Can States Take Out Whole Life Insurance Policies On Their Employees?
Question by sm1r1 | Posted in Law & Ethics
Can States or State agencies ( such as department of transportation, agriculture, etc) take out Whole Life Insurance policies on their employees? (Meaning if their employees pass away, the state or state agency would be the beneficiary.)
I know companies such as WalMart are able to do this on their employees. But can states/ state agencies?
I also need to know which states can and which states can not. I have been looking everywhere with little luck. Who can I call to get this information?
Thanks!
Answer: Strictly speaking, if *any* companies are allowed to take out ''dead peasant'' policies on their employees, then the State or state agencies themselves would be able to do so. Whether or not they actually *do* may be a matter of political ethics - and would be an extremely interesting series of media articles that most politicians would just as soon avoid, I should think.
Are All Whole Life Insurance Policies Not Insured By The FDIC?
Question by Nickey | Posted in Insurance
Which companies provide FDIC insured whole life insurance policies and which companies do not?
Answer: I'm with Primericaisbad on this one. Any person that tells you there is a one size fits all for insurance is a quack and doesn't fully understand the other products out there including TV personalities like Dave Ramsey, and Suze Orman....(Notice I didn't use the words money guru's? becuase they are not! They are nothing more than a TV personality like Oprah) Those people are in TV becuase they have good strong personalities and don't look good on TV...in other words, they are entertainers...that's it..they've both been debunked NUMEROUS times! Ask their older clientelle about how their "Invest the Rest" in Mutual funds and stocks part is going for them right now...now they have
I need financial opinions on whole life insurance policies and am afraid to ask an advisor for fear that he/she would try to sell me something. We purchased three whole life policies in 1991. I know now that most experts advise against them now because of the high premiums, and advise buying term and investing extra money elsewhere......but we have accumulated a lot of dividends over the years but we're at the point now that we are tired of paying the premiums and thinking about having the dividends pay for the policies until the dividends run out....and then of course we would start paying for the polciies again. Is this a mistake or should we continue to pay the premiums and keep thinking
Answer: I would say you would not be wise to cancel a whole life policy for a term, as what people don't know & agents neglect to tell them, is after the level period has ended, i.e.10 year term, 30 year term, the policy changes into a annual renewable term, which means the premiums increase dramatically & then will increase yearly from that point, going forward. So generally they are no longer affordable, any new policy you will be at a higher premium as it will be based on your current age or worse yet, you may now have a condition that makes you uninsurable.
At the very least, you may want to supplement with a term policy for short term coverage, but keep your whole life policies.
What Happens To The Dividend Option Term Rider On A Whole Life Insurance Policy?
Question by D Beezy | Posted in Insurance
If the cost of insurance on the dividend option term rider is higher then the monthly premium being paid. What happens to the term insurance portion of the whole life policy at that time? I have this rider now on my whole life policy to maximize my death benefit at the lowest cost but I'm thinking that either I will have to pay more premium if the cost goes up or I have to drop the rider.
Answer: This is a good question for your agent or customer service because dividends are not guaranteed and may have a significant impact on your policy if they change. If the term portion of your policy is dependent on dividends, then it is not guaranteed at your current premium. As you mentioned, you may have to pay more premium to keep the same amount or reduce your coverage if the insurance company's dividend changes.
Also, I wouldn't use the phrase "lowest cost" because there may be a less expensive way for you to achieve the same goal. I always recommend someone who is looking for life insurance consider the opinion of more than just one source.
How Do I Get Any Of My Whole Life Insurance Policy Payments Credited Should I Want To Cancel?
Question by subletinthecity | Posted in Insurance
There is cash value to it but only 10% of what I have invested over the last 5 years. Being young and healthy, where would I turn to try to sell it - please indicate successful places for a young, healthy man selling a whole life policy?
Furthermore, can I get any credit for 100 monthly payments made any other way besides trying to sell it? Is there barter opportunities or other means?
Answer: Credited to WHAT?
Life insurance is NOT an effecient investment tool, it's primarily a DEATH planning tool.
You probably can't sell it, and if you did, it wouldn't be worth quite what the cash value amount is.
You can't barter it, and there's no way you're going to get anywhere near the $6,000 you've paid in, if you sell it. Because, that's not the PURPOSE of life insurance. It's not an investment or savings account.
So if it doesn't meet your financial goal, stop throwing your money away.
How Does a Whole Life Insurance Policy Work? » Term Life Insurance ...
by siamworthy
Whole life policies are popular with some select groups of people but they are a little bit more complex than their plain vanilla easy to understand term life insurance counterparts. Not many people think having life insurance is important and because of this we see that the industry is not as successful as the auto and homeowners insurance business. How exactly does a whole life insurance policy work....
In addition, here are 10 more ways you can save money on your next life insurance purchase. Some financial planners advocate permanent life insurance policies with cash value components because the policies force you to save money.
Term life insurance provides protection for a specific period of time and typically offers the greatest amount of coverage for the lowest initial premium cost. Permanent life insurance, also known as whole life, offers lifelong protection and the
An up to date, sensible policy can keep your family from financial disaster if you die, but deciding which type is best for your life situation can be tricky. Both whole and term life insurance policies allow you to lock in the same monthly payment
AS) Asia life insurance unit in a deal worth about $6.5 billion to $7 billion, sources familiar with the matter said. A sale topping $7 billion could rank as Asia's top insurance M&A deal and would help the bailed-out bancassurer repay the 3 billion
According to the poll, 31 per cent of Canadians do not have life insurance policies and another one-third of individuals worry their current life insurance policies will not adequately protect their loved ones. Adding to the issue, life insurance rates
Term life insurance provides protection for a specific period of time and typically offers the greatest amount of coverage for the lowest initial premium cost. Permanent life insurance, also known as whole life, offers lifelong protection and the
An up to date, sensible policy can keep your family from financial disaster if you die, but deciding which type is best for your life situation can be tricky. Both whole and term life insurance policies allow you to lock in the same monthly payment
AS) Asia life insurance unit in a deal worth about $6.5 billion to $7 billion, sources familiar with the matter said. A sale topping $7 billion could rank as Asia's top insurance M&A deal and would help the bailed-out bancassurer repay the 3 billion