Something quite interesting about today’s life insurance market is that very few people pay more premium for being affected by asthma. In the grand scheme of things, only the worst cases of asthma are rated sub-standard by most life insurance companies. Yes, there is affordable life insurance with asthma. When someone is shopping for life […]
In a life insurance policy, the amount payable in the event of death, as stated on the front page of the policy. Since the amount of insurance protection provided under a given policy is usually stated on the face or first page of the contract, the term is commonly used when referring to the death benefit in the contract.
Final expense insurance:
A life insurance policy purchased to cover the costs incurred during a last illness, funeral and burial costs, any debts, probate expenses, death taxes and any other taxes or obligations which must be paid in order to settle the estate of a decedent. Sometimes referred to as burial insurance.
Flat extra premium:
Premium added on top of the regular premium of a life insurance policy to cover added risk, typically that of high risk occupations or activities (e.g. flying an aircraft). The insurance company adds a flat extra fee per thousand dollars of death benefit. An example of this would be a pilot paying and extra $2 – $3 per thousand dollars of benefit. In this example, a pilot taking out a $1 million policy would pay an extra $2,000 – $3,000, over and above the normal premium.
Free look period:
A specified period of time in which the insured can keep the policy for review and, if then decides to return the policy, a full refund is given. The free-look period varies by company and state, so make sure to check the free-look terms when you receive your policy.
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The Medical Information Bureau (MIB) provides a collection of private medical and non-medical (hazardous avocations, hobbies, and driving violations) data. The primary purpose of the MIB is to furnish the exchange of underwriting information between its member companies. Member companies are compelled to report a coded summary of conditions and conclusions which may be important […]
Although we grow into adults year by year, there can still be a shock to our systems when we find ourselves out of school and out of our parents’ home. Regardless of how prepared we may believe we are, complicated issues are thrown at us every day and in every manner. Yes, there is the […]