Life insurance What Happens If The Insured Dies Immediately After Purchasing Life Insurance Policy ?

[uforwealth]

The benefits of a life insurance policy can't be overestimated. Some of these benefits are:

1. The funeral expenses after your death will be catered for, by your beneficiaries through the
compensation paid by the insurance companies .

2. You may owe somebody a certain amount of money that you were unable to pay before you died.
Life insurance will cover them.

3. Some medical bills which may not have been covered by the health insurance policy will be paid.

4. If you are a philanthropist who is generous, kind, and helpful to people, your beneficiary may suffer when you died but if you have a life insurance policy, it will cover your charity.

5. Tax is another thing covered by a life insurance policy. If you need to pay some taxes but you couldn't before you died due to unexpected and critical sickness, the insurer can help you pay them partially and temporarily based on your contract with them.


6. Living expenses are what can pose a major problem to your wife and children if you don't make provision for them through life insurance. With a life insurance policy, your family members don't have to worry about living expenses after your death.

But what If the policyholder of a life insurance policy dies immediately after purchasing the policy?

Will his or her loved ones enjoy all the benefits that come with this policy?

 

[btaliat]

You are very right. Life insurance is one of the insurances that cater for one's needs after death or even before death depending on the type of life assurance that one opts for. There is one that needs one to reap all the benefits even before the person dies and one that reaps benefits after the person death.

 

[Mandy96]

Yes of course this is a very good point and very intelligent question you asked up there. I believe there should be a part for that on the life insurance policy but if you ask me, I think once the contract has been made and the premium has been paid to buy the life insurance. The insurer should compensate the insured.

 

[sincerem]

What you said is ideal, that's the essence of going into life insurance policy dear. If the insured died moments after securing a life insurance policy plan, he or she will surely be compensated. The family will be assisted when things are vulnerable for them just as you've made mention too. But for the debts aside life insurance agreement won't be covered by the insurance company.

 

[Lens1000]

Immediately I saw the topic what I expected was not what i saw in the content. I was expecting to see the actions that the insurer would take if the insured died immediately after buying life insurance policy. Anyways, the points you raised are vital and are the aftermath of the insured.. the beneficiaries of the deceased will be affected a lot.

 

[Mika]

I think there is a clause where the insurance company will start covering you only after a certain period, say 30 days, or 45 days. For example, if damage occurs on the first day after you buy a policy, you will not be provided coverge. However, I am not sure if this applies every where.

 

[Jamoflondon]

I don’t think this should have any effect on the insurance since the insurance contract was already made before the death of the insured and although if there is going to be any negative effect on this particular insurance then I think it will depend on the kind of insurance the insured opted for.

 

[Wisdom01]

The loved ones would no longer need to bother too much on the funeral expenses since part would be covered by the insurance company through the existence of compensation and other factors , so it have its own major benefits attached to , life insurance seems to have benefit but you need to pay more premium