FRIAM The New Life Insurance


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2. Smoking or Another Health-Related Issue

The fine print is where certain exclusions are made known, where specific circumstances would not allow the beneficiary to receive the payment on the policy if you die. One of the more standard yet alarming instances where a life insurance policy will not pay out is in the case of suicide. Depending on what state you live in, there will be a suicide clause , meaning if you commit suicide within that time frame, the beneficiary would only get the premiums back, but not the death benefit.

This suicide clause is actually an incontestability clause , that window of time where insurance companies can investigate and deny claims. The period is typically two years in most states and one year in others, and it begins as soon as the insurance policy goes into effect. The incontestability clause comes into play again if you were somehow less than forthright about your past smoking habits or if you somehow forgot to mention that you had high blood pressure. If the insurance company finds out otherwise during this one- to two-year period, they have a right to cancel your policy.

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Asking if you smoke or if you have ever smoked is a pretty standard question on any life insurance policy. Maybe you quit smoking a couple years ago, but the insurance company will still ask if you used to smoke and how long ago you quit. It matters because the effects of smoking are long term.


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Your classification as a non-smoker could be satisfied by not smoking for a couple years, but depending on the insurance company, as many as five or 10 years might need to pass before you are in the clear to be labeled as a non-smoker. Where something like high blood pressure is concerned , this is a perfect example to be completely honest when filling out a life insurance application.

The insurance company could come back to the fact that you did have high blood pressure and it could have been the cause of the death. See how that works? This refers to intentionally withholding information from the insurance company that would have resulted in having your application denied. In other words, you lie on your application in order to improve your chances of being approved. A good example, again, is smoking. This rule would apply even in the event that a claim has already been filed. You may have heard of a professional athlete who has a certain clause in their contract that does not allow them to participate in what is considered a dangerous activity.

It could be fairly obvious, like skydiving, or even something more common, like riding a motorcycle. The same applies to a life insurance policy. Life insurance is all about risk management. So be honest about your dangerous hobbies or lifestyle when asked. If you are actively involved in one of the dangerous activities listed on the application, you can still do it, but you will need to pay for that protection.

If you die while committing a crime or participating in any kind of illegal activity, the life insurance company can refuse to make a payment. Some life insurance policies have an Act of War exclusion in them. There could be a clause that excludes the payment of a death benefit if you are not living in the U.

Be sure to look for any mention of this in your contract, especially if you see yourself leaving America in the near future. The insurance company is going to investigate the cause of your death ; you can be sure of that. They will look at the events that led to your death and then compare them to your original application. They are some of the more common instances, however.

The best advice is to be sure to read your entire insurance contract—yes, especially the fine print—before you sign it. If you are unsure of anything, just ask. They will read the fine print with you and help you to understand what it all means, especially as it pertains to your particular situation. When you are ready to apply—or even if you just have questions—simply pick up the phone and call As an independent insurance agency, True Blue Life Insurance deals with all of the top insurance companies , so we will work to get the best price for you and address any concerns you may have.

We deal with the insurance companies on your behalf, and the policies are issued immediately or within 48 hours, depending on the insurance provider you choose. My father carried life insurance through Kroger for years. What is the point of him paying for the insurance if I cannot collect? I believe I have 2 years and in April it will be 2 years. Call me at Thanks. I did a search and found http: You will want to make sure you have at least the policy number to provide an attorney. The social security number of your father may be sufficient. Jesus Christ what a nightmare it must be to pay life insurance for years just to die and leave such unspeakable burdens to your loved ones!!!

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Such evil in this earth. What scum of the earth!!! Megan I hope that all went well and that you were able to stick it to these big corporations that think they can get away with whatever they want just because they have money!! Once the insurer issues the policy and delivers it to the insured, the contract is binding. When a claim is reported, the insurance company would investigate to ascertain that the claim for which the insured is seeking, is in consonance with the terms of the contract.

If an insured violates any of the terms of the agreement, this could lead to denial of benefits. I hate to think of all the people who are paying into there life insurance company not knowing that the payment will never come with out there love ones having to put up a fight and paying most of there money into layers.

I can understand how this issue only adds more to the overall stress level. Canada has a different set of rules and regulations regarding life insurance. While there are strong similarities between the US and Canada insurance laws, each jurisdiction brings its own different scope of differences. In this situation, reaching out to regulators and ombudsmen may be you next best recourse. I am finding out the same thing, After getting a whole life insurance from American Family Insurance, my agent that seems like a nice guy..

Because he is not forthright I will be cancelling the policy, and I went thru this whole physical and questions to get it. Typically, what you fill out from an agent is an application. From there, once underwritten, the policy is delivered to you for review. This can be done in person, through the mail, or delivered electronically depending on the company. You may have made the right call on this one. At True Blue, we do things by the book and ensure transparency when working with clients. As a life insurance professional, I apologize for the lack of service you received from that agent and encourage you to reach out to us if you are ever needing coverage in the future.

We took a nother ins policy out with colonial penn life we had one policy with them. Now they dont want to pay. All guaranteed acceptance policies have this. The limited period depends on the company, typically either 2 or 3 years. If the insured passes due to a health related death non-accident , the company returns all the premium paid, plus interest. The representative should have been very clear on this on this limitation of the policy, it is not good business practice to not explain this to customers.

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If you have it in writing that the agent told you the incorrect information, email works too, you can contact your state insurance department for assistance. This is one of the main reasons why I advocate against using an employer based life insurance policy as your sole source of protection. I do recommend you follow up with a licensed attorney if you feel that there was any legal issues involved with situation. If you were talking to a call center representative, you could subpoena the call recording.

Just recently got Fidelity life insurance on myself.. I have to keep moving but they always find out where I am.. Your life insurance policy should pay your fiance. Fidelity sells a few different policies including a term policy and an accidental death benefit policy. The accidental death policy does not cover deaths from health related causes.

If something happens while someone is robbing your home or on the road in your car, it is considered an accident. Most companies do have an exclusion in which they do not pay out if you die while committing a felony. Our father passed away two years ago. Prudential denied a claim before we even filed one and has to date not paid.

He was in a MVA on his own property and died a week later from a slow brain bleed. They requested police report, autopsy report. They were told we had none of those things and gave them copies of his medical records. There was no substance abuse. We are at wits end. How do we make them pay? I recommend you contact an attorney specializing in denied insurance claims.

There are many questions they will need to ask about the particular policy you had.

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Was it a policy through work? Was it an accidental death benefit policy?

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Did the claim occur within the first two years of the policy issue date? I recommend you contact http: Their phone number is I Found that this statement is wow! I just found out a Relative had life ins on me. Can I sue them? As I am not a lawyer, I can not comment on which legal action is best. However, I do recommend you contact the insurance company that wrote the policy and get clarification on the policy that was written without consent. From there you may want to discuss the matter with an attorney who specializes in insurance to get additional direction moving forward.

Insurance companies are very strict regarding who you can get a policy on. Anything outside your immediate family or business is typically off limits. Aunt had Univeral LIfe for 50k, 21 year old policy. I have a bill for the day she died and never receved anything stated policy was not active.

Isnt the reason for UL to make payments off interest? This does not sound right. If the policy had a cash value then it should have paid any missed premium payments automatically. I would contact http: Midland life insurance dont want to pay because they need a report of death of us citizen abroad. I tried to get this while i am in US but the US embassy wanted document I dont have in US and now the insurance dont want to pay even though i paid the premium for over 2 decades. This is a tough one. It is very hard to collect on an insurance policy without a death certificate.

I know it sounds like a bunch of hoops to jump through, though I think the insurance company needs a death certificate in order to legally pay the claim. You hear about all of these sad baby died in hot car stories. If they had insurance would it pay out to the family if this happened? Why would life insurance company request a Divorce Degree?

I have paid 30 years on a policy on my ex-spouse. She may be wanting to make a change to the policy and only the owner can make changes. Sometimes it is stipulated in a divorce decree who the owner of the policy must be and who the beneficiaries are. He told me before me passed away that he took out a policy and I was the beneficiary. Just wondering how I would be able to locate the policy?

Our recommendation is based largely on what you are needing. Generally speaking, term life insurance works well for just about everyone and provides great coverage for the money. Almost every life insurance policy will cover both accidental death and death by natural causes. Truly that they do not explain clauses. My daughter took out a policy on July 5, — for her, her two young daughters and her spouse. She died that day 3 days after the policy and death certificate says SUID and cause is undetermined.

AS you can imagine, my daughter went through something horrific and was put on Xanax for her nerves and began smoking. So, they put her in a higher bracket and had her pay the differrence in now the higher premium. Insurance company Farm Bureau in Texas has denied the claim. Insurance can be confusing and expensive. Insurance Made Easy acts as your coach for selecting the right coverage, from auto to life, for your needs.

What insurance agents and financial advisors can say to cl Get potential clients to buy immediately. Create instant trust and rapport. Embracing the Life Insurance Asset. Learn how to use The Life Insurance "Asset" from these real love stories shared by loving moms and dads. Have a notepad and a box of tissues close by. To do grown-up things and have responsibilities such as a working full time, paying rent, or owning a car. A proven path to money maste This clear, authoritative resource for consumer insurance information avoids financial double-speak and endless calculations to give you hands-on information concerning: Use its plain language, no-nonsense descriptions to determine: Share your thoughts with other customers.

Write a customer review. Read reviews that mention vul industry tax variable term policy ben baldwin policies agent cash plan mutual company universal based fund wealth retirement properly. There was a problem filtering reviews right now. Please try again later. The author does a good job of providing an overview of life insurance as an investment and savings tool. He is able to communicate the benefits of owning permanent life insurance as a supplement to your financial products.

However, I disagree with his strong endorsement of the variable life insurance product. This product is one of the most complex products in the insurance industry. Its fees, costs and performance varies widely from company to company. Given the fact that you can simply borrow your permanent whole life insurance cash values and invest them yourself without the sales loads why pay twice? Overall a good read, especially for those who are not informed as to how to utilize their life insurance as a financial tool.

Ivy League Wealth Secrets: That the Master Planners don't want you to know! One person found this helpful. A good book but somewhat dated as its information is 13 years old. If you're looking to better how life insurance is structured to work financially then I'd recommend this book. Because of the older data based conclusions, which seem agent rather than consumer focused, it got 3 stars. Its okay, but the information is based most of the times about the time the Life Insurance industry awakened up in the 's. So many things are very different now. Still is a good book that provides interesting information.

Though not necessarily an easy read, this book should be required reading for all life insurance investment advisors. It walks one through the knowledge base necessary to properly help your clients. Very good summary of the products available and how to use them.

Wish I would have had this book before I purchased investment grade life insurance - it would have saved me a costly mistake. For helpful hints to protect your personal information, visit the following website: If you don't want to give this permission, you can still get a quote or make a purchase by calling us directly at Generally an employer-paid coverage offered for a set period of time that provides your beneficiaries with essential financial protection.

An employee-paid benefit allowing you to purchase additional protection as your needs change over time. Dependent, spouse or domestic partner coverage may also be available. Provides coverage for your spouse, civil union partner or domestic partner and eligible children. A death in the family is not only emotionally devastating, it can also take a tremendous toll on the future financial security of a family. Those who buy life insurance generally do so to help ensure their loved ones are taken care of financially. Life insurance is a promise by an insurance company to pay those who depend on you a sum of money upon your death.

In return, you make periodic payments called premiums. Premiums can be based on factors such as age, gender, medical history and the dollar amount of the life insurance you purchase. In the event of your passing, life insurance provides money directly to the individuals you select, your beneficiaries, who can use the money as they see fit, including:. Life insurance comes in two main types — term and permanent — which may both be available through your workplace. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value.

They may also give you the option to port. That is, you can take the coverage with you if you leave your company. They are intended to protect your loved ones permanently, as long as you pay your premiums. Some permanent life insurance policies accumulate cash value. That means the value of the policy may grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals, and can be used for a variety of purposes. This type of policy is typically portable so coverage can continue if employment terminates.

Getting life insurance through work can be an easy way to protect your family. If your employer offers a group plan, consider signing up for advantages that may include:.

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Term life insurance is life insurance coverage designed to be purchased for a specific time period, typically between 10 and 30 years. Term life insurance is an affordable way to get maximum coverage throughout that time frame, and so is great for helping to cover specific financial responsibilities, such as paying for a mortgage or saving for college expenses.

Your goal should be to develop a life insurance plan that, following your death, will allow your family to live comfortably without your economic contribution. Also consider the effect of inflation over time.


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