Life Insurance: Coverage for you and your family

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PostPosted: Thu Apr 29, 2010 2:54 pm   Post subject:   

About the only life insurance a person 86 years old might qualify for is a funeral "pre-need" policy. But, then again, at age 86, that person is so close to "need" compared to being "pre-need" the cost will be relatively astronomical. And the policy would most likely be limited to $10,000-$25,000.



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PostPosted: Thu Apr 29, 2010 3:02 pm   Post subject:   

Quote:
About the only life insurance a person 86 years old might qualify for is a funeral "pre-need" policy. But, then again, at age 86, that person is so close to "need" compared to being "pre-need" the cost will be relatively astronomical. And the policy would most likely be limited to $10,000-$25,000.




Transamerica writes up to age 89. So does John Hancock, American General, and Reliastar. At preferred rates it would still take 11-13 years to pay up the death benefit. Standard rates aren't that much more at that age. Example:



$25k - $2,349/year

$100k - $8,238/year

$250k - $19,343/year

$1 million - $77,370/year


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PostPosted: Thu Jun 10, 2010 12:02 pm   Post subject:   

HI, I think this website will be helpful. it gives total information about life Insurance and details .. check it..



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PostPosted: Mon Jun 28, 2010 11:17 pm   Post subject: I need advice please...  

My father in law passed away years ago hence my mother in law (though divorced from him) collected SS benefits. She passed away 2 months ago very quickly. There are 3 sons all over the age of 40. She owned 2 homes, one was paid off and the second payments were being made that included a $9.50 life ins. payment. Two of the sons were given 1/2 of each of the houses due to the third afflicted with HIV, has been on medication for 22 years causing him to often act irrationally; legally, physically, mentally, off the wall inhumain things. She didn't want him to make a bad judgement and there goes one of the houses so that's why she chose to do it that way. But now he has taken all of their mothers paperwork, every single form, policy and contract and states he's lost them all and doesn't know where they are. The two sons have a house payment stub to pay the mortgage to and that's it. Is there anyway they can find out any information on any of the lost records. It's very frustrating for the two sons. I've been separated from my husband for 7 years with intentions to divorce this year so there's nothing in it nor do I deserve from it for me. My husband lived with his mom in her home during the last 6 weeks while she died from adenocarcinoma. He was her favorite and unfortunately never denied showing that fact to anyone, even her other sons. During the last week before she died she had fallen from being so weak and as my husband picked her up off the floor she begged him to hold a pillow over her face and sufficate her to death to put her out of her misery. I think my husband deserves to be able to complete his grieving process by taking care of all the loose ends, find Peter to pay Paul and know that he did all the right things and was the responsible, respectable son his mother need him to be. Any suggestions?...

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PostPosted: Mon Jul 05, 2010 5:11 am   Post subject: My Mother  

I need to get Life Insurance for my mother she is 53 years old and has quite a few health issues the main one being COPD. I'm not real sure on how to do this I am her youngest daughter so I don't have life insurance myself, but i'm not sure that I will be able to really let her know she has the reading and writing ability of an 8 year old so she doesn't comprehend things real well. How would i go about getting insurance for her without her really knowing, and what kind of information would i need to have for it. Thank you very much for the help, I realize that this is unusual but I'm only in my early 20's didn't think I would have to make these decisions. So Thank You.


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PostPosted: Mon Jul 05, 2010 5:32 am   Post subject:   

You won't be able to get insurance without her knowing about it. You're going to have to explain it to her and if she has COPD on top of other health issues, you really need an independent agent to shop the health history with multiple companies to get the best offer.



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PostPosted: Thu Jul 08, 2010 10:33 pm   Post subject:   

My husband has colon cancer and I am trying to find some life insurance for him. Can you help me?


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PostPosted: Thu Jul 08, 2010 11:48 pm   Post subject:   

Not to be harsh, but he should have bought life insurance while he was healthy. Until the cancer has been eliminated and he is fully recovered for 1+ years, he's not going to find any fully underwritten coverage. He may be able to qualify for a "graded" benefit policy with a low benefit (usually $50,000 or less), but it will be expensive and the full benefit is not paid until the third or fourth year of coverage. What state are you in?



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PostPosted: Mon Jul 26, 2010 3:27 pm   Post subject: bacdating of life insurance policies  

hi.. is it possible to back date the policy coverage? if possible, is the loss prior to proposal is signed, valid?


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PostPosted: Tue Jul 27, 2010 12:36 am   Post subject:   

Quote:
is it possible to back date the policy coverage?




When coverage has been approved in a life insurance policy, it is sometimes possible to "backdate" the policy issue up to 6 months, if it results in a lower premium for the client. The client would have to pay the premiums for the additional months of coverage back to the issue date. It is possible because, guess what? The insured wasn't dead 6 months ago.



Other forms of insurance? NO. Especially liability and casualty.



Quote:
if possible, is the loss prior to proposal is signed, valid?




If you're asking "Can I get insurance today for a loss that happened yesterday?" the answer should be obvious: NO!!



Insurance works best when you obtain it before the loss actually happens. In fact, it doesn't work any other way.



There have been proposals to change the law in some states that would allow a person to buy auto insurance after the accident, instead of before. But that political prestidigitation is unrealistic.[/quote]


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PostPosted: Mon Aug 02, 2010 3:42 pm   Post subject:   

Quote:
Policy states we can convert the original amount $5K to whole life policy




That provision was intended for a time much earlier in the contract, if your husband's needs changed from wanting the money at age 65 to having a permanent plan of insurance.



Quote:
If he converts to $5K whole life and takes the balance in cash what are tax liablities?




IRC 1035 Exchange is specifically available for a situation such as this, and is probably what the insurer is recommending. The policy and its proceeds can be exchanged without current income taxation on gain for another life insurance policy or annuity. (You cannot exchange from an annuity to life insurance.)



You would not convert to a $5000 whole life insurance policy, because a policy of that amount of insurance would not permit the introduction of $8140 in cash value. Instead, it could be exchanged into a larger whole life policy, say $10,000 or much more, or into a universal, indexed, or variable universal life insurance policy.



The question that needs to be answered is:

Does your husband need life insurance to age 121 or a lifetime of payments regardless of age?



An annuity will provide for a lifetime benefit to your husband; life insurance will provide a legacy from your husband to others when his lifetime ends. The two objectives are similar, but different.



If the $8140 is exchanged into a new life insurance contract, there is no taxation due on the gain, and when the contract pays its death benefit to a beneficiary, there will be no income tax due on that money either.



If the $8140 is exchanged into an annuity, it will be taxable as ordinary income only when it is withdrawn (or paid as a death benefit if the contract is not annuitized), to the extent that it represents gain over the original cost basis in the endowment policy -- if taken as a series of payments over his life expectancy (the contract is "annuitized"), only a portion of each payment is taxable when received.



However, if the money is placed in the annuity, and withdrawals are taken without annuitizing, the gain will come out first, and 100% of the withdrawal is subject to income taxation. The tax-free cost basis cannot be taken before all the gain has been distributed.


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PostPosted: Tue Aug 03, 2010 1:35 am   Post subject: Sudden change in beneficiary before suicide?  

Yesterday, the father of one of my close friends committed suicide. In his suicide note he pretty much stated he did it so that his new girlfriend (the father and mother of my friend were divorced) could get the money from his life insurance policy (it is more than two years old) and his estate. There is even evidence that she encouraged him to commit suicide and it was her idea.



He only recently switched his insurance so that his new girlfriend would be the beneficiary and not my friend. This was less than two weeks ago.



Can we contest that he was not in the right state of mind and that my friend should be main beneficiary? We have a lawyer, but it's not her specialty, and we're not sure what to do! But we don't want to see this woman profit from taking a father away.


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PostPosted: Tue Aug 03, 2010 5:12 pm   Post subject:   

Quote:
There is even evidence that she encouraged him to commit suicide and it was her idea.




There could be something in the timing of the events that law enforcement might be interested in pursuing. If it was determined that a crime had been committed, and the "girlfriend" might be involved criminally, if proved, she would be disqualified from receiving the insurance proceeds.



The change of beneficiary cannot, however, be undone without a clear showing that there was mental incompetency, coercion, or duress -- and this could be more difficult than proving coercion or duress. So if there is no contingent beneficiary, the money could end up going to the owner's/insured's estate, where creditors would have a first go at the money before any legitimate heirs ever see a penny.



This is perhaps one of the few instances where a disputed death claim might be in order. The insurance company is probably not going to do the investigation, but leave it up to local law enforcement to do that.



So you not only need to dispute the claim with the insurer, you also need to drum up support for an investigation by the local law enforcement agency or district attorney's office. If they refuse, despite your best efforts, the insurance company is going to pay the claim to the named beneficiary and the matter will be closed as far as they are concerned -- they've honored their contractual obligation.



If your lawyer does not have experience dealing with insurance companies or criminal matters such as this might be, you need a different lawyer, because you only get one chance to do it right, and once the money "escapes", it will be nearly impossible to recover if facts later bear out the assertions that wrongdoing was involved.


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PostPosted: Tue Aug 10, 2010 7:58 am   Post subject: no insurance at all  

Can my 88 years old grandmother be insured of whole life insurance?


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PostPosted: Wed Aug 11, 2010 1:36 am   Post subject:   

Yes. But getting a policy will prove difficult. She'll need to qualify medically, which is perhaps more difficult than you might imagine.

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