The life of our armies widow's

[guyser]

I am not here to argue with the experts.

I just want to say that Banks not covering the mortgage of soldiers killed on on behalf of our country, the same country which gives banks protection that allows them to make BILLIONS of Profit, is crap.

They had no problem in taking the extra money. They had no problem when checking the persons place of employment.

I hope this is cleared up for those caught unawares, and I do hope that the military engage the soldiers to check their mortgage insurance, where ever they bank.

Madmax, cancel your bank issued policy tomorrow, AFTER you replace it with Life Ins.

Rest assured that the banks will in the long term be the ones that make the payments. The money will show that the Insurance co's paid off the debt , but in house will be a different ballgame.

This is a prime example of E&O insurance. Plainly put , the seller should have , or aught to have known, that the person applying for insurance would be put in a detrimental position by the "exclusion of war" . This means that the banks will lose in court. It can be shown that they sold not in good faith, and thus they will pay.

I "suspect" that the banks know this, and thus will avoid the poor media realtions and get this buried.

Banks selling mortgage insurance is bad bad bad.

Why?

You pay a set amount, a monthly premium, even though your mortgage goes down every month. So will the amount the insurance pays to the bank, but YOU DONT GET ANY BREAK!!!

IE; you have a $100,000 mortgage, assume you make $1000 pmt a month. The banks say, mortgage ins will cost you $20 a month ...until the mortgage is paid off.

So in five years you paid off $60,000 leaving 40,000 mortgage. Got it?

BUT YOU STILL PAY $20 a month , for a face value of only $40,000.

In theory, you could die owing $1 measly dollar of mortgage, and your mortgage insurance will pay off that $1 , even though last week you made your $20 insurance premium.

Another problem, the master policies are all lumped together, and should your particular branch that sold the product signed up nothing but cancer patients, then the Ins Co will cancel that policy due to extraordinary results.This leaves you, the person who just discovered he/she has cancer as uninsurable now that it is cancelled.Your screwed.

Life insurance = take out $100,000, make the monthly pmts.....in the same scenario as above (5 yrs @ $1000 amonth) and should you die, your spouse gets $100,000 , enough to pay off the bank, ($40,000) and enough left over to bury you or buy a new car or put the kids through half a semester .After the exclusionary period, no matter WHAT MEDICAL condition you obtain, you will have the insurance.

[Catchme]

No insurance does not pay out for suicides.

It doesn't ? Since when?

Man, you mean to tell me I could have cashed those cheques that were sent out to the beneficiary as payment for suicide?

Have never seen a private insurance policy that ever covers suicide. I would be interesting in seeing one that does.

Mine says something like; in the event of death or injuries that result from, murder for the purpose of collecting benefits, suicide or attempted suicide, or death or injuries resulting from substance intoxication, this policy shall be rendered non-binding.

[guyser]

Mine says something like; in the event of death or injuries that result from, murder for the purpose of collecting benefits, suicide or attempted suicide, or death or injuries resulting from substance intoxication, this policy shall be rendered non-binding.

So, you are not talking about Life Insurance then are you???

Here is a little hint, when we talk about Oranges, dont talk about margarine....k..?

[Army Guy]

Here is some movement from our government. I'd like to add that it is good to see movement from the banks and others on a postive note as well.

My Webpage

[jdobbin]

Here is some movement from our government. I'd like to add that it is good to see movement from the banks and others on a postive note as well.

My Webpage

I don't see anything except a logo.

[guyser]

I don't see anything except a logo.

Take off everything from forward slash on... .ca/imagesetc etc

Delete all after the .ca in the address. It is there

[madmax]

Madmax, cancel your bank issued policy tomorrow, AFTER you replace it with Life Ins.

Rest assured that the banks will in the long term be the ones that make the payments. The money will show that the Insurance co's paid off the debt , but in house will be a different ballgame.

<Snip>

This is a prime example of E&O insurance. Plainly put , the seller should have , or aught to have known, that the person applying for insurance would be put in a detrimental position by the "exclusion of war" . This means that the banks will lose in court. It can be shown that they sold not in good faith, and thus they will pay.

I "suspect" that the banks know this, and thus will avoid the poor media realtions and get this buried.

<snip>

Thanks for your detailed answer, and advice.

[PolyNewbie]

August 1991:The financial institution should have advised this but I personally wouldn't hold them responsible.

No, of course not.

The wars are illegal so I think the banks should pay because they are the ones that profit from the wars and implictly allow them. Banks are the controllers.

[Catchme]

Mine says something like; in the event of death or injuries that result from, murder for the purpose of collecting benefits, suicide or attempted suicide, or death or injuries resulting from substance intoxication, this policy shall be rendered non-binding.

So, you are not talking about Life Insurance then are you???

Here is a little hint, when we talk about Oranges, dont talk about margarine....k..?

Yes, as a matter of fact I am, had a close read at the wording, this is nullified if suicide occurs after 12 months from policy start date. But apparently, this is not always the case either, if your medical records show you may have been suicidal at the time of purchase of the life insurance.

What the plan doesn't cover

If you commit suicide, while sane or insane, during the first 12 months of coverage under the Optional Life Insurance Plan, no benefit will be paid. Your beneficiary will receive a refund of your premium payments

.

[guyser]

Yes, as a matter of fact I am, had a close read at the wording, this is nullified if suicide occurs after 12 months from policy start date. But apparently, this is not always the case either, if your medical records show you may have been suicidal at the time of purchase of the life insurance.

What the plan doesn't cover

If you commit suicide, while sane or insane, during the first 12 months of coverage under the Optional Life Insurance Plan, no benefit will be paid. Your beneficiary will receive a refund of your premium payments

In other words it is not just a life policy. Thats fine , and as you see there is no exclusion for suicide like I have stated before , after the mandatory period.

As for your med records showing you to be suicidal , the Ins Co cannot use that as a defense to deny AFTER the mandatory wait period.

Once your wait period is done, you cannot be denied with the exception of fraud ie getting non-smokers rates when you smoked all the time.(besides....if going for a high dollar amount policy , tobacco shows up in urine and blood analysis)

[Catchme]

Yes, as a matter of fact I am, had a close read at the wording, this is nullified if suicide occurs after 12 months from policy start date. But apparently, this is not always the case either, if your medical records show you may have been suicidal at the time of purchase of the life insurance.

What the plan doesn't cover

If you commit suicide, while sane or insane, during the first 12 months of coverage under the Optional Life Insurance Plan, no benefit will be paid. Your beneficiary will receive a refund of your premium payments

In other words it is not just a life policy. Thats fine , and as you see there is no exclusion for suicide like I have stated before , after the mandatory period.

As for your med records showing you to be suicidal , the Ins Co cannot use that as a defense to deny AFTER the mandatory wait period.

Once your wait period is done, you cannot be denied with the exception of fraud ie getting non-smokers rates when you smoked all the time.(besides....if going for a high dollar amount policy , tobacco shows up in urine and blood analysis)

This has been a very interesting discussion, I am much more familiar with my policy because of it.

And they seriously cannot use that as a defense?

So then one who wants their familiy to benefit from their suicide only has to wait until set periods are over, and their familiy gets the policy?

[guyser]

And they seriously cannot use that as a defense?

So then one who wants their familiy to benefit from their suicide only has to wait until set periods are over, and their familiy gets the policy?

Thats correct.

Most insureds do not have the mindset to wait and then kill themselves. This is what the Ins Co knows.

[Figleaf]

...if the widow's policy is like yours, ArmyGuy, the insurance company ...

Hey Charlie, what's with your habit of linking to people's profiles lately?

[Charles Anthony]

Hey Charlie, what's with your habit of linking to people's profiles lately?

A couple of reasons:

1) just to be different

2) some people (myself included) like to either use initials or to slightly alter (as in the way you addressed me just now); I want to make sure that the ID is ultimately clear; for example, somebody might mistaken you for having addressed ChuckYouFarlie instead

3) it is possible for a user's name to be changed but the link to the user will not