Reader’s Question:

If I die, what can my family expect to receive from my universal life insurance policy when they file a claim here in Westminster Colorado CO?

Paul

Westminster Colorado CO

Your family is lucky to have someone like you who cares a lot about them, Liam. Your family should be informed that universal life insurance claims in Colorado and most places in the US are usually handled by the home office of the life insurance company. They will need to inform the company and fill out a request form. Leave them a copy of your insurance policy so that they don’t have a hard time filing the claim.

Normally, insurers are required to pay beneficiaries at least eight percent interest starting from the date of death so it is in their best interest to settle their claim immediately. Your beneficiaries will receive the amount specified in your universal life insurance policy, though the insurer may sometimes adjust this amount depending on specific provisions in your life insurance coverage, like if you have any outstanding loans against the cash value of your policy or if you have accrued dividends which can be added to the amount of the benefit.

Your family also has the option to either receive the bulk amount immediately, leave the proceeds with the company and let it earn interest until they are ready to claim it or convert the proceeds into monthly income, sort of like pension for them in your absence.

Why don’t you take a look at the different options available from insurance companies. Just type in your zip code to receive free universal life insurance policy quotes. This will give you a better idea of what kinds of benefits your family can receive from universal life insurance policy before you finally decide to purchase it.

Reader’s Question:

The internet is a very good tool for people like me who wants to search for so many topics. Lately, I came across whole life insurance and universal insurance in Pennsylvania. I have a hard time understanding the two products; please I need your good help.

Carry

Scranton, PA

It is a little bit confusing actually, if you’re not familiar with it.

Both whole life and universal life insurances in Scranton will be able to provide certainty on our death benefits. Also they are usually being paid monthly and these two insurances are both overages of permanent life insurance

For the permanent life product line the very basic among all is the whole life insurance. You are paying monthly premiums for this and part of those monthly premiums is being shell out to accumulate and become cash value which is tax free. The money that you are paying is being invested by the insurance company to other sectors and they will guarantee you with dividends. But there is a cons to this, the dividend is constant it will vary according to the economic situation. It also allows the policy holder to loan against the cash value. What’s good with this is that the premiums are constant all through out.

On the other hand the universal life insurance, mix up the term life insurance with the money market investment. This type of insurance does not give you any guarantee on the return of investment and more often the incentive goes down more often than the whole life insurance.

Carry, if you are planning to get one of these insurance products be very specific about your queries to your insurance agent . Ask about your worries and doubts, also about your expectations to the product that you are going top choose. You can also opt to do a little shopping for free life insurance quotes online using so many insurance websites like this one. Use any similar form like the one you see in this page for you to get routed to free quotes which you can compare in your area.