It can sometimes seem like a lifetime for life insurance companies to pay out benefits.
Often, this may be the case because the insured was the sole breadwinner for a family or because the bills associated with a person’s passing always show up quicker that the benefits.
Either way, I can be frustrating when you are not [...]
Insurance Q&A: “How much does life insurance cost?”
Obviously there is no exact answer to this question. Life insurance premiums can vary widely depending on a few key factors.
It is important to understand that life insurance companies make money by collecting insurance premiums and investing them in relatively secure investment vehicles.
The longer you live (and [...]
First things first, it is possible to buy life insurance for someone other than yourself.
There are really two reasons why people ask this question. One involves good intentions and the other…not so good.
The Good
Let’s discuss the “good” first. There are occasions where it makes sense for an individual to purchase life insurance for someone [...]
Similar to the concept of assigned risk insurance for property and casualty insurance, “guaranteed issue life insurance,” sometimes referred to as “simple issue life insurance,” is just that; a guarantee that a company will issue you a life insurance policy when you standard insurers will not offer you one.
It’s a novel idea, in that when [...]
There are companies out there, such as A.M. Best and Standard & Poor’s, which rate life insurance providers on various financial strengths in order to help consumers make more informed decisions (insurance company ratings).
Each state in our great nation also has a department of insurance that monitors the financial status of life insurance companies and [...]