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Is Life Insurance An Indemnity Policy?

When someone is indemnified they are said to have been made whole . When a car is involved in an accident the insurance company returns the car to its pre-accident state and thus indemnifies the car owner . It is impractical to evaluate a human life . The life insurance policy is a binding legal agreement between the insurance company and the owner of the policy to pay a specified amount upon the death of the insured , regardless of their value at the time of death .

There is a lot of rules that will need to be followed at this age it all depends on the past savings as to what should be done at this point . The best advise I can give is get started most people including my self which I learned the hard way spends more time planning a 4 day vacation than for their long term retirement -LRB- GOALS -RRB- so just get started be patient it 's not over till it 's over.So find a good advisor now you might need to lose your mind in the process or do n't over think it .

Is Life Insurance An Indemnity Policy?

No , life insurance is not an indemnity policy . The concept of indemnity insurance does n't apply to life insurance . Indemnity policies pay for actual economic loss up to a stated maximum in the policy . The claim needs to be proven by the policy owner . In life insurance , the amount of the actual economic loss is not relevant . When the life insured dies , the insurer is required to pay the total death benefit amount specified in the policy .

Life insurance depending on the type of policy can offer several things . The primary purpose of course is a tax free lump sum benefit to your loved ones when you die to replace income , payoff debt , educate your children , etc. . However , there are cash value plans such as a whole life policy for example that can do much more . Think of it as the Swiss Army knife of life insurance . The features can help with retirement , pay for a critical illness , long term care situation , college funds for children , etc. . I recommend sitting down with an experienced independent life insurance broker you trust and build a plan that takes care of your unique needs .

How Can You Cash In Life Insurance?

When a permanent policy has CASH built up and there are no outstanding loans the insured has options . They can borrow the money from the policy in the form of a loan -LRB- some policies require you pay it back , others do n't -RRB- , they can terminate the policy and take the cash -LRB- subject to taxes of course -RRB- , or they can do a 1035 exchange and move that cash into another qualified financial product . Before any of these actions are taken it 's wise to complete a new and updated needs analysis with an experienced agent to determine the smart play with your money .

High cholesterol isnt normal . Standard rates are based upon an assumption that you are normal . There is as great deal of information that can guide an underwriter on how to adjust the premium for the increased risk that your case represents . Some companies have a wider ranger for normal than others and some have done extensive studies on certain health conditions . These companies might be better suited to provide you with life insurance at a reasonable rate .

How Can You Cash In Life Insurance?

If you have a permanent policy you normally have two ways to get money out of your policy . The first is an outright surrender . In this you are relieving the company from paying the death benefit in exchange for an amount guaranteed in the policy . The other is through a policy loan , where you borrow funds from the company and pay a nominal rate of interest . The death benefit remains , however , the loan is repaid from the proceeds should death occur .

Oh wow , unfortunately there is no black and white answer to this question . It varies drastically from carrier to carrier but also from claim to claim . Your actual claim will determine a lot about how long the process will take to full resolution . If it is a simple `` fender bender '' where things are pretty cut and dry , you are talking a matter of a couple of days ... with our carriers and on claims like this as soon as the field adjustor can get out to inspect the car , they are usually cutting a check on the spot . If seen claims like this close in a day , but also have seem them take a couple of days to close simply due to scheduling issues . More serious claims take longer . If fault is in questions and police reports have to be pulled , this takes time . If there are serious injuries or death , these take a lot of time . Typically you do n't have to wait until the claim is settled to start the repairs on your vehicle . If you car is `` totaled '' you might have to wait until it is settled . Each claim and carrrier is different and you have the right to stay informed about the process . Your adjustor will no more than your agent so stay in contact with them and ask them direct questions about the length of time things should take and what you should expect during the process . Contact your local independent agent and ask them specifics on the claims process of their carriers .

How Can You Cash In Life Insurance?

Great question ! Assuming that you are wanting to take the cash value out of the whole life policy that you 've had for awhile -LRB- A term policy will not have any cash value at all for you to get -RRB- the process is fairly simple . First you want to contact the company , and ask for a surrender form . Once you have filled that out and sent it back in , they will send you a check . There may be a `` surrender charge '' taken out of the funds , and it can be substantial if your policy is n't very old . If I can help you in any way , please feel free to contact me . Thanks for asking !

You can get life insurance on someone else if you have an insurable interest with that person . This means that their death would cause you some type of financial harm . Quite bluntly , this prevents people from taking out policies on others for criminal or fraudulent purposes .

How Can You Cash In Life Insurance?

How can one `` cash in '' a life insurance policy depends on who you are in relation to the policy . If you are the Owner of the policy you can contact the issuing company and request assistance in surrendering the policy - that is if you want to terminate the policy and collect whatever cash value it might have . So it must have accumulated cash value enough to offset the surrender charges or there will be nothing to `` cash in '' on . Another option if you are the Owner is to take a policy loan or a partial surrender of the amount of cash value the policy has accumulated . This you can do without terminating the policy . If you are the Beneficiary , the Insured must have died in order for you to `` cash in '' . To do that you will need to produce the death certificate and present it to the insurance company along with proof that you are indeed the Beneficiary . Payment of the death benefit is the longest process of the options listed above . Taking a policy loan is the fastest way to get cash from your policy . And a total surrender will usually take just a little longer than a policy loan .

If you are looking for whole-life insurance , many of the simplified issue carriers will give preferred rates to diabetics even if they take insulin . Usually to qualify for a preferred rate you ca n't have used insulin prior to the age of 40 and ca n't have ever been in a diabetic coma or had other complications . There are many agents who specialize with simplified issue whole-life or `` final expense life insurance . '' I train agents all over the country and diabetics are one of the target markets that we look for and can help . You should get mailers advertising final expense insurance if you are between the ages of 50-85 . Just reply to one of those or look in the internet for an agent in your town .

Are Life Insurance Proceeds Taxable In Ohio?

Life insurance proceeds are not charged income tax in Ohio , or in any other state . If the death benefit if taken in installments , the interest on the life insurance payments is taxed . And if the estate is over $ 5,250,000 the excess above that amount will be charged federal estate taxes .

A Term Life Insurance Conversion Credit is a break given to people converting their term insurance to permanent insurance . It is up to the insurance company whether to offer a conversion credit on certain term policies . If conversion credit is offered , when the insured person converts their term policy to a universal life or whole life , the premium for the first year of their new policy will be reduced by a credit based on the amount of term premium that was paid that year .

Are Life Insurance Proceeds Taxable In Ohio?

No life insurance proceeds are not taxable in the state of Ohio . Life insurance proceeds are not income taxable in any state and do not incur federal income taxes . Further , Ohio does not have an estate tax , so there is no worry there when it comes to life insurance either .

That refers to a combination of liability options provided in a car insurance policy . in order , `` 25 '' means that you would have up to $ 25,000 in Bodily Injury coverage for an indivual hurt in an accident that you cause . `` 50 '' means that you would have up to $ 50,000 for all persons injured in an accident that you cause . If say 2 people were injured they would be entitled to up to $ 25,000 each . Finally , `` 10 '' is for property damage liability and means that you would have up to $ 10,000 to cover property that you damage as a result of an at fault accident .

Can I Get Life Insurance While I'm Pregnant?

Up until the third trimester , you should have no problem getting life insurance while pregnant , as long as you fit the weight guidelines and have no serious complications . If you have manageable health conditions associated with your pregnancy , such as controlled gestational diabetes , you can still get Preferred rates with some companies . I just had a policy approved today at the best rate class for someone who applied in her second term of pregnancy for a medically underwritten policy . Some companies restrict applying in the third trimester , but there are nonmed policies that you can get at any stage of pregnancy .

There are two products provided through Social Security : 1 -RRB- Social Security Disability Insurance and 2 -RRB- SSI , or Supplemental Security Income . Social Security Disability Insurance -LRB- commonly referred to as `` Disability '' is for people who have become disabled . They will get Medicare after receiving disability benefits for two years . Those on SSI are disabled or blind and also have limited income and resources . In most states , they are usually automatically eligible for Medicaid when they go on SSI .

How Does A Health Insurance Broker Get Paid?

A health insurance broker is paid directly from the insurance company . Typically , it is a small percentage of the premium that drastically reducesfurtherafter one year . Customers never have to pay any commission and are rewarded with free advice and often a comprehensive website that allows them to apply directly at the lowest available costs . To get the best online health insurance options , working with a broker and their website is the recommended way .

It truly depends on the type of coverage you are seeking , as my colleagues above have attested to . If you are getting a policy that is guaranteed issue , then no ... there will be no medical questions nor testing of any kind . However , you must realize that there are then some restrictions which come with this type of coverage , to mitigate the risk incurred by the insurance company entering into a life insurance contract without medically pre-screening the proposed insured . Lower bands of coverage , higher premiums built into quotes versus same age individuals WITH a paramed exam ... etc. . These are factors to look at and weigh if drug screening might be an issue . Some companies , however , still do issue policies but might rate them a bit higher if blood toxicology comes back positive for certain substances .

Does Term Life Insurance Have A Cash Surrender Value?

No , Term Life Insurance does not have a cash surrender value , in most cases . Term insurance has a low cost up front because it does not have a cash value accumulation . ROP -LRB- Return Of Premium -RRB- Term costs more than regular Term Life Insurance , but does return the premiums paid in at the end of the Term if the Insured is still alive .

That is a GREAT question ! The `` twin '' question to `` how much is right '' , is : `` Which KIND is right '' . There are more than 10 types of Life Insurance : at least 3 kinds of `` Term '' insurance , and at least 10 kinds of `` Permanent '' insurance . Which kind is right for you depends on your goals and needs . That would include your family situation , your financial situation , and what and who you want to benefit . Then when all that is determined the amount of benefit can be determined . A kind of `` rule of thumb '' - taken completely out of context with all the other variables is about 8 to 10 years worth of your annual income . But in reality each situation is unique to the individual client . That 's why personally I take an Education and Fact Finding approach to advising my clients on which kind and how much insurance to implement .

Does Term Life Insurance Have A Cash Surrender Value?

Term life insurance is not designed to have a cash surrender value , however you may find a cash surrender value quoted on some term life insurance policies . This cash value is generally a return of unearned premium . Premiums on a life insurance contract can only be booked as as earned by the insurance company on a monthly basis , so if you pay your premiums for a period less frequently than this -LRB- e.g. annually -RRB- the insurer will refund the unearned premium if you surrender the policy . Outside of this , no term life insurance will not have a cash surrender value .

Your health and policy design aresignificantfactors in selecting the best coverage for you . There are not many long term care insurance companies remaining in the market , but those who left are are solid carriers , Each carrier presents policy provisions with their own proprietary definitions and benefits that may favor one carrier over another . But from an overall perspective , Genworth is one of the top long term care insurance companies .

When To Add A Teenager To Auto Insurance?

You need to notify your insurance company as soon as your teenager has a drivers license . Most insurers dont need to know if the dependent has a learners permit . Usually this involves a telephone call to the company or their agent . You can expect that the inexperienced driver will be assigned to one of the cars and that will impact the premium for that car .

Applying for Disability Insurance is similar to applying for Life Insurance . You must complete and submit the application , take a free insurance exam , and wait for the underwriter to review everything to determine approval . If there are medical records that need to be ordered , the length of time it takes to get the Disability Insurance will depend partly on how long it takes the doctor 's office to provide medical records . If you are asking how long it takes to receive the benefit from a Disability Insurance policy , that depends on the elimination period chosen .

When You Rent A Car Is Insurance Included?

Rental car companies offer a physical damage option as an amendment to their standard contract . This option , offered for an additional daily charge , provides for covreage in the event that their car is damaged while in your posession and control . But before you sign on the dotted line for this , check with your insurance professional to see if your personal auto policy extends coverage on to rental cars . If it does , then save yourself the money on the rental agreement and do n't accept the option . Also , check with your bank card provider . Many include coverage on rental cars usually up to $ 500.00 .

Homeowner 's insurance premiums can be not very much ... or quite a bit . I know . Not the answer you were looking for . But there are so many variables , it 's hard to quote specifics without knowing more details . Is your home replacement cost $ 90,000 or $ 900,000 ? Built in 2010 or 1960 ? Brick or frame ? So much information is needed that in fairness ... you would have to submit a quote request .

How To Appeal A Home Insurance Denial?

To be honest , I am not sure if you are asking about being denied a policy , or having a claim denied . If you are denied a policy by one company , just have your Insurance Professional find another company whose underwriting standards would enable them to offer coverage . If you are denied coverage on a claim , again , check with your Insurance Professional about that company 's coverage terms and conditions and what their appeal process might be . If still unsatisfied , you could always send a letter to your state 's InsuranceDepartment and ask them to inquire .

Insurance isnt a tax or merely a legal obligation . Because auto insurance follows a car you should have auto insurance any time you own a car . If you decide to register the car , most states will require insurance covering liability for the operation of the car . If you are going to store a car you should consider comprehensive auto insurance to protect your car from a wide range of perils .

Is Long Term Health Insurance Worth It?

Long Term Health Insurance -LRB- known as Long Term Care Insurance -RRB- is worth it for some people and not for others . If you have a large amount of savings , investments , and/or property , Long Term Care Insurance can protect your estate by paying for the cost of caring for you if you can not care for yourself . If you have very little in the way of assets , LTCI may not be worth it , as Medicaid would cover the cost of staying in a nursing home . However , whether you have a large estate or not , Long Term Care Insurance does provide some freedom in choosing where you receive your care . And for some people that is worth the price of the insurance .

If you are denied Life Insurance , then you are not covered meaning if you die , no benefit will be paid to your heirs . There are 3 basic reasons a life insurance policy will be declined : 1 . You health is not good ! I am talking more than just smoking or a little overweight . Perhaps there is a history of heart attack , cancer , etc. 2 . You have risky hobbies such as skydiving , hang gliding , rock climbing , scuba diving , etc. 3 . You are in the Military and are deployed to a `` hot zone '' which the insurance companies determine or perhaps you are vacationing in a `` hot zone '' . This said , all companies have different underwriting . I would recommend talking to a broker who can shop around for you . Fill out a questionnaire which all the details so different underwriters can review and see how these companies will rate you .

Is Long Term Health Insurance Worth It?

Long Term Care -LRB- LTC -RRB- insurance is an indemnity policy . That means that if certain conditions are met the insurance company will make you `` whole '' as defined in the contract . If you never meet the conditions described in the contract then no payments are made . If you do meet the conditions the company is obliged to pay to the limits of the policy which could be a multiple of premiums paid .

Social Security will not cover all the expenses that most people have in their retirement , and certainly will not provide enough income to experience some of the desires people have for their retirement . Without planning , money is easily dwindled away on things without meaning . But it could be saved and invested so that there is an extra source of income during the retirement years . You can never start planning early enough for retirement .

Why Buy Long Term Disability Insurance?

Why buy long term disability insurance ? Buy it to prevent a hardship from becoming a tragedy . When an injury or illness is severe enough to cause someone to be laid off for months or years at a time , additional bills are racked up in addition to normal living expenses . Disability Insurance provides up to 80 % of the income lost , allowing most workers to get by without having to move and make other drastic changes at a difficult time .

This depends on the type of Annuity . Most all Annuities have a Beneficiary Designation which names an individual that you wish the proceeds to pass to . They will pass to the Beneficiary free of probate . A Deferred Annuity will always have a named beneficiary . An Immediate Annuity sometimes might not . But most immediate Annuities have Death Benefit Options that allow for the funds -LRB- or part of them -RRB- to pass to an individual .

Why Buy Long Term Disability Insurance?

When you consider that most working Americans has 90 days of cash reserves for an unexpected emergency , how much more for an injury or sickness that incapacitates you so you ca n't work . Disability insurance is paycheck protection that delivers cash benefits after the elimination period has been satisfied for example 90 days .

I am actually working on these policies right now for a few clients . They are choosing an amount they want to spend per year , and committing that to a policy for their children . The basic objective is to accumulate an attractive amount of money that could then be distributed as supplemental retirement income later on in the kids lives . Since this money will grow over literally decades , enough can be grown so that the yearly income can be substantial . We are kind of backing into the face amount once we decide on the yearly contribution and on how much money we would like to let the children take out of the policy when the time is right . So , like anything else , you get what you pay for it . You can go high or low on the funding , and high or low on the face amount . It all depends on what role you want life insurance to play in wealth accumulation for your children . Why not go for it ?!

How Can I Add My Girlfriend To Health Insurance?

Wow , people keep asking this question . Does n't anybody get married anymore ? No , you ca n't add your girlfriend to your healthinsurance , she 's not a legal dependent . Girlfriends and boyfriends have a tendency to come into and then drift out of our lives . That 's why they are referred to as friends . Husbands and wives on the other hand have this certain `` stickiness '' and tend to hang around for a long time . Maybe even until death do you part . The bottom line is if you think so highly of your girlfriend that you want to put her on your health insurance then it 's time to make it legal . Of course , now in the era of ObamaCare even marrying her may not be a guarantee you can add her to your employer 's health insurance . Interestingly enough , ObamaCare did n't bother to define spouses as dependents -LRB- I did n't make the law folks I just inform people about it -RRB- and so with health insurance rates skyrocketing you are seeing increasing numbers of employers requiring spouses who are employed at another company that offers health insurance to enroll in their employer 's plan . And a few have gone all in on that interpretation of the law and are n't covering spouses at all -LRB- still pretty rare -RRB- . But , in general , you have to be married to your girlfriend to cover her as a dependent on your health insurance .

Life Insurance policies are paid out lump sum to the benificiary , so , this indicates that the benificiary has control of all monies and that the creditors will have no control for garnishment . Garnishment are for wages yet Life Insurance is a death benefit paid out at time of death of the policy holder to the beneficiary . This is not matter who has control of the policy at any time .

How Much Disability Insurance Should You Buy?

How much disbility insurance should you buy ? A combination of the most you can get and what you can afford . If you already have group insurance in place , usually you can only buy up to 70 % of yourwagescombined between individual and group . If group is not in place you can buy individual coverage up to 70 % and combine with group later to actually insure more than 100 % of your income . The hard part with how much coverage should you buy is how much will it cost ? Getting the full level of coverage can be pretty hefty as far as premium goes .

I was asked the same question by a client whose annual premium for both spouses was $ 7,000 . If you 're not sure , then you probably need it ! After all , someone asking may not be able to afford the average cost of $ 70,000 + per year to cover one person . Having said that , it may be advantageous to look at the new riders on both term and permanent coverage that allow for using the death benefit to pay for LTC under certain circumstances .

How Much Disability Insurance Should You Buy?

If you can afford it you should purchase the maximum individual disability coverage based on your annual compensation and contributions to your retirement plan . The statistics of experiencing a disability once in your working life is extremely high and the period of disability averages 30 months . You should buy term life insurance and spend the difference on disability insurance .

Great question ! If the tree fell due to negligence -LRB- it was dead , or had significant rot and was a hazard that was n't fixed -RRB- then whomever 's property it sat on may be liable for the damage to your car . If it was your tree , then your comprehensive coverage clause in your auto insurance policy should cover it . If it was a healthy tree that was felled by `` an act of God '' , you may have a rougher time collecting . If you have more questions , feel free to contact me , I 'd be happy to help ! Thanks for asking !

Why Do We Need Homeowners Insurance?

There isnt a legal obligation to own homeowners insurance in most states . However , the mortgage company will almost always require it . If you dont have a mortgage and can handle rebuilding the house or paying the award of a jury in a lawsuit , then you dont need a homeowners policy .

`` Original '' Medicare will cover SOME medications under Part B . As a general rule , infusion therapy , immunizations administered in your doctor 's office and most diabetic supplies -LRB- including insulin -RRB- may be covered under Part B. Most prescriptions filled on an outpatient basis by mail order or at a retail pharmacy are covered under Medicare Part D. Your Part D prescription drug plan is a separate benefit offered by private insurance carriers . The premium you pay will vary by zip code and the covered medications . Many Part D plans have an annual deductible that must be satisfied before brand name prescriptions are included with copay 's . Be sure to verify that the medications you take are included in your Part D drug formulary You can compare drug formulary 's at Medicare.gov by using the drug formulary prescription plan finder .

Why Do We Need Homeowners Insurance?

Homeowners insurance , and any insurance for that matter , is meant to protect the things we value . Homeowners insurance is to protect your investment in your home . If something catastrophic happens , you want to know that your investment will be protected , and that you will have someone to help you rebuild your home . Without homeowners insurance , YOU would be solely responsible for your home , your belongings , and all of the expenses associated with your loss . With insurance , you may have to pay a small amount -LRB- the deductible -RRB- , but the insurance company is there to make sure that you are taken care of , and not forced to suffer more on top of the suffering you will already have to endure .

You can put a life insurance policy on someone else if you have an insurable interest in that person . That means that , if they passed away , it would hurt you financially . E.g. you could take out life insurance on someone to whom you loaned a large amount of money , so that you would get your money back if that person died . Life insurance companies look at immediate family relationships as an emotional loss when death occurs , which justifies financial remuneration . However , even taking out a life insurance policy on a relative will have some financial considerations in determining how much you can put on them .

Does Homeowners Insurance Cover Sewer Lines?

Sewer lines or plumbing or not a covered peril of a homeowners policy if you are referring to the pipes alone either wearing out , plugging up or breaking , not to mention root damage . However should a pipe burst and causedamageto your dwelling there should be coverage . Irecommendyou talk to your local agent about the specifics of your potential loss to see if there is coverage .

Good is a very subjective and relative term and this will depend on what sort of product or plan you are seeking through American Income Life . American Income Life is focused on final expense life insurance and supplemental health insurance . Pricing and competitiveness is dependent on your specific situation and how well you meet the risk profile they seek .