Life Insurance: Coverage for you and your family

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PostPosted: Thu Apr 17, 2014 11:45 am   Post subject: inquiry about policy  

Hello sil.I'm kogilavani senthil kumaran.my father Mr senthil kumaran buy a policy in AIG insurance Malaysia.4 months ready.but until now we never receive any resit for payment.we would like to know more about this policy.we hope ms will take immediate action in this issue.10q.


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PostPosted: Thu Apr 17, 2014 5:01 pm   Post subject:   

We are not your father's insurance company. He needs to contact the insurance company directly.



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PostPosted: Wed Jul 09, 2014 4:22 am   Post subject: Life INsurance  

What measures can be taken to get the funeral bill paid if the insurance compay states that no beneficiary was named and ther are two minor children living?


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PostPosted: Thu Jul 10, 2014 2:14 pm   Post subject:   

The principal way of paying a funeral bill is by check or credit card. Life insurance death proceeds is a different matter.



If there is no named beneficiary, the insurance company must usually pay the money to the Probate Court, which will decide who gets what. If the decedent left unpaid bills along with minor children, the bills are more likely to be paid with the insurance money than the children.



That's what happens sometimes when agents don't follow up with their clients to make sure beneficiary designations are up to date -- whether personal or group insurance is involved.



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PostPosted: Wed Oct 01, 2014 3:41 pm   Post subject: Insurance for an 86 year old Mom  

My Mom is going to be 86 in November 2014. Can she get a Health Insurance?

She is diabetes and BP are the only medical problem. She is active, walking to and attend Church services. Let me know if I can get any Insurance.


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PostPosted: Wed Oct 01, 2014 11:06 pm   Post subject:   

Your 86 year old mother needs to be on Medicare. She is not eligible for individual health insurance thanks to the PPACA. If she is not "fully insured" based on her own work history, or that of your father, then she pays a premium for both Part A and Part B.



The PPACA changed the rules on Medicare, and there is now a 10% premium penalty for each year of non-enrollment in Part A for twice the length of time a person was not enrolled after age 65. At age 86, if she has never enrolled in Medicare, she could be facing a 210% premium surcharge for the next 42 years. If not enrolled in Part B for all that time, then she also has a 210% surcharge for the rest of her life for that.



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PostPosted: Thu Dec 18, 2014 11:14 am   Post subject: Life indurance policy  

I believe my son had more than one policy due to the jobs he had before joining the Navy. I feel that somehow someone found out and cashed in on them posing as me . I'm his mother and was always told by him that I'm his benafishey on everything. How do I find out if more than one policy paid on him? I feel because of things that has happen since he died it's true but I need to know we're to start please help me


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PostPosted: Wed Dec 24, 2014 10:07 am   Post subject:   

If your son was employed prior to joining the Navy, he probably lost that "group" life insurance when he left the jobs. If he had Servicemembers' Group Life Insurance, the military probably would have contacted you as his beneficiary, if indeed you were.



You can contact Servicemembers' Group Life Insurance to see if, perhaps, you were the beneficiary of his SGLI policy. Their phone number is (800) 237-1336.



It's possible that he had other life insurance through other companies, but if they are group policies, it would be very difficult to find out which, if any, issued him coverage.



Life insurance companies, for the most part, are now compelled to search for beneficiaries of unclaimed death benefits. Hopefully you are listed in telephone directories or other resources.



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PostPosted: Wed Feb 18, 2015 11:11 am   Post subject: Need to find if dad left me some life insurance  

Hello my name is Adam Shipley and my father passed away a week ago and I remember him saying he had life and funeral insurance and I am to get a percentage of it and I asked my siblings about it and thay are denying it and are hiding it all from me how do I find out if he actually did leave me any

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PostPosted: Wed Feb 18, 2015 1:07 pm   Post subject:   

You will have to use a service such as the Lost Policy Locator service available through some state insurance departments or MIB Inc. http://www.mib.com/lost_life_insurance.html



Additional information can be found here
https://www.acli.com/Consumers/Life%20Insurance/Pages/Missing%20Policy %20Tips.aspx



I have additional resources available, too. You can contact me by clicking on the link below.


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PostPosted: Tue Aug 11, 2015 11:44 pm   Post subject: LIFE INSURANCE  

NEED INSURANCE ON MY GRANDFATHER


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PostPosted: Sun Aug 16, 2015 3:24 am   Post subject:   

Contact a local insurance agent.



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PostPosted: Wed Aug 26, 2015 10:25 pm   Post subject: Life Insurance loan info  

I have a whole life insurance policy on my ex-husband (provided in divorce decree). I took a loan of 4,000.00 to help with down payment on a house. Policy was purchased in the 80's, and the loan was done in the mid-90's. I recently spoke to the insurance company, was advised that my original 4000 loan has morphed into 10,000, due to compounding interest. I've made premium payments for all these years, and have been making interest payments of approximately 600 per year for the last few years when they began sending a bill. I might add that the original company was changed to another at some point. My question is, what would my options be if I just surrender the policy? Would I be liable to pay the 10,000 anyway-or have to pay income tax even if I never received any money ?


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PostPosted: Fri Aug 28, 2015 8:33 pm   Post subject:   

This is one of the most common mistakes people make with their life insurance -- borrowing money and never paying the interest -- only to discover that they have completely destroyed their life insurance AND have a taxable event as a result.



The $10,000 loan amount will be deducted from your cash value (CASH VALUE minus LOAN AMOUNT equals SURRENDER VALUE), so you won't have to pay anything out of pocket as far as the loan itself is concerned.



If your cost basis is less than the unpaid interest, however, if you surrender the policy, the forgiven amount will be taxable to you. Cost basis is, essentially, the amount you have paid in premiums. It's a little more complex than that, but this is a good starting point.



If you have a cost basis of $8000 but your loan amount is $10,000, and your cash value is $11,000 (meaning your surrender value is about $1000) you could have to pay income tax on $1000.



Your situation could be more complex than that, so before you surrender the policy, seek professional tax advice. In the meantime, try paying more than just the interest in order to lower the loan amount.



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PostPosted: Wed Sep 02, 2015 8:55 pm   Post subject:   

This is good, because am not totally aware the different kinds of insurance. I am grateful because I can discuss this to my family later.

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