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Yes, it is possible.
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∙ 10y ago
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Can anyone be the beneficiary of a life insurance policy?
Yes. Anyone can get a policy on another family member.
What do you call the money awarded from a life insurance policy on a spouse or family member when they die?
It is called the death benefit.
How does a family term life insurance policy differ from an individual policy?
A family life insurance policy differs from an individual insurance policy by the amount of persons included in the policy. The family option includes a (marriage) partner and probably one or more children. There might also be the option to include pets into the policy depending on the insurance company.
How does life insurance provide for a family in cases of suicide?
In case of suicide, the insurance company will not provide any compensation for the family of the policy holder. Life insurance will only take care of the family of the policy holder when he does not take his own life.
What kind of policy is Endowment Insurance Policy?
Endowment Insurance policy is life insurance. Life insurance is very important to have, especially if you have a family or kids. If anything should happen to you, you would want to know that your family could live comfortably without your income.
Can you purchase life insurance on a family member in prison?
You can certainly apply for an insurance policy; whether the insurance company will choose to accept your application is up to them. A family member in prison is not supporting anyone, so there is no issue of replacing lost income, however, there could still be a legitimate need for an insurance policy to help pay funeral costs. I am not sure how elaborate a funeral you may be planning, but a $5000 funeral policy sounds quite reasonable to me.
Can you add your mother to a whole life insurance policy as a member of your family?
She will have to go through the underwriting process and then be issued separately. However you can be the owner and beneficiary of this policy while your mom is the insured.
Can an insurance company act as the trustee of a life insurance policy for the beneficiaries?
Such a situation would assume there is a trust in place. A good lawyer would suggest a interested party such as a family member.
How can you purchase a life insurance policy for a family member?
contact an insurance agency, get the person to agree that it is okay for you to insure them, pay the money and wow...you have insurance There is no separate process to buy a life insurance policy for a family member. As long as he or she has granted consent and is willing to undergo the necessary medical exam one has to follow exactly the same steps as buying a policy for oneself i.e. calculate your premium, receive multiple quotes, choose your policy, complete the application form, complete the medical exam and pay the premiums once the medicals have been cleared.
Which type of insurance is designed to replace the loss of income from a deceased family member?
Life insurance
What type of insurance is designed to replace the loss of income from a deceased family member?
Life Insurance
What does it mean to insure a loved one?
To insure a loved one means to protect someone you love with life insurance. When a family member dies, life insurance will give cash to the family after their death, helping the family out even when that family member is dead.
