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Life Insurance FAQ’s

What you need to know about Life Insurance

Does Life Insurance have a co-ordination of benefits clause?

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No, They will ask on the application though if you have other coverage to prevent over insurance and to make sure there is insurable interest. So, if you need more coverage, buy it!!!!  It may or may not be advantages to cancel prior coverage.  It might have lower premiums as you were younger when you bought it and your health might have been better, etc.  It’s no problem to have two or more policies, one from employer, etc.

Video’s from  actual life insurance beneficiaries

Insurance Information Institute – Life Section

Life Insurance Law FAQ’s – Free Advise.com

Free ONLINE Needs Analysis

LIFE INSURANCE BASICS

Why should I buy life insurance?
Do I need to take a physical exam?  freeadvice.com/
What should I expect and how do I prepare for the Paramedical Exam?

What are the principal types of life insurance?
What is a beneficiary?
General Beneficiary Designation

 

Do I or my beneficiaries have to pay Income Tax on the proceeds?

No,  IRC 101 A

 Social Security Survivor Benefits

 

TYPES OF LIFE INSURANCE

What are the types of term life insurance policies?
What are the different types of permanent life insurance policies?
Why should I purchase permanent insurance?

BUYING AND SAVING MONEY

How should I choose what type of life insurance to buy?
How do I pick a life insurance company?
How can I assess the financial strength of an insurance company?
How should I choose a life insurance agent?
How can I save money on life insurance?

SPECIAL BUYING SITUATIONS

What is “burial insurance”?
Should I buy life insurance on my child’s life?
Do “empty nesters” need life insurance?

KEEPING YOUR LIFE INSURANCE CURRENT

spacer How should I organize and store my life insurance records?
How often should I review my policy?

HELP!

spacer If I can’t pay my premium, what should I do?
Where can I get additional information on life insurance?

FACTS

Which companies are the largest writers of life insurance?

Related Information

Social Security Death Benefits

Instant Term Life Quotes - CA

 

What about suicide or euthanasia?

Oregon Measure 16?

Insure.com

2 year contestibility Kantor & Kantor  & suicide clause

§10113.5 

 

 Consumer LINKS

Free Advise.com Life Insurance Law

Medical Records & Privacy

insurance.ca.gov/

Medical Underwriting HIPAA Privacy

Viatical & Life Settlements

Attorney Referrals

Actual PAID Claim – Premium Total $35K  Benefit $100,839.53

my mother wants to cash in her life insurance, she has approx 9,000, is it better to cash out or take out a loan?

Generally it’s better to take a loan.  That way you still have the policy in force.   You don’t have to pay back a loan.  The company might bill you for the interest though.  Does she need the whole 9K now or would it be better to borrow say $1k/year?

if she takes a loan does she need to pay it back, if she takes cash does she have to pay taxes?

Depends on how much she has paid into the policy.   Anything less than $9K – there would be tax on the difference.  That’s why a loan might be better.  What’s her tax bracket?   $1k/year would be lower taxes than 9K at one time.

her income is approx (social security  only) $7,644/yr, which ss is not suppose be taxable.

Attorney Referrals

Steve Shorr explains how to use the FREE ONLINE 24/7Term Quote Engine

Instant Term Life Quotes - CA

Other pages in the Life & Estate Planning Section

3 comments on “FAQ’s

  1. Hi Steve

    great website and great information on here.

    We did notice that you haven’t listed a resource for people who have diabetes, and turn to to find life insurance.

    http://www.diabeteslifesolutions.com

    Here’s an agency that was founded by people with Diabetes, and is the only agency out there who ONLY works with people who have Diabetes.

    I’m sure alot of your readers could benefit from this website.

    All the best!!!

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