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  • Ten frequently asked questions about life insurance
  • June 15, 2015
  • Ten frequently asked questions about life insuranceBy

    What are life insurance riders?

    Under the existing policy, a rider can add additional coverage and is generally sold separately.

    I am single, why should I buy life insurance?

    You may want to minimize tax consequences and you never know when your life may change. The healthier and younger you are, the better your chance of securing life insurance with a low premium. If you marry or your life circumstances change, you can always revisit and add to your existing policy.

    What type should I buy?

    Your life insurance policy should cover all of the following – uncovered medical bills; funeral and estate-settling costs; outstanding debts and mortgage balances; and college tuition. This is just an abbreviated list of items your life insurance policy should cover.Talking to a qualified professional and using a life insurance needs calculator can help make the best decision.

    How do I report a death?

    When the insured passes away, the insurance company should be notified immediately and they will request a death certificate.

    What is the difference between a beneficiary and a contingent?

    The beneficiary is the one who is designated to receive the proceeds upon the death of the insured. A contingent is named in the event that the primary beneficiary is unable to receive the proceeds.

    What if someone has no beneficiary?

    Proceeds can go to the estate and an executor would disperse the funds but it is never a good idea to not have a beneficiary.

    If I occasionally smoke marijuana, can it affect my rates?

    Those that admit to smoking marijuana and found with the substance in their blood stream during a physical exam are rated as a smoker.

    What about smoking e-cigarettes?

    You are still considered a smoker because they contain nicotine and research is unknown if e-cigarettes are safer.

    What if someone dies of drug overdose?

    If it is ruled accidental, the policy will pay out.

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