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 Posted: Tue Sep 15, 2009 11:08 pm Post subject: Does anyone know the reputation of ING life insurance? Are t |
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please help.
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| Posted: Wed Sep 16, 2009 2:18 am Post subject: |
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| What exactly do you want to know? Good company, low rates, fair underwriting. |
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dgoldenz
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| Posted: Thu Sep 17, 2009 9:52 am Post subject: |
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| Quote: | | Good company, low rates, fair underwriting. |
Or it could simply be the claims settlement history.
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anonymous00
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| Posted: Mon Sep 21, 2009 2:20 pm Post subject: |
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| I've had good success with ING Relistar. They are using an electronic application with e-signature that is very slick. Cuts weeks off processing. |
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Garthfis
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| Posted: Sat Feb 06, 2010 8:20 am Post subject: Not happy with ING! |
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| My Mother has been paying $20 premiums to ING since 1985. She is 86 years old. In January, 2010, she received a letter from ING stating she must pay $400 to keep her policy in force and then $150 premiums. Like she can really afford this!! They claim there is no equity left. I would not advise getting insurance through ING!! I feel they robbed my Mother. Where will she ever get insurance at her age? My Mother is devastated!!!! THANK YOU ING!!!!! |
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plumadw
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| Posted: Sat Feb 06, 2010 8:32 am Post subject: |
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Sounds like Mom has a universal life policy that was not properly funded. Perhaps through no fault of her own, simply paying the premium she thought she was supposed to pay. Evidently, she did not learn to read her annual statements.
What's even more amazing is the $20 premium since 1985. At that rate, the policy should have collapsed years ago. Like in the 1990s. She probably added funds along the way.
She's lucky her premium is only $150. I can show you a client's in-force illustration that would have required him to pay almost $11,000 per year for 40 years to keep a $100,000 policy in force. Utterly ridiculous.
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MaxHerr
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| Posted: Sun Feb 07, 2010 3:46 am Post subject: |
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As Max said, your mother's situation is not unique to ING, it's been a common problem with universal life insurance.
As far as reputation of Reliastar and ING goes...Heath Ledger
Situation was pretty nasty, they maintained that his policy, which was still in it's contestability period, would not pay a claim because he committed suicide. Later, when the medical examiner ruled his death an accidental overdose, ING still refused to pay citing news sources, including tabloids, that his death was a suicide.
The beneficiary in this case was his daughter (big planning mistake, she's not old enough) and litigation was needed. The parties reached a settlement, meaning the 10 million dollar death benefit never got paid, it wasn't a tax free payment, and some attorney's got to share in all this. |
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BNTRS
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| Posted: Sun Feb 07, 2010 9:44 pm Post subject: |
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BNTRS, I don't know enough about the Heath Ledger case to comment. I imagine that you don't either.
Did they publicly say that they weren't paying because of suicide? My GUESS is that it doesn't matter either way. If it was suicide they don't have to pay. If it was drug use, it probably wouldn't be too hard to dig up the information that he lied on his application about his drug use. Either way, they wouldn't have to pay. In fact, in either case, they have a responsibility not to pay. |
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InsuranceExpert
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| Posted: Sun Feb 07, 2010 10:16 pm Post subject: |
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The first claim from them was they wouldn't pay due to suicide, they tied to maintain that is was suicide based on media reports. Accidental overdose was for use of legal drugs.
They they changed their stance slightly to claim that they weren't going to pay due to the possibility that he lied about illicit drug use. |
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BNTRS
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| Posted: Mon Feb 08, 2010 1:28 am Post subject: |
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| Either way, it makes sense that they wouldn't pay. The family probably agreed to the settlement because they knew that the insurance company was correct about not paying. |
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InsuranceExpert
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| Posted: Tue Feb 09, 2010 2:37 am Post subject: |
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| Ok, if you say so... |
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BNTRS
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| Posted: Tue Feb 09, 2010 7:23 pm Post subject: How does final expense insurance work? |
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My Mother wasn't able to afford her universal life policy, with ING, after her premiums increased. We were wondering if there is anything that would at least help with the expense of a funeral? She is 86 years old.
My Mother is the type who keeps every receipt she gets. I asked her if she had any statements that ING might have sent her. I was extremely interested in viewing any information they may have sent. She told me no. They had never sent any monthly statements because her premium was taken directly out of her checking account. If they had sent her annual statements, she obviously didn't remember. I wish I lived closer so I was able to go through her paperwork.
I have 1 more question. I have Multiple Sclerosis and I need to find some life insurance before my next birthday, which is March 3, 2010. I think the only policy I would qualify for are the ones that don't pay within the first 2 years. Would you please be able to give me any information on this? Also which companies you think would be the best. Thank you very much for your time!! I more than greatly appreciate it!!!! Thanks again, Kathy
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pluma
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| Posted: Tue Feb 09, 2010 7:32 pm Post subject: |
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Kathy,
ING should have sent your mother an annual statement showing how long the policy was both guaranteed and projected to stay in force based on current payments. At her age, it would be very difficult to find anything for less than the $150/month that ING is telling you must be paid to keep the policy going. Even if she could qualify for a standard rate (which is difficult at age 86), the premiums for even $25,000 of coverage would be around $230 per month.
As far getting coverage for yourself, you can still get fully underwritten coverage with benefits guaranteed from day one, and depending on other factors and the severity of the disease, even a standard rate (i.e. normal life expectancy). We just finished a case for a 62 year old woman with MS that received a Table 2 rate (standard rate + 50%), which would have been a standard, but she could not afford the expensive medications and stopped taking them against medical advice. Every company has different underwriting guidelines, so without knowing the whole story and actually shopping the case to underwriters for different companies, it would be difficult to say which company works best. If you want some help, you can visit our website (www.terminsurancebrokers.com) and send an e-mail or call. I would post my e-mail address here but I seem to be getting a lot of spam when I've done that in the past. What state are you in?
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dgoldenz
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