Temporary Insurance Receipt

Go Green · 02-27-2009, 03:35 PM

I have a couple of questions about Temporary life insurance when applying for Life coverage. Good or Bad, Always or never. I have been told to never include it and also told the complete opposite. Which way is the best way? Thoughts, opinions, and comments appreciated. Thank you.

jdeasy · 02-27-2009, 05:04 PM

Originally Posted by Go Green

I have a couple of questions about Temporary life insurance when applying for Life coverage. Good or Bad, Always or never. I have been told to never include it and also told the complete opposite. Which way is the best way? Thoughts, opinions, and comments appreciated. Thank you.

Are you talking about temporary insurance or a conditional receipt?

Foresters gives temporary insurance when a check is written. Chase used to do that when they were in business. I'm sure some others do it as well. Most have a conditional receipt that will pay in the event of death if the policy would have been issued.

For the companies that give temporary insurance or conditional coverage, I like to do it so that they are covered when I leave the house. For the companies that don't do either even with the first month's premium, I don't want to collect a check. I prefer just a voided check for those.

SydRogers · 02-27-2009, 05:27 PM

Most top Term companies I work with have an effective date on the Conditional Receipt that matches the date of the paramedic exam.

Go Green · 02-27-2009, 05:57 PM

Sorry for not being clear,I am talking about a conditional receipt. And what if they die before the paramed was performed? Thanks again!

nka245 · 02-27-2009, 07:01 PM

I should let someone else answer this because I will probably miss something but anyway... here it goes: It can differ by carrier but to put it in simply, the insured has to meet some requirements. 1) premium must have been received by a form acceptable by the carrier. (most will accept bank info or a voided check) 2) insured must be insurable as applied for 3) that there are no misprepresentations made by the insured. 4) when the effective date is in place, meaning that all medical requirements were met (this is not with all carriers, as some are non-med).
I think that sums it up. I am probably forgetting something but hopefully that gives you a good idea of what it is for.

SportsNut · 02-27-2009, 07:59 PM

Originally Posted by Go Green

Sorry for not being clear,I am talking about a conditional receipt. And what if they die before the paramed was performed? Thanks again!

Prolly depends on whether due to illness or accident. Illness, you can rest assured that if someone had a coronary prior to paramed, the company is going to determne that they would not have issued the coverage "as applied for". If an accident, then they will do an autopsy and if no other out, they will pay the claim.

Go Green · 02-28-2009, 08:37 AM

Thanks for the info everyone. Greatly appreciated. Thanks!