Life Insurance Beneficiary

[Norwayguy]

Yup. I know. I think it should be kept. How much does this Cost a month btw? On his paper work, it shows that payments of 150$ a month are being made. Is that high?

That would depend on a lot of factors, how much coverage how old are they what health are they in and what guarantees does the policy provide...Good news all the answers are in the policy...Possibily bad news is it sounds like he is not the owner so other than possibly excerting pressure on the payments he has no control and no options and really should move on.

 

[WinoBlues]

Re: Life Insurrance Beneficiary

Yup. I know. I think it should be kept. How much does this Cost a month btw? On his paper work, it shows that payments of 150$ a month are being made. Is that high?

That is a good rate for $19,000,000.00

Did he do an exam?

 

[scagnt83]

Re: Life Insurrance Beneficiary

Yup. I know. I think it should be kept. How much does this Cost a month btw? On his paper work, it shows that payments of 150$ a month are being made. Is that high?

That depends on:
Ages
Amount of coverage
Health
Type of policy ( term (10y/15y/20y/30y) - whole life - universal life )


But since 2 people are insured that is $75/m each assuming the death benefit is the same for both. That could be very high, very low, or average. Lots of variables here.

 

[VolAgent]

Re: Life Insurrance Beneficiary

Yup. I know. I think it should be kept. How much does this Cost a month btw? On his paper work, it shows that payments of 150$ a month are being made. Is that high?

The quality of an answer is dependent on the quality of the question.

A premium of $150 a month is meaningless unless you also know the policy type and face amount associated with it.

 

[Cornelius]

Re: Life Insurrance Beneficiary

Is it a return of premium policy? (Just trying to throw a monkey wrench in the thread)

 

[michael2020]

Re: Life Insurrance Beneficiary

Haha! Dont know any of your questions. Ill just refer him to this thread.lol
Thxs guys.

 

[Cornelius]

Re: Life Insurrance Beneficiary

Let's take notice of something. This is a 4 page thread with many questions for a simple answer. If his brother had a LS membership he could have just phoned the provider Law Firm and faxed or mailed a copy of the policy for a review. Not to also mention get help or advice on the other potential issues.

 

[scagnt83]

Re: Life Insurrance Beneficiary

Let's take notice of something. This is a 4 page thread with many questions for a simple answer. If his brother had a LS membership he could have just phoned the provider Law Firm and faxed or mailed a copy of the policy for a review.

Or he could call the insurance carrier for free and get all the answers he needs. Then he wouldnt be scammed out of money for some bs half baked "legal" service

 

[Cornelius]

Re: Life Insurrance Beneficiary

Define scam and half baked. From my understanding from reading the thread there are more legal issues beyond the policy which he could talk to an Attorney about. He is considering a divorce with children. He owns a business. He has concerns about a policy he doesn't remember so are there other financial issues that may be unknown to him?

I doubt the insurance company will speak on his other potential legal issues. So define scam and half baked. For some people when things happen it's a great advantage to be able to pick up the phone and speak with a Attorney rather than going to a message board where people can't give legal advice on legal issues.

Not all things are for all people.

 

[scagnt83]

Re: Life Insurrance Beneficiary

Define scam and half baked. From my understanding from reading the thread there are more legal issues beyond the policy which he could talk to an Attorney about. He is considering a divorce with children. He owns a business. He has concerns about a policy he doesn't remember so are there other financial issues that may be unknown to him?

I doubt the insurance company will speak on his other potential legal issues. So define scam and half baked. For some people when things happen it's a great advantage to be able to pick up the phone and speak with a Attorney rather than going to a message board where people can't give legal advice on legal issues.

Not all things are for all people.

For advice on the insurance policy, he is best off just calling the carrier and speaking to them. They can tell him a whole lot more than any lawyer can.

Or he could speak to the agent who sold the policy, since agent contact info is almost always on the contract. (plus the contract will have a copy of the app, which will have their info as well)
They will be able to give even more info than the carrier.

Both of those options are free, and they are better sources of info for the policy.


For the divorce, he certainly needs to speak to a lawyer. But he needs to do his homework and get a high quality family law attorney. Not the ones who are desperate for business and need leads via legalshield.
As a business owner, he needs a higher caliber than that.