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Universal Life Insurance Policy Definitions

Summary article By Kevin Stith

whole life insurance policy

whole life insurance policy

A universal life insurance is a financial resource that provides money for your family in the event that you die. Universal life insurance combines features of the two basic types of life insurance: term life insurance and whole life insurance. This insurance policy provides the whole life insurance' cash value and the term life's protection feature.

If you have this policy, you will have flexible premiums and death benefits. Getting a universal life insurance can certainly give you numerous benefits. But before you get one, make sure that you understand the universal life insurance policy definitions. If you really want to look further into the details of this policy, you might consult an insurance agent, so you will know if this is the right policy for you.

Missing Life Insurance Policy

Summary article By Julie Shields

Few life insurance companies want to give anyone a hard time about paying out the death benefit; but insurance fraud is rampant as it is, so they do want to be careful that the right people are getting the right amount of money and getting at the right time.

You can try to find contact information for the life insurance company or companies by going through the deceased's mail, if you don't know where the policy can be found.

Under state insurance laws, if a life insurance company does learn of a policy holder's demise but cannot locate the bennie(s) and never receive a claim, they have to turn their death benefit over to the state comptroller's office within three to five years (the state is the state where the policy was written and issued, even if the insured moved to another state later). Most of the time, death benefits are paid out because the bennies contacted the life insurance company.

If the deceased had a term policy, as long as it was paid to be current (including the mandatory 30 day grace period) up to the time of their death the life insurance company will pay the claim. If the policy was a permanent policy that builds cash value, if the policy was about to lapse the insurance company would pay the premiums for the insured using their cash value.

The life insurance company might also put the policy on "extended term" status, meaning they use the cash value to buy a term life policy of the equivalent face amount. This term policy would last as long as it could be paid for. The life insurance company might also put the policy into a "reduced paid up" status, meaning the policy is still in force and will remain in force but, depending on how much premium was not paid, the death benefit is reduced.

If you cannot find the physical policy, you need to somehow get hold of the policy's unique issuance number and the life insurance company information.

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