Senior Life Joint SIWL

[nfl72]

I ran across a Senior Life, SIWL joint policy on a husband and wife for $10,000 each. After reading the policy it was kind of hard to understand exactly how it will work.

It sounds like when the first insured dies the policy will cancel. Will they then pay off both policies for $10,000?

The date of the policy was 6/10/2012. The husband and wife both answered all health questions no yet the husband had been diagnosed with COPD, Kidney Disease and had 3 stints all during the 2011 calendar year.

Is this typical with Senior Life policies? Do they not pull MIB's? It surely seems like they would have caught his very major health issues. I am planning on rewriting both of those and writing 2 more on their adult children.

 

[Newby]

I ran across a Senior Life, SIWL joint policy on a husband and wife for $10,000 each. After reading the policy it was kind of hard to understand exactly how it will work.

It sounds like when the first insured dies the policy will cancel. Will they then pay off both policies for $10,000?

The date of the policy was 6/10/2012. The husband and wife both answered all health questions no yet the husband had been diagnosed with COPD, Kidney Disease and had 3 stints all during the 2011 calendar year.

Is this typical with Senior Life policies? Do they not pull MIB's? It surely seems like they would have caught his very major health issues. I am planning on rewriting both of those and writing 2 more on their adult children.

Senior Life offers a first to die policy. It covers both but it only pays when the first dies. It does not pay $10,000 on each.

There are some Bankers policies like that too.

 

[moonlightandmargaritas]

Do they not pull MIB's? It surely seems like they would have caught his very major health issues.

A very common misconception is that the MIB contains health info on individuals. It doesn't.

 

[rousemark]

I ran across a Senior Life, SIWL joint policy on a husband and wife for $10,000 each. After reading the policy it was kind of hard to understand exactly how it will work.

It sounds like when the first insured dies the policy will cancel. Will they then pay off both policies for $10,000?

The date of the policy was 6/10/2012. The husband and wife both answered all health questions no yet the husband had been diagnosed with COPD, Kidney Disease and had 3 stints all during the 2011 calendar year.

Is this typical with Senior Life policies? Do they not pull MIB's? It surely seems like they would have caught his very major health issues. I am planning on rewriting both of those and writing 2 more on their adult children.

Death during the next twelve months will probably result in the policy being rescinded and the claim denied.. They might not pull MIBs at issue but you can bet your sweet bippy they do during claim investigation during the contestable period.

 

[shonceman]

...you can bet your sweet bippy...

LOL!! Haven't heard that phrase in a while. I'd bet nobody on here under age 50 or so has ever heard it. (And even I still don't know what a sweet bippy is!)

 

[rousemark]

LOL!! Haven't heard that phrase in a while. I'd bet nobody on here under age 50 or so has ever heard it. (And even I still don't know what a sweet bippy is!)

Urban Dictionary says "A jocular euphemism for *** (posterior)"

 

[shonceman]

Urban Dictionary says "A jocular euphemism for *** (posterior)"

Oooohhhhh! I better quit betting it then. Don't want to take a chance on losing my *** (posterior)!

 

[nfl72]

What does the MIB contain then? I thought the MIB was a history of what doctors reported and the Script check stated meds they had taken in the past?

If the joint policy only pays once, it is very easy to beat. For ten dollars more per month I can cover them both.

 

[SirAlexFerguson]

... I'd bet nobody on here under age 50 or so has ever heard it. (And even I still don't know what a sweet bippy is!)

Well, you should've looked it up in your Funk and Wagnalls.

 

[moonlightandmargaritas]

What does the MIB contain then? I thought the MIB was a history of what doctors reported and the Script check stated meds they had taken in the past?

A doctor can't release health history without specific consent. Think about it - just imagine the potential for abuse!

MIB contains underwriting info like applications, decisions and outcomes - no specific health history information. Doctors do not report to it, health and life insurance companies do.

http://www.mib.com/facts_about_mib.html