The only thing you can control to prevent a UL policy from lapsing is to increase your premium payments (the amount of money you put into the policy).
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
May need more info. But, if the owner took a loan from a cash value policy, then paid the loan back without the policy lapsing, then policy would still be in affect provided that any premiums due were paid and the policy has not lapsed. I would be happy to help you figure this out if you don't have a current agent. Brian Lombardo, CPA, Agent
Most policies have a built in Lapse clause. For example, in CA, if you lapse a policy (ie don't pay it for 31 days past the due date), the policy is in "lapse" status. If lapsed, then the company won't pay a death benefit if the insured dies. However, in CA, a lapsed policy can be reinstated for up to 5 years provided that the insured party has not died and is still insurable (per the company's determination). To reinstate, you would need to pay all premiums that were missed plus interest. For whole life and universal life policies, because they have a cash value, often a policy premium can be skipped temporarily or for a period of time without lapsing. Most companies will do this automatically if you are late on a premium. Feel free to ask more. Brian Lombardo, CPA, Agent
Without knowing your circumstances, wants, needs and desires - the question can't be answered. I would suggest that you get proposals for both and then make a decesion. I agree with the previous person's answer. Generally speaking, Variable has a higher upside potential but no minimum floor. Universal Life has a guaranteed floor, but a smaller upside potential. A variable universal life policy is more subject to market risks. The policy holder is allowed to monitor a portion of the premium and direct it to stocks and bonds of his choice, within the company limits. If you have a confident understanding of stocks and bonds this may be a policy for you to consider. For more information please refer to Types of Life Insurance.
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
May need more info. But, if the owner took a loan from a cash value policy, then paid the loan back without the policy lapsing, then policy would still be in affect provided that any premiums due were paid and the policy has not lapsed. I would be happy to help you figure this out if you don't have a current agent. Brian Lombardo, CPA, Agent
You would need a whole life or an universal life policy with an income rider, and possibly a long term care insurance policy which would fall under a health insurance policy.
4.7
The two men wanted to prevent communism. American policy included the threat that nuclear weapons would be used against US enemies.
In such a case, it would be imperative to call 911 and have an ambulance take the person to the emergency department of a hospital.
The two men wanted to prevent communism. American policy included the threat that nuclear weapons would be used against US enemies.
When something happens, people make it their priority to figure out the problem. So, for example, if you needed shots that you couldn't afford (along with 75% of all other people) then there would be policy action to get a universal healthcare.
Most policies have a built in Lapse clause. For example, in CA, if you lapse a policy (ie don't pay it for 31 days past the due date), the policy is in "lapse" status. If lapsed, then the company won't pay a death benefit if the insured dies. However, in CA, a lapsed policy can be reinstated for up to 5 years provided that the insured party has not died and is still insurable (per the company's determination). To reinstate, you would need to pay all premiums that were missed plus interest. For whole life and universal life policies, because they have a cash value, often a policy premium can be skipped temporarily or for a period of time without lapsing. Most companies will do this automatically if you are late on a premium. Feel free to ask more. Brian Lombardo, CPA, Agent
Shivering, pale skin, cold extremities, slurred speech, dis-orientation, lapsing into unconsciousness.