When can an insurance company cancel a life insurance policy?

When taking out a life insurance policy, the policyholder aims to provide an extra layer of financial security and peace of mind for his or her loved ones. However, since insurers are incentivized to minimize risk, they will frequently look for reasons to cancel customers’ policies. This can jeopardize the policyholder’s supposed financial security and[…]

What happens to the benefits for a life insurance policy when the beneficiary is deceased?

When a policyholder passes away, his or her life insurance benefit is supposed to go to a predetermined beneficiary, often a spouse, family member, or close friend. But what happens when the beneficiary is also deceased, the designation is no longer valid, or if he or she dies while the claim is under review? Often,[…]