Five Major Groups Who Need Life Insurance Coverage
Today’s families are changing and so is their need for life insurance coverage. We see more and more female breadwinners, single mothers, stay-at-home dads and people who choose to have children later in life. Life insurance is a great income replacement tool that will protect your dependents and loved ones in the future. Having proper […]
4 Loopholes That Can Render Your Life Insurance Worthless
Having life insurance coverage is important, especially if you are the only source of income for your family. Knowing and understanding how life insurance works is essential in guarantying that your family’s claim will actually be paid after your death. Many people do not realize that their life insurance may be of no use due […]
Can Life Insurance Companies Access Your Genetic Test Results?
Today more and more people choose to have a genetic test done to see what risk of health implications they might have. Genetic testing shows, for example, that a certain individual is prone to Alzheimer’s disease, lung, skin or breast cancer.
Does Hillman v. Maretta Affect Your Life Insurance Claim?
In June 2013, the U.S. Supreme Court ruled in its decision in Hillman v. Maretta that state laws that automatically revoke a former spouse as a beneficiary on a life insurance policy are trumped by federal laws governing FEGLI claims[1]. In Hillman, the Supreme Court stated that FEGLI claims controlled by federal laws must be […]
The Impact of Virgin Galactic’s Fatal Crash on Life Insurance Policies
Today almost all life insurance policies exclude from coverage deaths resulting from operating a private airplane. This forces many private pilots and those flying private airplanes as passengers to buy additional life insurance coverage due to the heightened risk involved in such activities.
Protect Your Life Insurance Proceeds With a Trust
There are many people who buy life insurance in order to secure financial future of their family in the event of death. If a husband is the primary or the only source of income in the family, he may want to buy life insurance to cover his family’s expenses after his death. Usually, it is […]
A Spouse’s Right to SGLI Benefits: Q&A
Q: I am the surviving spouse of a deceased servicemember. Am I automatically entitled to the proceeds under his SGLI policy? A: No. You are entitled the proceeds of his SGLI policy is you are the beneficiary.
Unclaimed Property: Who Tracks Down Beneficiaries of Life Insurance Policies?
The debate about what insurance companies should do to find beneficiaries of life insurance policies has been ongoing for a long time. According to Oklahoma State Treasurer Ken Miller, even though 99 percent of life insurance policies are claimed by beneficiaries, the one percent of unclaimed funds amounts to billions of dollars across the United […]
Life Insurance Coverage Now Available To Breast Cancer Survivors
October 2014 is breast cancer awareness month. It has brought a more focused approach to raising money for improving treatment, prevention and finding cure for breast cancer. The cause raised billions of dollars that helped many people survive this disease. Chances of long-term survival of breast cancer survivors are much greater now and many of […]
Understanding Life Insurance Terms
As any legal document, a life insurance policy is full of terms the meaning of which is often difficult to understand. Essentially, a life insurance policy is a contract which has terms required by law and provisions that protect the insurance company. While many policies have an extensive “definitions” section where you can look up […]