The new look of retirementResearcher Olivia S. Mitchell, Ph.D., discusses results from one the most comprehensive aging studies ever undertaken.Finding help with health care for your petMedical care for pets can get very expensive, but there are programs and places that can help.Is an HSA right for your family?A health savings account can provide big savings, but not if your family visits the doctor often.Use of tax creditsAn adoption tax credit can't be used against penalties and interest from back taxes owed, says CPA George Saenz.Claims that boost your insurance ratesCertain types of claims are more likely to boost your insurance rates. Find out which may raise red flags.
causes within the first two years from the date that the policy takes effect. They may pay 50%, 75% or less, depending on how long afterword that the death occured or whatever their guidelines happen to be.
You are covered immediately if you happen to die from an accident. This is known as "accidental death coverage" and there is no two year waiting period for this coverage.
Are you confused? No problem. It's totally understandable and you're not the only one so don't feel alone. Let me explain in more detail.
Let's say that you purchase one of these no physical exam whole life policies on January 1, 2007 and you pass away from natural causes on January 1, 2008. In this case your beneficiary would receive a reduced payment because of the modification that states you are not covered in the event of death from natural causes in the first two years.
Now let's look at another example.
Let's say that you purchased the policy on January 1, 2007 and were tragically killed in an auto accident two months later. In this case your beneficiary would receive 100% of the policy because you were covered immediately for accidental death.
Let's do one more example.
Let's say that you bought the policy on January 1, 2007 and passed away three years later from a heart attack. In this scenario you are covered because although you passed away from natural causes, it didn't happen until after the two year exclusion or waiting period was over.
Most of these types of no physical exam whole life insurance policies are sold in "blocks" of coverage. For example, you could by coverage in blocks from $1,000-10,000.00 each.
These blocks of coverage can become quite expensive considering that the average funeral costs between six and ten thousand dollars, at the time of this writing. It can be especially expensive for elderly couples without coverage that live on fixed incomes.
Although it may be your only option once you reach a certain age group, I highly recommend that you look at different alternatives before purchasing this type of no physical exam whole life insurance policy.
Article Directory: http://www.articlecube.com
Joe Stewart is a Webmaster and former Life And Health Insurance Agent. He's made understanding life insurance simple for consumers. You can read detailed explanations about life insurance at his website TheLifeInsuranceGuys.com or by clicking on Whole Life Insurance Quote Online
Here are some more keyman life insurance articles...
Low Cost Health Insurance For The Self Employed
By Arturo R
The freedom of having ones own business, the liberty of being the master of your own self, can be extremely invigorating. However, like every good thing comes with a catch, the freedom of being Read more...
|
Life Insurance Stock company Investment Accomplishment, Does it Really Make Any Difference To You, Your Folks, or Your Companion?
Does the Investment Attainment of your life insurance Concern really matter? The answer is genuine, yes and nix.The reason household seek this question at issue is regularly because they are Read more...
|
Key man, necessarywoman, or dominantperson Life Insurance, It's Vitally Dominant To Your Flesh and blood & Your Corporation
Key man life insurance, or as it is more politically correctly known, powers that be person life insurance can mean the difference between long term greatness or failing of your compagnie, your Read more...
|
Small Business Owners: What You Need To Know About Group Health Insurance...
By Mark Mitchell
Group Health Insurance: What Employers Need to KnowRunning a small business can be difficult. Many different items compete for your attention and your money. Once you hire employees, you must Read more...
|
