Life Insurance Claims - How to collect and What Can Go Wrong When a loved one dies - there's not a standard process for submitting life insurance claims to the insurance company and then receiving the death benefit. In fact, no two life insurance claims are ever the same. It's an unfortunate reality that the majority of life insurance companies are looking for reasons to deny death benefit claims.  Yes, there are times when certain claims should be denied due to fraud, but more often than not, death benefit claims are denied for the wrong reasons. Examples of initial death claim that were denied: A woman was denied because the she paid her premiums from her life savings. The insurance company claimed that she didn't have enough earned income for them to issue a policy and therefore were not liable to pay the ...

The main reason you purchase a life insurance policy is so that you and your family are protected from a financial disaster if something unexpected were to happen.  Because it's so important, we want the best policy available. This usually means the cheapest option with the most perks. But a lot of insurance being sold today is a duplicate of the protection you would get from a simple term life policy. Therefore, there are several types of insurance you should try to avoid. Credit Line Insurance - This type of life insurance will help pay credit card bills if something were to happen to you. However, keep in mind that the benefits from a term life insurance policy can also be used to make sure those creditors are paid as well as other bills. Mortgage Life Insurance - With many people buzzing ...

Most people at this stage have a general understanding of a permanent life insurance policy. What you may not know are the cause and effects of the different types of permanent life policies. As you continue reading, we'll explain the difference between Whole Life, Universal Life, Variable Life, Variable Universal Life, Single-Premium Life and Survivorship Life Insurance. Whew! Exciting stuff eh? Let's start at the beginning. Whole Life Insurance Whole life, also referred to as "straight life insurance," provides a set dollar amount of coverage, and a fixed premium that can never be canceled or exchanged for other premiums. Because these payments stay the same throughout your life, the premiums are higher compared to your 'statistical risk of death' in the early years of the policy. This is why the reserves are built up. Assuming you live a long time after the ...

Renewable vs. Convertible Life Insurance - What's Right For You? The words "renewable" and "convertible" are two of the need-to-know terms when discussing term life insurance policies. They play a big role in the quality of your plan and therefore you should know what they mean and what they do. The first is a renewable term life policy. This means that you can renew the your life insurance coverage without having to take a physical exam to re-qualify. In other words, as long as you've paid your premiums on time and are in otherwise good standing with your provider, this option allows you to automatically renew your coverage without getting a physical or answering personal health questions. NOTE: Many renewable policies include a clause that will only allow you to renew up until a certain age because your overall health generally deteriorates ...