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Questions tagged [life-insurance]

to be used for questions related to life insurance.

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1 vote
2 answers
197 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 ...
0 votes
0 answers
40 views

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 ...
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 "...
7 votes
3 answers
502 views

Universal Term Life Insurance instead of Term Life Insurance?

Apparently Genworth has replaced their vanilla term life with a universal life policy ("Colony(sm)"). The agent says the other carriers are heading in this direction too. The premiums are equivalent ...
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 ...
0 votes
0 answers
90 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. ...
4 votes
3 answers
2k 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 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 ...
-1 votes
2 answers
90 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, ...
1 vote
2 answers
171 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 ...
1 vote
1 answer
45 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 ...
-1 votes
1 answer
128 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 ...
5 votes
3 answers
231 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 ...
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/...
2 votes
0 answers
68 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 (...
2 votes
0 answers
47 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 ...
9 votes
4 answers
906 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 ...
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., ...
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 ...
2 votes
1 answer
769 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 intelligent ...
3 votes
1 answer
144 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 "...
1 vote
2 answers
236 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 ...
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 ...
0 votes
1 answer
48 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 ...
0 votes
1 answer
126 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
1 answer
805 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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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.
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 ...
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? ...
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 ...
5 votes
1 answer
501 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 ...
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 ...
3 votes
1 answer
168 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
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?
0 votes
0 answers
148 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 ...
3 votes
0 answers
429 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 ...
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....
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 ...
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 ...
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 ...
2 votes
3 answers
304 views

Life insurance policy

Right after my graduation in 2005, I started a job. One of my friend was a policy agent at that time. He somehow convinced me to buy a life insurance policy from him and I did without thinking much (...
2 votes
1 answer
255 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
3 answers
412 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 ...
26 votes
2 answers
4k 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....
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 ...