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Whole Life Insurance Policy Questions

What are whole life insurance policies?

A whole life policy is a kind of insurance policy that may be active for the person’s entire life and would need the person to pay premiums. Considering there are different kinds of insurance policies, it is important for people to know the features specific to whole life policies if they want to buy one. Given below are some of the questions about whole life insurance that have been answered.

What can an individual do if the insurance company does not send them a copy of their whole life policy?

If an individual is refused a copy of their whole life policy, then they may contact the insurance division of the state they reside in and ask for assistance or contact the better business bureau for help. If this individual does not get help from either of these agencies, they may sue the insurance company for misrepresentation, breach of contract and unfair business practices and force the company to give them a copy of the policy.

Can an insurance company seize an individual’s whole life insurance if they were to sue them for firing them from their job?

An insurance company may not be able to seize an individual’s whole life insurance to pay legal fees if they lose the lawsuit filed by the individual for firing the individual from their job.

How different are whole life and term insurance policies?

The term insurance policy, also known as pure insurance may be cheaper than whole life insurance policies and may not have a cash value build up in it. Whole life policies on the other hand may have an insurance part and an investment part to them that build up cash value.

Is the money that is received after surrendering a whole life policy taxable?

If the money that is received after surrendering a whole life policy is more than the amount paid as premiums, then the extra amount may be taxable.

Can a whole life policy be converted to a term insurance policy?

A whole life policy may be converted to a term insurance policy if there is a clause in the insurance contract that permits it.

What recourse does an individual have against General Motors Acceptance Corporation (GMAC) if they charge an individual for insurance policies that they did not buy?

If an individual is being charged by GMAC for insurance policies that the individual did not buy, the individual may send them a certified mail, return receipt requested, informing them that they are cancelling the policies and will not pay for them. This individual can also send a letter to the insurance company. On receiving the letter, the insurance company may cancel the policies and send a confirmation of the cancellation. The individual may then send a copy of the confirmation to the GMAC.

Can two people be insured on one whole life insurance?

Two people may not be insured on one whole life insurance policy. The individual may have to buy two separate insurance policies if he/she wants to insure two people.

Can a whole life insurance be used to pay nursing home costs?

Whole life insurance has both a death benefit as well as a savings benefit. Hence, it may be considered to be a countable asset and may be used to pay nursing home costs.

You may be putting in your hard earned money when you buy an insurance policy. Hence it is important for you to have thorough information about it. Lack of proper information can lead to you buying the wrong policy or being a victim of fraud. If you are thinking of investing in a whole life policy or already own one, you must have as much knowledge about it as possible. You can ask an Expert if you are confused about whole life insurance policies or want more information about them.
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