How to find lost life insurance policies .com
If you're a beneficiary to a life insurance policy and you have
located the paperwork, first check to see if the policy was a term
life insurance or a permanent life insurance policy. If it was a term life insurance policy, you'll receive the death benefit if the insured person
passed away before the term ended. If the policy expired before the
date of death, you don't have a claim.
If the person had a permanent life insurance policy, you'll
receive the money if he or she died while the policy was "in
force," meaning the premium payments had been made up until the
If it takes you a while to find the life insurance policy,
you'll receive the benefit plus interest from the date of
If the insured person failed to make premium payments on a term
life insurance policy before his death, the policy likely "lapsed"
and was not in force. However, when a permanent life insurance
policy lapses, most life insurance companies do one of two things
when they don't hear from the policyholder:
Defender Network » Blog Archive » Weigh pros, cons of whole blife/b b.../b
Nowadays people are becoming smarter about buying the insurance as they have a variety of options to choose from and they are well aware of the importance of insurance. Based upon their requirements, like some want accumulation of cash value, some prefer the life long protection, they choose various insurance plans. Whole life insurance is one such insurance plan. Before we focus on the whole life insurance pros and cons, let us first of all know what is whole life insurance. Whole life insurance is a permanent insurance plan which provides life long protection as well as cash value. A part of the premiums paid by the policyholder are used for making investments which earns out interest and are accumulated in the form of whole life insurance cash value. This cash value is tax-deferred and can be withdrawn before the termination date of the policy too. If the insured dies or surrenders, the cash value is given back. In case he is alive, the same can be realized on maturity as the face value of the policy. So a guaranteed payout is assured in case you die or stay alive, which is a complete win-win situation.
This life long protection comes with a price, the policyholder is supposed to pay the premiums called Level Premiums, which do not change over the entire life of the policy, in return for the agreed insurance on a regular basis to avoid the lapsing of policy. Unlike the term insurance wherein only a definite period of time is covered, say 25 or 30 years, it gives whole life protection plus the investment component. But before buying whole life insurance one must analyze the whole life insurance pros and cons. They depend on what type of whole life insurance policies one chooses. Below are the pros and cons of whole life insurance made easy to understand.
Whole Life Insurance Pros
* Life Long Protection: Whole life insurance comes with the advantage that it gives protection for the whole life of the policyholder from the day one purchases the policy until death, as long as premiums are paid regularly. On the contrary term life insurance provides death cover only for a specified duration, mortality element is paid only if you die within the term and not after it. Read more on difference between term and whole life insurance.