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Questions tagged [life-insurance]

to be used for questions related to life insurance.

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Is there any chance get out of bad policies plan as I have opted previously from LIC?

I opted a policy from LIC during college days with my part time salary. However, the maturity amount turned out to be less than expected. Currently, I am considering opting for a new policy and want ...
Meyer West IP's user avatar
1 vote
2 answers
181 views

Life Insurance Policy and Insured is Now Deceased

I am the owner of a Life Insurance policy that insures my sister. My Mother transferred the ownership to me as she was getting old, and I dont have a copy of the policy. The insured name listed ...
Rosanne Thorp's user avatar
7 votes
3 answers
3k views

How to replace a whole-life policy?

If I understand a whole-life insurance policy correctly, it can be viewed as a series of predefined term insurance policies combined with a savings account with a guaranteed minimum return. You "...
Elros's user avatar
  • 303
9 votes
5 answers
3k views

Rate of return on an Life Insurance Annuity

So as I approach retirement age, many people are out there suggesting annuities as a way to fund retirement. It's seductive, as they typically have around a 6% payout, that is 100K buys you 6k worth ...
Pete B.'s user avatar
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0 answers
89 views

Insured is missing in another country

My father created ILIT. He is 91 years old. About 5 years ago he went missing. We think he may have gone to Romania. There is approximately $400K in it. It would be split 7 ways as I have 6 sisters. ...
Grace A Noll's user avatar
1 vote
2 answers
165 views

Why do some whole life insurance plans have a Minimum Required Fixed Interest Strategy Allocation (MRFISA)?

Some whole life insurance plans have a Minimum Required Fixed Interest Strategy Allocation (MRFISA), which is defined as follows: Minimum Required Fixed Interest Strategy Allocation (MRFISA): A ...
Franck Dernoncourt's user avatar
1 vote
1 answer
44 views

Is there a way of picking a life insurance agent who is a fiduciary?

We got a company with a CPA and financial adviser come to present at work and one mentioned life insurance. Is there a way to pick figure out who is the best agent to work with when it comes to ...
heretoinfinity's user avatar
-1 votes
2 answers
86 views

What's the "Fixed Interest Strategy Amount Withheld" in a life insurance?

For example, I'm looking at the Nationwide Indexed Universal Life Accumulator II 2020 life insurance with a Long-term Care Rider. Each month, the client pays some premium, say 50 USD. From the amount, ...
Franck Dernoncourt's user avatar
-1 votes
1 answer
127 views

What's an Index Interest Strategy Charge Rate in a long-term care (LTC) insurance plan?

I'm looking at some Life Insurance Illustration (mirror) for the Long-term care (LTC) insurance plan "Nationwide Indexed UL Protector II 2020" managed by the Nationwide Life and Annuity ...
Franck Dernoncourt's user avatar
5 votes
3 answers
230 views

Life insurance to cover care for an older relative

Suppose that I provide support for a much older relative. I worry that in the unlikely case if I die before the relative, the relative will not be provided for. Is there a life insurance that pays ...
Boris Bukh's user avatar
9 votes
3 answers
2k views

Second opinion on investments

I'm working with a finance professional to receive guidance on investing and retirement planning for down the road. We like the individual that we are working with but he/she is compensated via sales/...
skimobear's user avatar
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2 votes
0 answers
65 views

The formula for a decreasing annuity (discounted by an interest rate) term life insurance?

Sometime when you are getting a quote for a term life insurance, they offer you 3 options: For a period T, and amount insured A. Fixed (payout is always A in the entire period T) Linear desceding (...
cbdeveloper's user avatar
2 votes
0 answers
45 views

Retirement savings for EU national working in France

As a 26-year-old EU national (German) working in France I'm faced with the question to save some money (100-150€ per month) for retirement as a second pillar. My bank HSBC offers a "Life ...
Nils Megan's user avatar
1 vote
0 answers
138 views

Are indexed universal life insurances of any use from a tax mitigation standpoint (= looking at after-tax returns) vs. a regular investment account?

I am a US lawful permanent resident. I am interested to know whether indexed universal life insurances have any upside from a tax mitigation standpoint compared to a regular investment account. I.e., ...
Franck Dernoncourt's user avatar
1 vote
1 answer
58 views

Need help in choosing life insurance company [closed]

I am a 31 year old, I was shopping around for a dependable term life insurance. I got two approved quotes. One is from Prudential, which is $68/month for $1m/20 years term. The other one is from ...
Tam's user avatar
  • 11
1 vote
2 answers
235 views

Is income protection worth it at a young age

I've just started my first job after completing my engineering PhD. A financial advisor has said that I should consider taking out both income protection and life insurance. The quoted cost would be ...
phald's user avatar
  • 11
3 votes
3 answers
182 views

Can I get life insurance for myself that automatically converts to an inflation-adjusted life annuity for my wife if I die?

I'm 27 and my wife is 23. She stays at home and I'm the breadwinner. If I die, I would like her to get fixed, inflation-adjusted payments until she dies. According to the National Endowment for ...
Pertinax's user avatar
  • 1,530
0 votes
1 answer
47 views

What will be the maturity benefit of saral jeevan bima?

I have taken a life insurance policy from Edelweiss Tokio called "Edelweiss Saral Jeevan Bima". The details of my policy is given below. Term: 15 years Premium Amount: Rs 50,000.00 Sum ...
Dhanya Balakrishnan's user avatar
5 votes
1 answer
803 views

missing term life insurance policy papers

We are missing term life insurance policies, but making yearly payments. In case a something wrong happens? Will the policy number alone will be sufficient to make a claim ? I also see there are ...
puzzled's user avatar
  • 1,016
1 vote
1 answer
54 views

Life insurance and its risks on the insurer and the insured

Consider a life insurance contract designed for independent workers who have little salary and are afraid to lose their retirement opportunity: for example, they will always be obliged to work even ...
Christina's user avatar
  • 143
2 votes
2 answers
57 views

Term Life Insurance rate will stay inside the same group?

I am reading AAA Term Life Insurance offer. I am wondering that the rate will stay inside the same group until the end of the insurance (80 years old) or will jump to a different group when you are ...
peterB's user avatar
  • 421
2 votes
1 answer
2k views

If I buy life insurance in one state, and then move, does my life insurance policy still cover me in a new state?

I'm planning on moving to a new state next year, but in the meantime I want to get some life insurance to protect my family from any unfortunate tragedy that may befall me along the way. Looking into ...
Zibbobz's user avatar
  • 4,374
0 votes
1 answer
87 views

Term insurance in USA

Can I buy term insurance in the USA if I am not physically present in the USA? I found that I am asked for the zip code whenever I fill out my details to buy insurance.
user2371765's user avatar
  • 1,084
16 votes
4 answers
3k views

Universal Life Insurance or Term Life Insurance?

I am new to this website and asking for your help with a situation related to my personal finances. I have a friend who recently joined WFG (World Financial Group) and they were asking for me to join ...
Freddy Johnson's user avatar
1 vote
0 answers
119 views

Employee benefits not signed up by hr

I enrolled in life insurance for myself and my husband on hire and open enrollment. He now has passed away. The life insurance company said hr never enrolled him. So no policy. Do I have any recourse? ...
Farr Kimberly's user avatar
5 votes
1 answer
471 views

Life Insurance owner deceased; insured still alive

I am executor of my aunt's estate. She was owner of a life insurance policy (no contingent owner) on her husband who is still alive. I am the beneficiary. Her will stipulates that I am the ...
Ann's user avatar
  • 51
1 vote
4 answers
93 views

Pensions and personal circumstances, assessment and alternatives

Pensions are very popular financial products, and are quite strongly encouraged, both through favourable tax laws and employers contributions. In all cases I am aware of, neither the contributions ...
Dave's user avatar
  • 823
12 votes
4 answers
2k views

Why would I/when should I stick with decreasing term life insurance?

I have been approved for some decreasing term life insurance, with a 25 year term and a decreasing payout by 8% each year. I can leave the contract at any time and take out new life insurance. What I ...
Bob Whitelock's user avatar
1 vote
1 answer
119 views

Are there escape clauses that insurer can use to not pay claims if too many people die from Covid virus?

Are there any clauses in a insurance contract that allows an insurer to not pay claims if too many people die from Covid virus? Is there a risk that insurance customers will be left out to dry?
curious's user avatar
  • 2,177
0 votes
0 answers
144 views

french citizen living and paying tax in Germany : taxes applied to owned French bank accounts?

I am french citizen, but living and working in Germany. I pay taxes in Germany. I have with a French bank a "livret development durable" ("sustainable development bank account") on which interests are ...
Vince's user avatar
  • 101
3 votes
0 answers
401 views

Life insurance documents sent to wrong e-mail address. What are my options?

Some time ago I applied for life insurance online, and to my utmost incredulity (it never happened since I started using the Internet) apparently I misspelled my own e-mail address. A host of ...
user avatar
2 votes
1 answer
5k views

What is the difference between claims repudiated and claims rejected in IRDAI Annual Report?

Insurance Regulatory and Development Authority is a autonomous body regulating insurance industry in india. It releases an Annual Report every year for providing some statistics and data from industry....
Siva Sankaran's user avatar
3 votes
1 answer
142 views

Can term life insurance have a surrender value?

Five years ago, I opened a 20-year term life insurance policy with Protective Insurance. In my recent annual statement for the policy, I was surprised to see a non-zero value listed next to "...
NeutronStar's user avatar
  • 1,322
1 vote
1 answer
192 views

Can an estate be forced to reimburse a life insurance beneficiary?

In New Jersey, a beneficiary is named on a $15k life insurance policy. That beneficiary collects the money and decides to pay the funeral expenses of $9k, then decides she wants to be reimbursed from ...
Confused's user avatar
-1 votes
1 answer
231 views

Buy one term insurance policy for Rs 2 crore or two term insurance policies for 1 crore each?

If I need to provide for two sets of dependents and may need to remove one set of dependents in future, does it make sense to get one Rs 2 crore term life insurance policy or two separate Rs 1 crore ...
Dhwanil Shah's user avatar
33 votes
9 answers
13k views

Life insurance as a lottery ticket

Suppose spouse1 and spouse2, aged 55, and children aged 17 and 19. Both spouses purchased 20-year term life insurance 19 years ago. The insurance is no longer needed to support either spouse or ...
jsf80238's user avatar
  • 441
41 votes
9 answers
15k views

Why would a life-insurance company agree to a 20-year guaranteed life annuity which is expected to pay out more than the principal?

I'm working through a paper on lifetime annuties, and in the paper, the following example is presented: With an initial purchase of $100,000, and a guarantee period of 20 years, an 80 year-old female ...
Andrew Harris's user avatar
27 votes
4 answers
11k views

Is it possible to get reverse life insurance?

So if you die the provider gets x amount from your estate but the provider pays you while you live? For arguments sake say I had a 1% chance to die in a given year I get £100 that year from a reverse ...
red squirrel's user avatar
2 votes
3 answers
404 views

Is term life insurance a good investment?

Average life insurance for a 60-year-old man costs about $400 per month for a 20-year term (starting today) with a $1,000,000 payout. If I reason that the average 60-year-old man has a 35% probability ...
bobuhito's user avatar
  • 502
8 votes
1 answer
3k 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 ...
Parker's user avatar
  • 413
-2 votes
2 answers
156 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 ...
user avatar
3 votes
1 answer
167 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 ...
SethMMorton's user avatar
1 vote
1 answer
216 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 ...
DJG's user avatar
  • 131
0 votes
0 answers
31 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
Diana K Smith's user avatar
3 votes
2 answers
384 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 ...
riya's user avatar
  • 1,245
0 votes
2 answers
3k 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 ...
Guillermo's user avatar
1 vote
5 answers
1k 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 ...
Paul's user avatar
  • 143
4 votes
3 answers
390 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 ...
Neil's user avatar
  • 1,065
3 votes
3 answers
362 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 ...
irishpatrick's user avatar
31 votes
7 answers
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'...
Steve's user avatar
  • 311