Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I found out my "babybonus" Canadian policy existed in the early eighties as I hung around with ladies from the insurance company. Since it's "self-funding" and my parents were based in the USA for most of their life I'd not have known it existed. And it gets worse. We've just "found" an account because it fell below the $50,000 threshold so the family was sent a "bill" for over 300. for the financial company fee for sitting on the cash. EVEN THOUGH both parents names were on the account, somehow during the transfer from the US bank to the CD Trust company my mothers legal signature didn't get on the actual account, meaning the account was "recognized" only in my fathers name. What appears to be "notanother" clown show mistake could/would have been a real disaster. There are probably lots of other idiot moves out there as banks in both the USA and Canada are hiring unskilled retail people that might speak other languages but are poor at handling their own banks procedures. As our parents age they're just not as thorough or watchful as we remember them on their game.
I would make sure that any life insurance policies were mentioned in your will. You can have a copy kept on file with your lawyer, as well as with the rest of your important papers, if you don't want the beneficiary to know until your death.
As far as life insurance goes the premium payment has to come from somewhere such as a checking account or a paystub.
Maybe. With non term policies the cash value could be high enough to pay the premium. You will probably get an annual letter from the insurance company so be sure to have mail forwarded if you move.
I would make sure that any life insurance policies were mentioned in your will. You can have a copy kept on file with your lawyer, as well as with the rest of your important papers, if you don't want the beneficiary to know until your death.
Might be better to mention in the will that there is a "separate writing" where you can mention the life insurance, any bank accounts etc as well as what to do with items not in your will such as household goods.
You can update and change without the need of an attorney. You can file it with the will but if it contains funeral info better make sure someone knows about the writing as the will may not be read for several weeks.
Yes.... Insurance companies have all kinds of polices, rules and fees that no one knows about. Often the people selling the insurance don't know. Sure its all disclosed in pages and pages of fine print, but often the fine print is written in legal language that you have to be an attorney to understand.
Such things as Annuities are a perfect example. Sometimes they can be good, but often they are not what you want, but the company and the sales people won't be telling you that.
Do I have insurance? You bet. Lots of it: car, house, medical, dental. 9/10 of the time I have no idea if it will pay or not. Sometimes the prospectus says it won't but then it does. Recently I has $1200 of tests when I got suspected Lyme Disease, and possible other disease with it. Luckily there was a bottom line cost listed to me. Between my supplementary insurance and Medicare, my portion of the cost was $10. Even I think that was ridiculous. But when the tests were ordered, no one knew who would pay what.
I recently made a spreadsheet with all my account numbers (savings, checking, investments, etc.). I gave a copy to my son (the prime beneficiary of 80% of it) and my executor (my brother, the lawyer). They both know where everything is.
How would the insurance company know you were dead unless someone came forward with a claim and a death certificate? I'm sure this was addressed on the program.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
