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Additional Details
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LIBRA34 | A question about life insurance? |
A person get a life insurance policy for $50,000 and passes away 4 months later. Can a beneficiary collect the total $50,000 or just what the decedant has paid into it? |
 |
 
avaldreteiv
 |
Yes if the insured passes away 4 months later the beneficiary will be able to collect the total $50K. However it may take upto six months before the insurance company pays out due to a clause in all US life insurance policies where they have the right to look at autopsy reports, the original application to make sure that the insured didn't do anything that they said they didn't do, such as drugs, hang gliding, rodeo riding... etc. This is the risk the insurance company takes when they insure someone, and it doesn't matter if it is a term insurance policy or a cash value insurance policy. |
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swenjj
 |
the person could die the next day and the beneficiary still gets the 50,000 unless its a suicide or something, then after two years that still would be paid
the face value is always paid as long as there were no loans or anything to affect it |
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Dave1001
|
Most policies sold by reputable companies will pay out without any problem at all. They may take a little longer to pay out since it would be a first year death claim. Those (first year death claims) are always investigated more closely than those that are after the two year "contestability period." The contestability period is the time in which the company could deny payment should fraud or some other policy stipulation (usually suicide) occur.
Occasionally, you will see policies that are written on people with underwriting issues (health, etc.). Some of those policies do have a time that the person has to live before they will pay out, usually two years. If the person dies before that time, the company will usually refund any premiums paid, sometimes with interest. |
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jonesy634
 |
Read the policy. There are some policies that if the insured dies within the two years, all premiums will be refunded to the beneficiary but there won't be a payout of the death benefit. Other policies do fully pay out. |
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Insurance
 |
Should be in full, unless one of the following is the cause of death
1. suicide
2. unlawful act
3. provoked murder
4. war/ civil war
5. dangerous sports (which are excluded in the plan)
* always read the insurance policy "exclusion clauses" |
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aaron p
|
The death benefit always equals the face amount at the time of death minus any loans. There is no way around this.
The only time it would be the premiums paid in is if it was a "graded benefit policy" whose face value is equal to or only slightly higher than the premiums in the first year. If the claim is not substantiated, then you don't receive a death benefit at all, you get the premiums returned to you because the contract was not valid (due to material mistatement, suicide, etc). |
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Hadley
|
This is a good question about life insurance.
The answer is - It depends on the type of policy the insured person owned.
If it was a term life insurance policy, and the death was not a result of suicide (within the first two years in most states) then the beneficiary would receive the face amount of the policy.
If the policy was a whole life insuranc epolicy the beneficiary may or may not get the face amount.
It depends on what type of whole life policy it was. If it was a Graded Benefit Whole Life insurance Policy, you may not get the full amount of life insurance coverage paid to you.
With a graded deaht benefit, the death benefit increases with the age of the insured. The death benefit with a graded benefit will increase over time (usually the first two years of the policy) and then it levels off.
This type of policy may be common with juvenile life insurance policies or senior life insurance policies.
So, it really depends on what type of life insurance policy was in force for the insured who passed away.
I hope that helps? Best of luck toy you. |
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mbrcatz
|
No, the beneficiary would be entitled to the full $50,000, the "payout amount", as long as the policy isn't contested. Which it will be - to be sure that the beneficiary didn't kill them, or there wasn't a lie on the application. |
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hightechchic
|
It's all in the details.
For most policies, the face value is payable from the day the contract is signed (assuming underwriting approves the application exactly as it was submitted.)
However, there are policy types that allow the insurance company to pay a reduced amount (sometimes based on a percentage of the face, sometimes based on the amount paid into the contract) based on the original contract at the time the policy was issued. However, keep in mind that even these types of contracts typically have a time limit during which the reduced amount may be paid out (most of them I've seen are 1-3 years, but they may vary.)
There's really no way to know without looking at the contract. |
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Dhiru
|
Generally life insurance companies have some probation periods after policy gets active..generally 12 months.
If a person passes away in 4 months after buying policy because of any illness than insurance company can deny the claim and if a person passes away in any accident Insurance company have to pay face value of policy that is $50,000 in this case. |
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