the accident happened.

The policy will pay double indemnity only if it was a benefit included in the policy.

If your stepmother is the beneficiary, there is nothing legally that you can do to collect.

If you birth mother is the beneficiary, she would receive the funds. If she is, but is deceased, there may be a contingent beneficiary designation. If no contingent, the funds would go into your Dad’s estate, and be disbursed by his desires in his will. If there is no will, the estate would be disbursed according to the laws of your state.

If the named beneficiary is deceased, there could be a contingent beneficiary designation, which could be you and your siblings.

If you are the beneficiary, there is nothing anyone can do to keep you from receiving the funds.

There is no court in the land that can override a beneficiary designation, unless there was fraud involved.

If you know the name of the insurance company, or if the agent is local to your community, you might be able to get them to tell whether or not you are the beneficiary. If you are not, they cannot tell you who is under the privacy act.

I wish you the best.
References :
Retired agent/mgr., 30 yrs.

Comment on Life Insurance Policy..Plz answer!!10pnts best answer? by src50

src50 — Thu, 11 Mar 2010 11:05:59 +0000

That depends on the specifics of the policy. If you are under 18, the insurer will not pay directly to you even if you are a named beneficiary; it would go to a trustee. If you are over 18 and are a named beneficiary, the insurer will ONLY pay directly to you – not through his surviving spouse or his estate.
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Comment on what is the best life insurance company? by mbrcatz

mbrcatz — Thu, 11 Mar 2010 10:54:59 +0000

There's no "one size fits all" best.
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Comment on Life Insurance Policy..Plz answer!!10pnts best answer? by Mr. Prefect

Mr. Prefect — Thu, 11 Mar 2010 10:35:59 +0000

With all the information at hand, the insurance company, given proof of death, can pay immediately, but could actually wait up to 6 months. Is there a will? Do you know who was the beneficiary of the policy? In most cases the spouse is the beneficiary. If so, and unless your dad took his first wife off, and replaced her with his new wife, your mom could still be the original beneficiary. If she passed away, then the odds are you and your siblings are tertiary(next in line). If he had double indemnity written into the original contract, meaning double the payout if death occurs by accident, then yes, the policy will be doubled. Did he have a lawyer, and if so, that is your next step.
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Comment on Term Life Insurance question? by crons79

crons79 — Wed, 10 Mar 2010 11:01:59 +0000

Most policy’s have a 2 year look back window. As long as you didn’t outright lie on your insurance application the full death benefit of the policy would pay out. An outright lie would be like saying you didn’t have cancer, but you really did.

Your first question should be what do I want the policy to do? Do you want a large face amount but only for a set period of time (term) or do you want a smaller face amount that is guaranteed to last forever (permanent)?

Buying online and through an independent life insurance broker is how you will get your best deal too. Good Luck!
References :
http://www.talktoron.com

Comment on Term Life Insurance question? by Finance1o1.blogspot.com ®

Finance1o1.blogspot.com ® — Wed, 10 Mar 2010 10:24:59 +0000

As you probably know, the older you are, the more expensive life insurance becomes. I’m guessing you want to buy life insurance to cover funeral expenses. You should get a 10 year term policy. With $15,000 coverage and I assume you are healthy, that would cost you about $285/year. If you got $150,000 coverage, it would cost you about $875/year. An agent should do an assessment of your current financial situation and evaluate your needs to determine how much coverage you need.

In 10 years, your policy will become an annual renewable term, meaning your premiums will increase every year base on your current age at that time. At that point, I believe it will become very expensive for you to have life insurance. To offset this problem in the future, I suggest investing in mutual funds that focuses on generating income. (Every mutual fund have a prospectus that provides full detail about that fund. It will also tell you its objective. You want to find the one that focuses on short-term growth). I personally like Van Kampen mutual funds because many of their funds have done 75% to 95% better than the rest of the mutual funds out there (there are over 2000 mutual funds) during 2009. If you invest $100/month for the next 10 years and your mutual fund has an average annual rate of return of 5%, you will have about $15,600. That’s almost $600 more than the $15,000 coverage you have on your life insurance.

If you put away $100/month in a box or somewhere in your home that gets no interest, you will have $12,000 in 10 years. If you put away $100/month in the bank that get 1% interest, you will have $12,625 in 10 years.

My point is that you should buy term and save your money somewhere for the next 10 years. If you die during the term, your beneficiary will get the death benefit of $15,000. As for all your savings/investments, you should designate a beneficiary for them. Otherwise they will go to your estate and your family will have to fight in court to get your money. If you die after the term, at least you have enough savings left behind for your family to cover funeral expenses.
References :
Financial Adviser

Comment on Term Life Insurance question? by Matthew G

Matthew G — Wed, 10 Mar 2010 10:18:59 +0000

Smuggley, the answer to your question is it depends on what type of term you are buying. There is term where your beneficiaries get the same payment for the life of the policy, called level term. There is also a type of term where they will get a little (usually) each year, called declining term. You can go to my blog listed below for articles that I have written and posted that will answer several of your questions. I would go into more detail here, but I broke my hand and is difficult to type.
References :
http://www.smart-lifeinsurance.info

Comment on Term Life Insurance question? by Due 3/17/10 with Arianna

Due 3/17/10 with Arianna — Wed, 10 Mar 2010 09:50:59 +0000

At your age it will be extremely expensive to purchase life insurance. Call a local independent agent and get a few quotes, every company has different policies as to when and how much they will pay out.
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Comment on Term Life Insurance question? by Jean

Jean — Wed, 10 Mar 2010 09:09:59 +0000

Hi Smuggly, If you are looking for a lower cost life insurance, I recommend you check the site below to get free quotes and compare premiums from the leading insurance companies in the US that would give you the best coverage and save you money.

http://www.goodinsurancepolicy.com
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