Author Topic: Be very careful with your insurance policy  (Read 1279 times)

Offline 14cars

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Be very careful with your insurance policy
« on: December 27, 2012, 03:29:43 PM »
Just figured I would warn people on the forums.

I got a universal life insurance policy from a top rated company about 10 years ago for my wife and I.  We paid our premiums on time every year.  This year we decided to look into getting some more insurance and we had another broker look at our policy and he said there is something strange with it in that my cash value was less than half my wifes. So I told him that is because my wife is a woman and women typically have a lower cost of insurance than men do.  he said it couldnt be so great.

So I called my insurance company and asked them for a payment history and it turns out that they have been crediting my payments as much as 2 months late most years while my wifes were credited on time.  Even though they were both sent at the same time.  So Now I have to fight them to credit me properly.


Offline 14cars

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Re: Be very careful with your insurance policy
« Reply #1 on: December 27, 2012, 03:30:59 PM »
Another interesting thing.  Because we used bill pay we have no way to see when the bill pay was actually sent out as the banks only show when the bill pay check was cashed.  going forward we will be using checks to pay them. 

Just very careful with your life insurance polocies that this does not happen to you. 

I have spent hours on the phone arguing and its still not settled.

Offline AJK

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Re: Be very careful with your insurance policy
« Reply #2 on: December 27, 2012, 03:37:57 PM »
Were the checks sent at the same time?
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Offline HelpMe

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Re: Be very careful with your insurance policy
« Reply #3 on: December 27, 2012, 03:50:49 PM »
I would check deeper into this. Two months late does not seem it would make that big of a difference in the two policies. Maybe there were some penalties involved for being late?
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Offline Mordy2

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Re: Be very careful with your insurance policy
« Reply #4 on: December 27, 2012, 04:40:37 PM »
Which company?

All reputable companies send policyholders an annual statement.  Did you ever check the annual statements?  If you don't have them, request copies of the statements so you can compare each year separately and see where the greatest discrepancies are...

Are you sure that you and your wife's policy are the same product?  Cash value can vary greatly from product to product....

Offline bades

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Re: Be very careful with your insurance policy
« Reply #5 on: December 27, 2012, 04:45:15 PM »
Just figured I would warn people on the forums.

I got a universal life insurance policy from a top rated company about 10 years ago for my wife and I.  We paid our premiums on time every year.  This year we decided to look into getting some more insurance and we had another broker look at our policy and he said there is something strange with it in that my cash value was less than half my wifes. So I told him that is because my wife is a woman and women typically have a lower cost of insurance than men do.  he said it couldnt be so great.

So I called my insurance company and asked them for a payment history and it turns out that they have been crediting my payments as much as 2 months late most years while my wifes were credited on time.  Even though they were both sent at the same time.  So Now I have to fight them to credit me properly.



something sounds very strange, i would look into this further

Offline 14cars

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Re: Be very careful with your insurance policy
« Reply #6 on: December 27, 2012, 08:23:50 PM »
I have been looking further, i requested all the annual statements and now see that they did not credit them on time.  I have been getting the statements over the years but i never noticed the fact that they were not crediting on time. 


Offline 14cars

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Re: Be very careful with your insurance policy
« Reply #7 on: December 27, 2012, 08:24:42 PM »
and my wife and I do have the same product.

for some reason with universal policies it makes a big difference in terms of how long it will last.  even if its just a few days late. 

I have been bothering my bank to get all the info.

Offline 14cars

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Re: Be very careful with your insurance policy
« Reply #8 on: December 27, 2012, 08:24:58 PM »
and the company is metlife.

Offline PlatinumGuy

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Re: Be very careful with your insurance policy
« Reply #9 on: December 28, 2012, 12:30:27 AM »
Something I don't understand here. You lost 50% of your life insurance over late fees?! Is it just me or does that not make any sense
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Offline HelpMe

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Re: Be very careful with your insurance policy
« Reply #10 on: December 28, 2012, 12:50:42 AM »
Something I don't understand here. You lost 50% of your life insurance over late fees?! Is it just me or does that not make any sense
IMHO classic case of more to the story.
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Offline myb821

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Re: Be very careful with your insurance policy
« Reply #11 on: December 28, 2012, 12:52:15 AM »
IMHO classic case of more to the story.
+1

Offline Mordy2

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Re: Be very careful with your insurance policy
« Reply #12 on: December 28, 2012, 02:37:35 PM »
You sent out both premiums the same time for both policies and your's was always applied late?