Life Insurance Policy Question Florida FL
Reader’s Question:
What should I do with an old whole life insurance policy? Is this still in force?
Arnold
Jacksonville, FL
If you have an old whole life insurance policy, the first thing that you need to do is contact your life insurance agent and check if the policy is still in force. Old whole life insurance policy should not be thrown away because of the cash value it has. This type of life insurance policy has a cash value which you can use to buy a reduced paid up policy of the same type. Since you have missed a series of payment period, this option allows you to purchase a policy in a reduced amount but the same cash value as when you ceased paying. Because whole life insurance policy has cash value, you can either take a loan against the cash value of the life insurance policy or surrender the life insurance policy to collect the entire cash value. Life insurance companies also allow lapsed life insurance policy to be reinstated within 5 years on the condition that the policy holder shows a proof of insurability and pays the back premium with interest.
Tags: whole life insurance
Cancer Survivor Life Insurance Jacksonville Florida FL
Reader’s Question:
I’ve had treatment for cancer and although the tumor has been removed I am still under observation for the next couple of years, Do you think I can still get a life insurance provider here in Jacksonville, Florida?
Sandy
Jacksonville, FL
You may be able to get a life insurance policy but it would still depend on the kind of cancer you have had and how long its been after your treatment. Most life insurance providers will want to wait a year or so to make sure that the tumor or cancer cells would not be coming back. If you were looking to get life insurance coverage while you where undergoing treatment for cancer then you would have had an almost-zero chance of getting approved so you are actually in a more advantageous position right now by having survived cancer treatment.
Most of the providers that may provide you life insurance coverage there in Jacksonville, Florida would have some additional amount or surcharges added to your policy for about a year or two into your coverage. As soon as there is no longer a possibility of having a relapse then the said additional premiums are removed and if you are relatively healthy, you can expect to have a standard or even a preferred rate on your life insurance. Also, it may beneficial to keep your medical records to show how well you are recovering after having the Big C. Some providers may require you to submit these medical records on a regular basis to keep track of your life insurance rates. Hope you recover full and as soon as possible.
Tags: Cancer Life Insurance, Life insurance coverage, life insurance advise, cheap life insurance
Past Smokers Life Insurance Coverage Jacksonville Florida FL
Reader’s Question:
I’ve smoked in the past but I have quit cold-turkey, and have not had a light for two years already, do you think I can have my life insurance policy here in Jacksonville, Florida re-evaluated?
Savannah
Jacksonville, FL
Good question! Whether or not you can have your life insurance policy re-evaluated into a Non-smokers premium or rate would entirely depend on your life insurance provider’s rules or policies. The good news here is that most life insurance providers are flexible enough to allow you to have your existing life insurance coverage to be re-evaluated if there are general improvements in your health, or recovery from a specific illness or medical condition. The same principle could also be applied if you are able to show to your life insurance provider that you have not had a cigarette for a while.
How to go about letting your life insurance provider know you are smoke-free could be another story. Your Life insurance provider, of course, would not just take your word for it. You maybe required to undergo a medical exam, or possibly a series of medical exams, there in Jacksonville, Florida to really determine that you have quit smoking and is entitled to receive a Non-smokers rate. And if you do qualify, the difference in savings can be quite significant. On average, smokers will pay about three times more on life insurance coverage, as compared to someone who does not smoke, on a similar policy. It would be best to consult your life insurance policy, or better yet, contact your provider directly to ask about the specifics.
Tags: high risk insurance, high risk life insurance, life insurance advise, life insurance information