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beachgirl
LIF Adult
Member since 7/05 7967 total posts
Name:
sara
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Is this normal - life insurance paperwork Q.
DH and I had a life insurance rep out here on tuesday. Before we arrived we had decided to do a 20 year term life. While he was here we were "persuaded" to do a 30 year term. The guy did some paperwok and because his connection was slow said he would input it that night when he got back to his office.
So Dh and I talked that night and decided we dont want to do the 30 year that we would rather do the 20 year and then put any extra cash in an IRA or something.
I emailed the rep last night and left him a message this morning.
I just spoke to him and he said its "easier" if we just let the paperwork go through at 30 year and that once our medicals are done and we are approved we can change it to a 20 year.
I am really uncomforable at signing off on something I know I dont want but he is saying its the way the head office handles the paperwork etc and its no big deal.
I think he just doesnt want to start the paperwork all over again.
What do you think?
I know there are some insurance ladies on these boards so maybe you can tell me if I am just neurotic or if he is just pushy!!
Thanks
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Posted 7/5/07 4:35 PM  |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Is this normal - life insurance paperwork Q.
I seems fishy to me.
i wouldn't do it and insist on what you want.
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| Posted 7/5/07 4:46 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Is this normal - life insurance paperwork Q.
He sounds pushy. I think you should stick to your guns and get the policy that you want, not what's easier for him.
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| Posted 7/5/07 4:52 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Is this normal - life insurance paperwork Q.
He probably gets bigger commission if you sign up for 30 year policy. I'd stick to my guns, who knows if there are any fees or loopholes that would make it difficult to switch to a 20 year policy.
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| Posted 7/5/07 4:54 PM |
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beachgirl
LIF Adult
Member since 7/05 7967 total posts
Name:
sara
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Re: Is this normal - life insurance paperwork Q.
cathyb you are probably right and there is probably a loophole then that allows him to keep it even if we change our mind after signing.
Because he is being so pushy I am now going to get a quote from another company tomorrow that I deal with for my husbands car insurance and I may end up going with them.
Thanks ladies....
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| Posted 7/5/07 5:10 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Is this normal - life insurance paperwork Q.
You have 10 days after delivery of the policy to keep or refuse it. If you flat out refuse it you get your money back.
You can also make certain changes upon delivery. If a policy comes back "rated" due to health concerns DH may reduce the insurance amount to bring the premium in line with what the person wants to spend. Less coverage, but within someone's budget.
If it works at all like DH's company, he will get commission only on what finally goes through - if you reduce the policy his commission would be adjusted. Happens to DH all the time - if someone drops a policy a few months after delivery they take back the commission which really sucks - all the work and no pay.
If the paperwork was already submitted it probably is easier to let it go through and adjust upon delivery instead of cancelling, and re-writing everything.
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| Posted 7/5/07 6:25 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Is this normal - life insurance paperwork Q.
Easier for whom? If they guy wants his commission, then he can re-write the paperwork, I don't see why it is such a big deal for him. I also wouldn't want to sign off on it if I know I don't want to keep it.
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| Posted 7/5/07 6:30 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Is this normal - life insurance paperwork Q.
Posted by dpli
Easier for whom? If they guy wants his commission, then he can re-write the paperwork, I don't see why it is such a big deal for him. I also wouldn't want to sign off on it if I know I don't want to keep it.
Easier for everyone. Why make him take an extra trip to the house to get everything signed again, taking up his time (and theirs) and gas just because they said yes, then changed their mind. He may have been pursuasive on pushing something other than what they thought they wanted, but they did say yes to his suggestion. Plus, anything that has been started in the underwriting department is now wasted time and will be done over with the new application, so you're asking him to do things twice, the underwriters would be doing things twice, and in the end, they can still adjust it upon delivery. It's done all the time.
Plus, right now they are covered by insurance since it's been submitted. If they cancel it, they are not covered until he can meet up with them and get a new application signed and submitted. Better safe than sorry - what if they cancel and he's coming next week to get the new paperwork signed, and they get killed in a car accident this weekend? SOL
Message edited 7/5/2007 6:51:33 PM.
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| Posted 7/5/07 6:48 PM |
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