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 Posted: Fri Jul 10, 2009 4:16 am Post subject: I want to buy term life insurance for us. Can I trust those |
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| If I'm the beneficiary of my husband's life insurance (or vice-versa) say one of us die but was insured only for a short period of time, do I (or he) still receive teh premium? |
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Olivia444
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Joined: 10 Jul 2009
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| Posted: Fri Jul 10, 2009 7:59 pm Post subject: |
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Can you trust those what?
No one receives premium when an insured person dies, they would recieve the death benefit or policy coverage limit. Premium is what you pay to the insurance company to purchase the policy.
If the insured person dies within the first two years after the policy is started the company has the right to investigate to see the the death was cause by a pre-existing condition and they will never pay in the event of suicide within the first two years. After that nothing but letting the policy lapse will prevent the beneficiary from collecting the death benefit. |
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Fishman
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Posts: 143
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| Posted: Mon Jul 13, 2009 11:59 am Post subject: |
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Hello Olivia,
Why are you looking at receiving the premium back? Fishman is right you would receive the death benefit of the policy when the insured would die.
You may take more time in clarifying yourself so that we can have better understanding of your situation.
Thanks,
Rupert |
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RupertWBradson
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Joined: 05 Jul 2007
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| Posted: Mon Jul 13, 2009 4:49 pm Post subject: |
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Hello,
You will not receive any return of premium from your insurance policy. Or did you mean "cash values"? If nothing would happen to the insured and the life insurance policy is a participating plan, you may surrender the life insurance policy and get the cash value of it. But it would not be equal to the total premium paid. It would be lesser than what you paid for.
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joven222
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JTInsure
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Location: Ohio
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| Posted: Tue Jul 14, 2009 4:06 am Post subject: |
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| Quote: | | Or did you mean "cash values"? |
I doubt so Joven, since she has mentioned about term life policy. IMO Olivia should return and clarify her doubts.
Thanks,
Rupert |
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RupertWBradson
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Pirate91
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| Posted: Wed Jul 15, 2009 4:04 am Post subject: |
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Hey Olivia, if the insured die within a very short period after purchasing the policy and if the death is mysterious, the insurance company would definitely probe into the matter before disbursing the benefit. But if it's really an unfortunate event then the beneficiary would receive the death benefit without any trouble.
Most of the life insurance policies also have the 'suicide exclusion' clause where the insurer wouldn't pay the benefits, rather they would return the premium paid, if the insured commits suicide within the exclusion period of the policy.
Hope I could make it little clear to you. If you have more queries please ask back.
~Jeremy |
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JeremyHolter
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Joined: 06 Jun 2007
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