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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 . |
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 . |
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 . |
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 . |
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 ! |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |
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 . |