Life |
| Life Insurance in the United States |
Life Insurance- Life Insurance Life Insurance Policies: Life insurance policies contain seemingly countless provisions, clauses and options that determine the type and scope of coverage as well as what will happen if premium payments lag or a claim is made. It is important to understand the provisions of the policy you have or any one you're considering.Incontestable Provision: With this provision, the insurance company may not contest any claims following a specific period of time from the initiation of the policy. Of course, this is not a license to commit fraud, and the discovery of fraud will lead the company to contest any claims and possibly pursue criminal charges. Suicide Provision: With this provision, suicide within a specific period of time after the initiation of the policy will result only in the return of premiums plus interest. After that period, a claim on a death due to suicide will lead to a full payout.
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| Reinstatement Clause: With this provision, if premiums are not paid in a timely fashion and the policy lapses, it may be reinstated within a specific period of time if the policy holder remains insurable. This option must be weighed against the potential benefits and downsides associated with a new policy. These might include changes in premium costs and the resetting of provisions for contestability and suicide. |
| Excluded Risks: Depending on the policy, death under circumstances like war or an aviation accident may or may not be covered. Be sure that all risks you are looking to protect against are covered in your policy. Settlement Options: There are a variety of options available for payout. The simplest is a lump sum payment of the value of the policy. It is also possible to leave the entire settlement with the insurance company and collect interest, retaining the right to withdraw principal funds at any time. Payment schedules are also available based on payment amount or duration. In either case, interest will accrue on the money that remains with the insurance company. There are also a range of options that pay benefits over the entire life of the beneficiary. Any decision on settlement options must take into account the current and future financial prospects of the beneficiary and his or her dependents, so the best option will vary from case to case.
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| Types of Policies, accelerated benefits, viatical settlements |
| Term Life |
| Cash Value or Permanent Life |
| Whole Life |
| Single Premium Life |
| Universal Life |
| Variable Life |
| Variable Universal Life |
| How Much Insurance Amount in the United States |
| Kind Which Kind of Insurance? |
| Premiums Lowering Your Premiums to life insurance |