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Life insurance – is it really necessary?

Life insurance – is it really necessary??? Most of us don’t really understand the insurance policies, and even often understand less about the premiums, that makes it so complicated and confusing. When it comes to savings lives especially your love ones, when you’re no longer there and they need it most, you need straight FACTS to learn the truth about the coverage--- not myths or fictions.

MYTH: Accident Death and Dismemberment (Ad & D) insurance, pays money to my beneficiary if I die from any cause.

FACT: Accident Death and Dismemberment (AD & D) Insurance only pays when you have a legitimate accident and you die as a result of the accident. Example--You fall off a ladder and hit your head have a brain bleed but recover, then you have a stroke 1 year later most likely no coverage. However, if you fall off a ladder and hit your head and you don’t regain consciousness and die because of a stroke caused by the fall most likely it’s a direct result you will have coverage. Does accidental life coverage will cover your mortgage if you die from pneumonia from something like NCOV19 ? NO. Let’s face it -- accident only covers accidental death it must meet the criteria for the policy to pay and policy language is very different from carrier to carrier. If you have a debilitating illness then you die because of an unknown reason then they investigate and find out you were terminal and then drowned then they will not pay.. Remember you took only accidental life coverage very cheap but very limited in what and how it will cover you.. Must be on a commercial airline when it crashes if anything small or private it may not pay ... in addition you’re paying 11 a month or 5 dollars month for 100k in coverage then you have stroke no the coverage is not paying. Only Life Insurance will really cover these types of illnesses

MYTH: My term life insurance will stay the same cost.

FACT: Many and almost all term policies have a guaranteed maximum that a carrier can charge. Within every life policy that is term there is a guaranteed maximum a carrier can charged that’s why is so cheap, if you have a Universal Life (UL) policy or a whole life policy permanent asset, you’re not affected necessary because term has features that allow in mass die offs that you have in the contract that provision generally on page 12-15 on most contracts. Carriers will pay if you pass the full amount * as long as you’re not in the contestability period of the contract, 2 year contestability -- Contestability means, if you knew you had cancer and did nothing and you die with in the 2 year they can decline the claim. The term insurance is very important to understand this if you lapse a payment it can start all over again.

MYTH: I don’t want to have life insurance because I have kids from different marriages and what my kids will have, my ex-spouse will also have.

FACT: If you have kids from different marriages and you want your kids to have something but not your ex-spouse. You can always select your beneficiary and change them as your needs change at any time because most life insurance are revocable. Example-- Marash has 4 children she is a great mom and wants to make certain her kids are going to be okay if something happens. Her oldest has a different father and 3 youngest had the same dad. She can carve off money ear marked for her 20-25% of the total solely in her name that way her other kids dad gets the majority to take care of the kids and that daughter has her shares. Often times the father of the kids gets coverage to cover his child support so if he dies he can have his mother of his child get funds that replaces the child support so ... John is boy friend and court ordered to pay 500 a month till age 18 or $6000 a year so 108,00plus inflation. He needs to have 25000 in coverage he takes it out for 20 years and she is the owner and beneficiary of the policy he died, she get a lump sum payment for the child to pay expenses and if she works with US we can stretch it out invest to make more money so she can live on 500 this month but in 3 years she can get 575 a month till the child is 18

MYTH: My married kids from a previous marriage will still receive life insurance proceeds

FACT: If you are divorced and you remarried. You have 2 kids from a previous marriage and you die, those premiums that your married kids have may never receive anything from your new spouse, because she is the first in line to received life insurance proceeds unless the beneficiary status is updated.

Post Author: Dawn

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