How would you explain a 20 year endowment life insurance policy?
Draw a rectangle. Then draw a line from the lower left corner to the upper right corner. Then say the following—The top horizontal line is the death benefit. For example, $25,000.The lower part of the rectangle is the cash value—zero (no cash value) where the line which slants upward begins and gradually builds up to $25,000 cash value where the line ends (the upper right corner).If death occurs in the tenth year when the cash value is half way to $25,000 (in other words, when it's at $12,500), the amount paid to the beneficiary is the top horizontal line ($25,000).If the endowment policy’s insured person lives to the 20th year, the amount paid out is the full $25 000.What else do you want to know?Oh, by the way, a “Whole Life” policy is an endowment at age 100. In other words, if the insured person is 50 when the Whole Life policy begins, then it's a 50 year endow-ment. But if the 50-year old has a 20 year endowment policy, then it's an endowment at age 70.Easy, logical stuff!Again, what else do you want to know?RC —P.S. I became a Life Insurance Agent on November 1st, 1969 — 49.5 years ago. As a “Chartered Life Underwriter” (CLU), I know my industry well. So please ask whatever you might want to know about life insurance—or what it’s like being a life insyrance agent. I’ll give you a well-informed answer.
Can somebody explain gerber life insurance to me?
Gerber life insurance, is typically a policy that an adult gets suckered into buying for their child. If the CHILD dies, it pays money to the adult, to help cover the funeral. Odds are, the policy is on YOUR life, not hers. If it IS a 10 year paid up policy on HER life, it pays whoever she named - which may or may not be you - for the funeral. If she dies before she's paid up, they still pay up. Gerber is extremely expensive whole life coverage.
How does life insurance work?
i talked my dad into buying life insurance but he says that i just want him to die but i told him only to take out a 50 thousand dollar policy for the funeral and other expenses nothing else i don't need a million dollar policy and how does life insurance work if i talk my dad into getting a 50k policy does the insurance pay it all at once or does the insurance give it month to month or year to year explain it all just in case he wants to get more which i highly doubt he will but anything from 25k to 50k will be find i don't need a million dollars to plan a funeral and how much do you think it would cost to make him have a 50k policy and i asked this question before and i got the response 50k is too much i see people who get 5million dollar policy im not trying to get rich im just trying to get enough to pay for the funeral if i really wanted something i would ask for more because im paying off his 500 thousand dollar house with my money and my pay so he can at least appreciate what i do for him
How does life insurance work?
Importance of Life InsuranceLife insurance policy is meant for life coverage. Although in all sense human life is priceless, but when the bread earner of a family passes away suddenly, it creates a situation that is hard to withstand for rest of the family members. The coverage of life insurance protects the family with financial security and makes the future of the deceased's loved ones financially secure.What is Life Insurance?Technically speaking, it is a contract between the policyholder and the life insurance company. How Does It Work?Let's say you choose to buy a term insurance plan offering life cover of a specified amount for a given period. The life insurance company will charge a fee for providing you a security cover. This cover is called a premium. The money collected from all the individuals who have opted for an insurance policy is invested in a pool by insurance companies.Thus a corpus is created. And when an unpleasant situation like death occurs, the insurer's family gets the insured sum from this corpus.So now you have the basic understanding of the working of life insurance, do take a look at some No-Brainers Before You Take Insurance
What exactly is life insurance and how does it work?
Life insurance is insurance on your life. If you die the insurance company pays money to your beneficiaries. they could be family, friends, the company you work for even a charitable organization. as long as there is an insurable interest. If you are dead the money from the insurance can pay for your funeral, your debts, mortgage, medical bills, car payments, children's college education, your families survival if you are no longer here to provide for them, as well as pay for inheritance taxes, probate taxes (life insurance is tax free) if you are single, no family, no responsibilities and don't mind being buried by the state then you probably don't need life insurance. Lots of policies don't get cashed in or claimed, its when someone dies and the insurance company doesn't know about it. a death claim has not been made, usually because the beneficiaries didn't know the person had the policy. in this case the insurance company just keeps the money until a claim is made. There are lots of different kinds of policies and it can get a little confusing. Visit your state insurance departments website or even talk to an agent most would be more than willing to help, if you don't know where to find one go to a place like netquote.com or elquote.com and they'll hook you up with one
Ex wife is beneficiary?
My boyfriend was married when we met they a 10 year old daughter together. They have been divorced for 4 years. He recently died and when I went to cash in his life insurance I was informed I wasn't his beneficiary his ex was. I haven't worked in 3 years and everything was in his name My car our house that I picked out decor everything. his ***** of and ex gave me 60 days to find a new home or start paying rent. I know he intended for me to get everything. He told me so. how can I prove this. She got 1.5 Mil all together. What can I do to prove I was his intended beneficiary?
What is term life insurance? How does it work?
With a fixed payment, for a length of time you select in advance and the amount of insurance or “face” amount you also select in advance is basically it.After the insurance company evaluates you medically and determines that you are healthy and confirms that there will be a loss of income to your family if you pass away prematurely they set up a “bank account” payable to your spouse or partner as beneficiary.These funds, by law must be paid within 30 days of receiving the death certificate tax free to the beneficiary upon them providing proof of ID.For the record insurance companies currently in Canada offer between 2–4 different price categories. What you end up paying will depend on your current health condition as compared to previous applicants of the last few years within your 2 year age rangeThese price categories are called:Regular non smoker - cigars okRegular Plus - no smoking at allPreferredSuper Preferred / EliteSmokers:Same categories but higher prices for smokers. Some smokers are healthier than others so those pay less.Insurance for people with a lower health condition can also qualify:Chronic illnesses: diabetes, MS, HiVOr recent history of cancer, heart attack, stroke:If people have had a serious illness or chronic conditions many insurance company will charge a higher price to offset the likelihood of a claim sooner than later.Its important your Broker represents at least 7 insurance companies so they can find the best price offer.
How do life insurance policies work? Please help!?
In a nutshell, life insurance works like this: Someone purchases a life insurance policy for $30,000. They need to inform their beneficiary of the policy. Over $1,000,000 of life insurance goes unclaimed every year because beneficiaries didn't know it was there. So, the beneficiary needs to know about the coverage. Say the person who bought the insurance dies. The beneficiary then has to wait until the death certificate is processed (usually 2-3 weeks) to make a claim. The beneficiary then makes a claim on the life insurance policy using the death certificate, and the company then pays them the amount. The money can be used for whatever the beneficiary wants to use it for. The whole process usually takes 3-6 weeks. If there is any suspoicion about the person's death, the insurance company can withhold payment pending an investigation. If it's determined that the beneficiary had something to do with the person's death, the insurance would go to the secondary beneficiary.
How does an Insurance policy work?
Understanding how an life insurance policy works is a solid first step in making the right buying decision.How life insurance policies work?Life insurance policy is a contract between you and a life insurance company (Available from hundreds of available life insurance companies). You agree to pay for the policy on a regular basis (either monthly or yearly), and the insurer agrees to pay a sum of money to your beneficiaries in case you died due to any reasons. Within those parameters are several types of life insurance policy plans available in the insurance industry.You will designate the policy beneficiaries who will receive the life insurance payout (a certain sum of money from the insurance company), also known as a death benefit. This can go toward funeral expenses, mortgage payments or anything else. It’s important to tell your beneficiaries that your life insurance exists; so that they can further use it in case something goes wrong with you. They don’t need the policy in hand to make a claim later, but they do need to know which company holds the policy and few other details related to your insurance policy.Once beneficiaries submit a life insurance claim, after that, the insurance company send the money usually within few days to few week.Insurance policy agents make commissions based on the type of policy and coverage amount you choose, something to keep in mind when considering their advice. In some cases, this means an agent gets paid more if he or she sells you a certain company’s policy, or one type of policy over another.Life Insurance Policy Pricing:-Rates are based on many factors that relate to your life expectancy, such as:1.Age2.Gender3.Nicotine use4.Medical history5.Family health history, such as heart disease or cancer among immediate family members6.Dangerous hobbies, such as scuba diving7.Planned travel to risky parts of the world8.Other risk factors, such as your driving recordCompanies typically take several weeks to review an application and issue a policy. If you’re looking to buy term life insurance quickly and are in good health, consider online instant-approval term life insurance.After the purchase of insurance policy:-If you develop a medical condition or start smoking after you buy the policy, you don’t have to tell the insurance company. Once you have coverage, new health problems or habits can’t change your rate.