Archive for the ‘policy’ tag
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A Life Insurance Policy – What Is A Life Insurance Policy Really?
What in fact is a life insurance policy? What is all the hoopla really about? One writer put it this way. “A life insurance policy is just a drop of ink on a piece of paper.” There is nothing very significant about that. The important thing to focus on is what this kind of policy does. What does it do for the person who buys this paper with drops of ink all over it? Of course the value of it all depends on what is written on this piece of paper.
Your life insurance contract says that if you should die your family can continue living. It guarantees them a lump sum or a monthly income. It is a guarantee that the mortgage will be paid. It assures you that your children will continue attending the same school and will have the same friends they chose to have. They can still wear nice clothes. They can still go to the ball games even though you are not there. If any one of them plays a musical instrument s/he can continue getting the music lessons. They can still continue having many a fun day.
You have a child that plays great tennis. You plan on hiring a professional coach to help this child get to the big time later on. The best coaches cost big bucks. You can afford it but what if you die? A life insurance policy can guarantee that the cash will be there to pay for this coaching.
When the time comes to go for higher education sufficient insurance proceeds will provide funds for that too.
What of your spouse? Do you think she would like to continue living in the same home? Will she want to change her car regularly? She has got to continue to get your kids to the activities they always enjoyed. She likes to wear nice clothes. She needs cash to do things that most men don’t even think about. This drop of ink on this piece of paper can guarantee that she will always have the cash. Isn’t this life insurance a great thing?
The children will graduate high school and then enter college. This costs money. They will do just great even after your death because you looked ahead and planned their security. You bought sufficient coverage.
Your life insurance policy may just be a drop of ink on a piece of paper but it certainly is a lot more.
About the Author
For more than 40 years Donald has been known for his extensive knowledge of the life insurance business. He has represented some of the largest and most admired Life Insurance Companies in the United States as well as Canada. His advice is invaluable.
Donald’s website is: Life Insurance Hub
Also see: Life Insurance Answers
Can you put someone on your life insurance policy not related to you if you arent married, with no children?
My boyfriend and i have 1 child, but my child does not have my boyfriends name on his birth certificate, because my boyfriends family did not think the child was his. anyhow, could my bf put his name on his policy?
Well, the ignorants have come out in full strength. They’re just trying to help, but the misinformation does get annoying.
The answer is “probably.”
In order to name a beneficiary of a life insurance policy upon policy issue, the beneficiary must have an insurable interest in the insured. In other words, there must be a potential financial loss to the beneficiary in the event of the insured’s death (loss of insured’s income, etc.).
After policy issue, the policy owner can change the beneficiary. Most companies do not require this change to be justified, but they do reserve the right to.
It is possible to name a beneficiary with a clear insurable interest upon application, and change it after issue.
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