Questions tagged [life-insurance]

to be used for questions related to life insurance.

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8
votes
1answer
231 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
98 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
89 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
164 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
votes
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
0
votes
1answer
65 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 ...
3
votes
3answers
303 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 ...
8
votes
3answers
11k views

What happens if a person with life insurance goes missing and is found many years later?

Suppose a person has life insurance and goes missing while the policy is valid. His body is not found, no one saw anything which would be an evidence of the person death. Suppose going missing is not ...
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
4answers
138 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 ...
6
votes
3answers
827 views

What is the simplest way to describe indexed universal life?

Indexed universal life seems to be pretty popular these days, but it also comes off as very complex with a lot of small print. Without getting too complex, whats the simplest way to describe what it ...
3
votes
2answers
287 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
279 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 ...
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 ...
1
vote
5answers
239 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 ...
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 ...
33
votes
4answers
1k views

How much life insurance do I need?

What is the best way to determine how much life insurance I need?
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'...
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, ...
2
votes
0answers
83 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 ...
1
vote
2answers
75 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
54 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?
7
votes
3answers
734 views

Do laddered term life-insurance strategies give significant savings over getting re-rated with shorter term policies?

I have been reevaluating my life-insurance strategy and having remembered an article about using laddered term life insurance to give you a higher amount of coverage in the short term with reducing ...
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 ...
5
votes
1answer
129 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
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 (...
4
votes
4answers
352 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 ...
3
votes
1answer
236 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 ...
19
votes
5answers
855 views

When do I need life insurance?

checked threads before asking: 1 2 3 I have been so focused on running away of debt, that I haven't thought on future events. I am trying to decide when do I know that I need life insurance? My ...
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 ...
1
vote
3answers
136 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 ...
0
votes
1answer
67 views

Why does the IRS allow tax-deferred growth in a VUL?

Why would the IRS allow your premium "over-pays" to be invested tax-deferred? What's their motivation? They already allow 401(k) so why this too? Note: VUL = Variable Universal Life
3
votes
2answers
128 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. ...
4
votes
2answers
2k views

Life Insurance - How Much is too Much?

My wife and I recently went through the process of purchasing term life insurance. We have the paperwork filled out, and I wanted to ask the audience if this is a waste of money. Our situation is ...
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 ...
11
votes
3answers
7k views

Credit life & disability Insurance on vehicle loan for elderly buyer: Does it make sense?

An older gentleman needs reliable transportation to replace his 10 year old vehicle with over 100k miles. He can afford the payments, but doesn't want to burden his younger wife with payments she ...
2
votes
1answer
256 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 ...
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
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
1answer
205 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
1answer
87 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 ...
5
votes
3answers
390 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?...
5
votes
3answers
44k views

What is the difference between Health, Medical and Life Insurance (India) and Which one I should take my self and which one for my wife?

What is the difference between Health, Medical and Life Insurance (India) and Which one I should take my self and which one for my wife? I want to take insurance for safety + tax saving purpose. What ...
22
votes
2answers
1k views

Is permanent life insurance necessary in retirement?

I have a salesman trying to convince me that permanent is a great option. What I can't wrap my head around is why I would want permanent life insurance in my old age if I have a retirement nest egg. ...
8
votes
2answers
4k views

What will happen to this life insurance policy obtained just before a possibly terminal diagnosis?

A family member in his early 40s recently suspected he may have cancer due to digestive issues. A life insurance policy for $500k was purchased. A basic medical exam to determine eligibility was done. ...
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 ...
147
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 ...