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« Disinheriting a child, even with the best of intentions, can be hurtful | Main | Handling estate taxes due upon death »

October 19, 2005

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Permanent Insurance

Hi there
My husband, 34 and I, thirty are seeking into life insurance. Can anyone inform me which company or web-sites I can use to get information. There are so many available... wouldnt know where to start. Who do you personally use? Is there a medical exam included? What type of premiums are you paying? Is it fixed or will it increase every couple of years? We live in South carolina also. Any help would be appriciated.

Bacon Wilson Law

We are not licensed to practice in South Carolina, so we suggest that you solicit advice from a life insurance representative within your state.

David

Disappointing.

In this article the author says there are two types of life insurance Term Life and Whole Life. That is roughly the equivalent to saying there are two types of vehicles, cars and 18 wheeler tractor trailers.

There ARE two types of policies. Term and PERMANENT Insurance. Whole life is one of MANY types of permanent insurance. This matters because depending on what type of permanent policy is in place, the insured may have many other options such as stoping premium payments, they may increase or decrease death benefits, along with a host of other options that are all specific to which type of policy.

Other types include, Universal, Variable Whole Life, Variable Universal Life, Indexed Life, Indexed Universal Life. All have different features, costs, benefits, detractors etc.

Bacon Wilson Law

Dear David:

Attorney Darling stated that, "There are two principal types of life insurance," so you might have misinterpreted that line. For the purposes of this post, he choose to address only those two. Thanks for your comment though.

Linda White

Mycousin has a whole life policy, paid up. This policy pays dividends back into the policy and builds up cash value. The death benefit is $10,000. She is the owner of this policy, but I am the beneficiary. She (cousin) has been on Medicaid for over 10 years because she is a kidney dialysis patient. She just found the policy shortly after mother passed away. Now Medicaid says she needs to cash this policy in and buy a prepaid burial, or Lose her Medicaid. The cash value is a little over $6000 now, and the dividends are always put back into it. Since I am the beneficiary, how I can protect my cousins life insurance and prevent Medicaid from making her dissolve this $10,000 coverage? She only has until May 15th to do something...Help please!

Bacon Wilson Law

Hi, Linda. We can't respond to individual legal inquiries here, but please feel free to contact attorney Darling directly at [email protected] or 413.781.0560

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