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Questions tagged [life-insurance]

to be used for questions related to life insurance.

4
votes
4answers
226 views

Do I need my own life insurance if I already have life insurance through work?

My employer offers discounted life insurance as an employee benefit. I pay $70 per year for about $200,000 of coverage. Buying comparable coverage outside of work would cost me about $300-$400 per ...
1
vote
0answers
74 views

How does my current insurance work?

Sorry for the vague title, in case location matters this is done in Europe, Austria. And all of this was handled by the same agent. I will first write down what this is about and then ask the ...
3
votes
1answer
210 views

Can a life insurance policy benefit be paid if the estate is contested?

My grandfather passed away and left an insurance policy in my name. My mother is contesting the last will and testament due to another family member completing fraudulent acts with my grandfather's ...
3
votes
2answers
102 views

Is it advised to minimize life insurance cover as investments grows over the time?

I am investing for retirement. I have covered myself with term/life insurance. I understand importance of insurance; that is not what I am asking here. Premiums paid for insurance are expense. ...
46
votes
7answers
12k views

Is life insurance a financially sound safety net?

I'm the sole provider of a household of two - myself and my wife. I make enough to keep us both afloat, with a sizeable chunk of luxury on the side. For practical numbers, I am a month away from ...
2
votes
1answer
182 views

If I’m beneficiary on a life insurance policy can gamy make me share it

My mother in law named me as her beneficiary on her life Insurance policy. She lived with me for many years before passing. We are in the state of North Carolina . One of her sons has decided that he ...
18
votes
5answers
3k views

What are the most common reasons for purchasing Life Insurance?

I'm trying to understand the product and I only have the examples of one family member to go by. What you get from internet browsing is predominantly marketing copy from large companies, if ...
5
votes
3answers
366 views

Would a life insurance company think I was teetotal if I said I didn't drink regularly?

I have a life insurance policy and one of the application questions was "Do you regularly drink alcohol?". I answered "no", because to me it meant "do you drink every day?" or "do you drink every week?...
19
votes
4answers
4k views

Do I need term life insurance at age 57?

I am looking at a term policies for my wife age 56 $250k worth of coverage with an initial cost $957/yr and myself $400k worth of coverage with an initial cost of $1450 /yr. We have about $100k left ...
18
votes
4answers
4k views

How to be sure my advisor's insurance recommendations are good for me?

Recently, I've been in contact with my financial advisor who has been talking me through a few risk management strategies, as well as other short- and long-term financial goals for retirement, kid's ...
3
votes
1answer
74 views

Does my life insurance company have to tell me the interest rate for borrowing on my cash value before I process the loan?

I have a permanent (whole life) insurance policy. I want to take out a loan on my cash value, so I called the company to get information. The company representative told me that they would give me ...
2
votes
1answer
40 views

What are tax consequences of reimbursement of premiums from a cancelled life insurance policy held in trust?

The situation: My mother bought a life insurance policy and has been paying the premiums using after-tax dollars. The policy is held within a trust she set up with me and my siblings as beneficiaries....
2
votes
1answer
69 views

Whole life insurance and MA

I am a beneficiary of a whole life insurance policy. Can Medical Assistance or Medicaid take the funds? I am in Minnesota.
3
votes
1answer
444 views

HDFC LIFE PROGROWTH PLUS WORTHY?

I’ve recently became a member of HDFC LIFE PROGROWTH PLUS plan. The person from my savings holding bank told me about this plan. He asked me to invest 25000/- per year for 10 years, you will get ...
-4
votes
4answers
200 views

Is it possible to get life insurance as a beneficiary before the person insured dies?

I have a relative who has a nice life insurance policy out for me, but it's sad to hear that they likely won't die anytime soon. I am wondering if there's any way one can cash in on some of the policy ...
3
votes
2answers
272 views

Life Insurance payout vs. inflation costs

I'm currently thinking about purchasing 10 Pay whole-life insurance and I wanted to calculate how long it would take for the guaranteed cash value to break even with the out-of-pocket annual premium ...
25
votes
2answers
3k views

Is it acceptable to not have term life insurance in my case?

Age: 42 Married No kids I'm currently the only source of household income. My wife doesn't work outside the home. However, that decision was by choice since my income easily supports the both of us....
2
votes
1answer
83 views

How do I buy bundled insurance policies?

I currently have separate policies for home, auto, and term life insurance with three separate companies. I've read in multiple finance Websites that I should consider whether bundling policies with a ...
6
votes
1answer
159 views

What does it mean to a life insurance policy holder to convert from a stock to mutual insurance company?

I just got a notice about my life insurance policy, that the company is holding a vote to convert from a stock insurance company to a mutual insurance company. What does this mean for an average ...
6
votes
4answers
283 views

Does this very cheap traveller insurance make any sense?

A local railway company partners with an insurance company and offers insurance policies as paid addition to railway tickets. A random monthly salary in this region is an equivalent of seven hundred ...
5
votes
2answers
496 views

Why would a life insurance exclude suicide for the first two years of policy duration only?

I'm currently reading terms for life insurance with survival benefit and investment. It's like you pay ten thousand USD each year and five years later you get back forty thousand USD (the four ...
24
votes
4answers
5k views

Should I purchase a whole life insurance policy? (I am close to retirement)

I am 65 and my wife is 59, we are planning to work until I am 70-72, and I plan to withdraw social security at 70. We have retirement savings of roughly $2,000,000 of which $1,600,000 is in mutual ...
5
votes
1answer
1k views

Does life insurance cover suicide?

No, I am not thinking about suicide, but I was wondering this as a curiosity question. If a person dies by an accident, they are covered by life insurance and their beneficiaries receive some amount ...
1
vote
1answer
143 views

Ceded life policy denied?

I think a life policy may be denied due to non disclosure by the deceased problem is this life policy was used as a collateral security to a bank, in this case who pays the bank? estate or will the ...
2
votes
1answer
468 views

$1.44 million in holdings: Help my non-retired, 80-year-old dad invest it [closed]

tl;dr   My 70'ish mother and 80-year-old, non-retired father have combined holdings of ~$1.44 million, haphazardly scattered over a number of instruments; help me help them design an ...
139
votes
15answers
29k views

For very high-net worth individuals, does it make sense to not have insurance?

Various types of insurance (health, car, life) protect you from relatively low probability but very expensive events in life (cancer, serious car accident, etc.) For the average person, it makes sense ...
16
votes
3answers
4k views

Is the beneficiary of life insurance responsible for the debt?

My mother and father were going through a divorce, but it wasn't final at the time of her death. She had made me her sole beneficiary. Am I responsible for any of the debt my parents had?
2
votes
2answers
206 views

What is the Difference between Life Insurance and ULIP?

I have invested in a ULIP insurance plan. My premium term is 5 years lock-in period and the premium will be deducted from taxable income under 80C section. For example if I invest Rupees 1 lakh each ...
5
votes
1answer
770 views

Whole Life Insurance As Inflation-Protected Liquid Cash Savings (Emergency Fund)

A financial advisor (Northwest Mutual) told me I should buy a whole life insurance policy as an inflation-protected liquid cash savings. What he said is that while the yield is low, in the long term (...
1
vote
1answer
169 views

life insurance unfair treatment

I am the nominated beneficiary of my partner's life insurance. There is no estate, just debt left behind. The insurance company will not pay me even though they're not disputing that I'm nominated ...
3
votes
1answer
219 views

How should beneficiaries be chosen for accidental death & dismemberment insurance, given that I may or may not be alive when it is paid out?

I am signing up for accidental death & dismemberment insurance through my employer, but I'm a bit confused as to how to handle the beneficiaries for this. I have to choose the same beneficiaries, ...
1
vote
2answers
124 views

Can the Life Insurance Policy Holder redeem the money after the coverage period expired?

Can the Life Insurance Policy Holder redeem the money after the coverage period expired? Let's say I have a Life Insurance policy for 20 years. Will the money be given back to the Policy Holder along ...
3
votes
1answer
84 views

Should I Change my Return on Premium Life Insurance Policy

I currently have a Return on Premium (RoP) life insurance policy. I've already got $3,500 paid into the policy, and another 26yrs till the policy pays out. I'm currently paying $72/month. The reason ...
1
vote
1answer
192 views

What will be the return amount of Lic New Endowment Plan 814?

I purchased the plan this year (2016). I am paying the premium of 89000 P.A (Approximately inclusive of tax), the policy period of 12 years and my age is 25 years old. What will be the return amount ...
2
votes
2answers
671 views

What is the best kind of life insurance for someone who is less than healthy?

I'm researching life insurance for a 55 year old female relative who lives in California. A smoker since her 20s and a very heavy smoker for the past 7 years or so, her health is not ideal but at ...
1
vote
2answers
89 views

life insurance proceeds to creditor

What happens when a beneficiary, who receives life insurance monies in a payout, owes the estate? Can the estate then sue the beneficiary for money owed to the estate? The beneficiary lives in another ...
1
vote
1answer
58 views

Evaluating an endowment policy for its fairness against other tax saving options in India such as PPF, EPF and even FDs

I am talking about specific endowment policy: Jeevan Anand. Firstly, there was old Jevaan Anand (Plan 149). And now there is new Jeevan Anand (plan 815). I had old Jeevan Anand policy. It is endowment ...
2
votes
1answer
1k views

India - Claim missed LIC premium in declaration

I had to submit LIC premium paid receipts with my employer by December. One of the premium I could pay only on February and this was not considered for the last financial years' tax deduction ...
1
vote
3answers
83 views

Types of investments with built-in puts or similar safety features

I recently learned of indexed universal life insurance. One of the features of this type of investment is that a portion of the funds are used for puts, so the investment rarely (never?) loses money ...
1
vote
1answer
59 views

Term insurance or Pension plan?

5 years back when I was single and needed an investment to reduce tax liability, I bought a life insurance policy. The cover is 10,00000 INR but it has a money back option which pays 100000 INR, every ...
0
votes
0answers
100 views

What to do, if insurance company is reevaluating your Permanent Life policy but you need to buy Term Life Insurance?

Question: I do not know what to do and hope for some objective advice. Should I apply for a Term Life insurance now? Or should we wait 10 weeks? I do not even know if my mom is covered during this ...
4
votes
2answers
331 views

What should I do if my mother forgot to disclose an illness on her life insurance application?

I only became aware today of the question's title while organising old files today. My family is Canadian. A kind person but with poor memory, my mother bought Permanent Life Insurance in Summer ...
0
votes
1answer
102 views

How do you find an ethical, honest independent insurance broker in Canada?

I live in Toronto. I hope to buy a 20-year Term Life Insurance for my (gullible) mother of age 58 to replace her Permanent Life Insurance (which I believe that the evil insurance agent exploited her ...
0
votes
3answers
192 views

Does a Whole Life Insurance policy for a child need his/her consent after he/she turns 18? [closed]

I am 25 years old, have no dependents, have NEVER smoked, do NOT need any Life Insurance, and do not plan to marry or have kids at all. I live in Canada. I just discovered today that my mother bought ...
0
votes
0answers
241 views

Should a 26-year-old keep or surrender a Paid-Up Whole Life Insurance?

Question: Right now, what should my 26-year-old cousin do with a Paid-Up Whole Life Insurance? Keep it or surrender it for cash? My 26-year-old cousin's insurance agent has confirmed the following ...
0
votes
2answers
153 views

Wage earners of age ≥ 60 with dependents: What Life Insurance, if any, should they buy?

Source: p 336, Personal Finance For Canadians For Dummies (4 ed, 2006; but a 5 ed (2010) exists) by T. Martin, E. Tyson [Insurance Agent alleges:] “You won’t be able to afford term insurance when ...
3
votes
1answer
268 views

For insurance, why should you refuse $4,000/year for only 10 years and prefer $500/year indefinitely?

Source: p 336, Personal Finance For Canadians For Dummies (4 ed, 2006; but a 5 ed (2010) exists) by T. Martin, E. Tyson “Cash value policies are all paid up after x years. You don’t want to be ...
-1
votes
1answer
94 views

Why would parents, of a young adult without dependents, not profit from the young adult's Term Life Insurance?

Hereafter 'Young Adult' means someone of age 18-35 and shall be abbreviated YA. These answers unanimously declare (per p 332 of Personal Finance For Canadians For Dummies (4 ed, 2006, but note that ...
0
votes
3answers
203 views

What insurance (if any) should a 26 year old without income buy?

Question: Given 4, should my cousin continue with Permanent Life Insurance, change to Term Life, or cease and desist from any insurance? Details: 1. Living in Canada, my healthy cousin is 26 years ...
1
vote
2answers
162 views

A lone income earner of 60 year old with 2 dependents: Should he buy Term or Permanent Insurance?

Question: Should my uncle continue with Permanent Insurance, change to Term Life Insurance, or does he not need any life insurance (but see 4 beneath)? Details: My uncle is 60 years old, and ...