We give you straight answers to your toughest, and some of the most common, questions about life and health insurance.
How does high blood pressure impact life insurance underwriting decisions?
In the vast majority of cases, having high blood pressure doesn’t mean you’re out of luck for life insurance. The premiums may be higher than if you had a normal blood pressure number, and in some extreme instances insurance companies might decline your life insurance application, but much depends on the company that you apply to for insurance. Just as there are many different companies, each one tends to have a different view of the significance of your high blood pressure. If you have high blood pressure? It’s even more important that you carefully shop around for the insurance companies that will offer you the best rates.
What are the common mistakes when purchasing life insurance?
Picking a policy based on price alone, choosing the wrong type of life insurance for your current needs and circumstances, purchasing a life insurance policy with premiums that increase over time, letting your plan lapse before its maturity date and investing in a life insurance plan without having a good grasp of its terms or payout conditions.
How does waiver premium insurance work?
The “waiver of premium rider” is essentially language in an insurance policy which allows the insured to stop making premium payments should he or she become ill or disabled. Say you buy a waiver of premium rider, and after 5 years, you get run over by a bus and can’t work. The waiver of premium rider means your policy doesn’t lapse while you’re down and when you die, your beneficiaries receive the proceeds of your life insurance policy. These riders come at an additional cost could be subject to time or age limits. Read the fine print. In most cases, a disability needs to last at least six months before the rider kicks in.
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I’m the beneficiary on my husband’s life insurance. What happens if I die with my husband?
If you and your beneficiary die at the same time, while that situation can create problems, many states have enacted a law known as the Uniform Simultaneous Death Act. This law means that, if there’s no clear evidence of who died first, you or your beneficiary, your life insurance policy will be paid out as if you survived the beneficiary. In a nutshell, it means your life insurance proceeds will be paid out to your estate – and not the estate of your beneficiary.
What are dividends as far as life insurance is concerned?
It’s a yearly payment given out by an insurance company to a policyholder. While annual dividends are usually distributed in from life insurance and disability income insurance policies, insurers might pay their customers an annual dividend when the company’s investment returns, paid claims and operating expenses are better than expected for a calendar year. These amounts are subject to change each year and not guaranteed.