Hello! This may sound like a dumb question, but im only a teen, so i havent had to deal with this.
If someone takes out a term life insurance policy and the person dies without paying all of it, do they still get all of the money?
Thanks!
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June 18th, 2010 at 9:04 am
Term life insurance is usually paid in monthly, quarterly, or annual premiums. As long as the premiums are paid on time the insurance contract remains in force and the Insurance Company would pay the full amount of the death benefit is the insured dies during the coverage period. Some term policies have exclusions (like suicide within the first two years) so you would need to read the fine print to be sure.
June 18th, 2010 at 9:04 am
Term life insurance is "pay as you go" coverage – much like auto insurance. As long as you keep paying the premium, the insurance remains in effect for the full term.
June 18th, 2010 at 9:04 am
A way a life insurance policy works is that as long as you keep paying your premiums, the insurance company will honor its contract to pay death claims. If you miss payment, your policy will lapse.
So in simple terms, "You live, you pay. You die, the insurance company pays."
June 18th, 2010 at 9:04 am
Yes, the beneficiary gets the full amount.
Life insurance is NOT a savings account, more like a lottery ticket. Even if you pay in "the full amount", it’s not enough to cover the payout, if you die.
Term life insurance, is like playing the same numbers, once a month, for 20 years (or however long the term policy is). If you die, the beneficiary gets paid the jackpot (full amount). If you live, the money is gone.
Life insurance is a DEATH planning tool, not an investment.
June 18th, 2010 at 9:04 am
Life Insurance is a way of transferring the risk attached with your life to the insurer. In other words, life insurance is a policy bought from a life insurance company, which provides financial stability to a family after a member’s death, usually the bread winner of the family. Its function is to help beneficiaries financially after the owner of the policy dies.
If the policy owner dies while the contract is in force, the insurance company pays a specified sum of money free of income tax to the person or persons you name as beneficiaries. The cash benefit helps provide for your family’s future needs as well, including college education for your children and part or all of your spouse’s retirement needs.