15 years ago my then husband bought insurance policy and named me my son and his daughter from previous marriage as beneficiaries . I have been paying the premuim through my bank account. We divorced five years ago. I continue paying for the premuim. He never change the beneficiaries. His current wife hates me. What are my rights to claim this policy and can the wife claim this policy even she is not named beneciary.

The policy owner controls the beneficiary designation. If there is an irrevocable beneficary they would have to sign off on any changes. Regards, LSM

While working in the US I took out $1,000,000 5 year term policy. I subsequently have permanently relocated relocated to Canada. My question is this: Are the proceeds from the policy taxable by the US upon my death?

I would check with the insurance company you took out the policy with or a tax advisor. We are licensed in Canada and would not have the expertise to answer you US tax question.

what is account value on a universal life insurance policy

I think you are referring to the accumulation fund. The accumulation fund is the investment value of the policy. The accumulation fund and the cash value are not always equal the cash value is the amount the insured can actually redeem from his / her policy and is the accumulation fund minus any surrender charges and policy fees.

If I have been paying approximately $90.00 per month for the past 12 years. How much (ball park) am I allowed to borrow against this term policy and do I have to pay it back or is there any type of penalty? How do I go about borrowing against this policy, if possible?

Most term policies do not have a cash value. You would have to contact your broker or the insurance company to see if your policy has a cash value - if it does, you can generally just write the insurance company a letter with the request. As a rule of thumb, you can borrow up to 90% of a policy's cash value.

How long does it usually take for a beneficiary to get the death claim even after the contestability period is over and the requirements were already submitted?

The amount of time can range from a couple of days to several months. If the insurance company suspects foul play or fraud they will likely write the insured's doctor(s) for clarification.

Am I covered if i commit suicide after having the policy for more than 2 years?

Thanks for the question - I assume you are referring to a life insurance policy. Life insurance policies have a 2 year suicide provision so the policy would pay out after 2 years assuming there was no mistatements of fact on any of the application questions.

What if the insured person was diagnosed with Cancer after being with the Insurance company for over 3 yrs? Does the insured person can claim the whole amount of the policy he/she have been insured for? And if not how much the insured person can claim at the insurance company in view of this scenario?

No claim can be made on a life insurance until the insured dies. The applicant can apply for a Terminal Illness benenfit - most insurance companies require a letter from the insureds doctor saying he or she has less than 12 months top live. The money is paid out as advance on the death benefit and is generally limited to 50% of the policy face amoun. The maximum terminal illness benenfit usually ranges from $50,000 to $100,000.

Hi, my mother-in-law died two weeks ago. How can I claim the insurance if I don't know the policy number is correct or not?

Sorry to hear that. You would have to contact the insurance company or the broker (they can verify if the policy is in force) and let them your mother-in-law died. They will need a death certificate you can usually obtain this from the funeral home.

where can I get a copy of my policy, I lost my copy and I can't get in touch with my agent

You can get a copy from the insurance company. There is usually a charge of $25 to $50 for a duplicate policy.

Ten Years ago I donated one of my kidneys to my wife. Policies we had at that time stayed, but when recently I tried to increase my policy (with Manulife - group plan with engineers) they turned me down and basically stated that they would not even consider my wife. We are both healthy otherwise and live normal lives, yes we do se specialists to make sure all is well. Any suggestions, other than policies with no med q’ns?

Thanks for the note. You or your wife may qualify for a Simiplified Issue plan. There are no medical tests and depending on the plan there are 3 to 12 health questions. You can get more details at http://lsminsurance.ca/life-insurance-canada/2010/02/simplified-issue