When purchasing life insurance, it’s only natural that you’re going to have many questions about your policy. In this article, we’ll discuss some frequently asked questions about life insurance policies.
Income Protection Insurance For Dads
When purchasing life insurance as a dad, it’s only natural that you’re going to have many questions about your policy.
In this article, we’ll discuss some frequently asked questions about life insurance policies.
Why would an insurance company not pay out on a claim?
Do Stay-At-Home Dads Need Life Insurance?
In the event of a spouse’s death, a stay-at-home dad may need to find employment in order to support their family.
A life insurance policy will support the stay-at-home dad and allow them some breathing space before they are in a position where they need to find work. A life insurance policy will also cover childcare, nursery, or nanny costs to support the now-working dad.
Can I Cash In A Life Insurance Policy?
Some insurance providers allow you to cash in policies for a lump sum amount. Whole-life insurance policies, universal life policies, and annuities accumulate cash value over time. You may access the cash accumulation through the following processes:
Although, it’s worth noting that withdrawing any amount from your insurance policy may reduce your original life insurance benefits.
Can I Buy Life Insurance For My Parents?
Statistically our parents are more likely to pass away sooner than us. A life insurance policy for a parent may soften the blow of their passing, in knowing that the financial side is taken care of.
A life insurance policy for your elderly parents may provide a financial security net in the following situations:
Paying For Medical Expenses
The last few years of a person’s life can often be expensive with increased medical care and bills. A life insurance policy can help cover any medical bills left behind.
Funeral costs can become very expensive and run into the thousands. A life insurance policy means that there is money set aside to pay for this very sensitive time.
Your surviving parent may express resistance when faced with having to live alone, they may want a new start, need more support or want a change of dwelling. You may consider a range of options including residential care, nursing homes or assisted communities. Whatever you decide to go for, a life insurance policy can help pay for this.
Denied Life Insurance – Next Steps
Just because you have been denied one form of a life insurance policy, doesn’t mean you will be denied access to them all.
Some of the steps you can take to appeal a life insurance decision include:
If you are still being rejected by life insurance companies following this process, it may be worthwhile looking to your employer for a life insurance policy. Many employee benefits packages include life insurance based on the multiples of your annual salary. You are also entitled to the policy, even if you have pre-existing conditions or family medical history.
Daddy Insurance will try to help you get life cover no matter your circumstances. We will try our best to help you as a dad get life insurance. Click the button below to get your free quote & a friendly member of our team will talk you through your options.
How To Know If Someone Has A Life Insurance Policy After They Pass Away?
There is a lot to consider and organise when a loved one passes away, for example the funeral, their possessions, their home and their finances. This can be an extremely overwhelming process and you may not know where to start or if your loved one had a life insurance policy in place. Sometimes people can forget that they had a life insurance policy, particularly when that policy has been paid for in advance.
If the deceased took out a life insurance policy, it is only fair that their beneficiaries receive the payout, otherwise it is a wasted investment. However, insurance companies are not notified when a person dies and they are under no obligation to notify beneficiaries of life insurance payouts.
If you think a deceased person may have had a life insurance policy in place, there are some steps you can take to find out if they had an active life insurance policy.
The deceased person may have forgotten that they had an insurance policy in place. Check old bank statements, checking accounts, and direct debits to see if any payments were being made to life insurance companies.
Although this may be a lengthy process, life insurance providers will be able to tell you if they had the deceased person on their records. It may be worth investigating if you know they had life insurance but are unsure of who it was with.
If you think that the deceased person may have made you, or someone else close to the deceased a beneficiary, you can check on these websites to search for unclaimed assets:
Why Would An Insurance Company Not Pay Out On A Claim?
When a claim is made, an insurance company will ensure that the correct protocol is in place and that checks have been made before paying out on a claim. Some of the reasons insurance companies may deny a claim include:
It’s very important to always be truthful with your insurance company in order to avoid this type of situation from taking place.
Compare Life Insurance For Dads with Daddy Insurance
Whatever your life insurance query is, it’s best to contact a life insurance provider so that they can provide you with the correct details surrounding your personal circumstances. Make sure to ask them all of the questions you have in order to select a life insurance policy that’s right for you.
Daddy Insurance can compare quotes for free from the whole market of providers that allow you to choose the best life insurance policy that suits your needs the best.