Descripción General del Seguro de Vida
The primary purpose of life insurance is to provide a financial benefit to dependants upon premature death of an insured person. The policy pays a specified amount called a “death benefit” to the named beneficiary, when the insured dies.
La gente compra seguros de vida por varias razones: para proveer un ingreso para reemplazar la potencial pérdida de ganancias, para financiar un negocio o adquisiciones en una sociedad en caso de muerte de uno de los propietarios del comercio, para financiar planes de jubilación, para indemnizar un préstamo en caso de muerte prematura, para pagar la educación universitaria, para proveer ingresos de dependencia para la familia, y para proteger una asegurabilidad futura, por mencionar algunas.
Most life insurance policies contain an incontestability clause. This means if the insured dies during the contestable period, the insurer has the right to review the insured’s medical history before they pay or deny a claim. This could mean a delay since the insurer must request medical records. If there is a disagreement on how the proceeds of a policy are to be paid, the insurer can file for Interpleader with the court.
En algunos casos, usted puede pedir prestado dinero de una póliza de vida que tenga un valor en efectivo a una tasa baja de interés reducida. Si la póliza se entrega o si el asegurado fallece antes de volver a pagar el préstamo, se deduce el monto del préstamo más el interés acumulado del cheque de reclamación. Si se pierde una prima, la compañía puede pagar la prima con el valor en efectivo, lo que puede ocasionar que el valor en efectivo se agote. Si se permite que se cancele una póliza de seguro de vida, la aseguradora puede restablecer la póliza luego de que hayan presentado evidencias de asegurabilidad, hasta tres años después de la cancelación. Si se autoriza el restablecimiento, se deben pagar todas las primas adeudadas desde la fecha de cancelación hasta la fecha de restablecimiento. Por lo general, el pago incluye intereses.
A person 15 years or more may contract for life insurance on his/her own life, or on another person in which the minor has an insurable interest. The minor may exercise all rights and powers with respect to the contract as may be exercised by a person of full legal age. While discussing insurable interest…a person wishing to purchase life insurance on another’s life must have an insurable interest at the time of purchase.
Seleccione la opción deseada a continuación.
Accelerated Death Benefit Rider: This is found in most life insurance contracts. An Accelerated Death Benefit provision in a life insurance policy provides that the life insurance company will pay a portion of the death benefit of a policy, before the insured's death occurs. To receive this benefit, the insured must be diagnosed with a life threatening illness. Upon the death of the insured, the beneficiary will receive the remainder of the death benefits.
La compañía de seguros puede cobrar una pequeña tarifa de servicios por el pago acelerado. Contacte a la compañía o agente de seguros para obtener más información sobre esta prestación antes de vender la póliza a través de un acuerdo de viáticos.
Beneficiary: The person entitled to the proceeds of a life insurance policy upon the insured’s death.
Free Look Period: An unconditional refund for a period of at least 14 days once the life insurance contract is delivered. The free look period for a life insurance policy issued before 1/1/2009 was 10 days. The Variable Life policies do not have a free look period.
Grace Period: Entitles the insured a period of no less than 30 days to make the premium payment.
Incontestable Clause: Allows an insurer the right to contest a death claim on a life insurance policy during the first 2 years of the policy.
Insurable Interest: An insurable interest exists for the purposes of life insurance when (at the time the policy is entered into) the policyowner has a reasonable expectation that he or she will benefit from the continued life and health of the person the policy covers. The benefit is required to be either one of love and affection due to the relationship the policyholder has to the insured or a pecuniary benefit such that the policyholder benefits financially from the continued life and health of the insured. Business entities have an insurable interest in the owners of the business and key employees. Parties to a contract for the purchase or sale of a business entity have an insurable interest in the lives of all other parties to the contract solely for the purpose of the contract. Trust and trustees have an insurable interest in the trust grantor under life insurance policies owned by the trust when trust beneficiaries meet specified criteria.
Interpleader: The policy proceeds are submitted to a court and the court determines the rightful distribution.
Non-Forfeiture Provision: A non-forfeiture provision is a State mandated requirement that life insurance policies return surplus cash values (if any) to the policy owner if the policy lapses, or is terminated by the policy owner. The options for non-forfeiture are:
Cash Surrender: the amount of accrued cash value in a policy that would be payable to the policy owner at surrender of the policy less any surrender fees if applicable.
Extended Term: a provision that would allow the face amount of the policy to remain the same and the cash value would be used by the insurance company to pay the premiums at term rates. The policy would continue until the cash value is depleted by premium payments.
Reduced Paid-up Insurance: the policy would continue but at a face amount less than the stated amount on the policy. The cash value would be used to purchase a reduced paid up policy based on the amount of cash value available in the policy. No additional premiums would be due for the life of the reduced policy.
Retained Asset Accounts (RAA): accounts life insurers use to hold beneficiaries’ proceeds until the beneficiaries withdraw the cash using checks (drafts), payment cards, or other means. These accounts are not insured by the Federal Deposit Insurance Corporation (FDIC), although they may be protected by state insurance guaranty funds. If a beneficiary wants to move the funds from the RAA to their own account, they should write a check provided by the insurance company and deposit it into the account of their choice. Current law does not restrict the use of a RAA by an insurer. However, a beneficiary should be able to request a lump sum check from an insurance company if they prefer.
Hay muchos tipos de productos de seguro de vida disponibles en Florida. A continuación se presenta una descripción breve de los más comunes:
Credit Life: Credit life insurance is a type of decreasing term insurance associated with loan indebtedness. If an insured dies before the loan is repaid, the credit life policy will pay the balance of the loan. Prior to October 1, 2008, the maximum amount of credit life insurance could not exceed $50,000 with any one creditor. The maximum term a credit life policy could be issued was for 10 years. After October 1, 2008, the maximum amount of credit life insurance could not exceed the amount and the duration of the indebtedness. Credit life is not available for those debtors over 70 years of age, and existing credit life policies will terminate on the loan anniversary date at age 71. The borrower is not required to purchase credit life insurance. He or she may assign any other life policy or policies they own for the purpose of covering the loan.
Endowments: Endowment policies provide for the payment of the face of the policy upon the death of the insured during a fixed term of years, but also the payment of the full face amount at the end of said term if the insured is still living. While not often thought of in this respect, a whole life policy is actually an endowment at age 100. If the insured is living at age 100, the policy will mature for its full face value. As with the whole life policy, endowment policies provide insurance protection against the economic loss of a premature death. Common endowment terms are five, ten, and twenty years, or to a stated age, such as 65. If the insured is living at the end of the endowment term, the insurance company will pay the face amount of the policy.
Whole Life: Provides financial protection the entire lifetime of the insured, or to age 100. Premiums remain the same for the life of the insured or as long as premiums are paid. During the early years of the insurance policy the premiums are greater than the amount necessary to pay policy costs. The excess accumulates cash value in the policy to offset increased insurance costs as the insured ages, or to fund the non-forfeiture provisions of the contract.
Variable Whole Life: A whole life product that incorporates investment features, designed to enhance the cash value portion of an ordinary life policy. The product was created to take advantage of investment performances that were more favorable than those of a conventional whole life policy.
Modified Life: a whole life product that incorporates investment features, designed to enhance the cash value portion of an ordinary life policy. The product was created to take advantage of investment performances that were more favorable than those of a conventional whole life policy.
Universal Life: an annual term life insurance policy with a side fund that accrues interest. As the cost of the term insurance increases each year, the side fund is used to offset the cost. Properly funded, this allows out-of-pocket premiums to remain level.
El fondo secundario crece basado en tasas de interés actuales. Cuando las tasas son altas, el fondo secundario también, cuando las tasas son bajas, el fondo secundario no crece mucho.
Eventualmente, el costo del seguro temporal puede crecer a un monto mayor que la prima, y el dinero se retira del fondo secundario para ayudar a pagar el costo incrementado del seguro temporal. Si el interés permanece bajo, el fondo secundario puede reducirse y el asegurado tendrá que aumentar las primas en consecuencia o disminuir el valor nominal de la póliza.
Variable Universal Life: made up of three interlocking parts with the following exceptions:
Accumulation Account: Variable life insurance companies offer a variety of available investment funds. The policy contains provisions for transferring between funds, so that the policy owner may engage in some personal investment management. Although the funds react to investment market changes more slowly than individual stocks or bonds, the fund accumulation is tied directly to the investment experience of the underlying portfolio of investments.
Life Insurance Amount: The insurance amount is the specified sum to be paid upon the death of the insured.
Policy Fees: The cost of life insurance is usually based on a company's favorable yearly renewable term premium, or monthly renewable term premiums. The premiums are deducted monthly from the policy account, or from direct customer payment, if the account balance is insufficient to support the monthly amount. Policy expense fees applied to a policy must be disclosed in a product prospectus.
Industrial Life: a form of life insurance, usually whole life, in which the premiums are payable on a monthly or weekly basis. Premiums are usually collected by an agent of the company. The policies usually have a face amount less than $5,000. Beginning July 1, 2021, these types of policies can no longer be sold in Florida.
Term Life: provide financial protection for a temporary period of time and may or may not be renewable. They are normally written for individuals who need large amounts of coverage for specific periods of time. Most term life does not accrue cash value. Initial premiums are usually much less than permanent plans of insurance, but may increase each year or remain level for a specified period, depending on the type of term insurance.
Seguro de Vida de Extraños (STOLI), Seguro de Vida Corporativo (COLI), Seguro de Vida de Caridad, Seguro de Vida de Opción y otros nombres se usan en un nuevo arreglo comercial que involucra seguros de vida.
Por lo general, este arreglo comercial involucra una entidad, por lo general un consorcio de inversores, que acuerda pagar las primas de una póliza de seguro de vida grande (generalmente $2 millones) en nombre del individuo. Al individuo asegurado se le promete un pago en efectivo de un porcentaje del valor nominal, y los inversores que pagan la prima de la póliza recolectan el beneficio por fallecimiento cuando fallece el asegurado.
These agreements appear to be contrary to accepted practices in the insurance industry which outlawed gambling involving life insurance in the early 1700’s. They also involve questions regarding insurable interest. Arrangements such as this attempt to circumvent these problems in the following way:
El propietario de la póliza es un fideicomiso institucional.
La entidad que financia paga la prima durante los primeros dos años.
Durante los dos primeros años de la póliza, el asegurado puede denominar cualquier beneficiario que quiera, a través del fideicomiso. Si el asegurado fallece durante los dos primeros años, la póliza paga a los beneficiarios como se indica, menos las primas (más intereses) ya pagadas, que se devuelven a la entidad que pagó las primas.
Cuando finalizan los dos años, el asegurado puede conservar la póliza si así lo desea, en cuyo caso debe pagar la prima que la entidad financiera ya pagó (más intereses), y seguir realizando los pagos.
Instead of keeping the policy, the insured has one other, presumably more usual option. He or she can have the trust sell the policy to an institutional buyer, and walk away with a cash settlement – usually 4-5% of the face value.
El resultado final es evitar la posible acusación de falta de interés asegurable, ya que en el seguro de vida (a diferencia del seguro de propiedad) solo se requiere probar interés asegurable al momento de la compra de la póliza. Al momento de la compra, el beneficiario es designado por el asegurado y se presume que tiene un interés asegurable.
También evita el problema de impugnación al esperar dos años desde el momento en que comienza la póliza antes de transferir la póliza a la institución.
La suscripción es el proceso que utiliza una compañía aseguradora para determinar si está dispuesta a emitir una póliza de seguro y la tarifa de prima que cobrará.
Some of the factors a company might consider when underwriting a life insurance contract are: age, sex, physical condition, personal history and habits, family health history, occupation, hobbies, the type of insurance requested, financial status, how often the applicant travels via aviation and the applicant’s military status.
In some situations a company may not require extensive medical history. This is normally associated with a low coverage limit. Higher coverage limits normally require more extensive information concerning the applicant’s current and past medical conditions.
Conversion of Term Insurance: Most term insurance policies contain a provision for conversion. This feature provides the insured with the option to "convert" his term insurance policy to a "permanent" form of insurance, such as whole life or an endowment. Conversion to a permanent form of insurance is made without evidence of insurability. The premium for the permanent form of insurance is usually higher than the term insurance, and is based on the age of the insured at the time of conversion.
Interest on Death Claims: When a life insurance policy provides lump sum death benefits, the payment must include interest from the date the insurer receives written proof of death. The interest rate must be equal to or greater than the Moody's Corporate Bond Yield Average-Monthly Average Corporate as of the day the claim was received. If the method of calculating such index has substantially changed from the method in use on January 1, 1993, the rate must not be less than 8 percent.
Lost Policy Search: If you are unable to locate a life insurance policy on a deceased family member and feel certain they had life insurance, the following information may help. Look through desk drawers and filing cabinets for old bank statements, cancelled checks or other records to indicate insurance premiums were paid. Check with the insured’s bank to determine if a lock box exists that may contain old policies. Check with the insured’s home and auto insurance agent to ask if life insurance was ever sold as well. You may consider obtaining the services of a ”Life Policy Locator” such as Medical Information Bureau (MIB). MIB has a database containing over 100 million records for individually underwritten life insurance. There is a fee associated with each search. For more information, you may contact MIB at (781) 329-4500 or visit their website at www.mib.com/lost_life_insurance.html.
Misstatement of Age on Application: If there was an incorrect age given on a life insurance application, and a claim is filed; the company will pay an amount equal to the face amount that the stated premium collected on the policy would have purchased at the correct age.
Secondary Notice: Beginning October 1, 1997, a life insurance policy covering a person 64 years old or older, which has been in force for at least 1 year, may not be lapsed for nonpayment of premium, unless, after expiration of the grace period, and at least 21 days before the effective date of lapse, the insurer has mailed a notification of the impending lapse in coverage to the policy-owner and to a specified secondary addressee. The company is also required to notify the applicant of their right to name a secondary addressee at the time of application for coverage.
Veterans Unclaimed Life Insurance Benefits: Families can check their eligibility for funds through the Veterans Affairs website: http://www.benefits.va.gov/insurance/.
Usted debe tener los siguientes datos del veterano para completar una búsqueda: nombre, fecha de nacimiento, fecha de fallecimiento y, si es posible, el número de la póliza. El sitio web es el método más rápido para determinar la elegibilidad pero también se encuentra disponible un número de teléfono gratuito (1-800-669-8477).
Waiver of Premium: Waiver of premium is an optional provision of a life policy that waives the premium payments in the event the insured becomes disabled for a period of 6 months or more. The premiums are waived on the policy until the insured is no longer disabled or is deceased.
¡Verifique antes de comprar! Contáctenos a fin de verificar la licencia del agente y de la compañía de seguros antes de firmar la solicitud para una póliza.
¡Guías de Seguros de Vida! Estas guías son excelentes herramientas para conocer mejor todas las coberturas y las limitaciones de los seguros de vida.