By Browers Gerber Hickman
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Extra resources for Actuarial Mathematic, Second Edition
32 CliffsNotes Understanding Life Insurance A policy may be renewable only for a limited time (ten years, for example). So when shopping for a policy, be sure to check for how long it is renewable. Without renewability, the insurance company can decide that it no longer wants to insure you when the term of your policy ends. Renewable term insurance insures that you can still buy life insurance regardless of the condition of your health later; after you qualify the first time, you don’t have to take any additional medical exams to maintain your policy.
The company then purchases your life insurance policy (including any cash value) for 60 percent of the face value. If your disease has progressed even further, and your doctors certify that you have less than six months, the viatical company will purchase your life insurance policy for up to 80 percent of the face value. The purpose of the settlement is to ensure that terminally ill patients have the bulk of their life insurance benefit available to pay for their medical and living costs. On the other hand, terminally ill people must decide whether the life insurance benefits are for them or for their survivors.
Chapter 4: Term Insurance 37 Comparing Term Insurance Policies If you decide that term insurance is for you, the next step is to get quotes from at least three insurance companies and compare them. To help you, I’ve provided a worksheet for you to fill out. Step 2 of the worksheet asks you to find out the rating of the insurance company — see Chapter 8 for more information about ratings companies, and see the Resource Center in this book for how to obtain ratings. Term Insurance Worksheet Company Company Company 1 2 3 1.