Readers Question: I live in East Canadian, Okahoma, I have 2 brothers 
and my parents died recently and left me sole beneficiary to their life insurance policy. My brothers insist that I share the money from the life insurance with them equally. So, I to know if the beneficiary of a life insurance policy is obligated to share benefits with family members or not?
Lorie
Answer to Readers Question:
You are not obligated, so far as I know. The money from the life insurance policy belongs to the named beneficiary, regardless of who else thinks they should get some of it. Now, if there were instructions in your parents will regarding the use of that money from the life insurance policy then that might change things.
March 3, 2008
By admin in Broken Arrow, Oklahoma
Judith, who used to be my dance teacher now lives in Broken Arrow, Oklahoma she called recently and we dscussed life insurance policies and one of her questions was: “Can you get back the money paid for insurance premiums?
Broken Arrow, Oklahoma is a city located in the northeastern part of the U.S. state of Oklahoma, primarily in Tulsa County with an extension into western Wagoner County.
Judith, although it will depend on the specific policies, you probably have accumulated cash value. In some cases, having cash value enables you to:
- Cancel the policy and receive the cash value as a lump sum: the surrender cash value.
- Stop paying premiums and use it to continue your current policy for a specific time.
- Withdraw part of the cash value in the form of a policy loan.
You should consult your attorney or speak to the insurance company directly.
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March 3, 2008
By admin in featured
In Oklahoma a Term Life, No Exam Insurance can be issued instantly ONLINE!
Numerous websites offer one of the quickest and most convenient ways to purchase term life insurance coverage. There is a easy 3-step process that can be completed from the privacy of your home or office without requiring you take a medical exam, blood test or speak with an agent. If you qualify, you can print your in-force life insurance policy in minutes!
Enjoy peace of mind for the next 10, 15, 20 or more years.
When you have a family who depend on your income in Oklahoma, you should consider buying a no exam life insurance policy, in order to protect your family. Life insurance is at times difficult to understand due to the large selection and the different types of insurance that are available.
An insurance policy is a legally binding contract between an insurance company and the person who buys the policy. In exchange for payment of a specified sum of money, called the “premium,” the insurance company agrees to pay for certain types of loss or damage as specified by the contract. When a loss occurs which meets all of the requirements described by the terms of an insurance policy, the loss is said to be “covered” by that policy.
There are 3 main types of life insurance: Term life, whole life and variable life. In Oklahoma you can buy a new simple term life insurance for $150,000.00, and “no medical exam required” for up to $250,000 to term life for $300,000, in about 15 minutes. You can get same day coverage if you answer some simple medical questions and you can apply completely on line
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