My agent recommended Survivorship Life Insurance instead when I was asking for two separate policies for me and my wife. Was he doing me a favor?

Gordon

Washington DC

Well, it depends. You might have told your agent to give you something that will give you cheaper cash outlay compared to paying for two separate policies. In any case, there are pros and cons with each.

A Survivorship Life Insurance (which, by the way, is the same as Second to Die Life Insurance or Joint and Survivor Insurance) will cover both you and your wife in one contract. It is called survivorship insurance because death benefits will be paid only upon the death of both the insured.

Instead of having to pay for two separate insurance policies, both having a $500,000 coverage, you can opt to have $1,000,000 coverage on a survivorship life insurance policy. Definitely, you will have lower premiums to pay while getting the same coverage. The drawback only is that you don’t get to claim death benefits (unlike if you have gotten separate policies).

This type of policy is best when one of you is uninsurable. So, let’s say your wife was diagnosed with a condition that won’t be covered by any life insurer. With a survivorship life insurance policy, her state of health will not be questioned as long as one of you is healthy and insurable. Apart from this, survivorship life insurance policies are also designed to pay or help pay estate taxes.

Gordon, I think for the reasons of saving premium payments and estate planning, your insurance agent from Washington DC might have actually given you a favor.

Tags: life insurance, life insurance beneficiary, life insurance coverage, life insurance policy, life insurance premium

What will happen to my life insurance policy if the life insurance company finds out that I’m an alcoholic?

Ron

Washington DC

The underwriter who reviews your life insurance application in Washington DC looks at a couple of things before they “red flag” you as risk. These are the blood test where the company checks your liver enzymes for a sign of alcohol-related problems or other medical problems, drunk driving convictions and the APS or the Attending Physician Statement.

If the underwriter notices “red flags” in one or more of these things while reviewing your application, he/she may issue a policy with higher rates, decline your request, postponed your application or look for further information from your doctor that would aid the investigation.

If you got a DWI a few years back and got a high enzyme result when you took the life insurance medical exam,
you are likely to be offered with high premium life insurance policy. If the results of the test shows that you liver is functioning normally and you do not have DWI record but you admit to drinking heavily, the rates may be standard.

Tags: DWI insurance, life insurance, life insurance rate

Is it possible to cheat and not get caught if I claim that I don’t smoke? I live in Washington DC.

Jason

Washington DC

You can actually lie to your insurance provider and claim that you don’t smoke. Nicotine disappears from your system after 72 hours after smoking the last cigarette. In this case, your urine test may show a negative result of nicotine level. Theoretically, this is possible even for the heaviest of smokers.

It is important to provide the correct and complete information on your smoking habit because the policy
is a legal contract. Note that when you are asked with questions like “have you used tobacco products within
a specific period”, a “yes” would consider you as a smoker by the insurance company.

In case you lied about your smoking habits and got caught during the process, the rates would be up to a smoker’s rates once the application is approved. Note that the survey questions are to weed out liars by closely checking the inconsistencies on the answers of the applicants.

If you start smoking after your life insurance is approved, you are not required to inform your insurance company in Washington DC if they don’t ask. If you die and your insurance company considered you as a non-smoker though you actually started smoking, the death benefits will not be affected.

Tags: life insurance, smoker life insurance

I would like to get a life insurance from Washington DC but I have been smoking for less than 5 years. Are there available insurance for my age. I am only 16 years old and currently working with Walter Mart. Thanks.

Tanya

Washington, DC

Hi Tanya! Thank you for your enquiry. Since you have not been a smoker for a long time and you are at such a young age, if you would like to avail of an insurance in Washington DC, there is a short-term life insurance coverage (usually less than or equal to five years) available for you. If you talk to your insurance agent in Washington DC, you can ask them if you can receive a less expensive rate from a term life insurance policy than the other type of a life insurance policy.

A reason to this is, if you at present are physically strong and no condition whatsoever that your health is associated with your smoking habit and you are still young, then there is little to no possibility that you will pass away within five years from any smoking habit related condition.

Since the term life insurance policy that you will get would expire ahead of time, the insurance company may not perceive your smoking into a huge consideration when providing you a term life insurance estimate, in contrast to other life insurance options.

This will differ depending on the insurance company you ask and the span of policy you choose.

I’m a mother of a 4 year old child and I would like to know what kind of, life insurance should I get for my child that is easily available to get in Washington DC? And is getting a life insurance important?

Amanda

Washington DC

Thinking ahead especially for the future of your child is pertinent to a child’s financial success later on. It’s a very good thing that you are already planning ahead. Getting a Washington DC life insurance in Orlando for your child is great, but it may not always be the correct type of insurance coverage for each family. However, if you’re thinking for an extra protection for your child, you can at all times get a term life insurance at a reasonable cost. Life insurances are usually bought to supply any earnings when any incoming profits were lost in case of an early death of a breadwinner in the family. In case of a non-earning child, the insurance that you will get for the child can help cover death expenses. For instance the cost of a memorial service. When your child gets older, there are certain insurance policies that your children can buy as an added insurance for themselves, or your child may wish to discontinue their old policy and get another one. If you want an estimate for your child’s insurance policy, there are lots of insurance calculators that are readily available on the internet to satisfy further your inquiry or you can go to any dependable insurance agents in the Washington DC and further inquire on the matter. I wish this helped.