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Enrique Said:

Do Smokers have to pay higher premiums for life insurance than non-smokers?

We Answered:

Smokers do pay more for life insurance, since they have a higher risk of dying during the period covered by a term life policy and a higher risk of dying earlier and thus making fewer premium payments for a whole life policy. The return of an annuity policy varies by the age of the insured and other factors. For an accurate quote, log onto a website like http://www.lifeinsurancewiz.com and fill out a form requesting a free quote. Yes, employers can discriminate against smokers. Since many employers are paying health and life insurance premiums for employees, they have a right to limit costs by hiring those who qualify for lower rates.

Johnny Said:

Can I get refunded 7 years of premiums on a Life insurance policy with a Total Disability Rider?

We Answered:

A claim for disability waiver has to be submitted within a certain time frame. (As soon as possible after diagnosis) Check your policy provisions for your particular case.

Disability has to be diagnosed prior to age 60, and usually expires at the policy anniversary at age 60. Check your policy provisions.

Usually, the DWP (Disability Waiver of Premium) has a 6-month waiting period. Some policies have a 3-month waiting period.

The insurance company requires that, if the insured becomes totally disabled, he or she must notify the company in writing at the earliest possible date after disability is diagnosed. The company will usually accept back-dating of the claim payments to the insured, but no longer than 12 months.

It doesn't matter that the policy is term, the DWP is the same.

On the declarations page of the policy, it will show the benefits of the policy, including the waiver of premium benefit. The policy was more than likely explained by the agent when he/she delivered the policy to you, unless you bought it online.

If the policy was purchased online, this is the reason I always recommend a local agent.

Sometimes people forget what they were told about the policy. That's why it's good to have a policy review at least once a year, to have the agent go over benefits of the policy, and to check with the insured to see if any life changes have ocurred, that would increase or decrease the need for more or less insurance.

Hope this helps.

Best wishes, and God bless

Corey Said:

Premiums of universal life insurance during recession?

We Answered:

It sounds like your agent didn't have a good understanding of universal life, just like most of the respondents to your question. If a UL policy is funded properly, there should be no concern about the market's effect on the policy's viability. If one is trying to minimally fund the policy, term was likely the more appropriate choice. If there is clearly a permanent need for the coverage, and there isn't a specific accumulation strategy being applied to the cash value, you should have been offered whole life.