Life Insurance Quotes

Things you may not know about life insurance

08/01/11

A recent article published on The Wall Street Journal's Smart Money provides information on a number of things that many people are unaware of regarding life insurance. For example, most people don't know that insurers generally won't seek out a policyholder's beneficiaries in the event of their death. It's up to the beneficiaries to make a claim.

Insurance agents often attempt to sell more comprehensive and expensive life policies, such as whole-life and universal coverage. Many people can benefit from these, but Robert Hunter, the consumer Federation of America's director of insurance, says that most people only need term insurance while their dependants are young. Once children become salary-earning adults, they won't need the payout nearly as much and long-term policies may become unnecessary.

Most insurers require a medical exam for life insurance applicants, and people who live unhealthy lives can expect to pay more than average. However, most consumers are unaware that life insurance providers also frequently conduct extensive investigations into applicants, including examining listed hobbies, credit scores and driving records, all of which can impact premiums. Even frequent fliers can see higher premiums, particularly if they often fly overseas.

According to LIMRA International, fifteen percent of husbands and 28 percent of wives across the United States don't have life insurance. Six million households with children under the age of 18 have no coverage, and more than 50 percent of married parents believe their current life policies are inadequate.

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