by Chris Bantly » Tue May 12, 2009 06:28 pm
I had a client call me and say that her insurance is very expensive because she is in the process of dealing with the aftermath of a bankruptcy (her soon to be ex-husband declared it causing her some trouble as well).
I am very familiar with the practice of higher premiums from Homeowner's and Auto Insurance...and I understand the reasoning. I was not aware that health insurance companies looked at credit as well. Is she mistaken? Or does anybody know that a health insurance company can raise premiums due to poor credit?
I am very familiar with the practice of higher premiums from Homeowner's and Auto Insurance...and I understand the reasoning. I was not aware that health insurance companies looked at credit as well. Is she mistaken? Or does anybody know that a health insurance company can raise premiums due to poor credit?
Posted: Mon May 18, 2009 02:47 pm Post Subject: insurance
SIMON>>>>>>> I see your point on this. I have a good driving record. I don't want to have to 'pay' a HIGHER payment, for those who DO have bad driving records. I am asked ( almost on a daily basis), by a neighbor, if she can use my car. Well..........FIRST of all, she doesn't own a DL ( because of too many DUI's. SECOND of all, she has an attitiude that the "world owes her", etc. She doesn't have Insurance, either.
Posted: Mon May 18, 2009 08:02 pm Post Subject:
I have never had a client rated up due to bad credit. I am not familiar with any health insurance companies that do so.
Posted: Tue May 19, 2009 03:27 pm Post Subject: Bad Credit
Health Insurance Carriers DO NOT MARK ANYONE up for "bad credit"
They only markups you will receive in health insurance if for "Bad Health"
I am 100% positive on this.
Wesley Brinson
HealthGeneralAgent.com
Posted: Tue May 19, 2009 04:28 pm Post Subject:
Disability coverage is a subset of health insurance and people have been turned down for bad credit.
I have not seen this for traditional health insurance, but, there are 50 states, and what is true in one state doesn't have to be true in another.
Wesley, are you 100% positive for all 50 states?
Posted: Wed May 20, 2009 12:21 pm Post Subject:
Yes I am work in nearly all states. Health Insurance has never been effected by credit. I can't speak for disability because I do not focus on it. I've been selling health insurance for 8 years and have sold in nearly every state. I've never even heard this topic brought up before.
Posted: Tue Jun 30, 2009 09:18 pm Post Subject: bad credit=poor money management
To those who feel that bad credit = poor money management you are sadly,sadly mistaken and extremely narrow-minded.Maybe when it happens to you for whatever reason you'll wake up and understand this.NO ONE should have the "right"to use your credit score against you for anything other than money lending decisions.Your credit score DOES NOT reflect the type of person you are,nor that something that happened 20 years ago didn't teach you a valued lesson.For whatever reason,judge not,lest YOU be judged...Have a nice day! :D
Posted: Thu Jul 02, 2009 02:01 pm Post Subject:
Bad credit does not equal poor money management. However, there is certainly a high correlation.
Most people with poor credit do have poor money management skills.
Companies want to do business with people. Otherwise, they can't make money. If a company thinks that they will lose money dealing with people with bad credit, why should they be forced to do business with them?
Posted: Thu Jul 02, 2009 05:43 pm Post Subject:
nor that something that happened 20 years ago didn't teach you a valued lesson
If this was truly the case, then an individual could have excellent credit by now. The longest that anything is allowed to stay on your credit is 10 years, with most collections and chargeoffs being 5-7 years. Unless you have outstanding tax liens, your credit could be perfect 5-10 years after you learned such a valuable lesson.
Simply put, most people with bad credit have shown that they have poor judgment and poor decision making skills. Are there exceptions to the rule? Of course there are. Some people argue that divorce is a reason for bad credit...and yes it can contribute...but it is not a valid reason.
Companies want to do business with people that are going to pay them. Otherwise companies lose money. Unless Obama gets any brilliant communist ideas about making companies do business with people who will not pay their bills, then this is America. It is a free country and companies and people can do business with whomever they like.
Posted: Fri Jul 03, 2009 01:48 am Post Subject:
By law health insurance companies cannot single out individuals after you have been approved and then had issues with your credit. I have never heard that health insurance company will increase your rates due to your credit. Infact I have been working with over 17 health insurance companies for over 6 years and I have never, ever heard of anything like that. What is health insurance have to do with your credit?
Posted: Fri Jul 03, 2009 07:52 am Post Subject:
Hello Donreyes,
What is health insurance have to do with your credit?
Agreed, but what would you say about the P&C producers who are increasingly checking with credit scores before writing businesses?
Pagination
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