Spoke with agent yesterday to set up LIFE insurance since buying new house. He indicated they would pull a HARD on me (in addition to physical exam/MIB bureau inquiry)! When I asked what relevance credit had, he said that those with poor credit histories are a higher insurability risk due to increased suicidal tendencies from debt worry and also that one spouse (the one with bad credit) may end up suspiciosly dead and the other may use the proceeds of LI payout to pay off the dead spouses debt!!! Is this guy off his rocker?? I just don't see the relevance here and am beyond pissed on this one. Do all ins. co's pull hards for LI and is this their reasoning?
Re: HARD for LIFE Insurance? WTF??? What insurance company? How much insurance? It varies. Some are worse than others.
Re: HARD for LIFE Insurance? WTF??? Talk to these folks: http://www.gefinancialassurance.com/ If you prefer a local agent, many brokers can write with this company. Don't buy a mortgage product (decreasing term) it is a bad deal anywhere, IMO. Not to knock Nationwide, but life insurance is not their strongest point. If the amount is in proportion to your need for insurance, and there are no out-of-the-ordinary factors, I doubt GE will run a background or credit check. You need to be dealing with companies who do not need to reinsure large policies, and whose underwriters deal with large face amounts routinely. I do not work for GE Financial, and have no ulterior motive in recommending them.
Re: HARD for LIFE Insurance? WTF??? That doesn't sound kosher to me. I thought life insurance policies would NOT pay anything in cases of suicide. I think you should look elsewhere for life insurance. If that rep. you spoke with reflects the company's attitudes and *paranoia* then I think you can do much better than that. Good luck. Calmest_LA
Re: HARD for LIFE Insurance? WTF??? Only for the first two years. After that they pay in cases of suicide. Incidentally, an agent I worked with had a client who took out a policy and two years later to the day committed suicide! The paranoia is justified if a person is taking out more insurance than they can demonstrate a need for - excuse the grammar. Actually, the insurance company has to make sure that, at the time of issue, to the best knowledge available, you are not up to anything devious. There are really known cases of people who take out policies on someone they intend to murder, in order to get the money. It's not just a movie theme. For instance a parent cannot hold more life insurance on a child than they have on themselves, unless the parent is uninsurable. In NY state, there is a limit on the amount of insurance you can have on a child's life. There are a lot of rules and precautions about this. You can't take out a policy on your neighbor. There has to be an insurable interest - a financial loss that you would incur if that person were to die, and you can only carry enough insurance to take care of that financial loss.
Re: HARD for LIFE Insurance? WTF??? THEY CAN SEE BY YOUR CREDIT WHEN YOUR GOING TO DIE!!! sorry GEORGE i couldn't resist !! LOL )
Re: HARD for LIFE Insurance? WTF??? THEY CAN "SEE" WHEN YOUR GOING TO GET A TICKET OR HAVE AN ACCIDENT BY YOUR CREDIT REPORT...WHY NOT "SEE" WHEN YOUR GOING TO DIE BY YOUR CREDIT REPORT???
Careful on this one. Life insurance is on of the Insurance industries most fertile fields for ripping you off. Now it looks like they've added Credit and FICO to the tools of plunder already in use for this product.
Re: HARD for LIFE Insurance? WTF??? _____________________________ Breeze is right never buy any kind of credit life insurance from the lender making the loan be it for a home car etc. Their rates can be 2 to 4 times higher plus you are paying interest each month on the prem. Also the pay out on a claim could be thousands of dollars less than the coverage you started out with which is bad considering that the survivor don't need such an unpleasant surprise at a time like that. ****************************** The solution Add a rider or increase the face value to your regular life policy in the amount of the new loan. This will cost much less than credit life save you extra interest and pay your beneficiary the full original amount of the loan.
Hahaha!! You overwrote your own post, Why Chat - to correct immediately, use the "edit" button. Good observation, hehe. I figured lb was posting, since I am seeing blanks here, hahahahahaha!!!
Would somebody tell this person not to respond to someone when they have no idea what the party they are referring to said.It makes their post look silly!
LOL, I know what he says - it's always the same. I took the ignore off several times, just to check, and sho 'nuff! it was still the same.
lbrown59 | 4890 posts since Feb 2001 205.188.197.31 | 07.04.2002 @ 13:45 ________ Breeze is right never buy any kind of credit life insurance from the lender making the loan be it for a home car etc. Their rates can be 2 to 4 times higher plus you are paying interest each month on the prem. Also the pay out on a claim could be thousands of dollars less than the coverage you started out with which is bad considering that the survivor don't need such an unpleasant surprise at a time like that. ****************************** The solution Add a rider or increase the face value to your regular life policy in the amount of the new loan. This will cost much less than credit life save you extra interest and pay your beneficiary the full original amount of the loan. quote: ------------------------------------------ Originally posted by breeze Don't buy a mortgage product (decreasing term) it is a bad deal anywhere, ------------------------------------ lb59 ************************* Is this what you're crying about? 59
