When you purchase a life insurance policy, you must designate a beneficiary. This is the person, charity, or trust that will receive the benefit of your policy after your death. It's an important step in the process of ensuring that your final wishes are followed.
The Financial Burden of Death: Understanding End-of-Life Expenses in the US. A recent survey reveals that nearly one in six Americans incur over $1,000 in debt following a loved one's passing
Some carriers are suing to rescind policies issued to smokers who were dishonest in completing their applications for life insurance. Today, accelerated underwriting procedures may allow for quick approvals on limited health data. But as these carriers acquire more medical data after issuing a policy, they've turned to the courts earlier instead of waiting to fight a claim later for the non-payment of the benefit down the road.
What keeps people from buying the coverage they know they need? Let's debunk some common misconceptions people have about Life Insurance.