#LifeInsurancePolicy

[myfairpolicy1]

DO YOU KNOW THAT YOU CAN USE YOUR LIFE INSURANCE POLICY TO COLLATERALIZE A LOAN

[sri-lakshmi-insurance-consultant]

[prahimofficial]

Life is a rollercoaster of moments, big and small. Whether you're starting a new adventure or settling down, having the right insurance can make all the difference. Reach out to us at Prahim Investments today and let's navigate life's journey together!

Contact us :- Websites : - https://prahiminvestments.com/ Call today If you have Question Ask us : 093157 11866 , 01204150300

[20westlegal]

Protecting your family's future is vital, and life insurance is a key part of that. But did you know that without the right setup, it might not offer the support you expect?

It's important to ensure your life insurance truly serves its purpose. That's why we're introducing an alternative approach to give you peace of mind.

Learn more about this crucial safeguarding strategy. bit.ly/familyssecurity

[seemabhatnagar]

 ‘Date of issuance of Insurance policy is the relevant date for all purposes’

Reliance Insurance Co. Ltd. & Anr. v. Jaya Wadhwani

The Branch Manager Reliance Insurance Co. Ltd. v.  Usha Soni

SLP(Civil) 10954/2019 & 15588/2021

Before Supreme Court of India

Civil Appeals of the Reliance Insurance Company was allowed on 03.01.2024 by the bench comprising Hon’ble Mr. Justice Vikram Nath J & Hon’ble Mr. Justice Rajesh Bindal J. It was held by the Apex Cort that the date of issuance of the policy would be the relevant date for all the purposes and not the date of proposal or the date of issuance of the receipt.

The orders passed by the District Forum, the State Commission, and the National Commission was set aside and the claims of the respondent were rejected.

Common Issue in both the SLP's(Civil)

What would be the date from which the policy becomes effective; whether it would be the date on which the policy is issued or the date of the commencement mentioned in the policy or it would be the date of the issuance of the deposit receipt or cover note.

Background

In these cases National Consumer Dispute Redressal Commission (NCDRC), District Forum & State Commission proceeded considering deposit receipt of premium as the date of commencement of the Policy and had accordingly allowed the complaint filed by the respondents in both the SLP’s.

JAYA WADHWANI

Quotation of policy issued on -14.07.2012

Proposal form submitted by Life assured on -14.07.2012

Receipt of Cheque dt.13.07.2012 issued on -14.07.2012

Policy was issued on i.e. date of commencement -16.07.2012

Assured committed suicide - 15.07.2013

Observation of the Apex Court

1.      Proposal form, was submitted on 14.07.2012 wherein it was mentioned that the receipt is issued subject to the clearance of the cheque.

2.      The insurance protection shall only be provided effective from the date of acceptance of the risk, which happened on 16.07.2012, when the policy was issued and the date of commencement was notified to be the same date.

3.      As such 14.07.2012 can’t be the date of issuance of policy.

4.      The date of issuance of policy is 16.07.2012 which is effective date of commencement of the policy.

5.      Period of 12 months begin from 16.07.2012 & will complete on 15.07.2013.

6.      The incidence of suicide occurred on 15.07.2013, the last day of 12 months.

7. The date of proposal cannot be treated to be the date of policy until and unless on the date of proposal, initial deposit as also the issuance of policy happens on the same date.

8. Merely, tendering a cheque may not be enough as till such time the cheque is encashed, the contract would not become effective.

9.      As the drawer of the cheque may, at any time, after issuing, stop its payment or there may not be enough funds in the account of which the cheque is issued and there could be many other reasons for which the cheque could be returned without being encashed.

10.   The date of issuance of the policy would be the relevant date for all the purposes and not the date of proposal or the date of issuance of the receipt.

USHASONI

Proposal form submitted by life assured on - 26.09.2012

First cheque was issued on - 26.09.2012

Policy was issued on i.e. date of commencement - 28.09.2012

Date of next premium was due on - 28.09.2013

Policy lapsed as premium remained unpaid

Assured paid next premium on - 25.02.2014

Life assured committed suicide - 03.06.2014

Clause of suicide in the policy

The Company will not pay any claim on death if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.

In the case of Usha Soni, the next premium was due on 28.09.2013 and the grace period was 30 days as per the terms & conditions of the policy otherwise policy would lapse. Non payment of premium resulted in lapse of policy. However, on payment of premium on 25.02.2014 the policy was reinstated from 25.02.2014. The life assured committed within 12 months of re instatement of the policy well within a year of the re instatement of the policy.

But all the Forums below has taken 28.09.2012 as the date of issuance of policy which apparently lapsed due to non-payment of premium.

Observation of the Apex Court

1.      As mentioned in the Policy that the 12 months period is to commence from the date of the issuance of the policy or the date of any reinstatement of the policy, the reinstatement aspect ought to have been considered. The date of reinstatement of the policy is clearly stated to be 25.02.2014 and that is also the date of commencement of policy, both the dates being the same.

2. Thus, the date of incidence of suicide being 03.06.2014 well within 12 months.

3.      The date of issuance of the policy would be the relevant date for all the purposes and not the date of proposal or the date of issuance of the receipt.

Seema Bhatnagar

[birdzflycom]

What is Considered The Collateral on a Life Insurance Policy Loan

Considered The Collateral on a Life Insurance Policy Loan

1. Introduction

Welcome to our comprehensive guide on what is considered the collateral on a life insurance policy loan. In this article, we will delve into the world of life insurance policy loans, focusing on the collateral aspect. Whether you're considering taking out such a loan or simply want to understand how it works, this guide will provide you with all the necessary insights.

2. Understanding Life Insurance Policy Loans

What is a Life Insurance Policy Loan? A life insurance policy loan is a financial tool that allows policyholders to borrow money against the cash value of their life insurance policies. These loans are typically available on whole life insurance and some types of universal life insurance policies. Let's explore how these loans function and their potential advantages and disadvantages. Types of Life Insurance Policies That Offer Loans Before diving into collateral specifics, it's essential to know which types of life insurance policies offer loans. We'll discuss the specific policies that are commonly associated with these loans and the reasons behind their availability. How Does the Loan Process Work? Understanding the mechanics of a life insurance policy loan is crucial. We will walk you through the step-by-step process, from the loan application to repayment, to provide you with a comprehensive overview.

3. Collateral in the Context of Life Insurance Policy Loans

What Can Be Used as Collateral for These Loans? Collateral is a significant aspect of life insurance policy loans. Here, we will explore the various assets and valuables that can be used as collateral to secure these loans. This includes cash surrender value, death benefit, and more. How is Collateral Valued? Knowing how collateral is valued is essential for borrowers. We will discuss the methods and factors used to determine the value of collateral in the context of life insurance policy loans.

4. Risks and Benefits of Using Collateral in Life Insurance Policy Loans

Advantages of Using Collateral Collateral can offer several advantages when securing a life insurance policy loan. We will outline these benefits, including potentially lower interest rates and more favorable terms for borrowers. Potential Risks and Drawbacks Every financial decision comes with risks, and using collateral in life insurance policy loans is no exception. We will explore the potential drawbacks, such as the risk of policy lapse and reduced death benefit.

5. Tips for Maximizing the Benefits of Collateral on a Life Insurance Policy Loan

To ensure you make the most of your life insurance policy loan with collateral, we will provide valuable tips and strategies. These include making informed decisions, monitoring your policy, and understanding the implications of using collateral.

6. Conclusion

In conclusion, understanding what is considered the collateral on a life insurance policy loan is essential for anyone considering or currently utilizing this financial tool. By delving into the intricacies of life insurance policy loans, collateral, and the associated risks and benefits, you can make informed decisions about your financial future. If you're ready to learn more about this topic, let's dive in! Read the full article

[mentor-wealth]

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[akshat-kapoor]

Types of life insurance Policy

Life is full of uncertain events and to be able to face this uncertain events we all need financial stable. For this we all have to have an insurance. As there are many types of life insurance policy. Because of which we get an option to choose the policy which are in our budget, suits our requirements and needs. 

[ej-sblog]

How does smoking affect your life insurance?

Have you ever thought of how much impact smoking has on your finances? Health Canada’s cost calculator finds that smoking half a pack a day can cost up to $2,500 per year. Meanwhile, on a nationwide scale, the Canadian Cancer Society reported that smoking generates $6.5 billion in health-care costs yearly. And the expenses don’t end there — not if you’re looking to get life insurance.

What does life insurance have to do with it? Your life insurance rate depends on how healthy you are right now. But it also depends on whether you’re putting your health at risk with lifestyle choices like smoking. Here’s how this costly habit can affect your life insurance premium.

How smoking can affect your life insurance premium

To start, let’s look at the basics of life insurance. You buy a policy that provides financial protection and pay for it with monthly or annual fees, called premiums. What happens if you die while the policy is still active? Your beneficiaries get a specific amount of money stated in the policy, known as the death benefit. They can then use that money to help pay off debts, mortgages, loans and other living expenses.

Basically, life insurance can help give your family financial assistance and security after you die. So, how do insurance companies put a price on that security? A lot of the cost of life insurance depends on your current state of health and your family history. But what’s one of the biggest factors insurance companies look at when assessing your health risk? Whether or not you’re a smoker.

Paula MacMillan is a Sun Life Financial advisor in Winnipeg. “The health hazards of smoking and the risks it puts on your life are well-known,” she says. So what happens when an insurance company reviews your life insurance application? “They’ll want to know if, among other things, you’ve been smoking cigarettes or using any tobacco or smoking cessation products in the past year.” Underwriting is when an insurance company reviews your health risks after you’ve applied for life insurance. This process lets an insurer calculate the coverage you’re eligible for. It also ensures your premium reflects the level of risk.

Simply put: Your risk level affects your premium. “Being a smoker puts people at a higher risk of smoking-related illnesses,” Macmillan says. “And this translates to higher premiums.”

How much more do smokers have to pay for life insurance?

Smoking comes with a price. But exactly how much higher are life insurance rates for smokers? “A lot of people I’ve worked with were surprised to find that compared to non-smoker premiums, life insurance rates can be much more costly for smokers,” MacMillan says.

For instance, let’s take a 30-year-old, non-smoking man with a $700,000, 20-year individual term life insurance policy. He might get quoted a monthly premium of $50.13. But if he turns out be a smoker, his monthly premium could become $98.01. And what happens if he takes up smoking before it’s time to renew his policy? Then he can expect to pay a lot more than if he had remained tobacco-free.

From her experience, MacMillan finds that it helps to show smokers what their non-smoker rates would be. “Just knowing how much they could be saving gives them one more reason to quit,” she says.

Who’s considered a smoker on a life insurance application?

Most insurers would categorize people as smokers if they regularly use tobacco or nicotine in any form. This includes the following products:

Cigarettes, cigars and cigarillos

Chewing tobacco

Smoking cessation products like nicotine gum and patches

Does vaping affect your life insurance?

An application might not ask about vaping. But many applications require medical tests. These tests can detect the nicotine in your blood or urine regardless of how you consume it. So if you vape, you could still be listed as a smoker.

Does cannabis affect your life insurance?

What if you’re a casual cannabis user, who doesn’t combine marijuana with tobacco? “Then you could fall into the non-smoker category for life insurance,” MacMillan explains.

But what if you’re consuming cannabis regularly or more than once a day? “Then it’s likely that you’ll pay a higher rate,” she says.

What happens when a smoker buys life insurance online?

“Online coverage can’t distinguish between smokers and non-smokers, so the rates are usually blended,” MacMillan says. In other words, you could pay somewhere between the smoker and non-smoker rates even if you don’t smoke.

What happens to your life insurance premium if you quit smoking?

Ready to butt out? The year you quit smoking, you’ll see a drastic improvement in both your health and your finances. In terms of your life insurance policy, you may be eligible for non-smoker rates if you can:

Sign a non-smoking declaration stating that you’ve been a non-smoker for the last 12 months. This means you no longer smoke, consume or use cigarettes, cigars, chewing tobacco, nicotine patches or gum.

Have a urine test to prove there’s no trace of nicotine in your system.

Confirm that there haven’t been any significant negative changes to your health.

MacMillan finds the last point could pose a problem in certain cases. “Insurers want to know what made you decide to quit,” she says.

What if you choose to quit because you’ve just had a serious health complication and your doctor advised it? “Then they’re not going to categorize you as a non-smoker,” she adds.

Let’s say you bought a permanent individual life insurance policy as a smoker. But you’ve decided to quit smoking after surviving a heart attack. At this point, your health still puts you in a high-risk category. This means your insurer is unlikely to remove the smoker rating from your policy — even if you quit.

Getting a premium reduction can be difficult if you have other health risks holding you back. But it’s still possible — especially if you quit smoking while you’re still healthy. Bottom line: If you can quit smoking, you can start saving.

CREDITS: Farhana Uddin

DATE: July 04, 2019

SOURCE: https://www.sunlife.ca/en/tools-and-resources/money-and-finances/understanding-life-insurance/how-does-smoking-affect-your-life-insurance/

[pierceinsgroup]

A sound financial plan includes life insurance. There are a few circumstances, though, where you may need life insurance more than you anticipated to cover your financial obligations and protect your family.

We’ve put up the list of life milestones where you need life insurance the most.

[bimanow]

[prahimofficial]

Life can be unpredictable, but with life insurance from Prahim Investments, you can sleep soundly knowing you're protected. Give us a call for a free quote and enjoy peaceful nights ahead!

Contact us :- Websites : - https://prahiminvestments.com/ Call today If you have Question Ask us : 093157 11866 , 01204150300

[rickygadvisor]

The Longer you wait the more expensive it becomes to get a life insurance policy. So make the right decision now when it's more affordable than most people think. DM us now for a complimentary review of your Life insurance, Disability, Business insurance, Long-term care policies, and Medicare. Follow us at @pinnaclefinancialgroup or send us an email at info@pinnacleflorida.com. We will get back to you as soon as possible. Ricky Gonzalez, CEO @pinnaclefinancialgroup #lifeinsurancematters #lifeinsuranceawareness #lifeinsuranceawarenessmonth #lifeinsurancebroker #lifeinsurancepolicy #lifeinsuranceagents #insurance (at Pinnacle Financial Group, Inc.) https://www.instagram.com/p/CfzFjrEL5_a/?igshid=NGJjMDIxMWI=

[thewoodlandslifeinsurance]

Should I Notify My Woodland Insurance Company About My Health Condition

Introduction

You've just been diagnosed with a health condition. Now what?

One of the first things you'll need to do is notify your insurance company. But should you notify them before you've had a chance to fully understand your condition and treatment options?

Here are a few things to consider when making your decision.

What Is a Woodlands Life Insurance Company?

A Woodlands life insurance company is a business that provides life insurance to people who live in the Woodlands, Texas area. If you have a health condition, you may be wondering if you should notify your life insurance company.

Notifying your life insurance company about your health condition is a personal decision that you will need to make. Some people choose to notify their life insurance company because they want to make sure that their policy is still in effect. Other people choose not to notify their life insurance company because they are afraid that their rates will go up or they will be canceled from their policy.

The decision of whether or not to notify your life insurance company about your health condition is a difficult one, but it is one that you will need to make.

What Is Considered a Pre-Existing Condition?

When it comes to your health, there are a lot of things to think about. One of the most important is whether or not you should notify your Woodland insurance company about your health condition.

Some people might be under the impression that all conditions must be reported, but this isn't the case. There are only a few pre-existing conditions that you are legally obligated to disclose to your insurer. These include:

Any condition that you have been treated for in the past five years

Any condition that has caused you to miss work or seek medical attention in the past five years

Congenital or hereditary conditions

Mental health conditions

What Are the Implications of Not Reporting My Health Condition to the Life Insurance Company?

If you have a health condition, it's important to notify your life insurance company.

Why? Because if you don't, there could be serious implications. For example, if you were to die while the policy is in effect, the life insurance company could deny the claim. Or if they were to find out about your health condition after you've died, they could retroactively cancel the policy.

That's why it's important to always be honest and upfront with your life insurance company about your health condition. By doing so, you protect yourself and your loved ones in case something happens.

Is There a Way to Insure Myself Without Revealing My Health Condition?

If you’re worried about revealing your health condition to the Woodlands Insurance Company, there are other ways to get coverage. The first is to purchase a policy from another insurance company that doesn’t require a medical exam or health questionnaire. They may charge higher premiums for this coverage, but it’s an option nonetheless.

You could also look into purchasing critical illness or disability insurance. These policies won’t cover the cost of treatment for your condition, but they will provide financial protection if you become disabled or are diagnosed with certain life threatening illnesses. It’s important to note that these policies may come with their own set of exclusions and limitations, so check with the insurance company before signing up for one of these products.

Why Does a Woodlands Life Insurance Company Need to Know About My Health Condition?

When applying for life insurance, you must provide the company with complete and accurate information about your health. This is because your health affects the cost of your policy, as well as what coverage you are eligible for.

Having a pre-existing health condition can increase the risk of an insurance company paying out a claim, which means they may charge you more for coverage or deny your application altogether. However, some companies offer policies that include "guaranteed renewability" provisions, which means if an applicant discloses their health condition upfront and meets other requirements, the insurer has to renew their policy even if their health changes later on.

It's important to remember that forgoing disclosure of a pre-existing medical condition can have consequences, such as denial of benefits down the line. That's why it's important to provide Woodlands Life Insurance Company with all relevant information while applying for life insurance so you know that you'll be covered in case something unexpected happens.

How Can I Provide Accurate Information About My Health Condition to Woodland’s Life Insurance Company?

When providing accurate information to Woodland’s life insurance company about your health condition, it is important to be as thorough as possible. Make sure to provide them with all documentation and paperwork related to your health condition such as medical records, test results, prescriptions, and so on. Additionally, be sure to always inform them of any changes in your overall health or state of mind, so that they can make the best decisions regarding your policy and coverage.

It is also important to keep in mind that you are only required to provide Woodland’s life insurance company with information relevant to the policy application; such as any information relating to pre-existing conditions or high risk activities like skydiving or bungee jumping. This helps ensure that they have an accurate picture of your health and are able to offer you an appropriate level of coverage at an acceptable cost.

Conclusion

You're not legally obligated to disclose your health conditions when you purchase life insurance, but doing so can actually benefit you in a few different ways. First, insurance companies will often provide lower premiums for people who disclose their health conditions, because they are seen as a higher risk. Additionally, if you do have a health condition and you don't disclose it and then end up needing to file a claim, the insurance company may deny your claim. Finally, disclosing your health conditions can help you if you ever need to make a claim, because the insurance company will have a better idea of what they're dealing with.

Read our Next Blog- Key Employee Death: What Makes Woodlands Key Man Life Insurance Important

[jackstoneins]

There are multiple variables that impact life insurance policies. Insurers assess both present and future risks. Heart disease is a common issue that many insurance companies are aware of. Research shows that thousands of people die every year due to heart failure. The number of patients admitted to the hospital because of a serious heart condition continues to rise every year as well. If you have a history of heart problems, you may be concerned about your life insurance policy. Here’s a closer look at the link between life insurance and heart attacks.