The firm of Steven H. Kobrin, LUTCF
In 1991, I entered the life insurance business full-time, and soon formed my own national brokerage. Throughout my career, I have been dedicated to mastering the craft of selling life insurance, and am an expert in helping people get a policy who represent a “higher risk” due to health, lifestyle, or other personal issues. Along the way, I have developed a huge network of industry contacts that enables me to serve as a primary resource for all the insurance needs of my individual and corporate clients.
I now help brokers, advisers, and financial firms across the country utilize my organization and become a primary resource for the insurance needs of their own clients. They form strategic partnerships with my providers so they can stay within their own area of specialization, yet help their clients purchase the other products they need from professionals in those marketplaces. It's a winning formula for all concerned.
My firm runs a Global Insurance Portal through which consumers, brokers, consulting firms, and agencies can gain access to the insurance resources they need, on a global basis. http://planrisklive.com/global-insurance-portal/
On the personal side, I am a religious Jew and avid practitioner of kung fu. I have studied spiritual disciplines and personal development all my adult life. I am a conservative in my political and economic views, and a liberal when it comes to keeping an open mind and a willingness to work with people of all persuasions.
BA in Liberal Arts
I am licensed to sell life insurance. Here's my interview with financial educator and consultant George Bailey:
Unfortunately, it looks like you are being given bad advice, on top of being mixedup in a hostile family squabble. Sorry to hear this.
If you are the beneficiary of this insurance policy, then call the carrier and initiate a claim. They will send you the forms to fill out. Make sure you have an original death certificate to submit with the claim. None of this has anything to do with the will.
If you're a minor, then the company will not release the funds to you. Ask them to identify the legal entity to whom they will pay the benefit. You will probably have to show that there is an adult responsible for your financial affairs.
I think there are two important factors to consider when answering this question.
The first is underwriting. The extent to which a life insurance policy will benefit you financially, is primarily determined by the cost of insurance. A wide variety of criteria are considered in underwriting – current health, medical history, lifestyle, build, etc. If you have a chronic medical condition, or some other higher -isk underwriting factor, life insurance may not be worthwhile at all, for cash accumulation.
Prequalification would determine this. Your broker needs to develop a risk profile on you, and then approach carriers who traditionally are competitive with insuring the risk you pose. This way you can know if there really are attractively-priced indexed products out there for you.
If there are, then take the illustration to your financial advisor. Have them run a comparison of net income from that product versus a Roth IRA. May the plan that puts the most money into your pocket win :)
This is a really good question. Typically, an exchange is made from an existing policy to a new policy at the time the new policy is issued. The existing policy is surrendered, and the policy that has replaced it is consistent with the regulations regarding insured, owner, handling of loans, etc. This all takes place within 30 days of issuing the new policy, although I have seen extensions given due to varying circumstances. These can include delays from the existing insurer, etc.
I have double-checked my sources for rules regarding these exchanges, and have not come across a maximum time frame for making them. Does that mean you can take the money from a policy that was issued, let’s say, 10 years ago, and transfer it into a policy that was issued 5 years ago? I think you should ask the carrier of the policy into which you want to transfer the funds, if they would permit doing so. My argument to them for doing so would be that as long as you are surrendering or terminating the older policy, and observing all the rules mentioned above, why not? But there may be IRS regulations that apply. They would know.
Please let me know what they tell you.
If you are the owner of the policy, you have full control over the beneficiary designation. You can ask your broker, or the carrier's policyholder service department, for a simple form required to change the beneficiary. You don't have to explain why, so your pending divorce doesn't have to enter into the conversation.
However, I will also add that divorce decrees often require spouses to have life insurance on one another. You may want to use this policy for that purpose. You might want to wait until all negotiations have been finalized, before you make any policy changes.
The National Association of Insurance Commissioners provides a lot of consumer services, including a policy locator. You can deal with them directly.
“The NAIC can assist consumers in locating life insurance policies and annuity contracts of a deceased family member or close relationship."
"When a request is received, the NAIC will:”
- Ask participating companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased.
- Ask participating companies that have policy information to respond to the requester if the requester is the designated beneficiary or is authorized to receive information.
- For information on how to complete the request form, please see the Frequently Asked Questions.