Integra Insurance

IInsurance FAQ – English Version

1. What should I look for when choosing an insurance policy?
2. Can I make changes to my personal information after purchasing a policy?
3. Can I discontinue my life insurance policy?
4. Is it beneficial to pay all of my insurance dues in a lump-sum payment?
5. When can I cancel a policy without incurring a penalty?
6. Can I change my monthly life insurance dues?
7. When can a life insurance company refuse to pay a claim?
8. How does life insurance function in the case of individuals with AIDS?
9. What are my responsibilities in respect to my insurance company?
10. What is the difference between Term and Whole life insurance policies?
11. What do I need to keep in mind when traveling abroad?
12. What can be done in the event of a business partner’s death?
13. What is required during the signing of a new insurance policy?

1. What should I look for when choosing an insurance policy?

First, choose an appropriate insurance company. Look for a solid reputation in claims processing, expertise in issuing policies which interest you and the right level of selectivity. Then, choose the appropriate components for you policy. Insuring several objects at once is more economical. However, be sure to exclude coverage which you do not consider worthwhile. Integra Insurance works with today’s leading insurance agencies and can help you choose the most appropriate policy.

2. Can I make changes to my personal information after purchasing a policy?

Yes. You not only can, but should. Maintaining up-to-date personal information is vital for the validity of any insurance policy. Failing to update personal information can have especially negative consequences on life insurance policies. Your insurance company should be informed about the following:

Name changes
Address changes
New contact information, such as phone numbers
Corrections in your date of birth
Beneficiaries
Desire to change the time or amount of your coverage

3. Can I discontinue my life insurance policy?

Yes. A policy can be cancelled at any time. However, it is beneficial to cancel a policy only after the policyholder has paid a certain amount to the insurance company. This is usually the present value of the policy’s face amount. The policyholder then receives back what he/she paid to the company. Otherwise, the policyholder may cancel without receiving any compensation.

4. Is it beneficial to pay all of my insurance dues in a lump-sum payment?

Usually, yes. This is because the lump sum is usually smaller that the sum of monthly dues.

5. When can I cancel a policy without incurring a penalty?

In the following cases:

a) After paying the initial premium but before signing the policy contract. This gap in time may be up to thirty days.

b) After the amount specified by the insurance company has been paid in but before the policy expiration date.

c) If the policyholder wishes to upgrade his/her policy. The previous policy is then cancelled and its accounts are rolled over to the new policy.

6. Can I change my monthly life insurance dues?

Yes, but only in the case of Whole and Universal life policies. For Whole life, the policyholder can pay any amount as long as it is above a specified monthly minimum. For Universal life, the policyholder can pay a monthly due of any amount.

7. When can a life insurance company refuse to pay a claim?

In the following events:

a) The policyholder has provided falsified or misleading personal information.

b) The policyholder has died as a result of a beneficiary’s deliberate deed.

c) The policyholder has committed suicide.

d) The policyholder has died as a result of one of the following:

Engaging in warlike combat
Voluntary involvement in terrorism, uprising, or mob action
Production, warehousing, or distribution of unauthorized chemical substances
Widespread poisoning by unauthorized chemical substances
Execution of unauthorized medical treatments by the policyholder or anyone else
Operating motor vehicles without applicable permits
Committing or attempting to commit illegal actions by the policyholder
Consuming alcohol, narcotics or other illegal or inappropriately administered substances
Engaging in extreme sports or flying airborne machines for an unlicensed airline company
Carrying the HIV virus at the time of death
Other circumstances specified by a given life insurance company

8. How does life insurance function in the case of individuals with AIDS?

Some life insurance companies insure individuals with AIDS, but at significantly higher costs than other policyholders. Other companies regard death caused by HIV as a reason to reject a claim, especially as part of long-term policies.

9. What are my responsibilities in respect to my insurance company?

Your responsibilities are to pay monthly dues according to the terms of your contract and inform your insurance company of any changes in your personal information. If these criteria are fulfilled, the policy remains valid.

10. What is the difference between Term and Whole life insurance policies?

Fundamentally, Term life insurance provides protection for a specified number of years while Whole life provides lifelong protection. For Term life, beneficiaries receive compensation only if the policyholder dies during the specified time when his/her policy is active. No compensation is paid otherwise. For Whole life, beneficiaries receive compensation if the policyholder dies at any time after a date specified by the company. Whole life insurance may also include an investment component.

11. What do I need to keep in mind when traveling abroad?

Have all your licenses, insurance cards, and legal-status documents with you at all times. These may become necessary for verification purposes should and accident occur. In the event of an accident, gather appropriate information and contact the appropriate authorities. Do not settle claims on the spot. Also, keep all originals from insurance, medical, and legal transactions filed in a safe place. Remember to file claims before the deadline specified by your insurance company.

12. What can be done in the event of a business partner’s death?

If a business is owned by several partners, a buyout agreement allows the remaining partners to regain complete control of the company. This is helpful and often necessary to keep the company in competent hands, as the deceased partner’s share may have been willed to an undesirable person. For more information about buyout/buy-sell agreements, contact Integra Insurance and Financial Services today.

13. What is required during the signing of a new insurance policy?

Depending on the policy being sought, the following may be required:

Personal/contact information, which may include one’s name, address, date of birth, etc.
State ID or Driver’s License
Previously used insurance cards
Title/Ownership Deeds
Other documents as specified by the Agent