The bottom line Does missed premium cause claim denial? A missed payment does not answer that question by itself. The decision turns on the policy’s status when the insured died. Read the policy record for a grace period, lapse, or reinstatement notation, then ask the insurer to confirm the claim path before assuming approval or … Read more

The bottom line How to check unclaimed life insurance benefits starts with contacting the deceased person’s insurer or agent, then using the free NAIC Life Insurance Policy Locator if you lack policy details. Gather the death certificate and any policy records. If the locator finds a policy and you are the beneficiary, the insurer contacts … Read more

The bottom line Are life insurance death benefits taxable? Usually not as federal income when paid to a beneficiary because of the insured person’s death, the Internal Revenue Service says. Interest, installment earnings, a policy transferred for value, or estate-tax rules can change what must be reported, so the payment method and ownership history matter. … Read more

The bottom line Does replacing policy restart contestability? A replacement can create a new contestability question, but the exact answer depends on the state, the policy language, and whether you are discussing a new policy or a change to existing coverage. The approved New York source identifies a two-year rule tied to a policy’s issue … Read more

The bottom line What is a life insurance death benefit? It is the amount a life insurance policy is designed to pay to the policy’s beneficiary after the insured person dies, subject to the policy’s terms. The beneficiary starts a claim with the insurer and provides proof of death, commonly a death certificate. A death … Read more

The bottom line Which accelerated benefit payout method is best depends on whether your insurer uses the lien method or the discount method, and how each one changes the death benefit your family receives later. Compare the two methods, check your policy’s exact terms, and talk with a licensed agent before you request an accelerated … Read more