Read the reviews of people that used True Blue for their insurance needs. In each case, the small print reveals that your pet needs to have ‘life-saving’ treatment for the cover to apply. She had a term life insurance policy since 1999 with AIG which turned into AGLI. It has been almost 2 years as of 1/1/19. In most cases, key man or buy-sell policies are relatively simple, but this may have more layers to it that an attorney may provide more insight and remedy. Michael J. Hoover Phone: (225) 246-8706 Email:[email protected]. You may need to get verification of his payment stubs from his employer. He was then diagnosed with cancer in January and passed away by the end of February. First of all, he was never asked that question during the application process (neither was I). In this example, Company A provides life insurance coverage for 1/1/2018 to 12/31/2018 and Company B provides coverage for 1/1/2019 to 12/31/2019. As a side benefit? give us an update!!! Maybe you quit smoking a couple of years ago. If you are talking about the face value (death benefit), unless it is a policy like a decreasing term or maybe a universal life policy, the death benefit will typically remain fixed at the agreed upon amount. Great question. Quick question. Most term life insurance is set to cover you while you are working and supporting a family, whether it’s decreasing term insurance that secures the family home, or level term insurance to keep the children financially taken care of until they can provide for themselves. Since there is a minor child involved, a will is vital. Are there any reasons my funeral insurance policy won’t pay out? The social security number of your father may be sufficient. I am trying to see if this would fall under accidental death. I can understand how this issue only adds more to the overall stress level. At True Blue, we do things by the book and ensure transparency when working with clients. This issue is extremely common in the whole life insurance industry. The only reason I knew of some of my father’s insurance is that I could access his bank records. My understanding per their policy and practice is that a POA can only initiate change of beneficiary if the POA is 6 months old. 2) These polices are cheap because, statistically speaking, you are more likely to need the coverage when you are not covered. If you got another policy for the same amount, doubling your coverage, the original policy’s contestability period does not start again. And I named him. The policy should pay out nonetheless. So, will this scenario affect my policy premium for term/whole life insurance? Steve C. Burgess Phone:888-428-4868 Email:[email protected]. Without seeing the policy myself, I can’t really comment on anything outside the information you are giving me. Or has the value already diminished over the years? His niece died. Something isn’t right or adding up given the info. Steve C. Burgess Phone:888-428-4868 Email:[email protected]. A suggestion would be to keep the current policy, and then apply for a new policy with a different company, in which you indicate the history of rehab. That’s weird since I once was insured from my job..and I asked for the policy in full and they gave me the policy and it had very many pages describing coverage and limitations completely. She had an insurance plan since August. If the insured passes due to a health related death (non-accident), the company returns all the premium paid, plus interest. The company has nothing to do with the life insurance policy paying out. Upon visiting the roommate, she told me that she was the beneficiary to Dad’s life insurance and that her lawyer told her she didn’t have to change that. allowed, was to continue paying the premiums and that she would own the policies now!!?? As far as your brother, I would tread lightly. If you got a brand new policy for double the coverage, the contestability period starts over again for the full coverage amount. Can we file claims to get refunds of premiums on these policies to recoup some of the funeral costs? The funeral home does not accept contested policies for payment so my family has the burden of paying his funeral expenses. Can they come back and bring up things that were never even asked about during this “special” open enrollment thru met life if something were to happen? Please help me better understand this. My brother used a forged POA to transfer my dads life insurance policy into his name… which is being investigated. The policy has her nickname. Question reads, have you ever smoked? Does a life insurance company have to notify a client that the amount of there policy has changed or decreased over time and if so wouldn’t they have the client sign a new policy? We filled out the application and then an interview that lasted almost 2 hours on the phone. The insurance company hasn’t made a decision yet, why is her employer saying that? it is the divorce settlement that dictates my obligations to the children regarding the benefits, and judges my adherence to this; not the life insurance company. She died that day (3 days after the policy) and death certificate says SUID and cause is undetermined. Different life insurance companies have different stats for their payout levels, and many of the companies we work with and recommend have 99% payout rates – a couple even claim 100%! At this point the death claim is still under review any no payout has been issued because there was no official named beneficiary. My husband died in December of 2015. Sometime in the last few years, the adult daughter brought some papers to her mother late at night in a semi-dark room, told her they had to do with confirming the beneficiaries on her life insurance policy, and insisted angrily that she sign them. I have an older friend (69) whom I met last year when I was looking for a housemate for my Dad, who could not then live alone. It’s making me uneasy that it was never discussed or challenged. However, the company I work for has changed contracted life insurance companies several times. Your life insurance policy should pay your fiance. Should I call and make sure this will not cause a problem? He’s already called me and said they will not pay me without it. The limited period depends on the company, typically either 2 or 3 years. Just received a letter asking me for full coroners autopsy report with toxicology . Net, I’m unsure what happens. Maybe you quit smoking a couple of years ago. The main reasons why life insurance doesn’t pay surrounds lack of payment and misrepresentation on the application itself which is why we encourage everyone to be honest and not hide information while … You are right in that coverage begins on the date of the first premium payment and if there is no language defining minimum time-frame before a benefit is eligible to be paid out, you may have a compliance issue on your hands. Anytime you begin dealing with trusts, having an attorney who is knowledgeable on the laws that govern trusts is key. You are definitely asking a good question. I cant understand why my calls arent returned. I would ask for the legal explanation on why they cannot provide a copy of the actual policy as this is the only way you can verify the contract’s value. It’s worth checking how your life insurance is affected before moving abroad – and it’s not always the countries you expect, with both the Isle of Man and the Channel Islands among those places voiding your life insurance after 12 months! First off, any agent that offers a decreasing term product as a viable solution is not to be trusted, in my opinion. Depending on what state you live in, there could be a suicide clause in your policy. Once your children are all grown up, and the house is paid for, the insurance reaches the end of its term and falls away – never triggering an insurance payout. Contact the insurance company directly to find out your options. Canada has a different set of rules and regulations regarding life insurance. The way I am understanding it, you are correct in assuming the insurance company is ” getting tripped up on semantics in our settlement”. then the policy pays out as normal. But our settlement governs the use of the monies and I am bound to that obligation, to utilize the monies “on behalf of the children”. From an insurance perspective, unless she has been deemed mentally incompetent by a government entity, she still has control and say over what she does with the money and can purchase insurance products on her own. Since the order states you are the “trustee”, they may be looking for an actual trust to submit the payment to For Benefit Of the minor children in order to keep themselves in line with the court order and prevent any additional legal issues. He is the author of The Salesman Who Doesn't Sell and is a member of the Million Dollar Round Table, an organization that consists of the top 1% of financial advisors worldwide. It is clearly laid out in the policy paperwork as well. As long as you are honest when you apply and do not try to hide material information, there are very few reasons for an insurance company to deny covering a claim. Just the last 8 years I been bedridden due to my complications of my Multiple Sclerosis. How could this be true if most policies don’t pay out? I have paid 30 years on a policy on my ex-spouse. We have an in-depth article regarding life insurance and suicide that we recommend reading for a comprehensive understanding, but in brief: This is a case of checking the small print, but your insurer may choose to make exceptions if you are outside of the UK at the time of death. For example, if you are killed while stealing a car, your beneficiary won’t be paid. 3. My Dad had an insurance policy with his niece as the beneficiary, before he moved with me. ago. “And are there no measures in place to contact the only listed primary beneficiary?”. While there are strong similarities between the US and Canada insurance laws, each jurisdiction brings its own different scope of differences. Most policies come with a ‘duty of care’ or ‘reasonable care’ clause requiring you to take practical precautions to prevent claims arising. So, they put her in a higher bracket and had her pay the differrence in now the higher premium. Please don’t say no to the policy. Contact Michael J. Hoover Phone: (225) 246-8706 Email:[email protected]. These are, however, some of the more common instances. In this case, the insurance company is on the right track. “The agent who opened our polices has been terminated and is no longer with the company. Thanks, a bunch. Is this true? What should our next steps be? This clause still applies even if a claim has already been filed. It isn’t easy and can be a tricky situation. Yes. I am so sorry to hear about your experience with AIG and the recent passing of your mother. Now the insurance company says the policy is cancelled because it wasn’t a naturally occurring death??? They requested police report, autopsy report. My father passed last summer. Is this cause for non-payment of the policies? You may be overthinking this a little though. What is the point of him paying for the insurance if I cannot collect? When a claim is reported, the insurance company would investigate to ascertain that the claim for which the insured is seeking, is in consonance with the terms of the contract. Will this cause a problem when I die? The applications typically look back 10 years. Now his employer life insurance is asking for a copy of our settlement (which I gave them), and is asking me to answer the question of whether my ex had other life insurance policies besides this one, to fulfill his obligation to maintain $XXX,000 amount of life insurance. There are many questions they will need to ask about the particular policy you had. He can improve it and move up one class. The thought of doing something like that might seem bizarre to most people, but before the incontestability “suicide clause” went into effect it occurred more often than you might think. If something happens while someone is robbing your home or on the road in your car, it is considered an accident. Thank you in advance! I only say this because I used to sell for them back when they were part of Citi and since they broke off, it is not a company I feel is best for the customer. In most cases, yes. Rather, it’s in place to deny claims for civilians who are killed in wars or by acts of war, such as journalists whose job takes them into the midst of battle on a regular basis, or people who travel to regions of the world where there’s armed conflict. Thank you. These types of policies have very few practical applications in insurance strategy because (in almost every policy I have seen) you pay the same dollar amount for the entirety of the time it is in force, but the benefit goes down. 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