If you’re thinking about buying life insurance, it helps to know some basics. Here are fast answers to common life insurance questions. Q: What is life insurance? A: It’s insurance that pays someone after you die. Q: Who gets the payout? A: The person(s) you name as beneficiary on the policy. Q: Do I need life insurance? A: Yes, if your death would hurt someone financially. Q: When should I buy it? A: Usually when you have a spouse, a mortgage or kids. Q: How do I figure out how much A: Add up present and future financial obligations and subtract assets. Q: What’s an example of the cost for a term life policy for $1 million for 20 years? A: For a healthy woman age 30, about $350 a year. Q: Can I buy life insurance on an adult family member? A: Yes, with that person’s consent. Q: What causes of death are covered on a life insurance policy? A: All causes, except suicide in (typically) the first two years. Q: What is term life insurance? A: A temporary policy that … [Read more...] about 10-word answers (or less) to your life insurance questions
Term life insurance
CHICAGO (AP) — Beneficiaries of unclaimed life insurance policies already have received billions of dollars — and others could be in store for some unexpected cash — the result of state actions forcing companies to locate heirs and pay them the money they are owed. Nearly two dozen states have passed laws requiring companies to search for beneficiaries. Illinois is the latest to consider a version of the legislation. The laws follow years-long audits and multi-state investigations of the top 40 insurance companies that revealed many of them held on to benefits, even when they knew the person insured had died. More than 20 insurance companies settled with states. Some companies are pushing back, against both the investigations and the laws. Life insurance companies owned by Chicago-based Kemper Corp. are trying to block Florida’s law, one of the nation’s strongest, and are fierce opponents of Illinois’ proposal, which was approved by state lawmakers … [Read more...] about States require insurance companies to locate beneficiaries
Email By consumer affairs reporter Amy Bainbridge, Naomi Selvaratnam and Rachael Brown Updated September 06, 2018 07:40:53 Photo: "The last thing he said was thank you for being such a beautiful wife," Ms Dunn said. (ABC News: Naomi Selvaratnam) Related Story: ASIC slams 'aggressive selling' by life insurers Related Story: 'Plunged into poverty': Disability claimants fighting for life insurance payouts Map: Australia Amanda Dunn thought her family was covered if the worst happened. Key points: Amanda Dunn is fighting her insurer after it rejected her late husband's claims on their life insurance policyConsumer groups say the life insurance industry needs a major overhaul to protect customers MetLife says customers need to read the terms and conditions to make sure their policy is appropriate for them Her husband, Roger, had a congenital heart condition and after surgery as an infant, he went on to lead a full and active life.But the threat was always there. So, like … [Read more...] about Widow takes on insurance company MetLife after it rejects late husband’s claims
Email By business reporter Stephanie Chalmers Updated September 08, 2018 10:19:03 Photo: The banking royal commission will examine natural disasters including the 2015 Hunter Valley floods. (Facebook: Kim Hinton) Related Story: 'Destroyed by the insurance process': Youi finally pays insurance to victim of Cyclone Debbie Related Story: 'He just couldn't fight anymore': Widow takes on life insurance company Related Story: 'Plunged into poverty': Disability claimants fighting for life insurance payouts Map: Australia In times of fire, flood and freak storms, people turn to their neighbours for help.In the aftermath, it is insurers that are called upon to deliver, after years of customers paying premiums.As the banking royal commission will hear next week, confusion, delays and disputes can compound the pain of natural disasters.In 2015 the town of Dungog, in the New South Wales Hunter region, bore the brunt of a storm, and a flash flood proved fatal, with three residents … [Read more...] about Insurance the next financial sector hoping to weather the banking royal commission storm
In a few days, a team of researchers, statisticians and geographers will gather at University College London to tackle an issue of increasing concern for doctors and health experts. They will investigate why many UK citizens are now living shorter, less healthy lives compared with the recent past. The emergence of faltering life expectancy in Britain has caused particular alarm because it reverses a trend that has continued, almost unbroken, for close to 100 years. Over this period, lives have lengthened continuously, blessing more and more British people with the gift of old age. But now that increase has come to a halt, statisticians have discovered. Indeed, among many sections of the UK population, declines have set in. Hence the meeting, organised by the British Society for Population Studies, which has been organised so delegates can use data – to be released this week by the Office for National Statistics – to update their life expectancy projections. “It is a … [Read more...] about Why is life expectancy faltering?