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Can you have too many insurance policies? There is no law against having multiple insurance policies, life insurance or otherwise. The downsides to having multiple policies have to do with additional costs and hassle of keeping up with multiple policy payments. Why should you have more than one policy? Spread the Risk Additionally, since different … Read more
When purchasing a life insurance policy, the policyholder aims to provide an extra layer of financial protection and peace of mind for their loved ones. However, since life insurance companies are incentivized to minimize risk, they will frequently look for reasons to cancel a policyholder’s coverage. This can put their financial security at risk and … Read more
If all goes well and all documentation is in order, insurance companies should pay out on claims promptly. In most cases, the time from which the death certificate and necessary documentation is filed to payment of the death benefit will take less than a month, possibly even under two weeks. However, if your claim is … Read more
What Does Lapse Mean in Life Insurance? When a life insurance policy “lapses,” it means that the policyholder or designated payor has not paid one or more required premium payments. Premium payments are required to keep a life insurance policy in force. Policies may require a monthly, semi-annual, or annual premium payment. Most, but not … Read more
