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      05-18-2015, 02:17 PM   #1
Watwood
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Detailed Life Insurance Questions

I am looking at purchasing a 30 year term life insurance policy. The monthly premium is a factor, but more importantly, I do not mind paying for quality, if there is such an option. What I mean by that is, I would like a policy that cuts out, as much as possible, the red tape and litigious b.s. that plagues so much of insurance. I’m dead, my beneficiaries are paid, simple as that.

Is there a website, or another way to best evaluate term life insurance providers? It should be noted I have access to USAA policies.


Upon death, is the policy routed through probate, or can it go directly to the beneficiaries?


What if death is not so obvious? Say I am in a coma or on life support for some reason. If it is stated in my will I would like to stay on life support for XX days, will the term life insurance still pay once the plug is pulled? In conjunction with this question, I have more or less “Cadillac” health insurance, but in the instance of a coma / life support, does health insurance foot the bill during the days in the hospital?


I would ask if you are answering these questions off of speculation, not to answer, but if you have been down this road of research, guide a brother in the right direction.


Thanks.
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      05-18-2015, 05:28 PM   #2
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Life insurance proceeds are paid directly to the beneficiaries and are tax free. The remainder of your estate may or may not go through probate depending on how it is structured...

A life insurance policy is paid upon proof of death. It is a black or white answer, just like you're not "kind of pregnant". Coma/life support is not death. Pull the plug and die, policy pays out... If you want something to cover coma type situations you will need long term care/disability insurance. Health insurance will cover most medical costs but provide no payments to family. If you are the sole provider, the loss of your income will be covered by disability. Bottom line, talk to an agent who knows what they are doing. You have access to USAA so start there and talk the them about your needs...

Edit: and I would think long and hard about a 30 year term policy. But again without more information on your situations/needs, it is hard to say. I got a 20 year policy years ago, that was enough to get the kids through college. Once they are on their own, I have no need for life insurance so why keep paying the premium... But that's my personal view/situation.
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      05-19-2015, 07:13 AM   #3
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Quote:
Originally Posted by Watwood View Post
What if death is not so obvious? Say I am in a coma or on life support for some reason.
DNR! Take one for the team!
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      05-19-2015, 12:36 PM   #4
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Buy a whole life policy much more value in it! Whole life policy will build value.

Do your research before buying life insurance. North Western Mutual is rated one of the best.
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      05-19-2015, 03:54 PM   #5
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Is there a website, or another way to best evaluate term life insurance providers?
I am sure there are some insurance writers which you can calculate the premium based on all the variables. I haven't went to those sites for so long, i can speak for it. Worst case, ask your close friends who work at an insurance industries and run tons of age/health/faceval/etc to see what the term prem will be.

Upon death, is the policy routed through probate, or can it go directly to the beneficiaries?
Depends. If the person has a will/willmaker and have a estate attorney, it will first go to estate attorney. However, the beneficiary check will have whatever beneficiary's name on it from insurance company.

Insurance company pays beneficiary/ies. If insurance policy wasn't updated, ummmmm......


What if death is not so obvious?

If it is stated in my will I would like to stay on life support for XX days, will the term life insurance still pay once the plug is pulled?
I have more or less “Cadillac” health insurance, but in the instance of a coma / life support, does health insurance foot the bill during the days in the hospital?

Insurance companies have their own team of investigators, and they will investigate. Make sure your policy covers this and that death.
Some shady MML/weird insurance company might go "well, we don't cover kidnap, if you look at the page 1,423 on our prospectus."

Some insurance company rep will design/write supplimental disabilities, or some other benefits. If policyholder only bought LIFE, it only covers life.
Whole/Var life, there is some pot you can loan the $ against, but see if policy holder made beneficiaries have power of att/custodial acct on those.

Basically, it is all upto how policyholder set up the insurance.

Quote:
Originally Posted by Watwood View Post
I am looking at purchasing a 30 year term life insurance policy. The monthly premium is a factor, but more importantly, I do not mind paying for quality, if there is such an option. What I mean by that is, I would like a policy that cuts out, as much as possible, the red tape and litigious b.s. that plagues so much of insurance. I’m dead, my beneficiaries are paid, simple as that.

Is there a website, or another way to best evaluate term life insurance providers? It should be noted I have access to USAA policies.


Upon death, is the policy routed through probate, or can it go directly to the beneficiaries?


What if death is not so obvious? Say I am in a coma or on life support for some reason. If it is stated in my will I would like to stay on life support for XX days, will the term life insurance still pay once the plug is pulled? In conjunction with this question, I have more or less “Cadillac” health insurance, but in the instance of a coma / life support, does health insurance foot the bill during the days in the hospital?


I would ask if you are answering these questions off of speculation, not to answer, but if you have been down this road of research, guide a brother in the right direction.


Thanks.
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      05-19-2015, 05:06 PM   #6
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Quote:
Originally Posted by kscarrol View Post
Life insurance proceeds are paid directly to the beneficiaries and are tax free. The remainder of your estate may or may not go through probate depending on how it is structured...

A life insurance policy is paid upon proof of death. It is a black or white answer, just like you're not "kind of pregnant". Coma/life support is not death. Pull the plug and die, policy pays out... If you want something to cover coma type situations you will need long term care/disability insurance. Health insurance will cover most medical costs but provide no payments to family. If you are the sole provider, the loss of your income will be covered by disability. Bottom line, talk to an agent who knows what they are doing. You have access to USAA so start there and talk the them about your needs...

Edit: and I would think long and hard about a 30 year term policy. But again without more information on your situations/needs, it is hard to say. I got a 20 year policy years ago, that was enough to get the kids through college. Once they are on their own, I have no need for life insurance so why keep paying the premium... But that's my personal view/situation.
I'm with you. Picked up a 20 year term policy for myself and the wife. At the same time, we picked up smaller whole life policy for each of us. Locked in premiums from a time when were were both super healthy.

The one thing we did different with the 20 year terms was chose a return of premium policy. The premium is slightly higher throughout the term, but when the term expires, they refund us 100% of our paid in premiums.

As far as fine print on the term policy, as mentioned above, if your dead, they pay the named beneficiary. I'm sure all of them have something about a suicide, i didn't bother reading mine because i have an Insurance agent who handles all my stuff. He told me if we can stomach the premiums, the ROP term policy was the way to go because they were exactly the same as other term policies, except at the end of the term, we'll have about a $100k windfall of sorts. And it's amazing how quickly that term is coming up!
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