Life Insurance Anchorage, Alaska AK
Reader’s Question:
When I was still in college, both my parents passed away. Is there any chance or way that my parents left some insurance policy in Anchorage, Alaska AK? Can you give me any advice on how I can find this out? As I can only recall, I haven’t seen any policy before they died, but they’ve mentioned it once.
Garry
Anchorage, AK
The good news is, you can always refer to a web site which can look up for unclaimed insurance policies, which might be avaiable for residents in Anchorage, Alaska AK too. The other side of the story is it will cost you $75 dollar to get the information that you were asking.
If you feel that $75 is too much, then do it in an old fashioned way. You have the option to start checking some clues from your parents address and telephone books see if you could find some insurance agent or company being mentioned. It can be very tedious though, but you can start calling all the insurance company now one by one ask them if they got an insurance policy with your parents and if it is still intact.
Also try to check your mails in Anchorage, AK for any more clues. Normally, an insurance company will send notices to clients informing them of the status of the policy or sometimes they also send notice of dividends. Your mail box might have come across with these documents.
Moreover, you can also check all the possible sources of information in Anchorage, AK that will lead you to the answer of your question. If your parents do really had an insurance policy before they died, you can check the bank accounts, previous employment for their employment benefits, or the tax records if there’s any information regarding expenses paid to the insurance companies.
Tags: life insurance benefits, life insurance claims, beneficiaries claims
Life Insurance Alaska AK
Reader’s Question:
I live in Alaska and I have a neighbor who just passed away. Apparently, he spent so much on his insurance compared to his actual needs and income considering he does not have any dependents. Is there such thing as to OVERINSURE? What is the rule of thumb in investing for insurance? Please explain.
Kimberly
Anchorage, AK
Yes. There is such thing as to “overinsure” which can cause a great deal of money wasted in the event of premature death, and has more direct impact on the paying policy holder. There is also such thing as to “underinsure” which will have a direct impact on the surviving spouse and dependents. In the event of the premature death of a policy holder who happens to have purchased insurance policy that is “too low”, the family might be forced to lower lifestyle at an already traumatic stage in life, the surviving wife might have to go back to work, the college student might have to drop out, or worse, the house might have to be sold to a very bad market.
Figuring out the right amount for insurance coverage is a tricky math work to do and requires experts. The rule of thumb is to cover 10 times the annual salary, depending on various circumstances. The goal is to withdraw less annually from your income than what your policy can return.
Try to check out insurance calculators over the internet to give you and idea on how to calculate your needs in Alaska.
Smoker Life Insurance Alaska AK
Reader’s Question:
At the time I purchased my life insurance in Alaska, I decided to quit smoking and was classified as a “Non-Smoker” by my insurance company. Would my premium increase if my insurance company would know that I am now a “Smoker”? I live in Anchorage, Alaska.
Jim
Anchorage, AK
No. In the first place, if the life insurance policy was already issued in Alaska, and then the insured started smoking once again after it was issued, the insurer would not normally be allowed to increase the rates after issue due to the increased risk by becoming a smoker. This is so in the absence of fraud and misrepresentation on the applicant.
The insurance company in Alaska cannot make any changes to affect the rate of the contract which is already in force. The story changes if the policy lapses and the insured wants to reinstate. A re-underwriting will be done based on his current situation and can expect a change in the rate.
I hope this gives you some insight.
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