Q. I am trying to find my insurance policy number and I heard that its on my kaiser permanente ID card. But all I see are my medical record number and some other information about myself. So, I'm wondering if the medical record number on my ID card is the insurance policy number?
A. What insurance policy? Kaiser is not an insurance company. It is an HMO. The MRN on the Kaiser card has your group number. You should check with your employer and ask if that is a group number and your personal I.D. number or call Patient Relations and ask them.
How much is an insurance policy purchased in 1967 worth?
Q. My dad bought a life insurance policy in the amount of $10K, and all of the dividends have been reinvested back into the policy. I have no idea how much this policy would be worth upon his death. I don't want to call his estate attorney, because that may seem callous. Maybe someone would be able to give me a ballpark figure on the amount this policy will pay upon his death (which I hope isn't for a long time, by the way!)
A. Assuming he has no loans against the policy and has continually paid the premiums it would be somewhere between $10,000 & $20,000...and probably closer to the mid to lower end of that range. But, as the first responder said there's no way we'd really no so the best your'e going to get here is a range. If you're thinking it would be more then you'll be disappointed. The insurance policy was probably just designed to be worth $10,000 in cash at age 100, but then again there's no way for us to know what he bought then.
Can I convert my Adjustable Life Insurance policy to Term Insurance?
Q. I currently have a $300,000 Adjustable Life Insurance policy and want to convert it to a $300,000 20 Year Term. Can I do this or will I have to surrender the policy and start a new policy? I checked my life policy and there is nothing mentioned about any type of conversion. Just curious about everyone's thoughts.
A. You can change your Adjustable Term life insurance policy to a 20 year term. It is taking a new policy and starting over.
But it is well worth it to get a policy that will not increase in premiums for 20 years.
But it is well worth it to get a policy that will not increase in premiums for 20 years.
How Much interest does a life insurance policy accumulate?
Q. My aunt died recently, and she had a life insurance policy no one knew about, and my mom is the beneficiary. She wanted me to find out how much interest can be accumulated from a general policy. It was never updated, and it was just sitting there gaining interest since the 1960's. The original amount was $500. Does anyone have an estimate of how much it could be worth now? My mom told me if i found out, and helped her, she would give me some money :)
A. Sorry to hear from your loss, but the answer I'm going to give you is going to make you mad. However, it will also be an educational experience for you.
The way life insurance works is that it pays a death benefit upon death of the insured (your aunt) to a beneficiary (your mom). The type of life policy that your aunt has is called a cash value life insurance policy. This is a life insurance plus savings built into one policy.
While your aunt was still living, the interest rate that a person typically gets on the cash value is between 0-4%. When she died, your mom is suppose to get the death benefit plus the savings, right? Well, that's not how life insurance works.
In most cash value life insurance, it only pays out one or the other. If your aunt was living and she wanted to cancel the policy, she would get the savings, but lose the death benefit. Since your aunt is dead, your mom would only get the death benefit. So what happen to the savings? The insurance company keeps it and there's nothing you or your mom can do about it because it says it in the policy.
So to answer your mom's question, you would say "the interest rate is between 0-4%, but we're not going to see that money because the savings isn't ours. But at least we get the death benefit. If you don't believe me, we should read her life policy together."
The way life insurance works is that it pays a death benefit upon death of the insured (your aunt) to a beneficiary (your mom). The type of life policy that your aunt has is called a cash value life insurance policy. This is a life insurance plus savings built into one policy.
While your aunt was still living, the interest rate that a person typically gets on the cash value is between 0-4%. When she died, your mom is suppose to get the death benefit plus the savings, right? Well, that's not how life insurance works.
In most cash value life insurance, it only pays out one or the other. If your aunt was living and she wanted to cancel the policy, she would get the savings, but lose the death benefit. Since your aunt is dead, your mom would only get the death benefit. So what happen to the savings? The insurance company keeps it and there's nothing you or your mom can do about it because it says it in the policy.
So to answer your mom's question, you would say "the interest rate is between 0-4%, but we're not going to see that money because the savings isn't ours. But at least we get the death benefit. If you don't believe me, we should read her life policy together."
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