Life insurance already established then goes to prison

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PostPosted: Mon Aug 06, 2018 2:27 am   Post subject: Life insurance already established then goes to prison  

If a person has a life insurance policy and then goes to prison will it cover them


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Hiram
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PostPosted: Wed Oct 10, 2018 2:10 am   Post subject: Prison  

It sosoulshould cover them still

Vickitig
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PostPosted: Thu Nov 15, 2018 8:58 am   Post subject:   

I think it should cover that but I am not so sure, thereby recommend you to consult a professional. I am also very confused these days for my financial planning. Not able to create a feasible plan. Planning to get the life insurance, so will be comparing claim Settlement Ratio from various companies. Do you know about the good plans that I must consider?

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PostPosted: Mon Jan 07, 2019 11:54 pm   Post subject: Life insurance and prison  

Hello. Martha here, independent agency owner, and agent. If the policy is in place and in force (paid), it cannot be taken away because the individual goes to prison. As long as the premiums are paid, the policy will stay active and the death benefit will be paid. However, if the insured was in the process of being incarcerated, and was not honest about it during the underwriting process, the company can deny the claim on the grounds that he misrepresented information during the application process. Every life insurance policy has a contestability period of at least 2 years. During those two years, if the insured dies, the company has the right to investigate the claim to see if there was any misrepresentation during the application process.



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marthag

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