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JJArah | Question about life insurance clause.? |
My parents have beening buying life insurance for my great aunt for many years now. It is normal for there to be a clause that states that if the insured still have passed away by her 100th birthday that the policy is nulled? Is this stipulation normal or are my parents getting screw? If it's normal is there any way to get around it or did i missread the clause. Any informations provided would be greatly appreciated. |
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Jack
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It's normal. All policies from all companies are like that. |
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Financial JUSTICE
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Basically actuarial science says that a person is said to be at age 100. So if a insured (your great Aunt) lives beyond age 100, the life insurance company refund all premiums paid in the policy to the policy owner (your parents). The premium amount will equal closely to the death benefit around the age of 100. For example, if the coverage is $100,000, your parents may receive a refund of premiums of or near $100,000. |
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Good♥Gyrl
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"It is normal for there to be a clause that states that if the insured still have passed away by her 100th birthday that the policy is nulled?"
The way you've phrased this is a little confusing, so I'm not sure if you're talking about your garden variety whole life policy, which says they agree to give you level payments, and as long as you pay them, you'll have coverage to age 100. If you live past age 100, the policy is paid up. Some companies surrender the policy to the owner (and thus, there is no more insurance), and some policies just keep the policy in force, but no more premiums are due because of the age. If they're saying that there will be no more insurance in force, your parents are NOT getting screwed. They're going to get a check from the insurance company for the surrender value of the policy, which they can then use to stack away or invest and still have funds to pay your grandmother's final expenses, it's just that the insurance company isn't taking the risk anymore because they've paid that surrender value. However, the policy most likely actually says that if she lives past age 100, it's considered "paid up" and your parents aren't required to pay any more premium (money to the co), but that they still keep the policy in force.
Actuaries assume a certain mortality, which in most policies is 100, but newer policies are issued with new mortality tables, and some endow as late as age 120. |
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LifeInsuranceAgent
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Every policy is different. Some policies provide that coverage will stop at age 100, some say that the cash value will become the death benefit at age 100, and some say that the death benefit in place at age 100 will extend to age 110,115, 120 depending on hte company.
If you are unsure, contact the policy owner service department of your company to get a better explanation from them. Get it in writing. |
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Donna C
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What you are seeing is that if the aunt lives to be a hundred then the insurance is paid up. She might even can collect at that date without her haveing to die. But the least she will not have to pay any more premiums. Are that is what my agent told me. |
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mbrcatz
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Well, the policy pays out as if she HAS passed, on her 100th birthday. Everyone is presumed to die, insurance wise, by the time they are 100.
Believe me, by the time that happens, your parents will have paid close to that amount in, anyway. |
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