Life Insurance FAQ's

How are Life Insurance Benefits Paid?

October 9, 2013

Life insurance death benefits are normally paid in a lump sum to the beneficiary or beneficiaries of the life insurance policy.

Or, life insurance proceeds may be paid in regular payments over a number of years.

Another option is a combination of both payment options, where the beneficiary receives a lump sum with the remainder made in payments over time.

When the life insurance policy proceeds are not taken all at once, there is interest paid to the beneficiary on the money they have yet to receive. So, the money not yet paid is like an investment that receives interest until it is fully paid out to the beneficiary.

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

How to Buy Life Insurance for a Parent?

October 7, 2013

How can I buy life insurance coverage for my parent?

You can buy life insurance on either or both of your parents because an adult child has an insurable interest in his or her parents.

An adult child may purchase life insurance coverage on his parents because he may rely on his parents for financial support, of suffer financially if one or both of his parents were to die.

Many adult children buy life insurance plans on their parents to help offset or pay for the cost of their parent's funeral,...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Can I Purchase Life Insurance For My Parents?

October 6, 2013

You can purchase life insurance for your parents since you have an "insurable interest" in your parents.

Some of the more common reasons adult children buy life insurance on their parents are for estate preservation or to take care of final expenses foe your parents.

You can also be the premium-payer, and as the owner of the life insurance policy, you can choose who is the beneficiary, and change it at any time. Typically, death proceeds are paid out free from taxes and avoid...

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

What Can I Do If I Am Turned Down For Life Insurance?

October 5, 2013

The life insurance industry has several hundred life insurance companies, many of which specialize in insuring certain types of risk, including high risk applicants.

A declination from one life insurance company may not mean you will definitely be declined by another life insurance company.

After a declination for life insurance, you may still want to continue shopping for life insurance from other life insurance companies that specialize in insuring impaired risk applicant...

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

What Is A Life Insurance Physical Exam?

October 4, 2013

I physical exam for life insurance is an examination that checks your health for any ailments and to determine if you have any nicotine or illegal drugs in your system, as well as if you have STD's, high cholesterol, high protein levels, or any other health problems, such as, diabetes or emphysema.

Life insurance companies don;t always require a medical exam of the person applying for life insurance. It depends on the person's age and the amount of life insurance requested. For instance, a 30 ...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Who Gets My Life Insurance?

October 3, 2013

If you own the life insurance policy that is insuring your life. the person who gets your life insurance death benefit upon your death is the person you name as beneficiary on your life insurance policy.

If someone else is the owner of the life insurance policy insuring your life, the owner gets to choose the beneficiary, although as the insured person, you may have a say in choosing the beneficiary.

However, if the beneficiary is responsible for your death, the secondary bene...

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

What are the Top Term Life Insurance Policies?

September 30, 2013

There are a few basic types of term life insurance policies.

The most popular type is level term life insurance. Then there's decreasing term life which isn't sold by many insurers anymore.

And, there's return of premium term life insurance which returns almost all of the premiums you paid for your life insurance if you outlive the term (duration) of your term life insurance policy.

Level term offers you rates that remain the same each year for the term of your policy, while your amount of life...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

How to Buy Life Insurance for a Parent?

September 29, 2013

Is it possible for me to buy life insurance on my parents?

Yes, you may be able to buy life insurance for your parent.

In order for one person to buy a life insurance policy on another person there must exist "Insurable Interest" in that person. This means you rely on the person for some financial support, or you would suffer financially if the person were to pass away.

Insurable Interest does exist between parents and their children so you can buy life insurance on your parents.

Many children ma...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

How To Compare Life Insurance Quotes?

September 26, 2013

It's quick and easy to request and compare life insurance rate quotes online among several of the leading life insurance carriers.

You can compare instant life insurance quotes by going to several different life insurance companies, or you can compare life insurance quotes by going to one website or agency that sells life insurance policies from multiple life insurance companies.

The main advantage of doing your shopping for life insurance in one place is that you will know yo...

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

Can One Person Have Two Life Insurance Policies?

September 25, 2013

Yes, one person can own two or more life insurance policies.

Many people buy several life insurance policies because different types of life insurance products best meet different types of insurance needs, or simply because they want to diversify the insurance companies with whom their life insurance is with.

Life Insurance companies don't mind how many life insurance policies you own, as long as you can qualify for them financially.

That means, if you earn enough income to q...

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