Life Insurance FAQ's

Can I Buy Life Insurance On Someone Else?

January 10, 2014

Yes, you may be able to purchase a life insurance policy on someone else.

The insurance company will require that you have an "Insurable Interest" in the person you want to insure.

This means that you would suffer a financial loss if the person were to die, or that you rely on the person for some form of financial support.

There does exist insurable interest between spouses, siblings, parents and their children, family members, and business partners, among others.

In addition, if you want to insure someone else for life insurance you may be required to get their permission, have them sign the application, and that person may need to answer some health questions.

Learn more about who you can insure for life insurance.

Posted by hadley hadley. Posted In : Life Insurance FAQ's

Why Would A Life Insurance Policy Be Denied?

January 9, 2014

There are several reasons a life insurance policy may be denied, including:

1. The applicant's health - This can be anything from someone with uncontrolled diabetes or someone with cancer having only months to live.

2. The applicant's health has not been stable for a certain length of time. This can range from someone who had very high blood pressure and only been on medication for one month, to someone with MS who has had a recent major exacerbation.

3. The applicant is ...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

What is the best insurance company to use to buy life insurance for people over 50?

January 8, 2014

When it comes to buying life insurance for someone over age 50, there are several highly-rated life insurance companies.

However, choosing the best company will depend on your needs and budget, as well as, the insurer's financial strength rating and what the plan provides you as far as immediate full coverage and affordability.

There are several well-known insurers of people over age 50 including Globe Life, Colonial Penn, AARP/NewYork Life, Metlife and Prudential, among others.

One way to find ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

How much does life insurance cost?

January 7, 2014

Are you looking for affordable life insurance coverage, and wondering how much your life insurance policy will cost?

If so, you should first understand how rates for life insurance are determined.

Each life insurance company has their own set of rating guidelines based on your personal risk factors.

In addition to the type and amount of life insurance you need, other factors affect the price you pay for life insurance.

These are called personal risk factors, and they help the insurers to determin...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

What Does A Whole Life Insurance Policy Offer?

January 6, 2014

A whole life insurance policy is a type of life insurance that provides lifetime protection.

Whole Life offers guarantees on a couple different levels as it applies to your life insurance policy.

First, the death benefit is guaranteed to remain level, and second, the premium is guaranteed to remain level, and lastly, the cash value is guaranteed.

Whole life insurance policies build up cash value inside the whole life insurance policy over time. You may be able to take a loan...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

Who Has The Best Life Insurance Rates?

January 5, 2014

There is no one life insurance company that has the best rates for everyone because each person has their own specific risk factors for life insurance; such as, being overweight, smoking, or over the age of 60.

Life insurance companies often have certain classes of risk in which their rates will be more competitive for a certain type of life insurance policy, or for a certain age range of applicants, or for a certain type of health status.

To find the best life insurance rate...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

What Does Life Insurance Protect?

January 4, 2014

Life insurance is a form of financial security for the ones you love, those who depend on your for financial support.

Life insurance proceeds are left to the people you choose as beneficiaries of your life insurance policy, and those funds can be used for any purpose they choose to use the money.

So, for instance, the death benefit from your life insurance could go to your spouse to be used for living expenses, to pay for your child's college education, to provide money for your spouse's retire...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

What Does Guaranteed Level Term Life Insurance Mean?

January 3, 2014

Guaranteed level term life insurance is life insurance that is guaranteed not to go up in price, or down in death benefit, for the entire term of your life insurance policy.

For example, if you took out a guaranteed level term life insurance policy of $1,000,000 for a 26 year term at a rate of $80 per month at age 26, you would be paying the same premium annually at age 55 as you were at age 26.

If you passed away any time during those 30 years, your beneficiary would receive ...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

How Does Driving Record Affect Life Insurance?

January 2, 2014

When you apply for life insurance you answer some questions about your health and personal risk factor, such as, if you smoke, your height to weight ratio, and your driving record, among other things.

These risk factors impact your acceptance and rate for life insurance.

The insurance company wants to determine what kind of risk you present for life insurance - they do this by reviewing your risk factors and how these will impact your longevity - how long you are expected to live.

If you have a ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Can Anyone Get A Life Insurance Policy On You?

December 31, 2013

No, not anyone can take out a life insurance policy on you.

They must have a financial relationship to you, or be a very close relative. The insurance company requires that someone taking out life insurance on another person must have an "Insurable Interest" in that person.

Someone to whom you owe a large amount of money could take out a life insurance policy on you, so that they would get paid if you passed away.

Or, a relative could take out life insurance on you to help pay...

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