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Cancel a Rider on Life Insurance

Q. How to cancel a rider on life insurance? A. The rider on a life insurance policy is purchased separately from the policy and it will provide additional benefits, typically at an additional premium cost. In order to cancel the rider on a life insurance policy, the policy owner typically only has to notify the.. More

No Medical Exam Waiting Period

Q. Do all no medical exam life insurance companies have a 2 year waiting period? A. While life insurance policies that do not require medical exams may cost more in terms of premium payment, these types of policies do exist. In most cases, all an applicant is required to do in order to qualify is.. More

Interest on a Loan from a Variable Life Insurance Policy

Q. How much interest do I pay to take a loan from a variable life insurance policy? A. Just like other types of permanent life insurance policies, you can take a loan from the cash value of a variable life insurance policy. Depending on the issuing insurance company, you could take a loan of up.. More

Insurance Benefits Taxable to Adult Children

Q. Are life insurance benefits taxable to adult children? A. Overall, the face amount of a life insurance death benefit is not subject to federal income taxes by the recipient. This is true regardless of whether the recipient is an adult child of the insured or anyone else. However, these benefits could be subject to.. More

Unpaid Loan from a Whole Life Insurance Policy

Q. Is the amount of an unpaid loan from a whole life insurance policy deducted from the death benefit? A. If you have an outstanding loan on your whole life insurance policy when you die, the death benefit that is paid out to your beneficiary (or beneficiaries) will be reduced by the unpaid amount of.. More

Would this be Considered a Legal Insurable Interest?

Q. Hello, 100% shareholder President and CEO of an S Corp. wanted to purchase individually as owner and beneficiary a life insurance policy on the life of a vice –president and COO of his company. The vice-president and COO wanted to purchase individually as owner and beneficiary a life insurance policy on the life of.. More

Credit Report for Health Insurance in Texas

Q. Is a credit report for health insurance required in Texas? A. While it is allowable for insurers in the state of Texas to review one’s credit report prior to providing an insurance quote, a credit report for health insurance is not required. Insurers can consider credit information for making decisions regarding whether or not.. More

What States let Insurance Companies Check my Credit

Q. What states let insurance companies check my credit? A. In the U.S., insurers in all but one state may check an individual’s credit information. The only state that actually prohibits insurance companies from using your credit score is California. All other states make it optional for insurance companies to check your credit – although.. More

Non-Hodgkin lymphoma. Any possibility to get coverage?

Q. I am 62 male and I need term insurance 200k or 100k in 10 years. I have non-Hodgkin lymphoma. Any possibility to get coverage? A. Even with the health condition of non-Hodgkin lymphoma, there is a possibility of obtaining life insurance coverage. It is likely, however, that coverage will be considered “rated,” meaning that.. More