life insurance policy

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Summary of Life Insurance Policy

Being a parent or as a spouse, the best we could carry out for our loved ones is always to arrange for their needs once we do leave this earth. This can be done through availing of a life insurance plan. The need to provide several guarantees for our heirs after our dying has given birth to most companies offering life insurance plan in this day and age. It is obvious that a life insurance coverage is one of the most essential assets of today.

What Is A Life Insurance Policy?

A life insurance policy is a guarantee about the life of the covered by insurance. Upon his death, living insurance policy will give his / her beneficiaries a monetary sum. A life insurance policy is paid by the insured throughout his lifetime. This payment for a life insurance policy is termed a premium, and it needs to be satisfied every month for any given period of time.

The quantity of the premium for the life insurance policy depends on the age, well being, gender, occupation and medical history of the person applying for such life insurance coverage.

Who Needs A Lifestyle Insurance Policy?

Basically, every person needs a life insurance plan. But a life insurance policy gets doubly important if you have a spouse, kids, or any other loved one influenced by you. A life insurance plan is the assurance you could prepare to make sure that your beneficiaries would get something once you have passed away.

Passing away is a morbid though for many people, but it is some thing as inevitable since midnight. A life insurance plan would make sure that the people you would leave behind would be taken cared of, even though youre no longer there to find out to their needs.

Kinds Of Life Insurance Policy

You can find basically four forms of life insurance policy.

1. Term insurance policy. A term life insurance plan is a life insurance coverage that would deliver advantages to the insureds beneficiaries provided the insured might pass away within the phrase specified in the stated term life insurance policy. The expression in this life insurance coverage usually lasts for 5, 10 and 20 years.

2. Universal lifestyle insurance policy. A universal life insurance policy is known for it’s outstanding flexibility. With this type of life insurance policy, you might adjust the premium and the policy to suit your needs.

3. Whole life insurance policy. A expereince of living insurance policy is like wine beverages which becomes finer with time. The longer such a life insurance policy goes, the more interests this builds up. Some of these whole life insurance policy programs actually offer dividends for your insured.

4. Variable existence insurance policy. A variable existence insurance policy would allow the particular insured to decide on the way the insurance should be invested. Availing of the variable life insurance policy is like having a managing share in a company. With a flexible life insurance policy, you could tie the efficiency of the life insurance policy with current economic trends.

Comments: 18

  1. Junita July 9, 2013 at 9:15 pm Reply

    My best friends sister died recently and we suspect that someone in the family has a life insurance policy on her, but doesn’t want anyone to know about it. Is there any way we can find out if someone other than her husband had/has a policy on her?

  2. Porter July 13, 2013 at 5:49 pm Reply

    My aunt died recently, and she had a life insurance policy no one knew about, and my mom is the beneficiary. She wanted me to find out how much interest can be accumulated from a general policy. It was never updated, and it was just sitting there gaining interest since the 1960’s. The original amount was $500. Does anyone have an estimate of how much it could be worth now? My mom told me if i found out, and helped her, she would give me some money 🙂

  3. Lonnie August 14, 2013 at 12:21 pm Reply

    I have another Life insurance policy and I don’t need the other one. Is it possible to cash in that policy?

  4. Rochelle August 20, 2013 at 9:46 am Reply

    I heard that there’s a cash value that accumulates on a life insurance policy. If I am the beneficiary, how do I pull out cash on it?

  5. Shanel August 25, 2013 at 3:18 am Reply

    My mom passed away last fall. Before she died, she told me that she had a $10,000 life insurance policy for which I was the sole beneficiary. My stepfather was the beneficiary for all other policies. At the time, I didn’t want to talk about it because I didn’t want to think about her passing away (she was only 54). Now that she is gone, I would like to locate the policy, but I can’t find documentation. What is the best way to go about finding out who the claim was through? Any advice is greatly appreciated. Thank you!

  6. Karleen October 9, 2013 at 3:17 am Reply

    We recently found out we are expecting a baby and need to open a life insurance policy in case something would happen to him so we’d be taken care of. We have insurance that is paid for by his employer. How do we go about getting life insurance? Is it added to our existing medical insurance, or can we get it separately?

  7. Shelton December 13, 2013 at 2:21 pm Reply

    who is the owner and who is the beneficiary in a key person life insurance policy?
    i think its the employer for both right?

  8. Meta December 23, 2013 at 3:32 pm Reply

    My grandmother is almost sixty years and she does not have a life insurance policy. We were talking and I asked her what she had in place in case of a situation. She said nothing. Her plan is for us to sell her house and split the money.

  9. Luis February 2, 2014 at 3:00 am Reply

    what are the ways to sell life insurance policies

  10. Felton February 20, 2014 at 11:40 pm Reply

    My friend says it is legal and accepted to be able to take out a life insurance policy on an adult without their knowledge or signature and I say that it is not allowed.

  11. Warner February 21, 2014 at 6:39 am Reply

    Me and my husband just had a post nuptial agreement. My agreement is everything that he bought life insurance before and after our marriage either accident, term or family plan insurance for me that he is the beneficiary will be voided effective that date and in the future.

    My question is they say some life insurance company depend on State where you at can supersede or override the post nuptial. So if that’s the case the post nuptial that we agreed upon is nothing will be a waste. And if my husband bought insurance like family plan life/accident insurance again without my knowing he can still collect and claim his money if something happen to me. How true is that? Which is more powerful life insurance policy law or post nuptial agreement law. I’m from Michigan

  12. Major February 21, 2014 at 5:36 pm Reply

    I’m 29 years old and I’m married, we are wanting to buy life insurance but I need the best option for my family.

  13. Ione February 21, 2014 at 9:32 pm Reply

    I am looking for an insurance policy that will pay a monthly sum of money to my wife in the event of my death. does such a policy excist?
    I am starting to think it does’nt.

  14. Diane February 22, 2014 at 7:46 am Reply

    I am going to study in Poland, Germany, and China for an MBA program. I will be gone for almost 11 consecutive months. My parents have asked me to purchase a life insurance policy for a couple thousand dollars. Isn’t that weird, or am I just over-reacting? I am only 22 years old. Why would I need a life insurance policy for a couple thousand dollars?

  15. Isiah March 16, 2014 at 1:42 am Reply

    i am wanting to cash in a 14year life insurance policy. the amount is $50,000. what is the formula for a cash out, in other words how much will i receive?

  16. Alessandra May 9, 2014 at 11:35 am Reply

    when a person dies and they took out a life insurance policy for you and someone lost the policy how can you find out what company the policy came from i do not know what else to do help me.
    the person that died got the policy for his exwife.

  17. Willie May 23, 2014 at 2:26 pm Reply

    What is the best life insurance company to go with so that my wife and children will have something in the event of my death?

  18. Dorthea June 12, 2014 at 7:12 pm Reply

    Why would a insurance company who is paying out a death benefit ask for evidence of a divorce or information about past beneficiaries? The person changed beneficiaries 3 times over a 20 year period . What does it matter who the previous beneficiaries were . Life insurance goes to the person named on the policy . What if a person names minors on their life insurance policy what happens ? And also what happens if someone named on a policy can not be located does it pass to the next of kin or does the insurance company keep the money? What happens to the money . Has it ever happened that someone has collected insurance money that was left to someone else . How do the insurance companies verify and check beneficiaries?
    When you file a final tax return do you have to include the amount of life insurance that was paid out since technically the person who died was the owner of the policy which is a asset . I know the beneficary pays no taxes
    You answer is informative and in depth but how can anyone have any claim to a policy once it is changed . example nick puts brother evan as beneficiary . nick remarries and puts new wife rhonda . rhonda and nick divorce . nick changes beneficarie back to evan . later on nick changes again and puts his mother as the only beneficary. so would the insurance contact evan and the ex wife or would it be up to the mother the only beneficiary to prove the rhonda is a ex and evan was removed from the policy . evan was the original and only beneficiary

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