Questions tagged [life-insurance]

to be used for questions related to life insurance.

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6
votes
1answer
121 views

Grandmother's MetLife policy showing up as unclaimed property

Last week, a former co-worker encouraged me to search for unclaimed property in Michigan. I've done this before (several years ago) and did not find anything. However, since I changed jobs a few years ...
-1
votes
2answers
96 views

Why does Whole Life Insurance pay dividends, but not Universal Life?

Gill, Madura. Personal Finance, 4th Canadian Edition 2019. pp 275-276. Emboldenings are mine. I read the differences between UL ("Universal Life") and WL ("Whole Life") on p. 275, but they don't ...
2
votes
1answer
86 views

401(k)/IRA in lieu of term life insurance at age > 55

I have a term life insurance plan that will expire when I am 55 years old (~20 years from now). My insurance salesman wants me to convert part or all of this into some sort of whole life policy, and ...
1
vote
1answer
162 views

Inheritor dies before trust distributed, then what?

A man, say, Hilbert, buys second-to-die life insurance, then dies. Then one of his inheritors, Daniel, dies. Then Hilbert’s spouse dies, making the policy ready for distribution to the inheritors. Is ...
0
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0answers
20 views

Adjustable Complife Policy

I am listed as the owner on my policy. Who is allowed to take out a loan against my policy without my signature
3
votes
2answers
282 views

Understanding annuities with respect to Term Life insurance

I am financially well to do. I have Term Life insurance (along with high 6 digits in savings) that will protect my kids. I am considering protecting myself and guarding against outliving my assets ...
0
votes
2answers
200 views

CICA Life a Citizen's company

I'm not a US citizen and I have no idea about life insurance companies. The CICA Life company (part of Citizen's Inc) offered me life insurance in the US. I just want to know if the company can by ...
1
vote
5answers
214 views

Short term life insurance between jobs?

I am about to switch jobs, and starting this coming Friday, I'll have about 6 weeks between jobs, but I don't want to have any gap in my life insurance coverage as I am the sole earner in my family ...
2
votes
3answers
294 views

Should I use Social Security survivors benefits in calculating the amount of life insurance needed?

I see a question How much life insurance do I need? , but I want to buy least amount of Life Insurance but still cover my kid and spouse up to an extend. We all get annual social security statements ...
3
votes
3answers
344 views

Do I need to report a critical health condition years after I signed-up for three insurance companies?

I need help with some simple questions related to insurances that I purchased. I hope that any insurance agent here can answer them, at least briefly. I have not been able to contact the insurance ...
31
votes
7answers
9k views

Do I need life insurance if I can cover my own funeral costs?

I'm fairly well off and could cover the cost of a funeral out of personal savings and investments. I'm also single, in my late 20s, and live alone. Unfortunately, my family (parents and siblings) aren'...
2
votes
0answers
82 views

Retirement Conversion to whole life insurance or not

Both my husband and I had term life insurance policies that were convertible at age 60 to whole life. I am 67 and converted mine years ago. My younger husband is reaching the deadline date for ...
52
votes
6answers
8k views

Life insurance that covers only simultaneous/dual deaths

This is probably a stupid idea ... My wife and I both make decent salaries. We believe that either of us could raise our child on a single income if the other passed away. If both of us passed away, ...
1
vote
2answers
70 views

What is the difference between “unités de compte” and ETFs?

What is the difference between "unités de compte" (often proposed in assurance-vies) and ETFs? I don't see the difference when I read the definition on https://www.journaldunet.fr/patrimoine/guide-...
0
votes
0answers
69 views

Inheritance keep or put into estate

In the state of Alabama if you receive a life insurance payout does it have to go to the estate? I received a check separately from the estate but from the deceased estate.
1
vote
1answer
36 views

LIC Beneficiary

My uncle has listed me as a beneficiary for two LIC policies with maturity dates in 2027. I am an Indian born US citizen. I do not have OCI. How can I get the insurance money transferred to my US bank ...
0
votes
2answers
53 views

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?
2
votes
2answers
2k views

Is it worth it to invest on a VUL?

I've been offered a Variable Universal life insurance and i'm not sure if im making the right choice by investing on this. I was told that by 7 years of investing, i can "withdraw" my money back and ...
0
votes
1answer
64 views

Should I continue with ULIP

I am from India. I have a ULIP (Unit Linked Insurance Plan) worth Rs 75000 per year which I started in June 2018. The plan is for 10 years and I have already paid for 1 year. I bought this to get a ...
5
votes
1answer
126 views

How is 'death in service' benefit funded? Does the employer benefit?

In the UK many employers offer a 'Death in Service' benefit of (for example) 4x annual salary (e.g. £80,000 if the person was earning £20,000) payable if the employee were to die whilst employed by ...
4
votes
4answers
348 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
89 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
235 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
123 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
252 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 ...
19
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
388 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
5k 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 ...
19
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
80 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
65 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
76 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
821 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
222 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
327 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
86 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
373 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 ...
5
votes
4answers
294 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 ...
6
votes
2answers
608 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 ...
23
votes
4answers
6k 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 ...
14
votes
2answers
2k 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
148 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 ...
3
votes
1answer
590 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 ...
145
votes
15answers
32k 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
296 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 ...
4
votes
2answers
1k 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
180 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 ...