Our Blogs

Answers to Unusual Questions About Life Insurance

Occasionally, we get some unusual, and even uncomfortable questions about life insurance. We thought it might be helpful to include some of the answers to those questions in a single article.

Can I Buy Life Insurance On Someone I Don’t Know or Aren’t Close To?
You must have an insurable interest in the person you buy life insurance on, generally meaning it would need to be a relative or business partner. This means you can’t buy life insurance on someone you think is living an unsafe or unhealthy life.

Will Life Insurance Pay in the Event of a Suicide?
The last thing a life insurance company wants is to promote a financial benefit from suicide. Life insurance policies generally have a suicide provision or suicide clause, prohibiting payouts on deaths considered a suicide. This period is usually one to two years. Policies in effect for a longer period may indeed pay the beneficiary in the event of the insured’s suicide.

Do Life Insurance Policies Pay Double in Case of an Accidental Death?
They may, if they include a double indemnity clause. This clause provides for a multiple payment of the face value of the policy if the cause of death is an accident.

Can I Designate a Charity as a Beneficiary of My Life Insurance Policy?
Yes. Your policy allows you to name a charitable organization as beneficiary of all or a portion of your policy proceeds. Some people do this to leave a legacy for a favored organization.

Can I Make My Pet Beneficiary of My Life Insurance Policy?
No, an animal can’t be designated as a beneficiary of a life insurance policy. Pet owners may help provide for their pet by finding a caretaker for the pet and naming the caretaker as beneficiary to the life insurance policy.

Do I Need a Physical to Buy Life Insurance?
Unless there is a history of health problems, existing conditions, an unusually high weight to height ratio or unless the policy value is exceptionally high, physical exams are reasonably rare today.

Should I Lie on My Life Insurance Application to Get Coverage or Get a Lower Premium?
Absolutely not. If it is determined that life insurance coverage was obtained under false pretenses, the policy will become null and void. It could also create other problems if proceeds were obtained under false pretenses.
They say the only bad question is one that is left unasked. If you have any questions about life insurance, we are here to help. Contact one of our independent agents for a life insurance review and price quote today!

Search Insurance Coverages

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Business Coverage Req
Businesses
Personal Insurance
type

Be Confidently Insured

Contact Us
By providing a telephone number and submitting the form you are consenting to be contacted by SMS text message from IKKA Insurance Agency. Message frequency may vary. Message & data rates may apply. Reply STOP to opt-out of further messaging. Reply HELP for more information.
See our Privacy Policy https://ikkainsurance.com/privacy-policy/