Newborn baby girl in New York life insurance deal!

[DMYD]

-1, STOLI is illegal, life settlement is not.

Meant illegal based on insurance laws, it's supposed to be owned by someone with insurable interest, not some investor.

Based on which law are you saying that?

[skyguy918]

Meant illegal based on insurance laws, it's supposed to be owned by someone with insurable interest, not some investor.

-1, what I said is based on insurance laws. As long as the policy was originated with an insatiable insurable interest, it can later be sold to an outside party in a life settlement.

[ExGingi]

-1, what I said is based on insurance laws. As long as the policy was originated with an insatiable interest, it can later be sold to an outside party in a life settlement.

You probably meant to write insurable interest, not insatiable interest (which is what everyone in these forums has for good deals .)

[nocknock]

Illustration

[lunatic]

Talked to my agent about this, and it seems to be 330 per year, not 250. And cash surrender value is 14k

[skyguy918]

Talked to my agent about this, and it seems to be 330 per year, not 250. And cash surrender value is 14k

$250 is for under 1.5.

And that $14k number you were given is at the end of the policy year in which the child finishes the year aged 20.

[dovy2]

Tachlis, did anyone apply?

[ydf]

Tachlis, did anyone apply?

is this really not void if i dont have 1,000,000 insurance on myself and insurance on all my kids?

[HP]

Does anyone know when this is ending? Also if I don't have a policy for myself can I first apply for this and then get a policy for myself right away? I would do mine first I just don't want to miss the deal.

[lunatic]

Who says you need insurance on yourself

[HP]

This was discussed earlier on the forum but it's also here http://www.chasunafund.com/f-a-q.html that parents need to have a million dollar policy.

[ydf]

according to the agent i deal with this is ending dec 31

[zale]

NY State law is one of the strongest out there when it comes to insurance. Contestability period is limited to two years. After two years the insurance company cannot contest the policy. Even if they could do something, that would require them to go to court, which would not be worth it for them for such small amounts. The legal fees would simply not justify it, and they are likely to lose.

I'm not a lawyer, but would they necessarily have to take each individual to court? Would they not simply be able to claim before a judge that there was a pricing error and get authority to cancel all plans issued under that error and send a refund check to those individuals?

Furthermore, would they not be able to claim that licensed brokers knowingly advertised and signed up individuals for this plan which was clearly a pricing error?

[David Smith]

Do you have to prove the 4x coverage for parents? If it only has to last 2 years until the company can't back out no matter what, i don't mind risking $500. The agent I emailed was unclear about the grandparents.

[ydf]

Do you have to prove the 4x coverage for parents? If it only has to last 2 years until the company can't back out no matter what, i don't mind risking $500. The agent I emailed was unclear about the grandparents.

i just applied for this and the agent didnt ask me for any proof that i am having life insurance for me and other siblings, and didnt mention anything about it. I just woder if someone wants to surrend the policy if they can then ask for proof that u had coverage by the time applying

[David Smith]

i just applied for this and the agent didnt ask me for any proof that i am having life insurance for me and other siblings, and didnt mention anything about it. I just woder if someone wants to surrend the policy if they can then ask for proof that u had coverage by the time applying

That's what I'm wondering.  I'm unclear on the parameters of this 2 year law.

[ydf]

That's what I'm wondering.  I'm unclear on the parameters of this 2 year law.

going to ask my agent if he knows, will report back

[David Smith]

going to ask my agent if he knows, will report back

Thanks. Want to know what happens if they ask for evidence that you were insured at the time.

[lunatic]

Do you have to prove the 4x coverage for parents? If it only has to last 2 years until the company can't back out no matter what, i don't mind risking $500. The agent I emailed was unclear about the grandparents.

Grandparents can buy if parent has 500k...interesting tax planning perspective

Paging henche....

[David Smith]

Grandparents can buy if parent has 500k...interesting tax planning perspective

Parents must have 2x for grandparents to buy?