Typical term life insurance policies typically do not return the premium at the end of the term, according to the New York State Department of Financial Services. However, there are return-of-premium term life insurance policies that do so for additional fees.Know More
Term life insurance policies pay out the sum insured to the beneficiaries only in the event of the death of the insured, states Tim Maurer for Forbes.
If the insured person lives beyond the term period, the insurer does not have to pay the insured person any money, not even the premium paid, explains the New York State Department of Financial Services. However, the return-of-premium term life insurance policies return the premium you paid to the insurer at the end of the term of insurance. These return-of-premium policies either have a rider added to the term insurance policy, or the return is built into the policy itself. The cost for the return-of-premium term life insurance policies is greater than that for the pure-term life insurance policies.Learn more about Insurance
Life insurance policies valued above $1,500 may be used by Medicaid in determining eligibility for long-term care coverage, according to LongTermCare.gov. Assets that Medicaid considers should be transferred into other asset types not counted by Medicaid in order to avoid being considered for Medicaid use.Full Answer >
The main difference between term and whole life insurance is the length of the policy. Other lesser differences include the price, cash value accumulation and the length of the premium guarantee.Full Answer >
The insurance company associated with the 639 code is Geico General Insurance Company, according to the New York State Department of Financial Services. This number is one of the DMV insurance codes used by the Department of Motor Vehicles to identify auto insurance providers.Full Answer >
Section 7702 variable universal life insurance policies are a good investment choice for investors who benefit from flexible premiums, adjustable death benefits and guaranteed limits on fees, according to Section7702.com. The cash values of these policies are invested in current-interest accounts and variable accounts. Variable accounts incur market risk.Full Answer >