Hi! we had a discussion on birthday insurance earlier on our forums. I've searched for the thread for you from the discussion archive. Please check the Url below.
Posted: Fri Feb 08, 2008 4:01 am Post subject: Birthday Insurance
I think the previous discussion was about which parent carries insurance on the children.
There is a Birthday Insurance policy a person, usually a grandparent, can buy. After the policyholder dies, the insurance company will send a birthday card and a check to the grandchild or another person for a specified number of years.
I have never heard of it before either, who ever came up with this? I don't think it would be any different than leaving it in payment form like any other insurance, it is just that putting the name "birthday" insurance on it makes it sound kind of creepy.
From a consumer standpoint, birthday insurance is a great way to be remembered and it's relatively cheap. You pick the card, pick the amount, pay the premium and when the time comes the beneficiary receives the allowable amount as a birthday present.
My grandmother used to send me one $2 bill every year for Valentine's Day and my uncle used to buy me a Hess truck every Christmas. I miss those type of presents. Too many people these days focus on the most lavish things they can buy and then wonder why the average consumer is in debt.
Some agents will analyze every calculation imaginable against birthday insurance to reinforce their position about recommending a more suitable investment option, but it's really a matter of personal preference.
From an insurance agent's perspective, the commission is the lowest I have seen on a life insurance product, so I wouldn't worry much about some greedy agent coming after you to get you to sign up. _________________ You can catch me here: insurancesaleslibrary.blogspot.com
My father in-law did not leave a will instead he told my hubby and his mother that when he passed away he wanted my hubby to have the farm. BUT, when that day came my mother in-law bought a house in town and is making my hubby buy the farm.No will, no gain. But boy is my hubby mad and me too cause I did not want to go 90,000 in debt at out age.
It is a real shame that families can get torn apart because people do not have a will and business/personal succession plan in place. _________________ You can catch me here: insurancesaleslibrary.blogspot.com
Yes ,it is a shame but I have seen it happen a lot. It does tear families apart.I have 2 sisters that do not and have not spoken since our dad died 13 years ago. A death in a family can really hurt people in lots of ways not just ny a will. Everything our father had went to our step mother .Then when she passed away it went to the step children . He only had personal possessions ,but I would have loved to have had something as a memory of his life.
