life insurance question
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Laughing Gas
Joined: Nov 2002
Posts: 1,143
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life insurance question
Hypothetical situation: Let's say you have a parent that you haven't had anything to do with for many years. There is no way to get any information from said parent (for whatever reason).
Is there a way to find out if that parent has taken out a life insurance policy on you? Is there an organization that can do some sort of search to find this out? With all the fraud and crooked people in today's world, is there anyway to find out if anyone has taken out a policy on you without your knowledge of it?
All info is appreciated. Thanks.
Is there a way to find out if that parent has taken out a life insurance policy on you? Is there an organization that can do some sort of search to find this out? With all the fraud and crooked people in today's world, is there anyway to find out if anyone has taken out a policy on you without your knowledge of it?
All info is appreciated. Thanks.
Postmaster
Joined: Sep 2006
Posts: 4,982
Likes: 1
From: Clearwater, Fl
no there isnt,and yeah a parent can take a policy out on a child, I think a gaurdian sig is required.......do you ever remember having to go and pee or give a blood sample,or physical etc.....
another way around it is if you know of any life co's the parent might be affiliated with,you can call and try to pretend to be the parent and get info, be sure to know of some security q"s they may ask....like dob's,social, maybe maiden name,address etc.....and ask them of all the policies they may have
my father took out a UL policy on me when i was a child and he took out another UL policy on me,that I own now. I had to pee in a cup last year,bllod sample to i think....thats why i was asking you those questions
another way around it is if you know of any life co's the parent might be affiliated with,you can call and try to pretend to be the parent and get info, be sure to know of some security q"s they may ask....like dob's,social, maybe maiden name,address etc.....and ask them of all the policies they may have
my father took out a UL policy on me when i was a child and he took out another UL policy on me,that I own now. I had to pee in a cup last year,bllod sample to i think....thats why i was asking you those questions
Post Fiend
Joined: Jan 1997
Posts: 23,165
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From: Enjoying the real world.
They are unlikely to be able to obtain a policy of more than a few thousand dollars without at least a basic medical exam. In other words, if a policy really worth anything is taken out you'd know about it. The policies you see on TV, in magazines, etc. that say no medical examine are usually worthless crap with $10K limits, and many conditionals.
Elder User
Joined: Dec 2006
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Most people don't insure the lives of their children, simply because it doesn't make sense. That said, if your life was insured by this parent, it's not gonna matter too much to you unless you don't like this person. In which case you can take comfort in living long. Otherwise, your early demise will benefit him or her.
Postmaster
Joined: Sep 2006
Posts: 4,982
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From: Clearwater, Fl
Most people don't insure the lives of their children, simply because it doesn't make sense. That said, if your life was insured by this parent, it's not gonna matter too much to you unless you don't like this person. In which case you can take comfort in living long. Otherwise, your early demise will benefit him or her.
actually alot of children are insured. best thing you can do is get a ul policy on your child,that will build cash value. hand it over to him to make the premium payments when hes an adult, and know he has money built in to the policy that he can borrow from. his rate is locked in for life. any money that he borrows is deducted from the life ins payout when he dies. and if he lives to 99 he gets all the premium that he paid into the policy back.
Elder User
Joined: Dec 2006
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Yes, a lot of children are insured. A lot of people purchase extended warranties, but that money, in my opinion, is better spent elsewhere. For insurance purposes, children are a liability, not an asset. Rule 1 for insurance: insure assets, not liabilities. If someone wanted to provide financial security for a child, there are much more cost effective ways than life insurance. The odds of living to 99 I think are worse than what you can get gambling in Vegas.
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Postmaster
Joined: Sep 2006
Posts: 4,982
Likes: 1
From: Clearwater, Fl
lol missed it completely, its not about financial security for the child. if your child dies, you will receive compensation. if your child doesnt die, he know has a policy thats locked in for life, so that when he has a new life, like getting married,at least he has some financial security for his family if he dies. if your child developes a condition, now he/she cant get a policy or he has to get a special term policy that will cost an arm and a leg, and will be for a small face amount.
if i knew that my mon was going to be diagnosed with ms 9 years ago, i would have taken out a long term care disability policy on her.....now i cant get one,period.
rule number 1 insure assets,well no chit. rule number 2.there is no rule that you cant insure your child that is a liability....whats the liable part for you???70bucks or so premium a month for your child,that if he dies you will get a face amount.....if he lives you hand him a policy that he can take over,which benefits him and his family.
if i knew that my mon was going to be diagnosed with ms 9 years ago, i would have taken out a long term care disability policy on her.....now i cant get one,period.
rule number 1 insure assets,well no chit. rule number 2.there is no rule that you cant insure your child that is a liability....whats the liable part for you???70bucks or so premium a month for your child,that if he dies you will get a face amount.....if he lives you hand him a policy that he can take over,which benefits him and his family.
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Elder User
Joined: Dec 2006
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The purpose of life insurance, as I understand it, is to compensate the beneficiary for the financial loss represented by the death of the insured. The death of a child, though certainly regretable, does not, normally, represent a financial loss. You are correct in saying there is no rule against insuring liabilities. People insure all sorts of things...pets, for instance. If my cat were to die, I would love for someone to give me money. But unless Mr. Biggs (the cat) is providing me substantial needed income, it just doesn't make good sense (to me, anyway) to spend some portion of my money to insure his life. Please don't mention this to Mr. Biggs...he's rather sensitive.
Postmaster
Joined: Sep 2006
Posts: 4,982
Likes: 1
From: Clearwater, Fl
lmao......i know what you are saying though, im just responding to one of the other threads were parents dont insure kids. if i were to get my child a life ins policy it wouldnt be a term policy it would be a whole life or Universal life policy (same thing).
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