Answers in Insurance

Insurance is a financial tool that you can use to mitigate risk of damage or loss occurring to a finite resource you possess. Here you can learn more about the different types of insurance and whether or not they would be right for you.
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Richard P Taylor Level 17
Jerri, I agree with all of the above answers. The short answer is yes. Just be aware there are many different avenues, costs, structures you can use under the life insurance umbrella. It might be wise to sit down with a financial professional in your ...(more)
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Jeri, May I first suggest that you review the existing policy and see if there is a clause in it that will allow you and your husband to purchase additional coverage from the issuer of your present coverage. There is an outside chance that such a clause ...(more)
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Brian Kuhn CFP® Level 17
Hi Jerri thanks for posting your scenario on the site. It looks like you have already received some guidance from the other posts. I would just agree and say you can have multiple insurance policies on one person. For the amount of $25,000 there are ...(more)
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Sung T Chang Level 4
Don't cancel, until you have fully replaced with another policy. If there is a medical history, the rating for a new policy, may not be better than the usual smoker/standard rating of the workplace policies. In addition, don't forget driving record ...(more)
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Rich Winer Level 20
Assuming he's insurable, you should be able to purchase another life insurance policy without getting rid of the existing policy. If his health is substantially better now than when you purchased the original policy, you might want to look into the cost ...(more)
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It should be really easy to explain to you how the person is being paid. If they can't easily explain it then either they are trying to be dishonest about it or they are so new to the industry that they don't understand the product they are offering. ...(more)
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Tunc Tanin Level 10
The insurance company is under no obligation to call you. If you know the company she worked for, you can call the HR and find out which company they used for their life insurance and call them. Some HR departments will help you some wont. Once you know ...(more)
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While there is certainly a possibility that the insurance agent is lying to you, there is also a real possibility that he doesn't understand how insurance products work (which is frightening). This is not the first time that I've come across naïve insurance ...(more)
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All of the answers above are good ones. The only thing I did not see mentioned is the cost of lost opportunity. Some insurance agents compete against investment representatives buy selling lets say an annuity. They will tell you there are no fees and ...(more)
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Call an independent agent that offers commercial insurance. Buy a good policy and then consider an umbrella policy to take your limits even higher.
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All other the other answers are good. The only thing I might add is if you feel like you are getting no where you might call the Insurance Commissioners office in your state and ask for help. They may be able to assist you.
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First, I'm sorry to hear of your loss. There are a few potential concerns…was the mother in law employed at the time of her passing? In some situations, individuals don’t maintain or aren’t allowed to maintain coverage at the end of employment. Assuming ...(more)
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To get anywhere you will likely need a policy number. But lacking that, I would try calling her employer's HR department and tell them you have a death claim to report on a former employee who was insured under a life insurance policy purchased through ...(more)
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John A. White Level 7
In my personal opinion, you should get a copy of Nelson Nash's book, "Becoming You Own Banker". Understanding the tax treatment of permanent life insurance can be a great opportunity for you. I design plans for my clients using this method (I don't ...(more)
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Tunc Tanin Level 10
I have been selling life insurance for 10 years and I learn something new all the time. There are pros and cons to your approach. You should talk to an experienced advisor who has been selling life insurance and other investment products for a while. ...(more)
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