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While many of us understand the basic functions of our policy of life insurance, it is not unusual for policy issues arise long after you have purchased.
To access your policy problems, answers to common questions about life insurance to help four, gain understanding and control of your life insurance.
Questions and answers
How do I file a claim for a living?
At the beginning of the process for reimbursement, you mustto obtain a few copies of the death certificate of the contractor. If you can get a copy of death certificate from the hospital or the coroner's office, the funeral director to be able to get a copy must be.
Next, you need to contact your insurance agent about life. Your agent will help you complete the necessary documentation to file the application. If you are not sure who was the insurance agent, you can directly to the checkout and someone will help you filethe claim. Remember to bring a copy of the death certificate to your agent, as may be necessary to ensure an early application submission.
How do I get the death benefit?
Once the credit life insurance is made, you must decide how the life insurance proceeds are divided.
According to the Insurance Information Institute (III), there are basically four ways to distribute the death benefit:
Lump Sum. You get the entire deathThe benefits in one payment.
provision of particular interest. The insurance company will pay both principle and interest on a predetermined program.
Income Life. You will receive a guaranteed income for life. However, only the amount you receive on the performance level, gender and age at death of the insured.
Interests. The life insurance company, but keeps the money you pay interest in politics. So, the advantage of death remains and goes into a second recipient, after the death.
Regardless of which option you choose, you should get to claim the proceeds of the policy a few days after the deposit of. Life insurance companies are required by law through the wage claims in this way. For more information on the policies of entitlement to your insurer for the insurance division of your state.
What should I do if I can find the policy?
Unfortunately, there is a related database> Life Insurance. Therefore, it is quite important to know where the life insurance policies at any time. However, you may find there are some things that you try to lose a policy.
It is possible to start trying to determine:
Which company can be contracted
What resources can be contracted
If the insured person had life insurance through employer, union or other group
The III recommends trying to find informationby:
Search records, storage areas and safe. You can find insurance papers, old checks, receipts for payment of premiums or violation of policy.
Contact the insurance and financial counsel. Consultant prior and current information on the deceased's life insurance.
Contact the insured worker (s). Background and / or current employers will tell you, if the insureda group life insurance.
Check tax returns. The past tax returns revision, you may find of interest paid by a company or life insurance.
Check your e-mail. Even if the policy has been paid, the insurance company is to submit an annual premium or dividend announcement regarding the '.
Check north of the border. If there is a possibility that the policy was purchased in Canada, you can contact the Canadian life andHealth Insurance Association at (800) 268-8009, or visit the Web site
Explore the MIB. Although there is no database for life insurance policies, there is a database for candidates for life insurance. For $ 75, is possible in the MIB database, and while it rarely pays off (MIB is about one in five policy), perhaps it is worth groped.
If these suggestions do not lead to the location of a lost policy, please contact your agent, lawyer or financialConsultants further recommendations.
What happens if I can not pay the premiums for life insurance?
financial difficulties may, in any case. If this happens, and you can not pay the premium for life insurance, you should know what to expect.
Generally, if you have a life insurance policy term does not pay the premiums on a result of a lapsed policy can be found which means that the policy is automatically deleted and probably notThe proceeds of the policy.
If you are a permanent life insurance policy, III, said the options that you have some of the following:
Cash from politics. If you want, then the more money you pay the premium and collect all the available cash value. However, if the sum of the cash value is more than what you paid in premiums, that money may be subject to tax.
Vesting paid. "A" limited option available to you so that you stop paying premiumsComplete a reduced death benefit and save money. You may be able to apply it to a permanent policy in a policy extended term.
Lapsed policy. Derelict choose to leave your policy, you may be able to go back. Some insurance companies may do this if it ends within five years. Recovery may also be subject to its capacity, a medical and reimbursement of premiums due interest.
If you fall from grace, areIt is far from your right life insurance agent to reach an agreement. Depending on the circumstances, it is usually best not to leave a permanent policy is completely canceled, as you can give to the good life insurance policy you had when you bought it.
Have your questions remain unanswered!
If you have questions about your insurance policy is always a good idea to discuss these drugs with an insurance company. They may be new,up-to-date and specific status information about your life insurance policy so that you are no surprises down the line!
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