Life Insurance FAQ's

Why Would One Borrow From A Life Insurance Policy?

December 19, 2013

There are several good reasons to borrow money from your life insurance policy.

When you buy a Whole Life Insurance Policy, you build up cash value inside the policy over time.

You can borrow against this cash value in your policy for any number of reasons, including for a down payment on a new home, for a child's college education, or even for a car.

The interest you pay on your loan is very low, and you may be able to borrow up to 80% of the cash value in your life insurance policy.

If you choose, you do not have to ever repay the loan, although that will lower the death benefit paid out on your life insurance plan.

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

Does A Non-Working Spouse Need Life Insurance?

December 18, 2013

Yes, if there would be a financial hardship if the non-working spouse died.

Let's say the wife has a very demanding and high income career. The husband stays home to raise the kids and take care of the house. What if the husband were to suddenly die?

Now the wife has to hire a nanny, a house keeper, a cook, and possibly a personal assistant to replace all of the the work that was being done before by the stay-at-home dad.

You would need full-time help or at least part-time h...

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

Where Can I Get Life Insurance For Diabetics?

December 17, 2013

Using an online life insurance broker with access to a large network of life insurance carriers that specializes in "impaired risk" life insurance is a good way to make sure that you are getting the best possible rate on diabetic life insurance coverage.

If you're just looking for a small life insurance policy with no health exam required, there are also lots of choices, and again, diabetic control can make a big difference in what life insurance policy you qualify for and w...

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

Can Seniors get Burial Insurance?

December 14, 2013

Yes, seniors may qualify to purchase life insurance to pay for their burial expenses.

Average cost of a funeral and burial may exceed $7,500 according to surveys from Funeral Directors.

Seniors age 78 and under may qualify to purchase up to $30,000 of life insurance coverage to help provide the funds to pay for their burial and funeral costs.

In fact, seniors can apply online for a policy with no health exam required, but there may be a few health questions to answer.

There is an "A+" rated life ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

What Is Life Insurance Guaranteed Issue?

December 13, 2013

Life insurance that is guaranteed issue means that the person applying for the life insurance policy cannot be turned down due to life insurance, or other risks.

However, there are usually strict age guidelines for guaranteed issue life insurance policies, with the minimum age usually around ages 40-50 and the maximum age usually under age 80.

Also, the life insurance policy usually has a graded death benefit during the first one to three years, meaning that it will pay a p...

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

What Is A Term Life Insurance Policy?

December 12, 2013

A term life insurance policy is a form of temporary life insurance elating for a specific period of time.

Usually, a term life insurance plan provides coverage for 10, 15, 20 or 30 years. Your premium is guaranteed for the term of your policy, and level term life insurance has level amounts of life insurance coverage for the entire term of your policy.

If you die during the term, your life insurance pays out a death benefit to the person you chose as beneficiary.

If you outlive the term of your ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Can I Get Life Insurance If I Have Ulcerative Colitis?

December 11, 2013

Yes, you can get life insurance even if you have ulcerative colitis.

If you want more than $25,000 of life insurance coverage, the insurance company will most likely require your medical records. The life insurance company will check to see if your ulcerative colitis condition is stable and mild to moderate, which should qualify you for a life insurance policy.

However, any recent flare ups, surgeries, certain prescriptions, or complications such as liver disease, could caus...

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

When Do Life Insurance Policies Pay Out?

December 10, 2013

Life insurance policies pay the face amount of coverage out as a death benefit to the beneficiary when the person who is insured by the life insurance policy dies, or when the policy matures.

If the money is paid upon the insured's death, it goes to the beneficiary. If it is paid upon policy maturity, the money goes to the owner of the life insurance policy.

However, life insurance companies have begun offering living benefits from their life insurance products.

Many life i...

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

What Questions Are Asked For Life Insurance?

December 9, 2013

When you apply for life insurance coverage there are many questions asked about the coverage you need, and your health history. Many of these questions assist the insurance company in determining if they will offer you life insurance, how much they will offer, and what they will charge you for your policy.

For example, the life insurance carrier may ask how much life insurance you need, what type of life insurance, and how you will pay your premiums - monthly, quarterly, or annually.

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

Can I purchase life insurance on my parents?

December 7, 2013

Yes, you can purchase life insurance on your parents.

Many children buy life insurance on their parents to help pay for final expenses; such as, funeral and burial costs which may add up to as much as $7,500 or more per parent. A study of Funeral Director's indicates the average cost of a funeral to be around $7,750.

In order for someone to buy life insurance on another person there must exist insurable interest. This means you either rely on the person you want to insure for money, or you woul...
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