Input: Can You Have More Than One Disability Insurance?

Output: You can have more than one disability insurance policy however companies have limits in regards to the total amount of disability insurance , usually a percentage of income , an individual can maintain . Generally you can insure approximately a total 55 % of verifiable income . It does not matter if you have one or five policies the total can not exceed the maximum amount . As your income increases , you may be able to increase you monthly disability benefit as well . If you have an employer paid group policy the total amount of coverage possible may exceed the maximum possible if properly set up but the timing of such coverage is critical .


Input: Can You Have More Than One Disability Insurance?

Output: Yes , it is common for someone to have a short term disability policy and a separate long term disability policy . However , it may not make sense to have 2 short terms or 2 long terms . Disability insurance plans will coordinate benefits and will not pay over their maximum amounts , usually no more than 70 % of one 's current income at time of claim .


Input: Can You Have More Than One Disability Insurance?

Output: Yes . Many individuals will set up a short term disability policy as well as a long-term disability policy to cover different types of scenarios -LRB- e.g. if you become permanently disabled vs. being temporarily disabled -RRB- . Some individuals will have a group DI policy through an employer and supplement it with an individual DI policy if they feel the group DI does n't provide enough benefits or a very good `` definition of disability '' -LRB- the most important factor with DI coverage -RRB- - when buying disability insurance , make sure of -LRB- and understand -RRB- the definition of disability that 's being cited in the program -LRB- own occupation , modified , or gainful - this is the most important factor in your disability policy as it will determine if you are eligible for a claim when something happens -RRB- . Please note , disability insurance policies coordinate benefits so there 's a limit to how much coverage and what kind you can secure -LRB- most carriers will keep it to a maximum of 70 % of income - the percentage can vary by insurance company -RRB- . I hope the information is helpful - please feel free to contact me for help setting up coverage and if you have any other questions . Thanks very much .


Input: Is A Furnace Covered Under Homeowners Insurance?

Output: Unless the furnace is damaged by a covered peril such as a fire , then the answer is no . Home Insurance is not a maintenance policy and is not designed to cover a breakdown due to age and general repair . Furnaces need replaced occasionally just like your car .


Input: What Is The Best Type Of Life Insurance Policy?

Output: The absolute best type of life insurance policy is the policy that accomplishes your unique goals at the lowest premium . For example , if you need a life insurance policy to pay for a debt like a 25 year mortgage , then the best policy is a 25 year term life for the amount of the debt . If you need to create an instant estate to replace your income for your loved ones then perhaps you need a 20 year or 30 term life policy . If you need a set death benefit for your entire life then you should consider a whole life insurance plan . Last if you want a death benefit , critical illness protection and a cash value that can be used for a tax free retirement , you should consider a universal life insurance policy . I recommend sitting down with a trusted advisor to help sort out all of the options that life insurance can be used for throughout your life .


Input: What Is The Best Type Of Life Insurance Policy?

Output: There is no one best type of policy for every person because each person has different needs , and each type of life insurance is created for certain types of needs . If you have someone tell you that there is one best type of life insurance policy for every situation , find someone who sells different types of policies , explain your specific needs , and make sure that you are getting sound advice before purchasing .


Input: Is Global Life Insurance Legit?

Output: Do you mean Globe Life ? Globe Life is a life insurance company that offers final expense , accident , and mortgage protection insurance . They are certainly a legitimate insurer that focuses more on middle and working class families to offer them smaller insurance policies to meet financial obligations these people generally do not have the money on hand to meet .


Input: Does Medicare Part B Cover Eye Exams And Glasses?

Output: Medicare does n't cover routine eye examinations and glasses . Part B can provide coverage for some preventive and diagnostic eye exams for people at high risk of certain conditions -LRB- e.g. diagnosing retinopathy in diabetics or mascular degeneration for age-related conditions -RRB- . You can check out the medicare.gov website for more specific information regarding condition/risk requirements for Medicare to pay benefits . If you 're looking for coverage for routine eye exams , glasses , contacts , etc. , you would need to secure a vision insurance plan . Please feel free to contact me for assistance or if you have any other questions . Thanks very much .


Input: Is Life Insurance Annuity Taxable?

Output: If you are the beneficiary of a life insurance policy and have chosen to receive the proceeds in payments , vs a lump sum , you may have chosen the life insurance annuity option . You will be paid interest on the money you have not yet collected . That interest is the only part of the life insurance money that is usually taxed .


Input: What Does Medicare Pay For With Hospice?

Output: Yes , Hospice Care is covered by Medicare . Medicare will pay for the services of a Hospice agency to mange the care of the loved one in need . Depending on the agency , services can vary . Usually the care is provided in the home , but it can be offered if the person is on Medicaid and in a Nursing Home . With Hospice , no life saving measures will be taken , the patient is kept comfortable and pain is managed .


Input: Is Classic Car Insurance Cheaper?

Output: In many cases it will be . This is mostly due to the fact that they are less of a risk b/c they are only driven for shows or on weekends . Companies who insure classic cars may also require that you garage them , as well as agree on value due to the huge disparity between the value as a 50 yr old car vs. to a collector/at auction .


Input: What Percentage Of Americans Have Disability Insurance?

Output: Most Americans have some form of disability protection through Social Security disability benefits . Many corporate employees have some form of short term disability group insurance . Some have key person disability insurance at work . But only a few have individual disability insurance policies , some online numbers say less than 2 % .


Input: What Are Living Annuities?

Output: Assuming you mean lifetime income you cant outlive : single premium immediate annuities with the option to distribute regular payments for the life of the annuitant or deferred annuities that are annuitized for the life of the annuitant can be construed as a living annuity .


Input: Does Home Insurance Cover Lightning Damage?

Output: Yes , unless specified otherwise by your contract , Lightening damage is typically included as a covered peril an Homeowners policies . Naturally , any related damage is subject to your deductible so you need to read your policy and check with your insurance professional about your particular situation . Damage to your home , electrical system , appliances and electronics are all covered under this provision . If you suffer a long term power outage as a result , be sure to ask your insurance professional about coverage for contaminated food in your freexer and or refrigerator , too .


Input: Does Home Insurance Cover Lightning Damage?

Output: Talk to your Insurance Professional about the specific terms and conditions of your policy , but in general , one of the common covered perils in a Homeowners ' policy is lightning . The damage that a lightning strike can cause certainly may vary depending upon the appliances you have as well as the grounding efforts applied by you and your electrician .


Input: Does Home Insurance Cover Lightning Damage?

Output: A homeowners policy will typically provide some coverage for lightning damage less your deductible up to the policy limits . Please read your policy completely to understand the coverage provided and exclusions that there may be or contact your local agent to have them go over the policy with you .


Input: What Is The Interest Rate On Annuities?

Output: This can vary depending on the type of Annuity . Deferred Fixed Annuities currently pay anywhere from 2 % for a 3 year contract , up to 3 % for a 6 year contract . An Immediate Fixed Annuity -LRB- which pays a percentage based income for life on the amount you invest in the Annuity -RRB- currently pay up to 6.42 % for a 65 year old , all the way up to 9 % for a 75 year old . It is best to work with an independent annuity expert who can shop the current rates and give you the best company and best product available on the market .


Input: What Is Life Insurance Equity?

Output: All cash value life insurance policies have the potential to accumulate equity . But policy expense loads , loan interest cost and surrender charges can reduce the net cash values in any one year . Its important to understand the cost associated with a cash value policy that is designed to generate income for retirement income purposes . If designed to maximize cash accumulation , it can be an alternative to supplement retirement income . If designed incorrectly , it can be one of the worst savings vehicles . The permanent polices that have the potential to accumulate cash values and distribute tax advantaged income are participating whole life and current assumption universal life . Both use crediting methods based on interest rates . Current assumption universal life also offers crediting methods using domestic and foreign indices -LRB- indexed universal life -RRB- and equity / bond subaccounts -LRB- variable universal life . -RRB-


Input: What Is Life Insurance Equity?

Output: Life insurance equity is the cash reserve amount in your policy less any outstanding policy loans and accrued interest . The cash equity may also include any dividends accumulated under a participating policy . You may borrow against your accumulated equity or surrender the policy and receive a payout from the insurance carrier .


Input: Does Long Term Care Insurance Cover Independent Living?

Output: Long term care insurance will help any out of pocket expenses accrued at any of the care facilities , but it can cover the cost for in-home care around the clock for seven days a week as well . For most long term care insurance , you can use your benefits when you can no longer perform the Activities of Daily Living -LRB- ADLs -RRB- . Policy deductibles and waiting periods will affect when you can begin benefit coverage .


Input: Does Long Term Care Insurance Cover Independent Living?

Output: Long Term Care Insurance does cover Independent Living in some situations and with some policies . Most LTC policies that pay the institution directly do not cover an independent living residence . However , if the policy pays the person , then someone meeting the triggers -LRB- the loss of the of 2 or 3 independent ADL 's and/or substantial cognitive/mental impairment -RRB- could collect on some policies , even while living at home or in an independent living residence .


Input: Does Long Term Care Insurance Cover Independent Living?

Output: Some policies allow coverage for Independent Living in some situations . Typically a LTC policy that pays an institution direct will not pay an independent living residence.Some policies will pay the individual that has qualified for a claim -LRB- by meeting certain criteria -RRB- and some policies may provide coverage while living at home or in an independent living residence ...


Input: How Do I Register For Medicare Part D?

Output: To register for Medicare Part D , you can call 1-800-633-4227 . If you are hard of hearing and use TTY , call 1-877-486-2048 . You can sign up online at medicare.gov . A website I find particularly helpful is WEBSITELINK . Here you can compare the details of Medicare Part D plans , and when you find the one you want , you will be provided with how to enroll .


Input: How Much Does Medicare Pay For An MRI?

Output: Original Medicare pays 80 % for an MRI and you pay 20 % . Often times a Medicare Advantage plan from a private insurance company such as Aetna , application here WEBSITELINK , has small copay 's from $ 0 to $ 250 for a MRI . Medicare ADvantage plans must be at least as good as Original Medicare but most plans offer benefits such as dental , vision , and hearing at no additional charge .


Input: What Is The Cost Of A $500,000 Term Life Insurance Policy?

Output: The cost will vary widely , depending upon your age , health , medical history , occupation , whether you smoke , have a drug history , are married , and other similar variables . Whatever your personal situation may be , however , even if the cost were to go from $ 30 per month to $ 800 per month , or more , if you can pay it , get it . Short of getting a permanent policy , with a term , at least your family and loved ones are covered for a period of time . Insurance costs will only rise as your age increases and your health decreases . Get what you can afford and will continue to pay . That means if you can not afford 500k , then at least get 100k or more , so you have something in place . Thank you . GARY LANE .


Input: What Is The Cost Of A $500,000 Term Life Insurance Policy?

Output: Asking a life insurance agent how much life insurance costs is like asking a realtor how much a house costs . Which house ? Which life insurance plan ? There are entirely too many variables to answer that question . First is what is the need for life insurance and is there an insurable interest ? In other words , does someone lose financially or become saddled with your debt at your death ? Next are the underwriting questions to determine an accurate quote . We need your sex , age , build , health status , health history , life style , occupation , net worth , residence , and length of term or type of plan . It can vary over 14 rating classes as to which premium class you qualify for . I suggest using an experienced independent life insurance broker to shop the market to find the best product at the best price for your unique situation .


Input: Can Health Insurance Cover Braces?

Output: Health insurance can not cover braces . However , dental insurance can cover braces -LRB- completely or partially -RRB- if you haveorthodontiabenefits on your policy . Many group plans have some form of coverage that may pay a portion of braces . However , most individual plans tend to limit or exclude coverage for this type of claim .


Input: Will Life Insurance Have To Go Through Probate?

Output: Life insurance proceeds usually pass to a named beneficiary , thus bypassing probate . Property passes a few different ways , such as by deed , title , will -LRB- probate -RRB- , and beneficiary . Since life insurance passes directly to the beneficiary , it is a private transaction and not subject to public records scrutiny . This is a good reason to make sure your beneficiary designation includes a contingent beneficiary , so that the proceeds do n't default to your estate , thus actually becoming a part of the probate process .


Input: Will Life Insurance Have To Go Through Probate?

Output: Life insurance does not usually go through probate . If it is left to a person , charity , or group , it bypasses probate . However , if the beneficiary is the estate , or if all the beneficiaries are deceased , the proceeds of the policy will go to the estate , and thus , go through probate .


Input: Why Variable Universal Life Insurance?

Output: Variable Life is tricky . If properly funded it can be a tool that offers cash value growth based on market upside , but also death benefit protection should you prematurely pass away . Often times , reps suggest variable contracts due to the ` sexiness ' of the market , and recommend premium levels that do not support the product correctly . If variable life is not funded correctly it can be a disaster waiting to happen . If the premium is substantial enough to support the cost of coverage and left over monies are allocated appropriately , in can be a unigue tool in the planning process . Do not fall victim to illustrations run at 8 % and 10 % returns with mimimal funding . It will not be a realistic view of how the policy will work . Understand the pros/cons - which every product will have - and most importantly determine what the coverage is really for and what you are trying to accompish . In the end , it is life insurance NOT an investment . ~ SAP SAP


Input: Can You Deduct Auto Insurance Premiums?

Output: I am assuming this question relates to whether or not a policyholder can deduct their auto insurance premiums on their Federal or state income taxes . Unless the car is used for business purposes , the answer is `` no '' . However , if you use your car for business purposes , and your employer does not reimburse you for the business use of your car , there is a way to deduct a portion of your auto insurance premium . The IRS allows two ways to deduct expenses for the non-reimbursed use of your personal car . The first method is the mileage method . The IRS sets a mileage allowance every year , and that allowance is meant to cover fuel , wear and tear , maintenance , insurance , and other expenses . The second method is to keep track of all of the expenses related to your car , and then pro-rate those expenses by the amount of business use of your car . My employer reimburses me for the business use of my car using the mileage method . I do n't know if it 's worth the trouble to keep detailed records of your car expenses to make the second method worthwhile .


Input: How Good Is Humana Health Insurance?

Output: This is a good question . Humana has been around for a long time and has many different types of plans such as Medicare , individual , group . They are in many states and have lots of members . The best way to determine if a plan is good for you is to compare the benefits offered to the benefits that you seek . Read the summary of benefits to determine what you think .


Input: How Much Are Annuities?

Output: There are a wide variety of annuities . Generally , the cost of owning a fixed annuity is the cost of the deposit . Generally , the cost of owning a variable annuity is the initial deposit and internal fees that are declared when the product is purchased . Fixed annuities rarely have maintenance fees . Most annuities have a minimum premium .


Input: Can Both Husband And Wife Have Roth IRA?

Output: That is a great question ! And the great answer is yes , you both can have your own Roth , and contribute to each . There are limits , so if your individual incomes are in the low $ 100k area , you can cap out , and if together your combined income puts you at $ 180k or above , you can max out also . As long as you fall in between that range , go for it ! Good luck , and thanks for asking !


Input: Can Both Husband And Wife Have Roth IRA?

Output: Both a husband and a wife can have separate Roth IRAs . Eligibility phases out if your income exceeds $ 114,000 - $ 129,000 for a single tax payer , and $ 181,000 - $ 191,000 if you are married and filing jointly . Below those levels you can both contribute $ 5,500 until age 50 at which time you annual contribution can increase to $ 6,500 each .


Input: Does Annuity Go Through Probate?

Output: An annuity passes outside probate . The contract generally ceases at the death of the annuitant but if the contract has not been completed the beneficiary designation or settlement option directs the flow of money until the obligations have been completed . This is why it is essential to regularly review beneficiary designations . Money has passed to former spouses , when that was not the annuitants intention .


Input: Can Voluntary Life Insurance Be Pre Tax?

Output: Unfortunately , no . Insurance premiums are not tax deductible nor can they be taken pre-tax . HOWEVER , be sure to enroll/elect in any employer paid group life insurance or individual life insurance policies . If the policy is not part of a SERP plan or other executive compensation plan , it is a way to pick up small coverage without any out of pocket contributions .


Input: When Is Life Insurance Coverage Effective?

Output: Traditionally , life insurance becomes effective after the policy has been issued , you have paid the first premium with a check , and signed and returned the delivery paperwork . However , there are some variations on that . E.g. . If you have applied for a No Exam policy over the phone or internet , your policy may go into effect as soon as they draft the first premium . In a nutshell , life insurance coverage is effective when you have been approved , everything has been received by the insurance company to put it in place , and they have acknowledged it as being in effect .


Input: When Is Life Insurance Coverage Effective?

Output: For small amounts a temporary binding agreement with a required deposit can cover you while the underwriting process is taking place . But most life insurance policies are put in force at the date of issue with the required agreed premium with binds the coverage . Its important to sign and keep a copy of the delivery statement with your policy , store it in a safe place and notify one of the beneficiaries of its location .


Input: When Is Life Insurance Coverage Effective?

Output: Permanent or term coverage as provided by the policy when issued is effective at that time . In many if not all cases , there is a `` free look '' period offered usualy for a period of 10 days in which time you may decide that you do not want the coverage . If returnmed to the company , any premium you had paid would be refunded to you . Many policies offer a `` temporaty Insurance provision '' which sates that once the application has been signed and the appropriate premium paid , the company grants that you are covered for a certain amount of benefit during the underwriting period . Check with your Insurance Professional aboiut how much tempoorary coverage you may be entitled to receive after submitting your application .


Input: Does Medicare Pay For Private Duty Nursing?

Output: Medicare does not pay for private duty nurses , or a private room when not medically necessary . You are really describing Long Term Care which is also not included in Medicare . There is a difference in skilled care , respite care and personal care . If you qualify for medically necessary skilled care , Medicare will cover that , but as you asked the question , my response would be no it does not .


Input: Does A DUI Affect Life Insurance?

Output: A DUI will affect life insurance if within a certain number of years of applying for the policy . With simplified issue plans -LRB- those that do not require an exam , and usually do not require medical records -RRB- , you may be approved as quickly as two years after the DUI , although some carriers will make you wait 10 years after the DUI to get that type of coverage . If applying for a medically underwritten policy , the rate will vary depending on how many years from the DUI it has been . Underwriters also consider whether you had treatment for alcohol abuse in conjunction with the DUI , whether there were repeat offenses , if you still drink alcohol , etc. . In the worst case scenario of recent DUI , repeat DUI 's , repeat treatments , still drinking , there is guaranteed issue life insurance for those who fit the age guidelines . To get your best price for life insurance after a DUI , it is a good idea to use a broker who can shop the many policies out there and find you the best price .


Input: Does A DUI Affect Life Insurance?

Output: Does a DUI affect life insurance ? The short answer is yes . Many companies ask about and consider driving records when underwriting a new life insurance policy . Depending on your driving record a company may rate your premiums or perhaps decline . A DUI is criminal offence and it is taken quite seriously . An experienced insurance broker , who can access several companies , should be able to help you find the right policy at the right price . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community .


Input: Does A DUI Affect Life Insurance?

Output: Life insurance costs and ratings are based upon the likelihood of death and when it may come . Many factors are considered . One of those are DUI 's . Because someone who had been drinking and driving is far more likely to die in an auto crash , it will increase their likelihood of a sooner death , and therefore increase the cost of any life insurance they may otherwise qualify for . All other things being equal , someone with a DUI will pay more for life insurance . With multiple DUI 's you will find some carriers refusing to insure the person . The answer , of course , is not to drink and drive , let the record clear after several years , and you may be able to start over again , just like someone who has been cured of cancer for several years . Thank you . GARY LANE .


Input: Does A DUI Affect Life Insurance?

Output: Life insurance companies routinely ask for your drivers license number . They review your driving record . A poor driving record does not speak well to a long life . If you were in a group of people and you agreed to pay $ 1000 to anyone who died in the next year and one of the people had a DUI would you think it fair to charge him the same amount as everyone else ?


Input: Does A DUI Affect Life Insurance?

Output: That is a great question ! I sincerely hope that you are just asking out of curiosity . Insurance companies do not like risk . The higher the risk , the less likely they are to insure , or the more they will charge . Driving under the influence is a massive risk , and thus something that insurers are very much against . Every insurer -LRB- except those policies called `` guaranteed issue '' , they ask no questions , but cost more and contain a period where the death benefit is greatly reduced to what you 've paid in plus a little interest -RRB- asks about your drinking and drug use , and can deny coverage as a result . Everyone makes mistakes ; some are worse than others and carry worse results . DUIs are one of those mistakes . If you need help , please feel free to contact me , okay ? Thanks for asking !


Input: Does A DUI Affect Life Insurance?

Output: Yes . DUIs can greatly affect your the risk class you can qualify for in life inurance . A history of being charged with driving under the influence -LRB- DUI -RRB- or driving while intoxicated -LRB- DWI -RRB- one or more times can make it difficult to obtain the life insurance coverage you need at an affordable rate . The ratings that life insurance companies will assign for people with history of DUI vary substantially between companies and the difference could cost you thousands of dollars . Whether applying for a fully underwritten or non-medical life insurance policy , the carriers will want to know the input regarding a number of questions -LRB- typically you would fill out a DUI questionnaire form with the application -RRB- to make an accurate risk assessment : 1 -RRB- How many times have you been charged with DUI/DWI ? 2 -RRB- When was the most recent charge ? 3 -RRB- Are you currently on probation ? 4 -RRB- Has your license been revoked or suspended one or more times ? 5 -RRB- Have you been cited for any other traffic offenses ? 6 -RRB- Have you sought treatment for alcohol abuse at a rehab facility or attended meetings with support groups like Alcoholics Anonymous ? 7 -RRB- Are you still drinking , or have you quit completely ? The most likely offer you receive , depending on how long it 's been since the DUI , will either require a table rating and/or a flat extra rating . A table rating is an additional percentage charged on top of the standard premium . As an example , a Table D/Table 4 is generally about two times the standard premium . A flat extra rating is an additional cost per thousand dollars of coverage , such as $ 2.50 per thousand . Another example would be a $ 1,000,000 policy with a flat extra of $ 2.50 per thousand would require additional premium of $ 2,500 in addition of the standard rate , regardless of how many years the policy is guaranteed . If you have a history of DUI or DWI in your records , you should NOT apply with multiple companies at the same time . The more companies that give you a table rating , flat extra rating , or decline coverage on a formal application , the less likely you are to get a better offer . Your best option is to consult with an experienced life insurance broker before applying for any coverage . We can shop the case for you among multiple carriers to get an understanding of the risk class carriers will likely assign for your coverage - this will point you in the direction of who is the most appropriate carrier to apply for coverage with . The risk class is the most critical item for coverage because it determines the premiums . Please let me know if I can be of further assistance . Thanks very much .


Input: Does Renters Insurance Cover A Pool?

Output: Since this question is asked of renters insurance and a renter does not own the dwelling nor the pool that comes with it I must assume this is a liability question . If a tenant is for example having friends over and someone slips and falls or worst case drowns in the pool there is a highprobabilitythe tenant will be sued . In this case the renters insurance liability portion of the policy will have to defend . If for some reason the tenant caused some type ofdamageto the pool itself -LRB- property damage -RRB- and the landlord wants to sue the tenant for damages at the very least the liability portion of the renterspolicymust still defend .


Input: Does Renters Insurance Cover Lightning Strikes?

Output: Yes less your deductible , lightning is typically a covered peril under a renters policy . Remember every policy is different . Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you .


Input: What Is A Tax Deferred Retirement Plan?

Output: A tax deferred Retirement Plan is a plan that allow the grow to accumulate tax free while it is inside the plan and taxed when it is withdrawn . This tax deferred growth provides a significant advantage over plans that are taxed each year . Why ? Because you get the full effect of compound interest . In Canada , a Registered Retirement Savings Plan RRSP -RRB- not only offers tax deferred growth , it also offers -LRB- subject to limits -RRB- tax deductibility of contributions . If you would like to work with a local Retirement Planner , you could start with a Google search . For example , if you search for : retirement planner Halifax or retirement planning Halifax , my name , along with several others , will come up . You can use the same method to find Retirement Planners in your community If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me .


Input: What Is A Tax Deferred Retirement Plan?

Output: There are two types of tax deferred retirement plans : qualified and non-qualified . Qualified plans that can accumulate tax deferred like 401 -LRB- k -RRB- s , 403 -LRB- b -RRB- s , 412 -LRB- e -RRB- s are under ERISA , The Employee Retirement Income Security Act of 1974 . Non-qualified retirement plans that use life insurance and annuities accumulate tax deferred as well .


Input: When Is Homeowners Insurance Paid?

Output: When you are buying your home , more than likely the Mortgage Company will requires you to show proof of Homeowners coverage at or prior to the closing . In many cases this will mean that you 'll need to purchase your policy in anticipation of your closing date . From that point forward , your insurance premiums will be due at each policy renewal date , which will be the anniversary of the date your coverage began . Your Insurance Professional can discuss other payment options offered by your Insurance company , including semi annual , quarterly or monthly unless your mortgage company requires that they be paid via an escrow account .


Input: When Is Homeowners Insurance Paid?

Output: Generally , Homeowners insurance is paid at the inception of the policy . As you can imagine , an insurance company does n't like to provide coverage without payment . You can pay your premiums all at once or in payments that can be as often as monthly , but you 'll always be paying ahead . The insurance company wo n't usually let you get behind . If your insurance is paid through your mortgage company escrow , they will pay the entire premium and then collect a portion from you every month . They 'll repeat this every year . They can do this because you usually have to pay your first year up front . Then , they 're collecting for next year .


Input: What Is The Best Medigap Coverage?

Output: Plan F offers the most comprehensive coverage - it covers all Medigap benefits at 100 % from day 1 . The advantage of this plan is that it creates a very predictable healthcare expense structure -LRB- for the most part , you 're writing a check for your premium and you 're done - you wo n't get hit with big bills for any Medicare-approved charge -RRB- . Plan G is the second most comprehensive plan available - it 's identical to plan F except you would be responsible for the Medicare Part B deductible -LRB- $ 147 in 2014 -RRB- . The advantage of a plan G is that in many areas the savings in premium per year are greater than the cost of the deductible . For example , if the difference in premium is $ 30 per month - you 're saving $ 360 per year by taking on a risk of $ 147 . Please note , the plans feature the exact same benefits regardless of which carrier you have the coverage through - the big factor to look at the price of the plan you select . I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage and if you have any other questions . Thanks very much .


Input: Is A Green Card Holder Eligible For Medicare?

Output: For green card holders to become eligible for Medicare , they have to meet 2 conditions : 1 -RRB- Work in the United States for at least 40 quarters and paying FICA taxes for Medicare -LRB- as it is for everyone -RRB- . 2 -RRB- Live in the United States for at least five years continually -LRB- cant do 2 years here , a year somewhere else , and then 3 more years here -RRB- . If you meet condition 2 , but not condition 1 , you would be able to get Part A , but would have to pay the premium -LRB- up to $ 426 per month in 2014 -RRB- . Part B premium is paid by all Medicare beneficiaries regardless . Please feel free to contact me if you have any other questions . Thanks very much .


Input: Does Renters Insurance Cover Trampolines?

Output: Most companies do not provide coverage for trampolines under homeowners or renters insurance and if they provide coverage for them there are typically strict guidelines that must be followed to keep coverage in effect . Every policy is different . I recommend that you read your policy completely to determine the coverages provide or contact your local agent and have them explain the coverages that your policy provides .


Input: Does Renters Insurance Cover Trampolines?

Output: Many carriers will not provide renters/homeowners insurance coverage if the insured has a trampoline on the property that is covered . Remember every policy is different . Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you .


Input: Why Would Homeowners Insurance Be Cancelled?

Output: Generally speaking a policy is cancelled for non payment of premium . That is by far the most common reason . Some states allow a carrier 60 days to decide if they will accept an applicant / insured which gives an insurer time to inspect and make some determination . After 60 days most states require the insurer to remain on the exposure till the end of the term at which time they can decide not to renew a policy . Property is different in a lot of ways from auto insurance . Carriers often put into effect moratoriums on new coverage in the instance of a natural disaster -LRB- flood , wind , Hurricane , wild fire , tornado , earthquake . -RRB- During these specified events a company may take the position that a policy was not authorized to be issued . Additionally , carriers often are faced with exposures they only find out about by doing a property inspection . So , it is not uncommon , for the policy to be written with as much information as is known by the agent , but then the risk emerges as being more subject to loss than they understood originally . All property insurance is somewhat reviewed in the general COPE formula for underwriting . COPE stands for Construction , Occupancy , Protection , and Exposure . Construction can mean the simple review of materials or the type of construction -LRB- i.e. Log homes -RRB- is not one the carrier wants . Occupancy sounds pretty simple , but there are houses that are not occupied , , seasonally occupied or even occupied by a business and not something the carrier wants . Protection stands for the type of protection afforded the structure/contents from loss . That could be as simple as what Public Protection Class , PC a home has -LRB- PC represents a grading system for fire departments in the US -RRB- or it can be an assessment of protection from a different peril i.e. burglary . And then lastly there is exposure . Here you might be thinking about the fact that the home is fine , but it is surrounded by brush in CA , or is a mile form an ocean , or is adjacent to a chemical factory . Lastly , keep in mind that a homeowners policy also has a section for liability coverage . If you have a trampoline in the yard , a swimming pool with no fence , a large or dangerous dog , a carrier may deem you to be an exposure they simply do not wnat .


Input: When Can You Sign Up For Medigap?

Output: You can sign up for a Medigap plan once you are enrolled in Medicare Part A and Part B . You must have both parts in place to qualify with MOST carriers . There are a few Medigap carriers that will issue a policy if you only have Part A but they will pay claims as if you have Part B in place .


Input: When Can You Sign Up For Medigap?

Output: You can apply for a Medigap plan up to 3 months before your Medicare Part B effective date - you must have both Medicare Part A & Medicare Part B to buy a Medigap plan . Once you have an established Medicare Part B effective date , you will have a 6-month open enrollment period to buy any Medigap plan from any carrier with NO medical underwriting . After this point , you can buy a new Medigap plan whenever you would like -LRB- there are no annual enrollment periods for Medigap plans -RRB- , however , you would have to go through medical underwriting if you do n't qualify for a special enrollment period or a guaranteed-issue right . The best overall time to buy will be your initial open enrollment period when you 're new to Medicare and just starting Part B coverage . Determining which Medigap plan is right from you and which carrier to apply for the plan through can be a bit more involved than some may realize . It 's not all about price as some may believe . You need to look at the carriers ' premium rating methods -LRB- community , attained , or issue age rated -RRB- , their rates , their rate increase history , their service history , and other factors . It 's best to consult with an experienced Medigap broker who can help you determine which plan and carrier will be most suitable to your desires , needs , and budget . I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage needs , including providing quotes and plan comparisons , and if you have any other questions . Thanks very much .


Input: Who Is A Good Home Insurance Company?

Output: That is going to depend on who you ask . Most people will judge how good there carrier is based on how claims are handled or their dealings with their local agent . I always recommend finding a local agent that you are comfortable with as they are going to be your first point of contact when you have an issue or question about coverage .


Input: What Are The Best Life Insurance Plans?

Output: Life insurance is a mortality product offered as term and permanent policies . There are also several types of polices with varying crediting methods . Product suitability needs to be correlated to the personal financial profile of the potential buyer . That profile needs to include a risk tolerance assessment and the timelines of coverage based on financial liabilities , future obligations and charitable intent .


Input: What Are The Best Life Insurance Plans?

Output: That is a great question ! The answer to your question depends entirely upon what it is that you want the policy to do for you . A term policy might be best , if all that you want to do is ensure against leaving a particular debt behind unpaid , or if you are short on cash . A whole life policy might be best if you want the security of knowing that you have coverage you wont outlive , or if you want a source of cash available should you need it . If you want specifics for you , contact one of us agents , we are happy to help ! Thanks for asking !


Input: What Are The Best Life Insurance Plans?

Output: The best life insurance plan is the plan that an agent has tailored for you . That agent should have listened to you , offered sound financial advice and communicated clearly with you and the company . If price is your concern , life insurance is based upon mortality . The number of cases that have been placed into the data base is truly staggering . As a result the mortality used by the various companies is almost identical . The premium is then a function of how long the policy will last before it expires . Longer policies have a higher annual premium than shorter policies because mortality accelerates . If the policy is designed to be permanent then another factor comes into play and that is the earnings of the cash value in the policy . Policies can offer 100 % guarantees all the way down to no guarantees . This affects the price a great deal .


Input: What Are The Best Life Insurance Plans?

Output: The best life insurance plans are different for different people , because no two people have exactly the same financial scenario or personal details . One 40 year old male may own a home , be raising three teenagers soon to go to college , and have no health problems . He is certainly going to want a large policy to cover his family if he should pass away , and to be able to afford that much , he is probably going to want to take it in term insurance . Another 40 year old male may have finished treatments for stage 4 colon cancer a year ago . The policy he gets it going to be much smaller , will probably be whole life , and will be graded for at least two years . While the best plan for his family would be more like what the first man got , the best plan for him , in reality , will be one he can get . He can then replace it with one that has a larger face amount after his cancer has been in remission for a number of years . PS The ironic thing is , most people who can get the best plans for everyone , put it off until they can no longer get them .


Input: How Does Level Term Life Insurance Work?

Output: Level term insurance is very popular since the death benefit remains the same for the duration of the contract . A mortgage insurance policy -LRB- not very popular any more -RRB- has a reducing death benefit that is often tied to the outstanding mortgage . Guaranteed level term insurance guarantees that the death benefit and premium will not increase during a specific period of time .


Input: How Does Level Term Life Insurance Work?

Output: How does level term insurance work ? Level term works in the same way that cash value permanent insurance works . Level term overcharges for pure insurance rates early on to undercharge for those same rates later . The excess money collected is invested and later is applied internally to combine with the premium to cover the true cost of insurance . The difference is with cash values the excess gain is returned as cash values to permanent policy holders rather than the insurance company .


Input: Does Kaiser Have A Medigap Plan?

Output: No . Kaiser does n't offer Medigap plans . They primarily feature Medicare Advantage and some stand-alone part D prescription drug plans . Medigap plans are standardized so who provides it does n't change the coverage you receive . Only the price is different between carriers . If you need help looking for a Medigap plan , please send me an e-mail or call me and I will be happy to assist with getting the coverage in place and answer any other questions you may have I hope the information is helpful - thanks very much .


Input: How Would You Calculate The Expected Return On A Life Insurance Policy?

Output: Before you break out your HP12c calculator , consider this . Almost all proposals illustrate internal rate of return on both death benefit and cash values . If you have an existing life insurance policy you can order whats called an in force ledger and request the internal rate of return on both death benefit and cash values .


Input: What To Do If You Can't Afford Health Insurance?

Output: There are several options for you if you ca n't afford health insurance . First , many people qualify for subsidized premium payments through the healthcare exchanges . I have seen people purchase health insurance that was free , and many that paid between $ 20 and $ 60 per month for compliant health plans . The real premium may be much higher but the Federal government helps you pay the premium if you make between 100 % and 400 % of the federal poverty level . If you make less than 100 % of the federal poverty level you should qualify for Medicaid if you are in a state that allowed for Medicaid expansion . About 22 states have done that , so your chance is about 50/50 that you would be able to get free coverage through Medicaid if you make less than 100 % of the federal poverty level . You can also claim that purchasing health insurance is a financial hardship . This is more of an accounting issue than an insurance issues so consult an accountant but I believe the burden of proof -LRB- this year -RRB- is fairly easy you simply fill out a form stating that you could n't afford it . Worst case you pay the penalty when you do your taxes which is $ 95.00 or 1 % of your income whichever is more , so the penalty is not a huge deal , but as you can see there are several inexpensive ways to get coverage and not pay a lot . Email me directly and I can help get you pointed in the right direction . My email is WEBSITELINK


Input: What To Do If You Can't Afford Health Insurance?

Output: That is a great question ! I 'd recommend that you go to the Affordable Care Act -LRB- Obamacare -RRB- site WEBSITELINK and look there first . It is very likely that you will qualify for discounted coverage . I do a lot of work with folks who struggle to make ends meet , and so far , everyone of them has found a policy there that they could afford , that was really a blessing . If you need help , please feel free to contact me , okay ? Thanks for asking !


Input: Will Health Insurance Pay For Septoplasty?

Output: Generally speaking , health insurance will cover plastic sugery that is deemed medically necessary by your primary care physician . Septoplasty , which is used to correct a deviated septum , will depend on the severity of the deviation . For minor cosmetic correction , the health insurer will likely not cover the procedure . For serious deviations that cause additional problems , health insures will typically cover the procedure .


Input: What Is Tax Qualified Long Term Care Insurance?

Output: Tax qualified life insurance was established in conjunction with HIPAA in 1996 so that people who itemize could deduct long term care premiums as a medical expense on their tax returns . It also allows those who collect on their long term care insurance to receive their benefits income tax free . Tax qualified -LRB- TQ -RRB- life insurance policies have different triggers than traditional long term care insurance , which can make it harder to receive benefits . One of the triggers that was dropped was `` medical necessity '' . Therefore , a person can not get payments from their TQ LTCI policy just because a doctor wrote a letter saying they need that type of care . Also , their inability to perform at least two ADL 's must be anticipated to last at least 90 days .


Input: What Is Tax Qualified Long Term Care Insurance?

Output: A `` tax-qualified '' Long Term Care Insurance policy is one that conforms to requirements under IRC Section 7702B . Among other requirements , benefits must be triggered by inability to perform two out of six standard Activities of Daily Living -LRB- ADLs -RRB- or by cognitive impairment , the policy must be guaranteed renewable , it can not provide a cash surrender value , and it has to incorporate specified consumer protection provisions . The benefit of having a tax-qualified policy is that premiums paid will be partially tax-deductible , and benefits received by reason of claims paid are exempt from income tax .


Input: Does Your Homeowners Insurance Go Up With A Pool?

Output: Not normally , no . However , talk to your insurance professional about the increased liability exposures that a pool can bring into the picture . Increasing the liability coverage in your Homeowner policy will increase the premium of course , but by very little . It would also be a great idea to think about amPersonal Umbrella policy as well .


Input: Does Your Homeowners Insurance Go Up With A Pool?

Output: There are a few companies that may surcharge your homeowners policy for having a pool which would be minimal . Otherwise most insurance providers do not increase premiums for a pool . However as a pool owner I highly suggest you carry a personal umbrella policy in the event of an unfortunate accident in and around the pool that could lead to bodily injury or even death .


Input: Can You Deduct Home Insurance Premiums On Your Taxes?

Output: That honestly is a question for your accountant or tax attorney . It may be possible to deduct at least a portion of the premium if you operate your business out of your home . In situations like that , certain portions of household expenses MAY be deductible as a business expense and it might be possible that some of your Homeowners ' premium might therefore also be .


Input: Can You Deduct Home Insurance Premiums On Your Taxes?

Output: If the home insurance premium is for a house that you own and operate exclusively as a rental , the answer would generally be yes . If you are talking about deducting home insurance premiums which cover fire , comprehensive and title insurance for your residence it would generally be no . However , if you use a portion of your home for business , there might be a way for a portion of your home insurance premium to be deducted from your taxes . There are a lot of `` what-ifs '' surrounding this issue so this is a question for your tax advisor .


Input: How Many Life Insurance Policies Can I Have?

Output: Video Transcript : Today 's question is , `` How many life insurance policies can I have ? '' Well , actually you can have as many as you want as long as the death benefit does n't exceed the justification issue , which is the companies will say , `` We think that your exposure on your life is worth , '' let 's say a million dollars . So if you have four or five policies and they total up to a million and as long as it did not exceed what they call financial justification you can multiple policies and many people do . But remember , the total amount of insurance on all these policies are going to be shown on the application . And so when you take the total , as long as it does n't exceed what they believe is your economic justification , it does n't exceed it , you 'll be able to get as much insurance as you want up to that limit .


Input: How Many Life Insurance Policies Can I Have?

Output: How many insurance policies can you have ? You can have as many as insurance companies will sell you . While first thought is unlimited for most , actually insurance companies check and see how much insurance you have in place , how much you 're applying for with them and other companies and make a decision based on what they find . It is not an unlimited option .


Input: How Many Life Insurance Policies Can I Have?

Output: You can have as many policies as you wish . It 's not a question of how many policies you have , it 's a question of how much total coverageyou have based on your financials.In other words , a carrier would probably not issue another policy for additional coverageto someone that already has an appropriateamount of coverage based on their net worth and income .


Input: How Many Life Insurance Policies Can I Have?

Output: You can have as many life insurance policies that you can qualify for medically and financially . Life insurance companies do n't mind if you split up your coverage into several different policies ; in fact , some types of coverage work better than others for certain needs . Also , some people like to diversify their coverage between different companies .


Input: Who Can Sell Indexed Annuities?

Output: Insurance agents who are licensed in Life coverage can sell annuities . Indexed annuities are a contract with the annuity holder and the life insurance company in which the funds grow tax deferred . As long as the agent is not funding the Equity Indexed Annuity with qualified funds , no series 63 license is needed to sell this product .


Input: What Tests Are Done For Life Insurance?

Output: The tests that are done for a medically underwritten life insurance policy are a blood test and urine test . Blood and urine samples are tested for HIV , drug use , nicotine use , and to see whether the applicant has possible disease of the kidney , liver , stomach , heart and other organs .


Input: What Does Life Insurance Face Amount Mean?

Output: Face amount on a life insurance policy is the amount of life insurance proceeds paid to the designated beneficiary or beneficiaries . When you hear someone speak of having a one million dollar life insurance policy they are almost always speaking of the face amount . The benefit of a large face amount of life insurance proceeds if set up correctly is tax free to the beneficiary .


Input: What Does Life Insurance Face Amount Mean?

Output: Face Amount usually means the amount of death benefit provided by the policy . For example If I had a $ 500,000 level term policy , the `` face amount '' would be $ 500,000 .


Input: What Does Life Insurance Face Amount Mean?

Output: Face amount is the amount stated on the policy that will be paid to the beneficiary in the event of the death of the insured or maturity of the policy . The face amount is what most people talk about when they discuss their life insurance policy . The company may pay the face amount to the beneficiary in a variety of methods . They are not limited to the lump sum death benefit .


Input: What Does Life Insurance Face Amount Mean?

Output: The face amount is the amount of life insurance you buy . The death benefit is the amount that goes to the beneficiary in the event of the insured person 's death . Those are usually the same amount . However , if the policy is graded during the first years of the policy , or if the death benefit grows beyond the original amount of coverage purchased , or if a loan was taken out and not repaid , the face amount and death benefit could differ .


Input: What Does Life Insurance Face Amount Mean?

Output: There is a little more to it than that . The face amount is the original benefit amount once the policy is full benefit . The death benefit can change but the face amount does not . For instance , if someone buys a two year graded policy with a $ 10,000 face amount , the policy may only pay $ 3,000 death benefit if they die in the first 12-months . It would usually pay $ 7,000 if they die in months 13-24 and would pay $ 10,000 -LRB- equal to the face amount -RRB- after the 24th month . Other policies are increasing death benefit policies . The death benefit grows each year but the face amount is always the original face . For instance a preneed funeral policy through a funeral home may start with a $ 10,000 death benefit AND a $ 10,000 face amount . But 15-years later the death benfit could be $ 15,000 and the face amount would still be $ 10,000 . Other policies have dividends that buy paid up additions . These can also increase the death benefit but the original policy face amount is the same .


Input: Does Medicare Cover Compounded Drugs?

Output: In order for compounded drugs to be covered by Medicare Part D , they must be prescribed for a `` medically accepted indication '' , they must have at least one ingredient that is FDA approved , and at least one ingredient must be covered by Medicare Part D. Only that FDA approved ingredient and the fees for mixing the drug are covered by Medicare . Bulk powders are not covered .


Input: What Age Do You Have To Be To Get Medicare?

Output: You have to be age 65 to get Medicare unless you have been on SSDI -LRB- Social Security Disability Income -RRB- for two years , or if you have been diagnosed with End Stage Renal Disease or Lou Gherig 's Disease prior to age 65 -LRB- with each of those stipulations there are some other qualifying factors -RRB- .


Input: Does Life Insurance Blood Test For Drugs?

Output: Marijuana use is and has been prevalent in the United States for a very long time . It is the most widely used of all recreational drugs today , and is used by people of all walks of life . Its active chemical , commonly known as THC has been proven to help those with rheumatic diseases , ocular conditions or certain mental illnesses and is a known relaxant . Whatever your stance is on the use of illegal drugs , it is likely that at some time in your life you have encountered marijuana , and for many it remains a concern when applying for insurance . Does the use of Marijuana make me ineligible for life insurance ? If you use marijuana , you may be a little concerned about taking the required exam to get term life insurance fearing that if marijuana use is detected , you may be ineligible for coverage . Fear not . Marijuana use , by itself is not something that will make you ineligible , but it is something that is tested for . Of course , the results of the test may come back negative , but the questionnaire will probably also ask whether you have used any illegal drugs in the past five years . If the answer is yes , again , you should be able to qualify for life insurance . If marijuana shows up in your blood test , the chances that you will be able to qualify for the most desirable rating class are somewhat diminished , and if they show up not all at -LRB- but you answer yes to the question about marijuana use -RRB- your chances are diminished somewhat . Will I get a smokers rate if I use or have used marijuana ? Each life insurance company follows different guidelines , but generally , you will not be charged smokers rates for life insurance if you have used or are currently using marijuana . If my life insurance blood tests positive for marijuana use , will this information be reported to law enforcement or the government in any way ? No . By law , your medical records are protected . The report will go to the MIB , but you give your consent to this when you fill out the life insurance application . The MIB stands for Medical Information Bureau , and it is a non-governmental agency which provides services to health and life insurance companies across the U.S. . The information submitted to the MIB is not accessible to the government . Is there any way to get life insurance without taking a blood test ? Yes ! There is something called No-Exam life insurance which does not require an exam of any kind . Depending on the amount applied for and whether they require a blood test for that amount they will . The question about drugs is always on the application regardless of amount so if you were to answer honestly -LRB- suggested -RRB- they would know . In some cases you are simply rated as a smoker . Other companies may decline you . I suggest you work with a broker who knows what to look for in a company .


Input: Does Life Insurance Blood Test For Drugs?

Output: Depending on the company and the type of life insurance policy that you are applying for . The company may along with getting your medical history from you and your doctor may require a blood sample that will be tested for many things including drugs . This is necessary to ensure that you are being rated properly getting a premium that is deserved not arbitrary . Full disclose is the best way to ensure that you get what you are looking for out of a policy . If you skirt the truth or provide false answers your policy may be cancelled or the insurance company may only be required to refund your premiums paid ; upon death ; not the policy amount . Every company and policy is different . Please contact a local agent to get more detailed information regarding coverage and exclusions .


Input: What Is Cost Basis In Annuities?

Output: Cost basis for non-qualified tax deferred annuity is the total contributions made into the policy . Basis is not taxed in a non-qualified deferred annuity . It is either returned after all gain has been generated or is amortized over the life expectancy of the annuitant as part of the income from a life only distributions option .


Input: Can A Power Of Attorney Change A Life Insurance Beneficiary?

Output: The document outlining the power of attorney will be reviewed with significant scrutiny by the life insurance company who issued the policy to ascertain the legal latitude and validity of the person named to execute financial matters during the incapacitation of the policy owner . In theory , the power of attorney should be able to execute changes , but each carrier may interpret the document differently and each state may also weigh in on the legality of the document . Consult an attorney before engaging the life insurance company .


Input: When To Get Disability Insurance?

Output: You should get Disability Insurance as soon as you have a job that you depend on for living expenses . If you were to lose your job due to a disability , it could be a year before you qualify for Social Security Disability , and that payment will not be as high as what you can get through a private DI policy . Disability Insurance will pay more and sooner than SSDI , and will pay a benefit for both temporary and permanent disabilities .


Input: When To Get Disability Insurance?

Output: Along with what Peggy said , it 's important to note that you 're never too young to purchase disability insurance . It 's common for workers to think that they wo n't get cancer or sick until they 're older , but considering 90 percent of disabilities are caused by sickness -- not an injury -- you ca n't just assume sickness only strikes the elderly . Cancer , mental nervous , broken legs , car accidents , etc. can happen to anyone . Do n't wait .


Input: When To Get Disability Insurance?

Output: when should you get disability insurance ? Honestly ? As soon as you can , even before starting work in some professions . Many disability carriers offer policies to young beginning professionals before they start work . A person could set up a plan that takes advantage of their good health -LRB- great price -RRB- and also sets up for future increases without medical underwriting and creating an individual policy `` before '' going on a group plan allows a person to insure 100 % or more of their income . With student loans being what they are , making sure you can cover your loans in case of a disability makes great sense .


Input: How Much Does The Average Renters Insurance Cost?

Output: Tenants policies are priced by the amount of coverage for personal property and the limit of liability . There are other factors that affect the price but many companies will issue a renters policy for less than $ 10 per month . The most overlooked benefit of a renters policy is liability coverage . Liability is where you could have a paralyzing loss .


Input: Does Home Insurance Cover Window Leaks?

Output: Your homeowners insurance policy covers damage , not maintenance . If the window leaks because of damage and the damage were caused by a covered peril -LRB- listed in the policy , -RRB- then the company will be liable for the claim and will adjust the claim by determining the loss and subtracting your deductible . You should be aware that water damage from water outside the home is subject to some exclusion and you might want to consult your agent before filing a claim .


Input: Does Home Insurance Cover Window Leaks?

Output: You really have to look at your policy and file a claim to find out . However , typically policies either list the perils that it covers or list open peril coverage with what it excludes . Your window leak may be covered if caused by a covered peril . The proxmiate cause would have to be determined . However , you may want to compare the cost to fix the problem with your deductible , if it is under your deductible amount it makes no sense to even attempt to file a claim . As always ask your local insurance agent for advice specific to your state .


Input: Who Has The Best Life Insurance Plan?

Output: This is a bit like asking who has the best automobile . They all will get you from point A to point B , however each has its differences . The same with life insurance even if you compare the same type of coverage . Most people purchase term insurance because it 's generally the least expensive , but even all 10 year terms have small differences . Price , quality of carrier , underwriting requirements , etc . The question might be who has the best insurance plan given my particular health and other requirements of a particular company . To find out the answer discuss your issues and requirements with an independent life insurance agent that has the knowledge to point you in the right direction .


Input: When Is The Medigap Open Enrollment Period?

Output: If you already have a Medigap Plan then you do n't have to wait for any special enrollment period to look at other plans . You can switch plans anytime of the year it benefits you . One of the many great things about Medigap Plans . This is very commonly misunderstood because of all the advertising that is done in the fall leading people to believe they can only change their Medigap Plan during that time . If you are turning 65 and signing up for Medicare Part B for the first time then you get a one time `` open enrollment period '' for 6 months . This means the agent will not need to complete any of the health questions on the application and there is basically no underwriting to go through . I would be happy to answer any other questions you have .


Input: When Is The Medigap Open Enrollment Period?

Output: Under Federal law when you first enroll in Medicare Part B at age 65 or older , you have a guaranteed right to buy a Medicare Supplement policy for six months . Your acceptance is guaranteed and pre-existing health conditions are covered immediately . After your Open Enrollment period is over you can apply for a Medicare Supplement later at any time , but you may be charged a higher rate or be denied coverage if you have serious health conditions . This may be your only chance to get a Medicare Supplement without having to go through medical underwriting . It is very important that you choose wisely during your Open Enrollment Period because the wrong Medicare Health Plan could end up costing you thousands of dollars for Medicare approved services and may keep you from seeing the doctors and hospitals you want to go to .


Input: How Long Do You Pay Premiums For Long Term Care Insurance?

Output: Premiums for long term care insurance are paid until the insurance is needed . There is no such thing as a `` paid up '' policy with traditional long term care -LRB- LTC -RRB- insurance . However , if someone purchases a permanent life insurance policy that includes chronic illness benefits , or has a rider that provides long term care type benefits , then one might be able to pay premiums ahead so that the policy is paid up and ready to use when needed .


Input: Does Divorce Affect Auto Insurance?

Output: Divorce can impact auto insurance policies since each person will eventually have separate contracts . While they can maintain coverage with the samecarrierit is not required . A multi-car discount may be lost , depending on the specific insurer . The rate could also change for the ex-spouse that is moving , presumablyto a different location . If it is out of the immediate area , a rating change could impact the premium .


Input: Will Renters Insurance Cover A Stolen Bike?

Output: Your renters insurance may cover your bicycle if it is stolen , but it is best to talk with your insurance professional about the specific terms and conditions of your policy . If covered , the loss settlement would be subject to your policy deductible and more than likely you will need to provide your claims professional with a good description and proof of ownership along with a copy of a police report .


Input: How To Compare Prices On Medigap Policies?

Output: The best way to compare prices on Medigap policies is to speak with an independent Medigap insurance broker . Independent brokers can sell Medigap policies from just about every company that offers Medigap plans . Since all Medigap plans are standardized and the only difference is price , you can compare plan F 's from every company that offers it in your zip code to see which carrier will offer you the coverage at the lowest possible cost -LRB- same goes for comparing plan G 's , N 's , etc. -RRB- . I would also compare the prices of plan Fs and plan Gs because the benefits are identical except plan G has a deductible of $ 147 -LRB- the Medicare Part B deductible in 2014 and 2015 -RRB- . If the difference in price is more than $ 12.25 per month , plan G would be a better deal for you . If the difference in price is less than $ 12.25 per month , then plan F would be a better deal for you . I would be happy to help you with your Medigap coverage and compare Medigap plans and quotes from every company offering them to you in your area - our agency is licensed in over 35 states and over 50 insurance companies . Please feel free to contact me for assistance . Thanks very much .


Input: Can Dwarfs Get Health Insurance?

Output: After January 1 , 2014 the answer should be `` Yes '' under the requirements of the affordable care act . All major medical policies are now guaranteed to be issued and can have no pre-existing conditions exclusions , waiting periods or rate-ups . Therefore , the obstacles that those dealing with dwarfism have faced in the past when trying to get health insurance have been removed . If you missed the 2014 open enrollment and have not recently experienced a change of life status event -LRB- e.g. - marriage , divorce , childbirth , loss of employer based coverage -RRB- then you are prevented from getting major medical coverage until January 1 , 2015 at the earliest . The next open enrollment period begins on November 15 , 2014 .


Input: Does Disability Insurance Cover Mental Health?

Output: Yes , most disability insurance policies pay claims for mental disorders . However , often times the benefit period for mental disorders is capped at 24 months except in the state of Vermont where limitations are not allowed . If the benefit is capped , then the benefits will cease once the insured has been paid benefits for the specified period of time -LRB- again usually 24 months -RRB- . There are some carriers that do not cap -LRB- restrict -RRB- this benefit .


Input: Does Disability Insurance Cover Mental Health?

Output: Some policies have limitations on mental health claims while others have full coverage . Some companies will limit claims to mental and nervous disorders to 2 years . It really depends on the company you have . If you are buying a new policy , be sure to ask an agent if the policy you buy at has `` full mental and nervous coverage '' .


Input: Does Disability Insurance Cover Mental Health?

Output: Remember , Disability is basically insurance on your income . If set up correctly , Disability Insurance will pay a % of your income for qualifying sickness and accidents . Mental Health is considered an illness so if a qualified doctor says your Mental Health illness is preventing you from working , you may qualify to receive benefits . Talk to your agent about specifics . If you do not have an agent or representative , feel free to reach out to me .


Input: What Age Will Medicare Start?

Output: Medicare usually starts at age 65 BUT there are exceptions . Those on disability at any age may qualify for Medicare . You can also delay the start of Medicare until a later age if you wish . it is becoming more common for those turning 65 to accept Part aA of medicare but delay Part B because they have a corporate health plan . Multiple variable which is why it is always good to meet with a professional to review your options .


Input: How Much Is Business Renters Insurance?

Output: There is a commercial business owners package called a BOP . That is what you are looking for . Many companies write BOPs . Some personal lines companies are included in that list . Ask your fellow business owners , colleagues and friends and I am confident that they can recommend a competent commercial agent who can provide you with what you require .


Input: Can You Provide A Sample Answer For Everyone To See?

Output: Here is a sample answer . Authors simply answer the questions posed by those asking them , to the best of our ability . The answers must be at least 50 words in length so that there is information conveyed rather than just yes or no responses . We are not allowed to copy answers from other websites or repeat answers verbatim .


Input: How Long Have Annuities Been Around For?

Output: Shockingly , a type of annuity was discovered in Egypt in 1700 BC . In 562 BC there is a passage in the Bible referring to a form of annuity . By the second century Roman soldiers were given a life annuity for service to the empire . For the next millennium , churches and monasteries used life annuities . In 1693 , Sir Edmund Halley , created the first mortality tables based on age for life annuities , the basic acturial science we use today . Nothings new under the sun .


Input: How Long Have Annuities Been Around For?

Output: The concept of paying an income in exchange for or instead of a lump sum can be traced back to Roman times . The current versions have only been around since the mid 1900 's and offer many options . If you have any further questions , or if you feel I could be of asssitance , please do not hesiate to contact me .


Input: Why Is It Important To Have Health Insurance?

Output: The purpose of health insurance is to protect yourself financially in the event of a catastrophic event by shifting the risk to a third party -LRB- the insurance company -RRB- . This way you 're only paying a small amount of money and not stuck with a bill for 10s of thousands of dollars , if not 100s of thousands of dollars . Would you rather pay a small amount of the bill or take on the entire thing yourself ? For example , if you have a health insurance plan and broke your leg and needed to have a $ 100,000 surgical operation , you may only be responsible for a few thousand dollars of it -LRB- e.g. your deductible or coinsurance -RRB- , as opposed to being responsible for paying the entire bill yourself . How many people could afford to write a check for that amount without liquidating all of their assets ? Many health plans will provide additional benefits as well , such as coverage for preventive care , routine doctor visits , prescription drugs , etc. . Please let me know if I can be of further assistance . Thanks very much .


Input: Is A Retirement Plan An Ira?

Output: An IRA is just one type of retirement plan . An IRA -LRB- Individual Retirement Account -RRB- is specifically designed for individuals to save for retirement on a pre-tax basis . When funds are withdrawn at retirement they are then taxed . There is also an account called a ROTH IRA . This allows a person to save for retirement on an after-tax basis . When the funds are withdrawn at retirement they are then tax-free . An IRA is not the only type of retirement plan . There are many other employer based options .


Input: Why Buy Private Health Insurance?

Output: Why buy private health insurance ? Well , honestly for a while longer you do n't have to if you do n't want to . The choice to insure has been a personal one in this country for some time . If you did not wish to have coverage , you did n't have to carry any . But here 's the rub to deciding not to have health insurance . If you have a medical need and the means to come close to paying the BILL that comes along with treating the need , the BILL will be treated as any other BILL a person receives in their lifetime . That is , if you decide not to pay it and you have assets or the means to pay it , the hospital or doctor will act just like any other entity out there and send you to collections for recovery . The people Hospitals and Doctors `` write off '' do not have the means to pay for a premium . They have nothing of value . So yes , they do get their care without charges . If you have the means to pay and do n't , a hospital or Doctor will not treat you the same way . Besides all insurance does is cover for risk you do not want to self insure for . You can either pay for an insurance policy or pay out of your assets , entirely for now , your choice .


Input: How To Compare Annuities?

Output: An annuity is two things : 1 -RRB- It is a systematic way to accumulate money ; and 2 -RRB- It is a systematic way to distribute -LRB- pay out -RRB- money . When you evaluate the options , these two functions are primary to understanding what you are looking at with any annuity . I will confine my answer to helping set the table for you to be able to compare one annuity to another . As a method of systematically accumulating money in an account , you need to be at work but your money also needs to be at work . The interest rate paid on your growing fund accumulation is how your money is considered to be working for you so one of the most important things to compare would be the rate of interest to be paid on your accumulations . Ask and know if there is a minimum rate of return . Beware : Proposals can propose rates of interest to be paid that may never come true so understanding the minimum rate of interest helps . It may also help to compare the performance of the annuity in terms of interest rate paid over time . Good companies can provide you a historical log of the rates they have paid on their accounts . You should also understand what the penalties to the interest accumulation occur when your decide to move the money to another provider . These are referred to as surrender charges or early termination fees . Commonly there are surrender charges for five to seven years so you should ask and know how you will be treated if you decide to move your money into another direction . Also , ask what other charges your account may be subjected to during the life of the annuity prior to making any distribution choices . Years from now you will have choices as you decide how to turn your accumulated account into a stream of payments -LRB- or outright surrender -RRB- . If you choose to surrender the account , know and understand what types of surrender fees might apply . Do n't forget , you 'll probably face a sizable taxable event if you surrender the account for cash on the gain above basis in your account . Legitimate rollover of the funds can avoid the tax and penalties under most circumstances . Depending on the type of annuity , all the money may be subject to taxation and if you surrender prior to 59 1/2 years of age , there is a 10 % surtax collected by the government above and beyond all other tax calculations . Now , if you `` annuitize '' the account with the carrier handling your account , you are choosing to leave it with your annuity provider for the promise of a periodic stream of payments into the future . In most instances , once the account is annuitized , it can no longer be surrendered for cash . At this point you have selected a stream of payments for some period of time and based upon certain events in your life or your spouse , and based upon an assumed interest rate . These funds , as they are paid out , will also earn additional interest gains that are considered into the payout formula before determining the value of each monthly installment distributed to you from your account . This interest rate is usually fixed but modern variations do exist to have the interest rate move with market changes . Generally , the payout period is your lifetime , often with a minimum period of ten years . It can be longer if chosen . This would lower the monthly periodic installments because of the longer guarantee . You may also choose to have the annuity pay beyond your life and for the life of a spouse and this will further reduce the monthly payout because it is based upon a longer life expectancy of two lives . The topic of distribution is too involved to provide much meaningful help but this should help you spur a reasonable conversation about annuities and help you compare one to another .


Input: How To Compare Annuities?

Output: The best way to compare Annuities is to use an Independent Annuity Agent who can shop the market for you . It is important to use an independent agent , an not one that works directly for just one insurance company . Also , many websites now allow consumers to comparison shop annuities . However , there are many many annuities on the market . So this can be difficult for the average consumer to comparison shop . Websites such as WEBSITELINK , actually do the comparison shopping for you , and just show the best annuities on the market , not all of the annuities on the market . This is one of the best ways to comparison shop for Annuities .


Input: How Much Is The Medicare Late Enrollment Penalty?

Output: There are two different enrollment penalties . The first being your Part B enrollment penalty . Basically your monthly premium may go up 10 % for every full 12 month period that you could have had Part B , but did not sign up for it . If you or your spouse has group coverage , there would be no need to sign up with Part B until group coverage ends . Part D penalty is a 1 % penalty per month for every month you do n't have a Part D plan and you were eligible to have it . Like above , if you have creditable coverage -LRB- group coverage -RRB- , you can delay your Part D enrollment until you lose your group coverage .


Input: Why Is Homeowners Insurance Needed?

Output: It is not `` needed '' unless a lender gave you money to buy the house - then it definitely is needed . But even if your home was paid for , if you had a dog -LRB- dog bites -RRB- , have a pool -LRB- slip and falls -RRB- or entertain at home - then you 'd want one to protect you from liability claims of other 's . Plus , not only are your personal belongings covered at home , they are covered when traveling , in your car , at a hotel , on vacation or at a storage place . So it is really a smart consumer idea to keep a homeowner policy in place .


Input: Why Is Homeowners Insurance Needed?

Output: Home owners insurance is needed because of the mortgage . Any lending company wants to protect their investment -LRB- mortgage -RRB- if something happens to the person who owns the home . Think about it for a second if your lending someone 200,000 to buy a house and the house floods or burns down than you could lose your money . Bottom line it 's all about protection assets . The real question is if you have home owners insurance when is the last time you used your deductible . If you have n't used your deductible in years than you should review how much your paying . If you have a low deductible than your paying too much , switch to a high deductible get savings and put that money towards paying off debt or increasing your savings . This works as long as you have not needed to use your deductible . Ask your self this , is that money better off in your pocket or the insurance company ?


Input: Why Is Homeowners Insurance Needed?

Output: -- > Normal 0 Id like to expand a little on this question , sure your mortgage lender may require you to have some form of insurance coverage on your home but just good judgment would suggest you not be without this type of coverage . Homeowners policies provide coverage in four principal areas ; Depending on the type of coverage you purchase , the policy most often would reimburse you should your home be damaged or destroyed . It will often reimburse you should any of your personal property be damaged or destroyed -LRB- clothing , furniture and/or household items -RRB- . They can reimburse you for additional expenses you incur should your home be damaged and you are required to live in temporary quarters for a period of time while your home is being repaired . These policies may also pay for an attorney to represent you should someone other than a family member be injured while on your property and indemnify you if a civil court finds you responsible for injuring someone or damaging their property . Any responsible homeowner should consider securing this type of coverage . It beats digging into your savings after a storm , fire or after being served legal papers . And it beats waiting for the Red Cross to give you a shirt , a bed and a hot meal .


Input: Can Two People Own A Life Insurance Policy?

Output: Yes a life insurance policy can be owned by two or more people providing there is insurable interest . An example of this would be two siblings who wan to take a policy out on their parent . They plan on sharing the premium and any cash value or death proceeds paid out by the policy . They may choose to be co-owners .


Input: Can Two People Own A Life Insurance Policy?

Output: Certainly can . Husband and Wife are the typical two , with the survivor continuing the single policy . However , anyone with an insurable connection -LRB- interest -RRB- can also be part of a two party policy . Brother/Sister . Father/Son . Business Partners . But where there is an estate issue , or tax issue , husband/wife together in a survivor policy , can solve many issues . Talk with your agent . GARY LANE , garylane@cox.net . 714 422 9616 .


Input: Is Health Insurance Deductible For An S Corp?

Output: An employer , that is a S Corporation , is allowed to deduct employer contributions for health insurance for employees . The employer can not deduct health insurance premiums for stockholders that own more than 5 % of the stock in the corporation . Stockholders health insurance premiums are passed over to the individual stockholders and taken as a direct tax deduction on the 1040 form . The net effect is the same .


Input: Who Should Be The Beneficiary Of My Life Insurance?

Output: The rule of thumb when choosing a beneficiary is the person who has the most to lose by your death . A loved one usually a family member is chosen as a primary beneficiary and maybe a child will be chosen as the contingent beneficiary . However in cases where no one would be hurt financially upon your death , the next person to consider would be the person who will handle your funeral arrangements and estate . This way they have the cash to pay final expense and other final bills .


Input: Who Should Be The Beneficiary Of My Life Insurance?

Output: Who do you care about ? Who do you want to be certain has enough assets to take care of themselves if you are gone ? Are you married ? Do you have kids ? Other loved ones ? Charities you care much about ? These are your beneficiaries . Life insurance is about protecting those you care about . Gary Lane . Thank you .


Input: Who Should Be The Beneficiary Of My Life Insurance?

Output: Whomever needs the death benefit protection in the event of your untimely death . But do n't forget that that person -LRB- or entity -RRB- has to have insurable interest in the first place to be listed as the beneficiary on the policy . Most common beneficiaries are spouse , children , business partners or life insurance trusts .


Input: Who Should Be The Beneficiary Of My Life Insurance?

Output: It depends on the situation of what the insurance is for . In general , the most common situations will be the insured 's spouse or child/children because the insurance is being used for family protection purposes . If you 're using a trust , the trust will generally be the owner and beneficiary of the policy -LRB- required for ILITs -RRB- . If the policy is being used as part of a buy-sell agreement or a key-man policy for business purposes , then the other executive/business partner will likely be the beneficiary .


Input: Who Should Be The Beneficiary Of My Life Insurance?

Output: If you want your beneficiary to pay off your final expenses , you will want to name someone you trust to handle the proceeds as you would have wished . Or you can set up a trust that spells that out , then leaves the death benefit to the trust . If you are leaving your money to your survivors to use for their needs , it is best to name an adult as the Primary beneficiary . If left to minors the court will appoint a financial guardian to handle this asset until they are of adult age . You can handle this by setting up a trust and leaving the money to the trust , or at the very least , name a financial guardian for your children in your will .


Input: Is State Farm Term Life Insurance Good?

Output: State Farm is a good company , and their term life insurance is good . Like every other insurance company , State Farm has people they can not insure , and people who will get good prices with them . You can go to a website to compare quotes from other companies to the State Farm quote you have . Be sure that you are comparing the same term length and the rating for which you qualify . You might qualify for a different health rating with different companies . An agent can pinpoint that for you .


Input: How Does An Annuity Differ From Life Insurance?

Output: Annuities and Life Insurance are mortality insurance products . Annuities are generally purchase for income , sometimes for lifetime income for retirement scenarios . Life insurance is generally purchase for indemnification or inheritance planning scenarios , but it can also generate tax advantaged income . Some planners use both in combination for retirement income strategies .


Input: How Does An Annuity Differ From Life Insurance?

Output: Both annuities and life insurance are provided by life insurance companies , and there are a number of differences between the 2 products . For one thing to purchase an annuity does n't require any underwriting such as medical questions or exam . Annuities are a way to liquidate an estate while life insurance is a way to create an estate . There are different types of life insurance and not all , -LRB- Term -RRB- , have or gain any cash value . Whole life insurance does have cash value and can be accessed by the owner , but does n't have to be . Annuities must have their cash value distributed after the accumulation period and the distributions are taxed as income , where the cash value of a whole life policy may be borrowed without paying tax on it . And the death benefit is paid to the beneficiary income tax free .


Input: Why Would An Apartment Complex Require Renters Insurance?

Output: It is both for you and their safety net . Said you have a friend stop by your apartment , slip and fall on your door steps . If you have renter 's insurance ; which have a liability section , your renters will be able to cover it if they decide to sue . Now bear in mind they will probably sue both you and your landlord , but having that you with renter 's means their insurance comes last if even needed . This is also why the landlord will always ask to have them added on to your policy as additional insured . So your renter 's policy covers them too for your liabilities . The other side of the coin is your personal property is covered under renters . So said your apartment has a fire or burglarize , your renter 's insurance will paid for the losses . A renter 's policy is very cheap compared to the coverage it offers . In my state , a basic policy runs $ 80 to $ 110 a year . It is less if you were to package it with your autos .


Input: How Is Life Insurance Taxed?

Output: Video Transcript : Today 's question is , How is life insurance taxed ? Well , if you use life insurance just for a death benefit and the death benefit proceeds are paid directly to the beneficiaries , generally speaking it 's tax free . If you 're using life insurance as an income play , as long as you keep the contract enforced for the life of the policy insured , those proceeds , whether it 's withdrawals to basis or policy loans to gain , also will be tax free . But if you are able to go ahead and use a permanent product , a cash value permanent product and you actually surrender the contract or it lapsed and there was gain in the contract , you will pay ordinary income tax on that contract on all the gain of the policy . So it 's important whether you use it for indemnification , to know the rules of engagement on taxes as well as if you 're using it for income .


Input: When Is The Best Age To Buy Long Term Care Insurance?

Output: If you have geriatric family history of nursing home confinement , you may want to secure coverage while young and LTCi is affordable . But you need to begin your search on long term care insurance no later than age 50 . You should be purchasing long term care insurance no later than age 60 . These are just rules of thumb . But the sooner the later based on health deterioration as you become older and the premium larger .


Input: Does Geico Carry Renter's Insurance?

Output: Geico ` Government Employees Insurance Company ' underwrites Auto Insurance in all States . When it comes to Property Coverage , Geico has a wholly owned subsidiary that is an insurance agency and they act as an agent to provide quotes with selected insurance carriers who underwrite property risk . Renters Insurance is a very valuable form of protection that usually comes at an inexpensive premium . For those that are concerned about a legal action brought against them for negligence which is very common in the situation of tenants , it is imperative that you purchase the maximum allowed amount of liability insurance ; usually $ 500,000 . Depending on the State . An approximate 80 % of the premium will depend on your declared amount of Personal Contents and required deductible -LRB- we recommend no less than $ 1,000 -RRB- . The deductible does not apply to Personal Liability in most States thus allowing you 100 % defense and coverage -LRB- please refer to your policy for specific details -RRB- . For a Renters Insurance quote in California , Arizona or Nevada . You may use the following link : WEBSITELINK We will be happy to answer any further questions ! Happy Researching !


Input: What Is Medicare Part B Used For?

Output: Medicare Part B covers most outpatient treatment that Medicare considers medically necessary . Just a few of your covered expenses include doctor visits , lab work , X-rays , CT scans , MRI , medical transport -LRB- ambulance -RRB- , Emergency Room , outpatient surgery , infusion therapy in a clinic or hospital setting . Some infusion drugs are also covered by Part B.


Input: When Does Medicare Cover Nursing Home Care?

Output: This is a great question , it confuses many people . Medicare covers skilled nursing care which is Medical care but does not cover custodial care also known as non medical care , such as help dressing , bathing , eating . This is the reason most people look into A Long Term Care plan that does include custodial care . Hope this helps .


Input: How Much Is Disability Insurance For Self Employed?

Output: Self-employed people need to verify income . Generally , the disability insurance company is looking for two years of tax returns , bank net worth statements from loan applications and sometimes bank account records that establish revenue . The first step is to determine your legitimate earnings to establish your compensation . Then you have an important decision to make : pay the premium after tax for a tax free benefit of up to 60 % of your compensation or pay the premium pretax for a taxable benefit up to 80 % of your compensation , provided that you have ability to use the premium as a legitimate business deduction . Depending upon your gender , age , nonsmoking status and good health condition you should be ready to pay 5 to 8 % of your compensation .


Input: What Is Asset Based Long Term Care Insurance?

Output: Asset based long term care insurance uses an asset -LRB- life insurance or annuity -RRB- with a rider or built in feature that allows the death benefit to be used for long term care needs , if the insured person qualifies for those services . What LTC benefit is not used goes to the beneficiary upon death of the insured .