Life Insurance: Coverage for you and your family

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PostPosted: Mon Aug 16, 2010 12:18 pm   Post subject: cancellation of insurance  

I want to cancel the life insurance that was charged through my credit card recently but the agent refuse to cancel it. What should I do?


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PostPosted: Tue Aug 17, 2010 3:30 am   Post subject:   

Have you called (a) the insurance company? or (b) the credit card company?



Why call the agent? The longer he delays, the longer it will be before his commission chargeback occurs.



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PostPosted: Mon Aug 30, 2010 4:03 pm   Post subject: How can I find out who my late mother had life insurance wit  

My mother passed away in Oct 05 and she and my father were separated since 1988 and she did not have a will. I know she had a policy but do not know with whom. How can I find out which company as I know I am the beneficiary to one of them.

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PostPosted: Tue Aug 31, 2010 3:44 am   Post subject:   

Thanks all for the informative articles. Is there any site where all insurance policies could be compared?

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PostPosted: Sun Sep 19, 2010 4:47 pm   Post subject: whole life vrs term  

While whole life claims to have a savings component, the savings doesn`t actuallybegin to build until 2-4 years. The preimium goes to agent commisions and fees during that period of time. Not only that but the cash value will not be returned to beneficiaries if the policy owner dies. They only get the death benefit.



If you borrow from the cash value your death benefit decreases. If you take the cash for an emergency your death benefit decreases. Reading the policy is the only way to know these facts.



With Term, you can be covered for up to 35 years at a level premium depending on how young you are when you purchase. If you invest correctly and steadily you have cash when you get older and it is truly yours. You renew your term for an insurance amount covering you for what you NEED when you are older making the premium very reasonable. The theory of decresing responsibiliy is the basis for my comments.



Why is it not mentioned in your article?


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PostPosted: Tue Oct 05, 2010 8:42 am   Post subject: EIUL  

Hi, Sil:



I am a new member, and I found this site because I was doing supplemental research on the subject of Universal Life Insurance. I was introduced to this subject by an agent, who lent me a book, written by Patrick Kelly, called "Tax-Free Retirement."



I would categorize this book as a primer to the concept, but it does not discuss the particulars, so it left me with many unanswered questions. In search of more detailed explanations, I went to the web and found this site.



I would like your advice on the best book or web site that would go into further detail, that actually explains the path that the money, which I invest into a EIUL, would take from premium deposit to calculations of periodic gains and then to tax-free borrowing from the policy at retirement.



Is there such a source which I can refer to in order to fully understand the processes involved in investing in EIULs?



I would appreciate any input you might have in regard to this.



Thank you!

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PostPosted: Wed Oct 06, 2010 10:15 am   Post subject:   

Quote:
tax-free borrowing from the policy at retirement.



Is there such a source which I can refer to in order to fully understand the processes involved in investing in EIULs?




Your first minor mistake is believing that owning life insurance of any kind is an INVESTMENT. It is not (others will argue the point with me). Life insurance is life insurance. Stocks, bonds, mutual funds, real estate, gold, options, futures . . . those are all different types of INVESTMENTS.



As for "tax free retirement" by borrowing money from a life insurance policy -- it only works if you die before the policy does. Take out more money "tax free" than you have put in with your "after tax" dollars, and allow or cause the policy to LAPSE because it has no more cash value and you cannot afford to pay up to $1000 per $1000 of coverage in premiums, and you'll find yourself facing an income tax liability you may also not be able to afford.



If you are not going to FULLY and PROPERLY FUND any variation of universal life insurance policy for maximum cash accumulation, especially in the earliest years, your retirement "plan" will not be likely to succeed.



Because UL without sufficient cash value in the later years is just another variation of VERY EXPENSIVE ANNUAL RENEWABLE TERM, and in the last few years of that kind of policy, the cost of insurance will exceed the face amount of insurance by 2 or 3 times -- that's right, you could end up having to pay $200,000 or more to keep a $100,000 death benefit alive in order to prevent a huge taxable event caused by those "tax free" life insurance loans.



Then you'll really wish you had died some time ago.


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PostPosted: Tue Oct 26, 2010 1:47 pm   Post subject: insurance for a 86 yr old  

is there anyway possible i can find life insurance for my mother? She is 86 years old and in good health. I know I should have done this much soon, but just didn't think of it until my daughter asked me about it.


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PostPosted: Tue Oct 26, 2010 5:39 pm   Post subject:   

Quote:
is there anyway possible i can find life insurance for my other she is 86 in good health,i know i should have done this much soon just didnt think of it until now,my daughter asked me about it.




There is something known as "final expense" life insurance. These are limited value policies (usually not more than $25,000, and certainly not more than $50,000), and they are more expensive for two reasons:

(1) the age of the insured and (2) the fact that the insurance company treats them as a "substandard" risk.



If your mother is in California, I can probably assist.


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PostPosted: Wed Oct 27, 2010 12:16 pm   Post subject:   

Gosh, millfordct, when you don't plagiarize it, we can't understand it. Whatever language translator you seem to be using is not working.



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PostPosted: Thu Oct 28, 2010 6:20 am   Post subject:   

I...I... I can't TAKE IT anymore. I am going to go on a mad, rampaging delete blitz if this keeps up.



To all of our new posters. welcome to our forums. We welcome your comments, questions and knowledge. But, please understand. You must adhere to the Terms of Use. It's simple. There's a link on the bottom of this very page, just click on it. Since you are able to navigate to this site, it's fairly obvious that you know how to scroll to the bottom of this page and click on the link. Thank you.



Repeated violations of Terms of Use requirements are going to get you booted and we don't want to do that. Plagiarism cannot be tolerated; please give full disclosure and credit to all sources and authors as required. It's not that difficult to adhere to legal requirements.



As well, please use proper online forum ettiquette. Do not SHOUT BY USING ONLY CAPITAL LETTERS, make at least a minimal effort to check your spelling and punctuation, and fully explain your questions, concerns, predicaments, mistakes, location and anything else that will help us help you. Nothing frustrates us more than looking at a post and going "What?"

We're here to help... usually.



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PostPosted: Mon Nov 01, 2010 9:22 pm   Post subject: naa  

I am investigating a company called NAA. Do you have any information on them? They claim to offer solutions on mortgage insurance and disability life insurance...


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PostPosted: Tue Nov 02, 2010 1:37 am   Post subject:   

Check the "Insurance Agents" forum. National Agents Alliance will recruit just about any living breathing human being that can be licensed. Beyond that, I have no direct experience or knowledge of their operations. Others do.



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PostPosted: Sun Nov 07, 2010 10:21 am   Post subject:   

NOT WITH LIFE INSURANCE THEY DON'T.



Combining auto and homeowner's with the same company often brings a 5% to 10% discount. But no such discounts apply to life insurance. The insurance companies will not be the same -- so absolutely no way to obtain a discount.



Farmers New World Life Insurance Company is not the same as Farmers Casualty Insurance Company. (Not to pick on Farmers -- they're a fine company -- just an example). They just have the same parent company.



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PostPosted: Wed Nov 10, 2010 4:20 am   Post subject: 10 term life  

Can I cash my 10 year life insurance? I have had it since 2003.


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