insurance policies

Discussion in 'General Conversation' started by FS Driver, Dec 19, 2007.

  1. FS Driver

    FS Driver New Member

    Messages:
    2,323
    State:
    swansea,illinoi
    i was at a elderly couples home last night working on a few odd and end projects they needed done. ive know them for about 10 years now and
    when i was finished i sat down with them a bit shooting the breeze
    the husband and my father are going through some similar things medically
    and one thing led to another and inurance topic came up .
    after taliking about medical , life popped up and she told me that she has paid a life insurance policy to the same carrier for 26 years on her and her husband and the carrier dropped him at age 86 no refund no notice nothing!
    she said she contacted -------------not sure exact name but its an insurance board of some sorts and they said the company is within its legal rights. they said it was costing them more than he was worth????????
    first off how is anything costing them when they are recieveing money???
    does this seem wrong?????
    any comments are always appreciated but any real helpful information would
    really be great . i feel bad for them they are nice people and hes a veteran
    and it seems a shame they have paid in all these years to be kicked to the curb like this . <o0o< darryl
     
  2. bwhupp

    bwhupp New Member

    Messages:
    1,680
    State:
    Belleville
    Dear Lord.. that is disturbing... to know that they can do that and place a dollar amount on a person's life. That baffels me that it CAN be legal.
     

  3. Big Dav

    Big Dav New Member

    Messages:
    1,016
    State:
    Southwest
    This is sad but I have known of it happening before. My day ahs a term life policy that will expire on him in a few years. That is just wrong that the insurance companies can do people that way..:angry:


    Oddly enough the advertisement (sponsored link) when I read this topic is / was for life insurance.:sad2:
     
  4. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    There is all kinds of life insurance companies and policies.
    Dont buy without understanding what you are buying.
    Preferably buy through your agent. The agent that carries your home and auto. This is why I dont do the Geico thing.

    Somes things are worth paying a little more for. Insurance is one of those if you are with a good company have an agent that gives you his home number, cell number, office number, unlimited coffee cups, hats, calendars, always brings something around Christmas, and will gladly come over to the house if you want to run through some policies or do some work ups.

    Stay away from TV insurance salesmen, and those companies that fill your mailbox with junk mail.
     
  5. SSgt Fishslayer

    SSgt Fishslayer New Member

    Messages:
    1,241
    State:
    south carolina
    there has to be some way that the can either fight back or reclaim some of their money. there is now way this is legal.
     
  6. ryang

    ryang Well-Known Member

    Messages:
    5,326
    State:
    Blacklick, Ohio
    Name:
    Gary
    Alot of it depends on what kind of Insurance it was. If was term then they didnt just drop him they paid for the "life" of the term and they couldnt reinsure him due to medical problems (just a guess).

    If it was a Whole/Variable Life then you get into other issues but generally they cant just drop a paying customer without notification and all of that stuff. There is something that we do not know and that is what kind of life ins. was it and what was the reason for being dropped.

    I know that we all love to diss Ins. companies but when you need them your all drooling over getting your due IMHO. If you must know I work for an ins. company and you should see all of the claims that get filed and how they get filed.

    Im not going to say this is what happened but as far as DRC but we do not know the whole story.
     
  7. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    It all goes back to knowing what you are signing up for.
    If you cant ask questions, surely they cant be answered.
     
  8. Indigo Flats

    Indigo Flats New Member

    Messages:
    382
    State:
    Lancaster,
    My daddy always told me that if you don't know anything about insurance, you damn well better know your insurance man.
     
  9. SubnetZero

    SubnetZero New Member

    Messages:
    1,619
    State:
    Sherman IL
    Don't know about drooling, but "getting your due" is not always easy (and the key word is due).. They don't have a battalion of lawyers on staff for nothing...

    I'd echo Marks remarks and make sure you get a good agent. You'd be surprised what they can push through for you...
     
  10. alands94

    alands94 Active Member

    Messages:
    1,706
    State:
    Lebanon, I
    I agree with Gary. It sounds like a term policy that expired. Of course, there are many types of policies available. It's difficult to venture a guess without knowing more information.
     
  11. FS Driver

    FS Driver New Member

    Messages:
    2,323
    State:
    swansea,illinoi
    thanks for all the responses .
    gary , i didnt have time tonight to call her , but i will this week ,possiblely tomorrow and see if i can get a little more of the story .
    you may be on to something about the TERM LIFE INSURANCE .
    i am not as savvy on all this stuff as i should be , but when you mentioned that word TERM that shed a whole differant light on this .
    its still frustrateing that they are saying that it COSTS them more to insure him as if it were medical they are talking about . the only thing i could see costing them anything would be if they are paying out upon him expireing.
    that part was the most confuseing thing ive heard in a long time.
    can you explain that?
    i will get the rest of the story .
     
  12. BKS72

    BKS72 New Member

    Messages:
    3,361
    State:
    East of KC
    You'd be surprised how many companies there are that have a pretty good idea what you're "worth" dead, alive, or sick at a given age. Insurance companies make their money off of knowing these things - they have to to stay in business. Like any other companies, some are a little more "human" than others. Tough break and a bad deal, and I don't mean to sound heartless, but the longer I'm around the more I grow to understand the importance of "terms and conditions", "statement of responsibility", all that jazz. Good luck with it,

    Branden
     
  13. ryang

    ryang Well-Known Member

    Messages:
    5,326
    State:
    Blacklick, Ohio
    Name:
    Gary
    Darryl,

    The only thing I can think of when they say that is if its a Term and the Term ran out (say they got a 10 year term paying 100 monthly (just a figure)) when he was 50, well after that 10 years then at 60 it costs 250 monthly. That would be the only thing I can come up with. Im no life underwriter so I couldnt even imagine why. I pretty much know Auto and Home but I am not an insurance agent I have better resources for the Auto/Home