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Ask the Health Insurance Expert

Q. Can I drop my daughter that finished college and got married?


A. Sure, but you probably have to wait until the open enrollment period at work – that’s when you can generally add or drop dependents.

Is that going to leave her uninsured though? Is she eligible for another group health plan? She can stay on your health plan until she’s 26, even if she’s married. Here’s more on getting dropped from a parent’s health plan.

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Ask the Life Insurance Expert

Q. Is there an insurance policy that pays off the mortgage when one of the insureds dies?


A. Mortgage life insurance specifically pays off a mortgage.  But I wouldn’t buy that. Instead I’d buy a regular term life insurance policy that covers the time period of the mortgage and any other large debts. Then the beneficiary can use the benefit for whatever is needed, be it the mortgage, final expenses, etc.

Here’s a good discussion about the pros and cons of mortgage life insurance from Cash Money Life.

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Ask the Health Insurance Expert

Q. Can my insurer cancel my health insurance the same day I’m let go at work? I thought they had to by law give you till the end of the month?


A. No, there’s no law like that. Health insurance typically ends on your last day of employment. However, you should be offered COBRA, unless your company has less than 20 employees. COBRA is your opportunity to continue to buy the health plan yourself.

The employer’s health plan administrator has to notify you of your rights to COBRA within 14 days. We have more information on your COBRA rights.

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Ask the Health Insurance Expert

Q. My son, 14 years old, is going to backpacking for 10 days. We are looking to insure him for any possible accident.


A. A good health insurance policy should be sufficient – that would cover broken legs, infections, etc.

If you’re thinking something more severe might be possible, then maybe this trip isn’t the best idea.

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Around two-thirds of Americans over age 65 will need long-term care, either through at-home health care services in the home or an assisted living facility or nursing home. Yet more than 90 percent of those surveyed in the Genworth Financial “2013 Annual Cost of Care” report haven’t talked about critical long-term care issues with their spouse, partner or adult children.

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If you’ve ever been given insurance advice, you’ve probably heard at least one of these. Number one is probably the one we hear most often. Don’t believe it! Find out what you should really do.

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If you have been wondering where to look for life insurance you think is lost, there are plenty of resources available to assist you in your search.

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Ask the Life Insurance Expert

Q. Will a life insurance company pay the benefit if a policyholder has been paying nonsmokers premium and is a smoker and dies of lung cancer after the two year probation period?

A. If the insured hid his smoking at the time of the application, then yes, it’s possible that the life insurer could deny the claim because there was misrepresentation (meaning fraud) on the application.

Occasionally someone will start a bad habit after his life insurance policy is in force. If someone started smoking after the policy was issued, the insurer should not deny the claim.

That two-year period is called the contestability period.

Here’s more on hiding smoking from life insurance companies.

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There are four basic types of insurance plans you can choose from for 2014. They are Platinum, Gold, Silver and Bronze. Each plan comes with a different deductible. 

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Ask the Life Insurance Expert

Q. If a parent has you on a life insurance policy can you be removed?


A. I assume you mean your parent owns a policy on your life and the parent is the beneficiary?

No, you can’t force them to remove you. They are the policy owner and they have all legal control over the policy, not you.

I know, crazy, right?