Recent Blog Posts
Life Insurance Riders: What You Need to Know
First things first: what is a rider? You start with your basic insurance policy, which for most people will meet all their needs and cover them just fine. But some people have special requests and want to customize the standard policy to meet their specific needs. A rider is an additional insurance policy provision that is attached to your main policy and rides along with it. Riders are sometimes called endorsements as well. Endorsements generally refer to a designation on the main document, such as an additional letter on a driver’s license that allows you to operate a motorcycle or different types of commercial vehicles on a…
Waiting Periods: What Are They?
Getting life insurance is a smart move; you’ll feel better once you’ve done it, knowing your loved ones will be financially protected and cared for if you pass. Life insurance can pay for a funeral and burial and other end-of-life expenses, it can pay off the mortgage on a house, and it can make up for the loss of income. Having an insurance policy that covers these expenses gives your family members one less thing to worry about during a difficult time.
Contestability Periods: What You Need to Know
Every life insurance policy issued in the United States contains an incontestability clause. To make sure of this, every state in the nation requires an incontestability clause in its laws that say what provisions must be included in a life insurance policy. These laws state that a life insurance policy is incontestable after it has been in force during the insured’s lifetime for two years from its date of issue. What about during those first two years? During that contestable period, the insurance company could allege that some error was made in the application for the policy, and the policy shouldn’t be enforced.
How Long Does the Insurance Company Have to Pay My Life Insurance Claim?
Filing a claim for life insurance benefits requires notifying the insurance company that a death has occurred and providing proof of loss as required by the policy terms, usually in the form of an official death certificate. The policy might dictate more specifically what types of documentation must be submitted or what forms must be used, and it might say when notice must be filed to be timely. It’s important, therefore, to check your policy and make sure you file the notice correctly to protect your right to receive benefits under the policy.
Life Insurance Policies: Grace Periods and Policy Lapses
Most of the time, we buy insurance hoping we never need to use it, but we want to be protected just in case. When it comes to life insurance, though, we know we are going to use it; it’s only a question of when. As with other types of insurance, however, life insurance policies are only good as long as premiums continue to get paid. Miss one payment, and your policy no longer works. Even if you’ve been paying diligently for 20 years. If that doesn’t sound fair, you aren’t alone in your opinion. Just about every state mandates that life insurance policies issued in the state include a grace period.
Can I Change Ownership of My Life Insurance Policy?
If you are transferring ownership, it’s important to pick the best person to be the new owner. There are two principal ways to transfer: individual transfer and trust.
Learn more about transferring life insurance ownership to another person or entity in our blog.
What Does an Insurance Agent Do?
The way people buy insurance is changing. More and more, people do their own research online and make purchasing decisions without consulting a professional. This is happening in every area of life, and the insurance industry is no exception. For many people, however, insurance remains a complex and complicated area, and they want guidance when it comes to understanding insurance terminology and learning which companies and which plans offer the best fit for their needs.
What Is a Catastrophic Plan, and How Do I Get One?
The way people buy insurance is changing. More and more, people do their own research online and make purchasing decisions without consulting a professional. This is happening in every area of life, and the insurance industry is no exception. For many people, however, insurance remains a complex and complicated area, and they want guidance when it comes to understanding insurance terminology and learning which companies and which plans offer the best fit for their needs.
I Don’t Want Health Insurance, and You Can’t Make Me!
By some measures, the Affordable Care Act (aka ACA aka Obamacare) added 20 million previously uninsured people to the rolls of the insured. This was accomplished in part through an individual mandate that requires people to either get insured or pay a penalty through their income tax. Most of the previously uninsured welcomed the ability to get access to good health plans and the ability to pay for coverage through their employer or with the help of premium assistance tax credits.
Open Enrollment versus Special Enrollment in the Health Insurance Marketplace®
If you don’t currently have health insurance or have a plan but want to change it, what are you waiting for? Well, you might be waiting for the enrollment period to open up so you can purchase a plan through the Health Insurance Marketplace. This is the place to go if you want to dramatically lower the dollar amount of your premium through tax credits.
