How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2149
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
characters left:
Financial Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Term Life Insurance

Term life insurance refers to a kind of insurance policy that gives coverage to an individual at a fixed rate of payments. This policy is only for a specific period time. Once the time limit is up, the coverage may not be available for the previous rate and the individual may have to get new coverage or give it up. Given below are some important questions about term life insurance that have been asked.

Can a spouse be denied the death benefits of their ex spouse term life insurance in the state of New York?

In most situations, a divorced person may be considered as not having any insurable interest in the ex-spouse’s death. Hence, the company may withhold the death benefit and not pay the ex-spouse. However, if the spouse had paid the premiums of the policy, then the insurance company may be required to repay the individual all the premiums that they have paid. If the spouse has children who are minors, then the company may have to pay the death benefits to the spouse.

Will denial of a term life insurance due to high premium rates affect an individual’s insurance ratings in the future?

Denial of an insurance policy may not affect an individual’s insurance ratings. People are normally given a 10 day free look on any policy they purchase. The individual may deny the policy within these 10 days.

What is the difference between permanent life insurance and term life insurance?

Permanent life insurance is considered to be a mixture of life insurance and an investment product. The payout in a life insurance is guaranteed but the premiums are higher. On the other hand, term life insurance is cheaper and is considered to be true insurance. The beneficiary of the insured person in term life insurance will receive the money if the insured person dies before a specific age. However, if the person lives longer than the age specified, then he/she may not get anything at all.

Can the proceeds of a term life insurance be used to pay off IRS debt?

In most situations, the IRS may use a person’s term life insurance benefits to pay off debts. If there is any amount left after repaying the debt, it will be given to the beneficiary.

Is it possible to convert a term life insurance policy to a whole life insurance?

It may be possible to convert a term life insurance policy to a whole life insurance policy. However, the premium amount that needs to be paid for a whole life policy will be higher than what the individual paid for the term life insurance policy.

Which would be considered to be the cheapest form of term life insurance?

The cheapest form of term life insurance may be a term insurance policy with no cash value and no additional covers and benefits. The commissions that are normally payable to the people are reduced by the insurance providers in a cheap life insurance. There are various kinds of cheap term insurances like the level term life insurance, mortgage protection also known as decreasing term life insurance and increasing term life insurance. However, an individual may be denied this kind of insurance in some situations like if he/she has cancer, kidney dialysis, organ failure, Hepatitis, heart attack, stroke or if he/she is HIV positive.

There are a large variety of insurance options that are available to people these days. How does one figure out the different features of these policies and decide which the best policy is for an individual. Having knowledge about the guidelines of these insurance policies and understanding their different rules and features will help you take an informative decision about which policy to opt for. You may ask an Expert if you have any questions or doubts regarding these policies.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2149
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
characters left:
Financial Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Financial Professionals are online & ready to help you now

Rakhi Vasavada
Financial and Legal Consultant
Satisfied Customers: 2073
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Manal Elkhoshkhany
Tutor
Satisfied Customers: 1890
More than 5000 online tutoring sessions.
Megan C
Certified Public Accountant (CPA)
Satisfied Customers: 1755
Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level

Recent Term Life Insurance Questions

  • Hi, We are a small company and have purchased term life insurance

    Hi, We are a small company and have purchased term life insurance policies for three employees, $500K of coverage each. I realize the company is limited in its ability to receive a deduction for $50K only. My question is, must we deduct the differential cost from the employees pay (Cost for $450K of the $500K) or can the company just absorb the total cost and only deduct the cost for $50K coverage on its tax return? Thank you
  • C corp company plans to provide life insurance to officers

    C corp company plans to provide life insurance to officers and also search for insurance type such term life insurance and whole life insurance. Are these life insurance premiums to officers' wage? Is there any ways that life insurance premiums are not added to their wage? thanks
  • Im not sure if this is the right category for my question,

    I'm not sure if this is the right category for my question, and I don't like the chat option. I have 10 year fixed term life insurance on my two adult children. I only have $50,000 each on them, just enough to cover funeral expenses, etc. My insurance company is asking me if I want to convert to a "permanent" policy on them, and I don't know what that means. I got the 10 year term because they are both in their early 20s, and I wanted to make sure they were covered if something happens to them, but in 10 years I would expect they'll probably be married and/or working/more responsible to where they will have their own insurance or I can sign this over to them or something. I don't want whole insurance where it might not be vested when something happens, and then I'm stuck with a bill.
< Last | Next >
View More Finance Questions