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Q. Do I have time to think about my purchase?
A. Make sure you understand the policy before you buy it. But, you will
also have at least ten days after the policy is delivered to you to return the policy. This is
called a free look period. If you do this within ten days, the
company will return all of the premiums you have paid.
A. Term Life Insurance usually gives you the most insurance for the least
amount of money. Also, you may save money by buying a policy with low administrative fees.
These "low-load" policies are sold primarily by a handful of
insurers through direct mail or toll-free telephone numbers. Low-load policies also may
be sold by financial planners licensed as insurance counselors who charge a service fee
rather than a commission. Since the initial fees are low, low-load policies also cut your
risk of losing money if you surrender your policy early.
A. Group policies, available through employers, are often cheaper than
individual ones. You usually don't have to take a medical exam, nor do you have to answer
health questions to qualify. In some group insurance, for example insurance available through
your work, you may have to show that you have good health if you apply for the insurance later
than 60 or 90 days after you were hired. Group insurance also may be available through
professional, civic or religious associations. Group life insurance may be offered at a single
rate per person, or there may be only a few categories, such as age and gender. This is
particularly true if the insurance is Term Life Insurance.
A. It depends on your individual financial circumstances. Social Security
and some retirement plans available through employment cover burial costs and may provide a
continuing income for dependents after a retiree's death. Some consumers are able to use the
accelerated death benefit rider available in some life insurance policies to cover nursing home
costs, but this will usually not provide the same amount of protection as long-term care
insurance.
Q. Can a company refuse to pay a claim in case of suicide or if I do not tell the truth on the application or in the medical exam?
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