Bill Sandefur, Life Insurance Agent

Answer: They don't take the time to assess how much coverage they really need or to determine that they don't need to buy more than they need and compare that to price and budget needs.... so I guess you could say they're not needy enough

Answer: How long have you been in the business what companies do you represent are you my personal dedicated agent or do I call an 800 number if I have a problem are you local to my area do you know people that I know I mean there are probably 100 questions that one could ask but the main one to begin with would be what is your name. New agents nowadays are scared to death to even speak to a person online much less shake their hands smile of them and say hello face to face

Answer: As soon as I provide the claim forms necessary and death benefits certificate if required by said insurance company carrier. If everything is in good order they could possibly receive funds within 10 days of death date hello that depends on how did the agent is personally I got a claim paid with three days

Answer: Certainly you can that is not a pre-existing condition that is held against an individual insured. Now if they're sleeping with the agent that might create a bigger problem if that agent is married

Answer: It is an option usually executable later in the lifetime of a whole life policy or a cash accumulating policy. That feature allows for premiums or cash values within the policy to offset any required premium necessary. It might also occur in the event of a conditional exception to premium such as disability

Answer: With some carriers yes. Various insurance carriers will take on additional risks to the insurance company if the assured or proposed insured is willing to pay a much higher premium or willing to settle for a much lower death benefit

Answer: In general. Yes. Terminology over the years has changed a bit but whole life nomenclature should be self-explanatory in that assured wood be encouraged if not required to pay premium for the death benefit during their entire lifetime

Answer: Good grief this is Insurance 101 School accelerated death benefit is a feature built into some policies which allows part if not all of the entire death benefit amount to be paid to the insured while they are living in a circumstance of terminal illness for example . The amount is calculated by the insurance company typically at a rate of 75 to 90% of the policy face amount or death benefit. Is paid to the assured while they are alive to help cover medical expenses or final Arrangements at death

Answer: I'll give you the third grade response. Term insurance is renting the insurance. Nobody dies nobody gets paid. Whole life insurance is generally more expensive has cash value and can accumulate equity in the policy accessible by the insured for loans or cash withdrawals or premium payments etc. In between those two types of products in the product called universal life which is a mid-range cost product with same or similar features as a life policy without the higher cost. Some offer a flexible premium meaning the insured could be the premium amount for owner could vary the premium amount to fit their budget

Answer: In short the answer is, it depends. If you are a business owner and you are buying a policy on a key person within your business they to ensure in the event of death of that individual then the premiums would be taxed deductible as a business expense. If you are an individual purchasing Insurance on yourself, in general no they're not text deductible

Answer: If your policy has cash values you may request funds up to an amount determined by the insurance company in the form of a loan. This prevents proceeds from being taxable as income and in that fiscal year

Answer: Some insurance companies offer certain writers at no extra cost to the assured or owner of the contract. Waiver premium is one of those examples. However you may add some additional writers such as additional paid up term insurance attached to the main policy which would give the assured more death benefit coverage. I advise clients to take advantage of all of the free ones of course and would add additional Riders based on the needs of the client and their ability to pay the extra costs

Answer: Insurance companies are subject to the laws of regulations of the state within which the policy is so. Most States offer to the assured or the client a period of time typically 30 days to review the contract and make sure it is suitable for their needs. If it's not then the insured or client can physically actually reject the policy and thereby terminate coverage

Answer: This depends on how the policy was structured in the beginning. If spouse a is the insured and spouse B is the beneficiary, then nothing is required to change. If there is insurable interest among the parties and premium costs are shared or determined as to who will pay it

Answer: You can buy insurance in that the child is the insured and 100% yes I highly encourage that my clients purchase policies on the life of their children for different reasons. It's cheaper when you're younger if the job reached an age where they were no longer such as a terminal illness then they would have had coverage in place already. I have three children all three of them are assured. When they reach an appropriate age which I will determine I can turn the contract over to them and they pay for it or I continue to pay it and then structure beneficiaries as needed

Answer: If your agent is doing their job, you would contact them directly. Assuming they are still in the business and have survived the typical one to two year agent termination rate. Agents get in the business because they think it's easy and the money is good and then they quit. In the event of that a claim could be filed directly with the insurance company by calling or contacting their customer service department to find out what steps are necessary

Answer: Premiums cost are determined by the insurance carrier based on the level of risk of all. So tables of mortality are used to determine that cost and how the risk would be assessed by the insurance carrier. Obvious factors such as date of birth or age, medical conditions or prescriptions., height and weight. Most companies also have different rates for male and female or tobacco user nicotine user versus nine and nicotine user. There are several factors which determine how much the life insurance will cost to include the amount of death benefit and whether or not the potential insured is involved in high risk activities such as skydiving automobile racing Aviation or occupational risks that would create a higher chance of liability to insurance carrier

Answer: Well this is never a good idea, can occur. In that scenario the owner of contract to set up a child under age as beneficiary should have been advised by a family law attorney as to who would be the guardian of the minor child. That person typically called a trustee would not only the responsible for the care and wellness of the child physically mentally and emotionally but also financially

Answer: Key person Insurance within a business is typically utilized if persons in the business are Partners or co-owners of the business. Scenario XYZ company has two owners of the business. To one is critical to operations and business. In the event that one of the business owners dies, they would have a key person insurance policy on each other to provide Financial proceeds and in an effort to replace that individual within the business

Answer: Shortest answer available in this scenario would be simply get to know your loved ones and see if they're willing to disclose their personal and financial business to family members or loved ones. I loved one for example could be your local pet shelter who could be named as the beneficiary. Beneficiary in general should be notified that they are in fact a beneficiary and to what amount or death benefit proceeds. It's simply called doing good business. An agent who is doing his job should be able to determine these issues in the event that a death claim is filed

Answer: If the policy is tied to investment indexes such as variable life insurance which might be tied to stock market S&P 500 or similar Financial index then that would assess the viability or reliability of a particular companies ability to pay claims. Car companies who are ratings of insurance carriers to that effect of claims paying ability and they rate them a plus a plus plus poor Etc

Answer: If it has been determined by And family Etc with legal advice to do so It is a Legal structural maneuver to ensure that Funs are controlled in the event and thereby after The insurance death period it was the only way to control the money from the grave And list a specific terms regarding Benefits payout Beard I trustee What assist In managing Where the dollars go At Instruction of the formerly living Owner or insurd

Answer: If they have legal and proper financial institutions backing in the United States in those cases, yes. Insurance carrier would determine their willingness or ability to provide this option

Answer: Okay I've answered about 25 of these and that is enough thank you have a great day.... in a scenario like this and that many details a person needs to be willing to meet with me to discuss particular details. I don't work for free

Answer: Ensure underfunding doesn't cause the policy to lapse. Which One is Right for You? Whole Life: Best if you want the peace of mind of strict guarantees, predictable costs, and minimal upkeep. It is frequently used for estate planning and leaving a guaranteed legacy. Universal Life: Best if you want lower initial costs, the freedom to adjust your premium payments during life changes, and the potential for higher cash value growth. However, it requires active monitoring to ensure you don't drain the policy. For a visual breakdown of how both of these permanent insurance types work and how their cash value components differ: