tag posts with lifeinsurance

My life insurance lapsed - and a new signed medical health statement is required - am I screwed if I lie? I've had a $400,000 life insurance policy for about ten years or so. Recently the policy lapsed, due to a bank checking account change / automatic draw situation. The company, Liberty Mutual, says I can reinstate the policy and bring it up to date with the past due payment, but I need to fax them a "Health Statement." The statements asks: Since the date of the application of the above policy: "Have you had any illness or injury?" and "Have you consulted any physician or surgeon?" The problem is, about two years ago I was diagnosed with Type II diabetes. I called my local (Friendly) representative for the company, who sold me the policy years ago, and he says just lie, and say that my health is fine. He also advised me to lie way back then, and say that I've never smoked pot, which I did, and continue to do occasionally. (Marijuana is the only thing that calms my leg shakes and neuopathy in my feet.) I'm 52 years old, fit, and doing my best to treat my diabetes. I've never smoked tabacco and I've never drank alchohol.

should my partner get life insurance? He is young and debt-free. My partner is in his late 20s, and I am in my mid-20s. We have been together for 7 years. He is only 3 months away from being debt free. He has a well-paying job. He recently expressed interest in buying life and disability insurance as soon as his debt is paid off. He is considering paying around $200 a month. It seems really counter-intuitive to me. We are not married, we do not have any children, we do not have a mortgage. He does not have an emergency fund, he has not started on his retirement savings. If he were to die, I do not have any debts, and would be financially fine on my own. I do not have any debts, and have $2,000 emergency fund, and another $2500 in retirement savings. One of his arguments is that life insurance would cover any funeral costs, and that he is partially doing this for me. Again, it seems silly to me to be paying hundreds of dollars for years for a one-time cost. Would it not be smarter to dump all this money into a registered retirement savings account, or even an easily accessible savings account?

Should I cancel my life insurance policy and use it to pay off most or all of my consumer debt? I'm Canadian, 50 years old, single, self-employed, with no dependents. I have about $15,000 in consumer debt and about $200,000 owing on my house. I'm covering my mortgage payments well, and am currently spending about $300/month on servicing the credit card debt. (I have 3% interest until October, but it goes up to 9% after that). There's a good chance that things will be busier for me in the spring, and I may be able to increase my debt repayment to about $1200/month, but I can't count on that.

I have to travel to Johannesburg for 3 weeks on business so I thought I'd check our corporate travel / life insurance. I'm covered for $20,000 which I consider way below par. I need business travel life insurance options. Our health insurance (Blue Anthem) dictates a minimum level of life insurance cover, which we have: $20,000. We also have business travel insurance which covers medical expenses extra -- but no life cover. Our UK staff have life insurance at 3x / 4x their annual salary (depending on number of dependents). I don't need extra comprehensive life insurance for my every day life - at least not from my company. But I would like to be cover in the event of a plane crash (wherever I travel on business) or a carjacking in Jo-Berg say.

I have to travel to Johannesburg for 3 weeks on business so I thought I'd check our corporate travel / life insurance. I'm covered for $20,000 which I consider way below par. I need business travel life insurance options. Our health insurance (Blue Anthem) dictates a minimum level of life insurance cover, which we have: $20,000. We also have business travel insurance which covers medical expenses extra -- but no life cover. Our UK staff have life insurance at 3x / 4x their annual salary (depending on number of dependents). I don't need extra comprehensive life insurance for my every day life - at least not from my company. But I would like to be cover in the event of a plane crash (wherever I travel on business) or a carjacking in Jo-Berg say.

Educate me about life insurance. I'm female; under 40; non-smoking; the primary wage earner in our family (I earn 2/3 of our income, my partner earns 1/3); we own a house and have a son who will be one year old in July. For many years, I had $100,000 in life insurance through my employer, however this benefit is no longer available to me so I've started shopping for insurance and, I have to say, everything seems prohibitively (ie: $100+ per month) expensive, and I'm having a lot of trouble sorting out the options. We're guessing that I need about a $250,000 policy (which would pay off our house and car, my funeral, plus leave some savings for our son).

Educate me about life insurance. I'm female; under 40; non-smoking; the primary wage earner in our family (I earn 2/3 of our income, my partner earns 1/3); we own a house and have a son who will be one year old in July. For many years, I had $100,000 in life insurance through my employer, however this benefit is no longer available to me so I've started shopping for insurance and, I have to say, everything seems prohibitively (ie: $100+ per month) expensive, and I'm having a lot of trouble sorting out the options. We're guessing that I need about a $250,000 policy (which would pay off our house and car, my funeral, plus leave some savings for our son).

How does one provide life insurance benefit for someone who cannot have an income? Background: My husband's son, 13 now, is autistic. He will never be self-sufficient and will be on his parents' insurance until 18 and SSI thereafter. But to qualify for SSI/Disability we are told that he cannot have assets/income above a very low amount or he no longer qualifies(until his medical/housing care bleeds all of the money dry and can re-qualify for benefits) So right now he has the plans benefitting his son's mother. What other options does he have? I think a trusteeship would be something to look into, if it shields the money and keeps him on SSI.

How does one provide life insurance benefit for someone who cannot have an income? Background: My husband's son, 13 now, is autistic. He will never be self-sufficient and will be on his parents' insurance until 18 and SSI thereafter. But to qualify for SSI/Disability we are told that he cannot have assets/income above a very low amount or he no longer qualifies(until his medical/housing care bleeds all of the money dry and can re-qualify for benefits) So right now he has the plans benefitting his son's mother. What other options does he have? I think a trusteeship would be something to look into, if it shields the money and keeps him on SSI.

Help me determine how fair my life insurance quote is. I received a quote from Fidelity for $1M 20-year term life insurance for $970/year. I'm pleased with Fidelity for other accounts so I figured I'd give them a shot for life insurance. I have no real frame of reference to see if this is a fair bid. I'd rather not go through the application experience with other companies to get comparative bids-I'd like to know where my quote fits in the overall ballpark. Additionally, I'm supposed to respond to Fidelity's bid soon. I've tried the online quickie-quotes but those aren't really meaningful.