How Term Life Insurance Works

The usual beneficiaries of a life insurance policy are the spouse or children of the insured person.

However, if a person has a financial interest as in a business, they can the business as the beneficiary of the life insurance.

This is sometimes the case with a key man life insurance policy when a business's top sales person based on their value to the business is named as the insured, and the business is the beneficiary.

Otherwise, the owner of the life insurance policy names...

My husband and I bought a term life insurance policy when he was 40 years old.

It's a 20 year term life policy and he is now 53. When it expires when he is 60 how likely is the life insurance company to renew the policy?

We have a young daughter who will just be graduating from high school at that time and the need to provide life insurance protection will still be there if something happens to him.

If you bought a "guaranteed renewable" rider on the term life insurance poli...

I am buying a life insurance policy.

I am to put down the name of my beneficiary and successor through my life insurance policy.

Is my beneficiary the one who will receive the death benefit? What is the successor?

Yes, the beneficiary is the person or persons who receive the money from your life insurance policy if you die.

The Succession Beneficiary Clause states the procedure for revoking a current beneficiary and designating a successor beneficiary. Life insurance companies ...

Life insurance is a state regulated industry, which means the state you live in makes the laws regarding life insurance.

Almost all states have their own statutes regarding death by suicide as it relates to life insurance coverage.

As long as the life insurance policy is "In Force" and at least two years have passed from the date of issuance with no lapse or reinstatement of life insurance policy (when a policy has to be reinstated due to a lapse that 2 year clock starts again), most life insur...