Buying Life Insurance Now?

Question

If I Was To Buy Life Insurance Now At Age 19, And Then I Was To Die In The Next Year. Would My Family Still Get The Money?

Answer 1

most Life insurance policies covers you from the second you sign the application as long as you make your first payment at that time. The policy will only refund premiums if you commit suicide with 2 years or die from an illness that was not disclosed on the application. If you died in an accident 1 hour after you signed the application the policy would still pay.

Answer 2

You need to talk with an agent about this.  I think if you did not lie on the application they would be paid but if you die from suicide it has to be two years after the policy is purchased.  I will list my agents website below.  I am sure he can answer your questions

Answer 3

Yes as long as you paid your premiums.

Most life insurance policies have a 2 year contestability clause meaning that if something happens within two years of the policy going in force (becoming valid), the insurance company could contest the policy and pay back only your premiums.  The insurance company would do so IF you committed suicide with that 2 year period or if you had a terrible disease like cancer and hid it from the insurance company when you applied.

Talk to an agent.  Ask a lot of questions.

Answer 4

Yes, if you pay your premiums, the insurance company would pay the entire death benefit to your girlfriend, the beneficiary, in a lump sum, tax-free. True if you die 50 years from now. True if you die 30 years from now. And true if you die next month. The principle at work is “shared risk.” Chances are you’re not going to die next month or even in the 30 years. Meanwhile, your premiums—the premiums of everyone your age—will stay with the insurance company. The company will invest it, and earn more from it. They set their actuarial table and premium rates so that they can pay claims and still make a profit.