- 5,243
That was the point he was making...Assurity told him that.
Anyone Have Experience with Assurity?
- Thread starter jeff8
- Start date
That was the point he was making...Assurity told him that.
- 6,134
Assurity has real crazy rules on ownership.
- 17,062
I had an Assurity case last month and the Mother-in-law was the one wanting the insurance on her son in law. She recognized the problem if dad died (high school teacher) and left his wife (her daughter) and two new babied. The guy wouldn't buy any life insurance on himself but would be OK for Mother-in law to.
So we apply with Assurity non-med term. He passes underwriting fine. But was held up on mother-in law being the owner even though it's fine that she is the payer.
Assurity told us that it's fine as soon as the policy issues with him as the owner to fill out a change of ownership form to make Mother-in-law the owner.
So we apply with Assurity non-med term. He passes underwriting fine. But was held up on mother-in law being the owner even though it's fine that she is the payer.
Assurity told us that it's fine as soon as the policy issues with him as the owner to fill out a change of ownership form to make Mother-in-law the owner.
- 5,243
And I ask...why in gods name give this company business? Too many other alternatives to deal with that kind of bs.
----------
Wait a minute...I the guy's a schoolteacher...he should have insurance through his county/state contract...unless Indiana is that jacked up.
- 26,077
good point. however, if he is out an extended period of time battling something like cancer he could lose his provided coverage. Also, The coverage a teacher gets at work is probably not enough to raise a couple kids.
Better to have your coverage independent of other's control. IMHO
Yup, that's why I always tell my clients who are working to get as much coverage as they can through work. Because their workplace usually pays for the majority of it but always always always have an outside source so that way no matter what happens with work or even if they were fired, retire or whatever they always have an outside source (MY PLAN) to fall back on!
- 17,062
I tell people to NEVER rely on group life insurance of any kind. Group insurance is just extra if it works out. But it gives the policy owner (the employer) too much control over your life.
Mother in Law chose Assurity because of previous experience with them. Wasn't told of an ownership problem until after approval. And even then when they informed us, Assurity offered the work around so it's dumb but resolved by signing one additional form after issue.
Plus insured is in Texas, owner is in KY and agent is in Indiana. Assurity does make those cases fairly easy.
----------
I know the group insurance that was offered to retired teachers in KY recently was through Texas Life and was non guaranteed UL. The ones I reviewed were set up to expire at age 82 and were priced slightly higher than they could buy a fully guaranteed FE policy for.
Groups are often sold crap because they are like sheep. They always assume that someone else checked it out and just blindly sign up.
- 5,243
Don't get me wrong...I also don't tell people to rely of group insurance.
I was just saying your original post made it seem like the guy was a deadbeat and didn't want insurance at all...when in fact he probably had some. Most teachers I know have a couple hundred thousand through the school systems. He doesn't see the value in having an outside policy, which means he hasn't been convinced it's necessary.
- 26,077
I was fortunate to be given a few group conversions to do when I started at John Hancock. OMG. Most expensive, worst policies they had. Only available for group conversions.
Lots of people say after they retire, they will keep the coverage.
Similar threads
