Life Policy provisions

I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time?

In Illinois, The law provides that a life company issuing an individual life insurance contract on or after January 1, 2022, shall notify an applicant, in writing of the applicant’s right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such a …

I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time? Read More »

What is a contestable period of a life insurance policy?

During the first two years, the insurance company can challenge a death claim based on health history of insured. Insurers will order a complete medical records, check the physical examinations and other sources of  information.  In some cases, it will request copies of coroner’s (Medical examiner) reports, and police reports.

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