What is a Life Insurance Incontestable Clause?

The Incontestable Clause is a clause in a life insurance policy providing that after a policy has been in effect for a given period of time (two or three years usually), the life insurance carrier shall not be able to contest the statements contained in the application for life insurance.

If an insured lied as to the condition of his/her health at the time the life insurance policy was taken out, that lie could not be used to contest payment of the death benefit under the insurance policy if death occurred after the time limit stated in the incontestable clause.

Life Insurance Premium Payments?

What is a life insurance premium?

A life insurance premium is the amount t of money you pay the insurance premium to provide you with life insurance coverage.

What happens if I don't pay my premiums for life insurance?

Typically, you will have a 30 or 31 day grace period to pay your life insurance premiums.

If you pay within this time period, your life insurance policy will continue "In force". If you don't pay your premium within the grace period, your insurance policy may lapse, depending on the type of life insurance policy you purchased. With a permanent life insurance policy; however, your life insurer may use your cash value, if available, to cover premium payments owed the insurer.

If you are unable to pay because you have become disabled, and you elected a "waiver of premium" provision or rider on your life insurance policy, you do not have to pay premiums for the duration of your disability.

Learn about a lapsed life insurance policy and what to do.

Is my life insurance beneficiary automatically my spouse?

Usually not. Life insurance companies typically write a check for the life insurance death benefit proceeds to whoever is named on the life insurance policy as a beneficiary.

Sometimes that could be an ex-spouse if the life insurance policy owner didn't change beneficiaries after getting divorced.

A spouse has no automatic right to life insurance money except in states with community-property laws.

In those states, a spouse might be entitled to a portion of the life insurance death benefit.

Life Insurance at Age 80?

Is there life insurance available for 80 year olds?

Yes, an 80 year old may be able to purchase a guaranteed issue whole life insurance policy.

These plans offer guaranteed approval with no physical exam and no health questions asked.

There are usually graded benefits the first two years you are insured, which means you won't have full death benefit coverage until after two years. That's how they can guarantee your approval for a policy.

Some guaranteed plans offer as much as $25,000 of life insurance protection.

Here's how to get life insurance at age 80

Low Cost Life Insurance for Families

Which type of life insurance will give me the most life insurance protection for my family at the lowest price?

Term life insurance is the most affordable life insurance coverage for young people with a family.

Term life insurance provides temporary life insurance for up to 30 years. It costs a lot less than permanent life insurance because it is temporary, and does not build up any cash value inside the policy over time.

Term life insurance is pure life insurance protection, not an investment.

With term life insurance you choose the term (duration) of your life insurance for a period of 10, 15, 20 or 30 years.

Since term life is the most affordable life insurance it allows you to buy the most life insurance coverage at the lowest cost.

With level term life insurance your premium stays the same each year, and the amount of life insurance remains the same each year for the entire term of your life insurance policy.

Here's how you can learn more about low cost life insurance for families.

Guaranteed Issue Life Insurance Online

Where can I find guaranteed issue life insurance coverage?

Today there are several life insurance carrier son the internet that offer life insurance plans with guaranteed approval.

In fact, if you meet the age requirements for approval, you may purchase up to $25,000 of coverage with guaranteed acceptance.

Some of the leading providers of guaranteed life insurance include United of Omaha, Gerber, Vantis and Colonial Penn.

Guaranteed issue means even if you have health problems you are guaranteed approval. Some plans offer guaranteed acceptance for people ages 45 to 85.

Learn more about guaranteed issue life insurance and request your free quote today.

Quickest Life Insurance

What is the quickest type of life insurance to buy?

The quickest life insurance available may be term life insurance with instant approval.

Term life offers temporary life insurance for 10, 15, 20 or 30 years, usually.

Before the internet it may take 6-8 weeks for a person to go through the entire buying process to get insured for life insurance.

Now, there are instant approval term life policies that allow the consumer to get a quote, apply online, get approved, and pay for your life insurance policy while you are online.

And, if approved, you may start your life insurance protection today.

It's called no exam life insurance that is simplified issue - meaning you can apply with no exam, just answer some health questions over the internet and find out if you qualify right away.

So, now instead of waiting 6-8 weeks you can start protecting your family today, if you get approved. It only takes minutes to get a free quote and apply online for your affordable life insurance protection fro an "A" rated life insurance company.

Your family deserves the protection and you deserve the peace of mind knowing they will have financial security on case something happens to you.

Start your quick life insurance policy today.

What is a Term Life Insurance Death Benefit?

A death benefit for term life insurance is the amount of life insurance provided by the policy, which is the amount that would be paid out to the beneficiary of the policy upon the death of the insured person.

In order for a death benefit to be paid out the insured must pass away while the term life insurance policy is "In Force", which means during the "term" of the policy while the premiums have been paid.

If you have a $250,000 term life insurance policy with a 10 year term, the death benefit would be paid out if you pass away during the 10 year period and the death benefit amount paid out would be $250,000.

Make sure your beneficiary knows you have life insurance. The beneficiary would need to contact the insurance company and make a claim for payment of the death benefit upon your death.

When Should I Review My Life Insurance Needs?

It is beneficial for you to review your need for life insurance every few years or when a major life change occurs.

For example, you may want to review your life insurance needs when getting married, expecting a child, buying a new home, starting a new job or getting a promotion, or when a family member passes away.

In addition, it is always important that you have your life insurance policies and other valuable papers in a safe and fire-proof location that can be reached by a family member or trustee in the event of your death.

If your family (beneficiaries) can't find your life insurance policy, or if they don't know that the life insurance policies even exist, it is nearly the same as if your life insurance policy didn’t exist at all.

When reviewing your need for life insurance make sure you use a life insurance calculator to help you accurately determine the right amount of life insurance for your situation.

How Can I Buy Life Insurance Coverage Today?

Is it possible for me to purchase a life insurance policy that will start protecting my family today?

It is if you are healthy and you qualify for coverage.

There is a highly-rated life insurance company that offers up to $1,000,000 of term life insurance protection you can apply for online in a matter of minutes.

In order to apply you have to answer a health questionnaire.

Your answers to the health questions will help to determine whether or not you qualify for the life insurance coverage.

If you qualify, you can choose a payment option and begin your life insurance policy today.

These plans offering "same day" life insurance coverage have been available on the internet for more than 5 years now.

Through improved technology, insurance carriers now are able to offer much quicker turn-around times on their approval for life insurance than used to be the case.

Now, instead of taking a doctor exam, and waiting 6-8 weeks for approval and to receive your life insurance policy, you may find out the same day if you qualify to be insured for life insurance.

That means you may start protecting your family as soon as today.

Here's how to Buy Life Insurance Coverage Today.