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Gelinas Financial Group, Inc.

LISTEN, UNDERSTAND, RESEARCH, HELP. Money management has a new reality. Financial-planning efforts must consider “the whole client.” We offer a multi layer approach that starts with education. We strive to gain your trust then deliver the results you seek. At Gelinas Financial Group, Inc., our passion is supporting our clients by adding value: You need information to make correct decisions. We’ll help you achieve higher levels of success and better process management through cutting-edge solutions, training, mentoring, and continuing education. Our objectivity and independence mean you get the financial-planning and risk-management solutions that meet the unique demands of your present situation. We offer our expertise in the following areas: Financial Planning Retirement Planning Insurance Investment Coaching Annuities More Hope is not a strategy. We meet with our clients regularly to scrutinize their investments and make adjustments.

Five Ways To Kill Life Insurance Payouts

Shawna Kreis Shawna Kreis , 8/3/2016
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You buy Life coverage to provide for your loved ones after your death. To make sure your beneficiaries receive what they're owed, avoid these errors:

  1. Lying on your application. Truth hurts, but it can hurt even more if you lie on a Life insurance application. Although it might be tempting to deny that you're a smoker, or have been treated for a particular disease or medical condition, doing so could make your policy null and void.
  2. Failing to make premium payments. Just because you miss a payment doesn't mean your policy is dead. The insurance company will usually offer a 30 or 60-day grace period for payment, during which the policy will stay in effect.
  3. Not telling loved ones about your policy. Although this doesn't mean the insurer won't pay the beneficiaries after your death, it will make things more difficult for them. Most companies check databases for policyholder deaths, but not always in a timely manner. If you don't give your beneficiaries policy information, some states have locator programs to help them check. The American Council of Life Insurers (ACLI) website also provides tips for tracking policies.
  4. Not naming other beneficiaries. If your primary beneficiary dies ahead of you, the secondary beneficiary will receive the death benefit. If he or she passes away before you, the proceeds will go to the final beneficiary. If both deaths precede yours, the benefit will go to your estate.
  5. Suicide. In It's a Wonderful Life, Jimmy Stewart thought (wrongly) that he was worth more dead than alive because his family could collect on his Life insurance. However, under the "suicide clause" in a Life policy, if a policyholder takes his or her own life during the first two years of coverage, the beneficiaries would receive only the premiums paid to that point.