by Guest » Thu May 02, 2013 06:34 am
HI Everyone,
I am of age 25 and married .I want to go for a life insurance plan but i don't know which one would be better for me.If you have any ideas .Please suggest me.
I am of age 25 and married .I want to go for a life insurance plan but i don't know which one would be better for me.If you have any ideas .Please suggest me.
Posted: Thu Jun 27, 2013 06:29 am Post Subject:
The best basic guide for understanding the differences in life insurance is the NAIC's "Buyer's Guide to Life Insurance." It was created without any bias toward one product or another. All states require that a Buyer's Guide to Life Insurance be provided not later than at the time a policy is delivered to a client.
A specimen copy of the Buyer's Guide can be viewed here: www.naic.org/documents/consumer_guide_life.pdf
Do not rely on any documents produced by insurance agents or other persons who are not members of the NAIC -- only state insurance commissioners/superintendents/directors are members of the NAIC.
Posted: Thu Jun 27, 2013 09:28 am Post Subject:
These all things should be done after looking at your financial condition. Normally you can go for life and health insurance, but you have to decide whether it will be long term or short term.
Posted: Thu Jun 27, 2013 01:50 pm Post Subject:
OK Max, I respect you for knowledge about insurance, but are you aware of what financial planners do? It seems you aren't.
Financial planners are required to pass a module on 'insurance and risk management'. So what's the harm in consulting a financial planner for matters related to insurance?
Posted: Thu Jun 27, 2013 06:10 pm Post Subject:
First of all, the term "financial planner" has no meaning. If you are talking about a CFP, the danger in consulting one on insurance matters is that the training only gives them a beginner's level of knowledge. From my experience, CFPs who don't make their income from insurance sales almost always just have enough knowledge to be dangerous.
Posted: Thu Jun 27, 2013 07:05 pm Post Subject:
Financial planners are required to pass a module on 'insurance and risk management'
Wonderful. They would still have to pass an insurance licensing exam in order to actually transact life insurance.CFPs who don't make their income from insurance sales almost always just have enough knowledge to be dangerous.
Or even less than that.So adamsarthur, are you telling us you are a CFP? If so, you fit into the "just have enough (or less) knowledge" category and are dangerous. What was your score on that module?
Posted: Thu Aug 22, 2013 12:48 am Post Subject: what to do,
I surrendered two term life and one whole lifepolicies replacing with a Universal life policy in May (2013). Circumstances have drastically changed and I cannot afford the premiums on the UL..CV from previous WL policy was to "fund " the new policy...which has not been done yet.Family says ,"surrender the policy"..Does that CV check go to the INs Co or can I use it to pay needed bills?
Posted: Thu Aug 22, 2013 04:24 am Post Subject:
Family says ,"surrender the policy"
So, tell us, who in your family is a licensed insurance agent?First, you don't "surrender" term policies, you simply cancel them. Most companies will permit you to reinstate the coverage if you can prove insurability and pay past due premiums within three or more years of termination.
The bigger question is "Who convinced you to surrender the whole life policies, and how?" State insurance laws govern misrepresentation and twisting (a particular form of misrepresentation involving replacement of an existing insurance contract), which are criminal acts on the part of agents and/or insurance companies.
You should have made a "1035 Exchange" of cash value from the existing WL policy into the new UL policy, in which case the old insurance company sends a check directly to the new insurance company, or are you waiting for an insurance company to simply send you a check because you stopped paying the premiums on your WL policy?
That, unfortunately, is probably not going to happen. Instead, the old insurance company will keep your policy going until the cash value is consumed, then your policy will lapse.
The good news is, if that is what is currently happening, you have not lost that insurance coverage, and may have some recourse against the new insurance company. But it's not a "do-it-yourself" thing. It is very complex. If you were misrepresented the nature of the UL policy by an unscrupulous agent, I may be able to help get your money back, or will find legal counsel for you to sue the insurance company and agent.
Does that CV check go to the INs Co or can I use it to pay needed bills?
From the old company or the new company? The sad fact is that if you attempt to surrender your UL policy today, most likely you will get exactly $0. All (or most) of your cash value in the new policy could be lost to new surrender charges. But you probably were not told that.There are a variety of disclosures that should have been made to you about replacement of life insurance (a signed form) and you should have received a Basic Sales Illustration for the UL policy showing the approximate cash value over the next 20 years (a signed document), and surrender charges in the new policy should have been thoroughly explained. If you never received those disclosures, if you never signed the replacement form, Basic Illustration documents (at the time of sale, and another one at the time of policy delivery), if you never signed a policy delivery receipt (or statement of good health) when the policy was delivered, you have a great case against the agent and insurance company.
Additionally, if you are in California or many other states and over the age of 65, there are financial elder abuse laws that may also give you certain protections and legal remedies or recourse.
Use the email link below to send me your contact information and we can discuss the situation confidentially. Those details should not be discussed in a public forum such as this.
Posted: Mon Aug 22, 2016 06:06 pm Post Subject: Home Insurance Claim
My contractor submitted to my Insurance company invoices for work he claims to have done on my property.
I initially asked my contractor to give me original invoices, and receipts of work done. That was never done, instead, the contractor not only sent the receipts and invoices direct to the Claims adjuster but also asked for more money. The Insurance Claims Adjuster agreed to pay the contractor without my knowledge . I requested my Insurance Claims Adjuster to provide me with the contactor's new claim. He never did.
It is pertinent to point out that there was a prior Insurance Claims Adjuster. He finalized what was due the contractor and the insurance settled. But for reason(s) unknown to me the prior Insurance Claims Adjuster left the insurance company and the new adjuster decided to negate what his predecessor had done without coming out to see my property.
Fortunately, the Insurance Company did not pay the contractor directly the check was sent to me. Part of that money I gave the contractor and the balance I used in asking someone else to do the work the previous contractor claimed to have done, and also correct work that was not properly done.
The initial contractor is insisting that I turn every penney I received from my Insurance Company into them .
What can I do? Please help . Thank you very much.
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