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Nissan aiming for 10 percent of China luxury car marketHONG KONG/BEIJING (Reuters) - Nissan Motor Co Ltd said it aims to triple global sales of its premium Infiniti brand by 2016 and take 10 percent of China's luxury vehicle market, challenging leaders like … More »Nissan aiming for 10 percent of China luxury car market
HONG KONG/BEIJING (Reuters) - Nissan Motor Co Ltd said it aims to triple global sales of its premium Infiniti brand by 2016 and take 10 percent of China's luxury vehicle market, challenging leaders like Audi AG and Mercedes Benz maker Daimler AG. Infiniti on Tuesday became the first global car brand to open a headquarters …
India faces mass default and restructuring as devaluation loomsSINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy. This is not simply idle … More »India faces mass default and restructuring as devaluation looms
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Question
Lapsed AIG term life insurance?
We paid the AIG term life insurance for more than 3 years, and lately my wife just found out she has a tumor, and we also found out her insurance is lapsed. What can I do now, and will the insurnace company reject her policy even we try to reinstate it. The grace period is gone also. Thanks.
3 years ago - 6 answersBest Answer
I'm sorry to hear about your wife's medical problem.
Since the Term policy is out of it's grace period, she would have to requalify for the insurance. With a tumor, she probably would not qualify.
Had this been a Permanent policy, it could have had enough cash value in it to pay a premium or two to keep it in force, by use of the Automatic Premium Loan (APL) option.
This is one of the reasons that I say that Permanent insurance should be at least part of the total insurance plan, because Term will more than likely expire, lapse for non-payment, or be converted to Permanent, before the insured dies, or becomes uninsurable.
According to insurance industry studies, only about 1% of Term policies pay death claims. The reasons are stated above. The reason Term insurance seems to be so much less expensive than Permanent is because insurance companies don't expect to pay the claims.
Even if the insurance company would reinstate it, which is doubtful, the lapsed Term policy's two-year contestable clause starts all over again.
Depending on your wife's age, she could get a Guaranteed Acceptance Policy, but the issue ages usually begin at the ages between 40 and 50. Here are some companies you can check with:
Monumental Life, United of Omaha, United American Insurance Co., American General Life & Accident, Motorists Life, Columbian Life Insurance Co., Liberty Life.
Some of these companies will write up to $15,000 of Guaranteed Acceptance life insurance, with a two-year waiting period before it's in full force.
Best wishes.
Source(s):
Retired Agent, 30 yrs.
3 years agoOther Answers
You are out of luck, I'm afraid. They will not reinstate it if the grace period has lapsed. She would have to apply for a new policy.
by jlf - 3 years agoOnce a policy is lapsed, regardless of the circumstances, you need to "requalify" for the policy.
Once you stop paying for insurance, it cancels. There is no way to reinstate her, if she doesn't medically qualify - and she won't.
You can try to buy a 'guaranteed issue' policy through Globe Life or Mutual of Omaha, HOWEVER, you have to pay for it a minimum of two years, before they'll pay out - and payout is limited to $10,000.
How long has the policy been lapsed?
Sorry, to say its probly too late to reinstatement. But tumor's can be treated and cured so hang in there.
After a couple of years of treatment she may be able to reapply for life insurance.
You will have to get a new policy. They have some term with limited medical questions and no exam.
Source(s)
www.vrtmg.com/rlunsford
by renayhlunsford - 3 years agoNo, they won't reinstate because you have to requalify for the policy.
by Insurance Pickle.com - 3 years ago
