NYTimes 1/31/14

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This is interesting, what would be the most appropriate advice if someone experienced the same issue with the Pirron's? I was thinking having advance directive may be helpful, but then, it doesn't really apply to this situation. It's quite devastating that you have been religiously paying your premium then all of a sudden, the insurance company took advantage of their cognitive problem, cancelled their policy and kept their premiums.
 
Some companies are a step above worthless.
 
I think the solution is for children, siblings, or close relatives as appropriate, of aging parents to get involved totally in their parents financials when they are relatively young. If that had been the case here, this likely would have never happened.

But this seldom happens because of denial. Parents and children want to believe that everything is "just fine" when sometimes, it is not.

Once it's too late, it too late.
 
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Hancock claims it sent a 3rd party notice to the son, but the son claims he never received it. To my knowledge, 3rd party notices are sent out regular mail.

Common sense would be for the carriers to invest a couple of dollars and send it registered or certified mail. It would probably take a state law for that to get done.

And.......
Where is the agent in all of this? I always monitor my reneweals and receive a copy of a late notice sent to any policyholder who is 30 days late.
 
I think the solution is for children, siblings, or close relatives as appropriate, of aging parents to get involved totally in their parents financials when they are relatively young. If that had been the case here, this likely would have never happened.

But this seldom happens because of denial. Parents and children want to believe that everything is "just fine" when sometimes, it is not.

Once it's too late, it too late.

It seems that most parents do not want to tell their children abouth their financial status or any details about end of life financial decisions. My wife and I have some of this stuff covered. My kids all have a copy of our wills, advanced medical directives, and durable powers of attorneys. However, they are in the dark about where assets are located and what insurance policies are involved.
 
It seems that most parents do not want to tell their children abouth their financial status or any details about end of life financial decisions. My wife and I have some of this stuff covered. My kids all have a copy of our wills, advanced medical directives, and durable powers of attorneys. However, they are in the dark about where assets are located and what insurance policies are involved.

It all starts with planning...If you don't want this situation to happen to your kids, then, you have to be a grown up, and have grown up conversations...All children should know where their parents "financial folder" is...No excuses
 
"It all starts with planning...If you don't want this situation to happen to your kids, then, you have to be a grown up, and have grown up conversations...All children should know where their parents "financial folder" is...No excuses"

I couldn't have said it better. Why would any parent want to hide this information from their children, or at least someone they can trust.

My son knows every aspect of our business. Where everything is, how to access it, and what we want done and when.

My 85 year old mother became a resident of a nursing home last November. I have known for many years every aspect of her business, so it has been a very easy transition.

Like I said. It's all about denial. I guess the folks that are so secretive with their financials simply don't think this could ever happen to them, or they don't care what their children have to deal with. That's fine as long as they know what the consequences of that decision could be one day.
 
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