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Life Insurance FAQs    Display # 5101520253050100All 1 I have heard that life insurance premiums for women are lower than the life insurance premiums for men? Is this true? And what is the reason for this? 2 What happens if my outstanding loans plus interest due exceed the policy loan value on my policy? 3 I got a loan from my insurance policy, But never paid back the interest. What will happen? 4 I was treated for cancer about 8 years ago and the physicans have said that I was completely cured. Can I be turned down for coverage? 5 Are the values of my life insurance policy exempt from the claims of creditors or from bankruptcy proceedings? 6 My agent suggested switching term every couple of years to take advantage of a company’s promotional rates. What are some of the things I should consider? 7 I want to cancel a life insurance policy and purchase a new one. Anything wrong in that? 8 Can I have life insurance paid to a grandchild? 9 Can I gift a policy? 10 Are there tax benefits associated with life insurance? 11 How do I make a complaint with the insurance department about my life insurance company? 12 What’s the difference, To me as a consumer, Between a stock company and a mutual company? 13 What is the “cost index”? 14 Should I worry about the company’s financial soundness? 15 When a family member died, I received a form suggesting that I allow the insurance company to hold the proceeds in a fund with the option of writing checks from the money when I am ready. Should I agree to this? 16 If there is a delay in an insurer paying the death benefits after a claim is made, Is the beneficiary entitled to any interest on the death benefit? 17 Examples of contested benefits 18 What are contested benefits? 19 What are the typical settlement options? 20 What are settlement options? 21 Is the company required to pay death benefits if the insured commits suicide? 22 If I forget to pay my premium and the policy lapses, Is there anything I can do? 23 If I pay my premium and then decide to cancel my policy, Will I receive a PRO rata refund? 24 What if I become disabled or unemploy8ed and cannot pay the premium? 25 How about the automatic premium loan clause? 26 Cash value build-up 27 What if I miss a premium payment-- do I lose my insurance? 28 Settlement options 29 Suicide clause 30 Misstatement of age and/or sex 31 Accelerated benefit riders 32 Riders 33 Incontestablity provision 34 Dividends 35 Nonforfeiture options 36 Policy loan 37 Cash value 38 Length of coverage 39 Face value 40 Type of policy 41 If I get divorced or break up with my partner, How might this affect my life insurance policy? 42 I believe one of my family members had policies that became “paid up” after premiums were paid for many years, But I cannot find the policies. What should I do? 43 If I make a mistake and misstate my age when I get life insurance, Will my policy be invalid? 44 If I move to another to another country or from one state to another state, Will this affect my existing life insurance policy? 45 Can I get my policy information and other documentation in a language other than english (e.g. Spanish, Chinese, Etc.)? 46 An agent wanted me to buy a “retirement plan.” when he showed me the contract, It said “life insurance” in the description. How can I be sure what I am buying? 47 A computerized statement provided by the insurance company for a specific policy shows how much money I will get back in various years after buying the policy? Are these numbers guaranteed? Is it right that I could stop paying premiums after only a certa 48 What is a “cost disclosure” form? 49 Can a company void my policy if I moved to a new state? 50 Can a company void my policy if I lie or make a mistake in completing the application? 51 Can a company refuse to pay a claim? 52 Can the insurance company cancel my policy? 53 Can I change my mind and get a refund? 54 I sometimes travel to areas of the world where sanitation, Health and medical standards are not always up to american standards. Will this affect my ability to buy life insurance? 55 I am healthy but like to participate in some potentially risky activities such as auto racing, Parachute jumping, Piloting experimental aircraft. Will this become an issue when I buy life insurance? 56 How might my smoking affect my ability to buy life insurance? 57 What is the importance of age/sex/health? 58 How do I protect my family from losing our house if I die while still having a mortgage to pay? 59 Should I buy what my agent calls “permanent life insurance” (whole life or endowment or other cash value policies)? 60 I was told by an insurance agent that I should buy cash value insurance to create some forced savings. Is that a good way to accumulate some savings? 61 Which policy should I buy? How can I hope to get the right plan for my needs? 62 What are endowment policies? 63 What are other life insurance coverages? 64 What is universal life insurance? 65 What are the traditional types of whole life policies? 66 What is whole life insurance? 67 If my agent recommends a cash value policy, What should I consider? 68 How does cash value differ from term? 69 What is cash value life insurance? 70 My insurance agent recommended a term policy. What are some considerations? 71 What are the common policy variations of term life insurance? 72 What is term insurance? 73 If I am living with someone in a non-marital relationship, Can I buy insurance on that person or have my partner as my beneficiary? 74 A funeral director requests that life insurance policies be made payable to him or her or to the funeral home. Supposedly this will simplify matters at the time of death. Is this a good idea? 75 A family member died. I believe that this person had a life insurance policy with me as beneficiary, But I cannot find the policy. Do I need a policy in order to make a claim? 76 I just discovered that I was the sole beneficiary for a policy purchased by a distant relative years ago. How do I find out if I have any money coming? 77 I can’t find my dad’s insurance policy and don’t know what company he had it with. What should I do? 78 What is a contingent beneficiary, A revocable beneficiary, And irrevocable beneficiary? 79 My sister and I were listed by my deceased father as beneficiaries. The insurance company paid the proceeds to my sister because she was listed first. Is this right? 80 Filing a claim 81 What is the effect on a beneficiary’s federal income tax liability? 82 What is the effect of social security payments on a beneficiary? 83 Number of beneficiaries 84 Changing beneficiary 85 Naming beneficiary(ies)in life insurance. Should I name that person as the beneficiary of my life insurance or make it payable to my estate and have it distributed according to my will? Does the beneficiary have to be a relative? 86 Who can take out a policy on my life? 87 I already have group life insurance at work. Why might I need to purchase individual life insurance? 88 Should I get life insurance on my own or through work or occupation? 89 I will retire next year. Will I be able to convert to an individual policy without having to pass a medical examination? 90 I am being laid off. Will my employer's group coverage continue during my layoff period? 91 My employer's group life insurance coverage ceased when I was terminated. Can I convert to an individual policy? 92 What are the advantages of a group plan to the employee? 93 What are the limitations of a group plan? 94 What are some of the contrasts with individual insurance? 95 What are the basic types of group life insurance? 96 How do I get the “best deal” on life insurance to cover my insurance needs? 97 An insurance agent has offered to review my policies and check the beneficiaries and policy provisions. Should I agree to this, Or is this just another attempt to sell me more insurance? 98 I see ads for life insurance at much lower rates than the policy I am presently paying for. Should I discontinue my current policy and buy a new lower cost policy? 99 How do I get life insurance quotes over the internet? 100 Can I buy life insurance over the internet or by telephone or mail order? 101 Do I need a lawyer to help me buy insurance? 102 Do I need a financial planner? 103 Will a life insurance policy affect my eligibility for medicaid benefits? 104 Should I buy life insurance for other members of my family such as my spouse or children? 105 Will I need life insurance when I retire? 106 I am concerned about my medical information being available in a report. How do I get a copy of my mib report? 107 What happens to the medical information from my application? 108 What about companies that advertise no physical exam? 109 Do I need to give personal information about my medical condition and finances to get insurance? 110 Will I have to be examined by a doctor to buy life insurance? 111 How is cost determined? 112 What is a “needs analysis”? Do I need one to determine how much life insurance I should have? 113 What should I do if I have problems in getting coverage? 114 I have a hard time saving money. Should I buy life insurance as a form of forced savings? 115 Is there a certain amount of life insurance i'm required to buy? 116 What does it mean to be the owner of a life insurance policy? Who is the owner of my policy? 117 What do letters like c.l.u, Lutc, Or designations such as chartered financial planner indicate? 118 How do I find a good life insurance agent? 119 What government agency has regulatory authority over life insurance? How do I find the address and phone number for my state insurance department? 120 How should I go about buying life insurance? 121 Wouldn’t my group insurance from work or social security or mutual fund assets pay these needs? 122 Do I need life insurance? 123 What is the connection between risk and life insurance? 124 What is life insurance?