Confessions of a lifeaholic
10 Things Life Insurers Don’t and Won’t tell you
- They won’t try to find your family if the beneficiaries don’t file a claim, the money just sits in limbo.
- All you really need is Term Life Term, policies designed to last for 10, 20 or 30 years, is the cheapest and the most basic, but salespeople often tout the benefits of more involved policies.
- They are watching a lot more than just your waistline. Insurance companies are increasingly checking hobbies, credit scores and driving records even, in some cases, web-surfing habits to decide who’s a risk and who’s not.
- They rarely have to pay up. most policies lapse long before insurance companies have to pay full benefits because consumers stop paying the premiums.
- They are in bed with your boss. Companies have also been known to take out policies on their employees, from high-level executives to the rank-and-file.
- This is one hell of a tax shelter. The benefits of a life insurance policy are tax-free, and in some policies, any investments or cash-value also grow tax-free.
- Paid-up doesn’t mean they will pay-out. Some policies offer a “no-lapse guarantee”, policies without the guarantees are often cheaper and project a growth rate based on historical calculations. But when those projections don’t pan out, policyholders can be left with very little to show for their years of premiums.
- Sure you can skip the medical test’s, but you will be paying for it. A healthy 45-year-old non-smoking male would pay an extra $400 per year for a $500,000 20-year term policy that allowed him to skip the testing a difference of $8,000 over the life of the policy.
- Forget the extra insurance. A healthy 40-year-old could expect to pay about $77 per year for a $50,000 term life insurance policy; the same amount of coverage under a “credit life” policy would cost $342 per year.
- You’re too late. The average life-insurance customer is a 48-year-old man with teenaged children and he’s about 15 years too late. As people get older, the more assets they typically have, which can offset the financial impact of death; a 30-year-old with a baby, on the other hand, has relatively little, and years of income ahead of him.
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State governments regulate insurance companies that operate in their state. For decades the State Departments of Insurance have covertly basically done nothing or when exposed the minimum to protect policyholders and claimants from ‘bad faith’ insurance companies, which comprise the overwhelming majority of today’s insurers, which do not pay their claims in “good faith’ as required by law. The insurance industry is among the top 3 industries out of the 50 largest industries to contribute the most $ amounts to political candidates campaigns. Help to stop these worst ranked insurers illegal widespread Bad Faith Insurance claims practices, and pervasive fraudulent corrupt management cultures! Why Boycott? It is the only action that will effectuate bad faith insurers to comply with the law and pay claims in good faith. It’s time for The American People to take back its present corporate and Wall Street controlled state and federal governments and our country. “If not for yourself, this Boycott is what you can do for your country”. I ask you to be responsive and help spread the word to Boycott. It is up to you to demand that bad faith insurers stop preying on the American People.
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