Trying not to get involved

[Travis Price]

I wouldn't fight over a few thousand dollars. But, if my shoes had holes in them, or I couldn't afford my medications, or enough money to fix my car, then maybe I would fight over a few thousand dollars.

I definitely understand that argument.

 

[rousemark]

So I was chatting with my dentist today. We were talking about inflation, and I mentioned it was like the boogey man that I've been hearing about that I've never really seen. Then he asked me if I cared if gas went up to $5. I said "no, not really". Then he asked if I cared if a gallon of milk went up $0.50. Again, I said no. Then I realized we've been having inflation, but I just didn't care. If I were making minimum wage, I would care a lot.

I wouldn't fight over a few thousand dollars. But, if my shoes had holes in them, or I couldn't afford my medications, or enough money to fix my car, then maybe I would fight over a few thousand dollars.

I have always talked about the utility value of the dollar..$100 per month may not seem like very much to a person who has a $20 per hour job but it is a small fortune to the widowed mother with on $1200 per month on which to support her family.

 

[bill3173]

I learned the hard way, not to let the insured name a bene who isn't a family member, and if asked, encourage them to leave something to all of the children.

Had a case a few years ago, where when the lady died, neither of the sons were named as benes. They called up the carrier and cussed out the claims dept, the claims dept called me and ask me to speak with the son.

The bene (a friend) refused to file the claim, which I can assume that she was threatened. The carrier didn't have grounds to rescind the policy, but gave back all of the premiums, which caused a chargeback...still not sure of the legality of what happened, but anyway..never again.

 

[billyb]

On a small face I recommend only naming the most responsible person. If this policyholder would have split it up between the 4 daughters I am not sure if the funeral home would have been paid. I am sure the 2 that is causing me grief would have taken their share and ran.

This lady was 93 and only 1 of the daughters cared for her after she got ill. The other 3 wanted to put her in a nursing home. I am doing the same for my failing fast 86 year old mother. I have no doubt that if my 2 siblings tried to put her in a nursing home she would take what little she has away from them.

 

[bill3173]

On a small face I recommend only naming the most responsible person. If this policyholder would have split it up between the 4 daughters I am not sure if the funeral home would have been paid. I am sure the 2 that is causing me grief would have taken their share and ran.

Yes, that is better on a small face amount, and I've had a case where one of the bene's situation is exactly as you described. The granddaughter paid for the funeral with her 1/3 and her mother said screw it, she was taking a vacay with her money. There are some odd family situations out there.

 

[titeye]

In my 43 years in this business have I ever had siblings fighting over insurance death proceeds. 4 sisters and I have only talked to the named beneficiary. The other 3 siblings are calling me and this morning one of them showed up at my house. I won't tell no one except the beneficiary anything and I am getting threats over just a few thousand dollars. Thank God the beneficiary paid for the funeral because at first I was thinking that she may not. It is up to her if she wants to share any of the proceeds. Trying to stay out of it.

Too late! You got involved not only when you talked to the 3 whom were not beneficiaries, but also going into depth with the beneficiary. Direct them all to the claims department or instruct them on how to file a claim. The owner could have changed the beneficiary unbeknownst to everyone, including the agent. Good luck and be careful.

 

[DonP]

I learned the hard way, not to let the insured name a bene who isn't a family member, and if asked, encourage them to leave something to all of the children.

Had a case a few years ago, where when the lady died, neither of the sons were named as benes. They called up the carrier and cussed out the claims dept, the claims dept called me and ask me to speak with the son.

The bene (a friend) refused to file the claim, which I can assume that she was threatened. The carrier didn't have grounds to rescind the policy, but gave back all of the premiums, which caused a chargeback...still not sure of the legality of what happened, but anyway..never again.

Was the policy over 2 years old? If so and they refunded the premiums and charged you back I'd have went after the company. Thats not your problem . I had a woman who was squeaky clean die 3 years ago in 18 months . The beneficiary never filed the claim . I tried many times to contact her as the claim would have been paid . The dam carrier recinded the policy and refunded the premiums and i got a chargeback . But a policy over 2 yrs old the carrier has no legality to charge you back . Thats their choice to give the money back .

 

[DayTimer]

I had one almost two years ago with Liberty Bankers Life. The insured had bought two policies from me: his daughter was the bene on one, and his girlfriend the bene on the second. The daughter hates the man's girlfriend. That is why two separate policies. Smart, right? No problems, right?

Wrong!

The daughter filed her claim. The girlfriend filed her claim. Somehow the daughter found out about the girlfriend's claim and the daughter was berserkers mad. Then the daughter found out that LBL needed the medical records to process the claim, and since the daughter was the next of kin and the man and his girlfriend were not married, it was up to the daughter. The doctor would not take the girlfriend's signature. The daughter just steadfastly refused to sign off on the HIPAA forms to get the medical records. This went on for month after month after month. The girlfriend really needed the money. The reason he got the coverage for his girlfriend was so that she could stay in their apartment for a year or so and have time to figure out her next move. Instead, she was homeless 60 days after he died.

The daughter could not have cared less as she is well off, great job, big house, etc.

Finally, LBL, to their credit and my undying gratitude paid both claims. To this day, I do not believe the daughter had ever signed off on releasing the medical records to the insurance company.

LBL has paid every claim I've had with them. In my opinion, they don't get enough love from the FE world.

 

[bill3173]

Was the policy over 2 years old? If so and they refunded the premiums and charged you back I'd have went after the company. Thats not your problem . I had a woman who was squeaky clean die 3 years ago in 18 months . The beneficiary never filed the claim . I tried many times to contact her as the claim would have been paid . The dam carrier recinded the policy and refunded the premiums and i got a chargeback . But a policy over 2 yrs old the carrier has no legality to charge you back . Thats their choice to give the money back .

Yes, the policy was over two years old, and that's why I was like "What the What?" Until I heard your testimony, I had assumed that it was because the family made such a stink, the carrier just said "here, take your money back". Now I'm not so sure.

 

[Allen Trent]

Yes, the policy was over two years old,

had the policy lapsed at all in the most recent 2 years? Only other way they could have legally rescinded after 2 year contestability clause, was to say it was a fraud purchase from the beginning.

interesting