Surprisingly very few I think. Despite the fact we are all, as agents, busting our ass to find someone to talk to.
Crazy ass thing...the world is full of people on fire and most agents are struggling to sell water.
LI Company Not Paying Out Death Benefits in Full
- Thread starter Stretto
- Start date
Surprisingly very few I think. Despite the fact we are all, as agents, busting our ass to find someone to talk to.
Crazy ass thing...the world is full of people on fire and most agents are struggling to sell water.
- 24,968
Do you have auto insurance above the mandatory minimum of liability only? Home owners insurance? ,No it is not mandatory. Health insurance? Life insurance? Insurance on your cell phone? If you are married with children who takes care of them when you die?
Will the pyramid collapse? Maybe, about 200 years and waiting.....
While I feel a little sad for the people holding up pictures of their loved ones in the corner begging for money. I also know that most of those pictured could have bought a policy at some time in their life.
You choose not to buy any insurance in your life time? Great. Go deposit enough cash to cover all of your needs.
I understand you are angry. However, your anger may be misdirected.
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In the US you can not watch Fox News, a football game or Judge Judy without an insurance commercial.
People will buy auto comp & collision insurance before life insurance.
- 15,041
It takes two to tango. Yes, agents need to be better at marketing, but it is also hard to help someone who is doing everything in their power to get away from you.
What do you want to bet someone approached them at some point in life and they said, "We're good, we've got life insurance at work."?
Is there any way to statistically estimate what percentage of people who only have group life insurance through work and no external coverage do, in fact, die with no coverage in force? I would be willing to bet it is huge - maybe north of 80-90%
- 15,041
I'm sure there is. Somehow I doubt you are too far off. Of course it all depends on how you define it as that can move the numbers. All things considered, I bet group coverage pays roughly in line with term policies. The number that is constantly thrown around is that only 2% of term policies ever pay a death benefit. Obviously there are a lot of lapses and new policies included in that figure. Changing jobs would likewise boost the number of people who had coverage through group insurance but that particular certificate on them did not pay.
Group life insurance, especially the voluntary plans, typically reduce 50% at age 65, another 50% (to 25% of the original face) and terminate at 75.
Obviously this is not the "standard" schedule. Read JD Easy post above. (Corrected to give credit to JD instead of Newby).
This is a dependent life plan, or appears to be, based on the OP thread starter. While it can happen, it is rare for individual plans to change carrier names but very common in group term life and voluntary plans.
Get a copy of the benefit plan which includes any dependent life insurance coverage and look for age specific reductions in face.
On the other hand, since insurance is a Ponzi scheme consider yourself lucky to get anything at all. Most folks who participate in such programs lose everything they put in.
Obviously this is not the "standard" schedule. Read JD Easy post above. (Corrected to give credit to JD instead of Newby).
This is a dependent life plan, or appears to be, based on the OP thread starter. While it can happen, it is rare for individual plans to change carrier names but very common in group term life and voluntary plans.
Get a copy of the benefit plan which includes any dependent life insurance coverage and look for age specific reductions in face.
On the other hand, since insurance is a Ponzi scheme consider yourself lucky to get anything at all. Most folks who participate in such programs lose everything they put in.
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- 4,132
I know. Did you read the OP's reply to me?
Ya can't fix stupid sometimes as it takes a greater effort than the reward. The OP can go on believing what they want. I actually don't care.
I agree.
The OP probably has a "go fund me" plan in place.
I find it ironic that they come on here begging for help as mom "needs the insurance money", then spout that stupidity after that.
