Death Burial Insurance Life Insurance / Life Insurance Merrillville / Preneed Insurance Agency

What to do if you’re the beneficiary of a “lapsed” life insurance policy

If you’re the beneficiary of a life insurance  policy and you’re counting on receiving that money, you’re at the mercy of the policy’s owner. If that person stops making payments, the policy will lapse and could become void. You might not even know the policy has lapsed – until you try to make a claim after the insured dies. Is it possible to recover any money from a lapsed life insurance policy? Hope there was cash value If a permanent life insurance policy lapses, there may be enough cash value built up to keep it in force for a while. Often an insurance company will tap into a policy’s cash value to cover premium payments if it stops receiving payments and doesn’t hear from the policy owner. Michael Hartmann, a life…

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May 19, 2020
Burial Insurance Gary, IN / Senior Life Insurance Agency

Is Life Insurance Policy Lapse the end of the story? Maybe not! …

Maybe you’ve heard (or experienced) the tragic story of someone becoming ill, forgetting or being unable to pay their life insurance premium, only to see the policy lapse at the time it is needed most. It’s more common than you may realize, and at our law firm we see it quite often. It is terribly unfortunate. What most people don’t realize, however, is that there is law in California that may come to the rescue. That law is known as the “notice prejudice” rule. The rule emanates from a judicially created doctrine dating back to at least 1963, when the California Supreme Court decided Campbell v. Allstate Ins. Co. (1963) 60 Cal.2d 303, 305. The rule is simple: it prohibits insurers from denying insurance benefits on the ground that the insured presented…

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May 19, 2020
Death Burial Insurance Life Insurance / Senior Life Insurance Agency

Is group life insurance enough for you and your family?

Life insurance is a fundamental part of one’s financial safety net. But having life insurance and having enough of it are two different issues. In fact, the Life Insurance and Market Research Association (LIMRA) estimates that only about a third of life insurance shoppers believe they have enough coverage.1 “It’s smart to periodically review whether your existing coverage is adequate, and open enrollment period is a good time to do it,” said Lee McGowan, managing director at Monument Group Wealth Advisors, in Concord, Massachusetts, in an interview. (How much do you need? Life insurance calculator) Employer-provided life insurance If offered without cost, you should always take part in your employer’s group plan. “Take it, no questions asked,” said Sean Flynn, a financial advisor at Essex Financial Services in Southport, Connecticut, in…

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May 19, 2020
Death Burial Insurance Life Insurance / Free Quote for senior

3 Reasons why you still might need life insurance… don’t make regrets make memories…

If you are single, with no children, and just starting out in your career, do you really need a life insurance policy? Maybe so, if: You have parents or other relatives who may need you when they’re older.You have a significant amount of debt.You want to leave a legacy, or at least not impose on others, after you’re gone. Of course, there are other financial priorities early in adulthood, not the least of which are building a budget, setting up an emergency fund, and establishing a retirement plan. And many young adults are focused on growing wealth as quickly as possible as well. Life insurance could be considered of lesser importance in comparison. And for some, that may be true. But for others, maybe not. To be sure, a close look at…

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May 19, 2020
Free Quote for senior / Funeral Preneed Insurance / Preneed Insurance Agency

How a lapsed in life insurance policies can hurt you…

Want to void the protection and security you gained when purchasing a life insurance policy? Let it lapse. Simply put, a lapse occurs when premium payments on a life insurance policy are missed and, depending on the type of insurance, the cash value is exhausted. “Lapse” is shorthand for a “lapse in coverage,” which means the policy will no longer pay a death benefit for the insured person. At the other end of the spectrum is a paid-up policy, where all the premium obligations have been met and the policy remains in force for the rest of the insured’s life. We have a 76-year-old example below. Lapse procedures A lapse doesn’t necessarily mean immediate termination of a policy. Life insurance policies often have a grace period after a missed payment…

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May 19, 2020
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Accidental Death and Dismemberment Insurance Explained

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. AD&D coverage overlaps a bit with life insurance and disability insurance, but it shouldn’t be considered a replacement for either one. Accidental death and dismemberment insurance (AD&D) pays out if you die or get seriously injured in an accident, such as a car crash. The payout for injuries is limited to cases where you lose a limb or finger; lose sight, speech or hearing; or suffer paralysis or coma as the result of an accident. The coverage overlaps a little with life insurance and disability insurance, but…

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May 18, 2020
Read more about the article 10 effective medication management tips for seniors…
Free Quote for senior 60 / Guaranteed Acceptance Insurance / Senior Life Insurance Quote

10 effective medication management tips for seniors…

Follow these tips to help your aging parent prevent medication-related health hazards: 1. Review your aging loved one’s medications with their doctor. Write down the names and dosages of all medications they take and how frequently they take them. Include over-the-counter drugs, vitamins, and herbal supplements, too. If your parent sees multiple doctors, it may be helpful to write down who prescribed each medication and what it treats. Go over this list at your next appointment with your parent’s primary care doctor. The more information your loved one’s doctor has, the more accurately they can pinpoint any potential adverse effects or drug interactions. 2. Ask questions and read medication labels. If your parent is starting a new drug, ask the doctor questions, such as how and when to take it, and if it…

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May 18, 2020
Read more about the article Why Medication Management Is Essential For Seniors: avoiding medication errors…
Burial Insurance vs Life Insurance / Free Quote for senior 60 / Guaranteed Acceptance Insurance / Senior Life Insurance Local

Why Medication Management Is Essential For Seniors: avoiding medication errors…

You may have become used to seeing multiple bottles of pills or other medications on your aging parent’s cabinet or counter, but polypharmacy — the regular use of five or more medications — can pose a serious health risk to seniors. Each year, about 350,000 people are hospitalized after visits to the emergency room because of adverse, or harmful, drug events, according to the Centers for Disease Control and Prevention (CDC). Medication management is an important preventive measure to avoid potentially serious health hazards in seniors. Older adults often take multiple medications, vitamins, and supplements to treat different symptoms and health conditions, which can increase their risk of medication mix-ups. In some cases, these simple mistakes can become dangerous and even fatal. Other factors that increase the risk of health…

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May 18, 2020
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Funeral Preneed Insurance / Senior Final Expense

How to Plan a Funeral Service for Your Departed Loved One

Having a memorial for a loved one after their passing is an important part of the grieving process. It’s a time to honor them, share memories with family and friends, and say goodbye. Some families find that there’s no better place to hold this personal event than at home, but knowing exactly where to start the planning process — especially amid the grief of a loss — can feel overwhelming. This guide will help you plan a beautiful, meaningful home memorial service for a recently departed loved one. Proceed with patience and plenty of support. With a little time and the right planning, you can hold a service that will allow your family to come together and say goodbye. Choosing a kind of service: Memorials vs. Funerals The services and…

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May 17, 2020
Read more about the article Indiana “The Talk of a Lifetime”
Funeral Preneed Insurance / Senior Final Expense

Indiana “The Talk of a Lifetime”

Indiana "The Talk of a Lifetime"is Taking Funeral Planning to the Next Level... For the founders of The Talk of a Lifetime (TTL), it was becoming more and more evident that people were just not that into funerals anymore. The TTL council wanted to tap into this growing demographic  – the “I don’t want anyone to make a fuss when I die” group of people, who obviously could not see the value in memorialization. So, they did some serious market research. They assembled focus groups made up of people who said they did not want to be memorialized after death. The research behind why people don’t value memorialization They started by asking these people to produce images they associated with funeral homes. Time and time again, the respondents showed the…

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May 17, 2020
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