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Started By
Message
re: What is the best kind of insurance to get for a 67 yr old male
Posted on 4/15/21 at 3:05 pm to Chalkywhite84
Posted on 4/15/21 at 3:05 pm to Chalkywhite84
Life insurance
0
Posted on 4/15/21 at 3:21 pm to Chalkywhite84
He’s trying to help you out? Are you suggesting he’s letting you buy life insurance on him because he knows he’s going to die and you’ll get a financial windfall from his death? That’s not how this works bud. Don’t commit insurance fraud.
Posted on 4/15/21 at 3:26 pm to DCtiger1
That is not insurance fraud. As long as the insured allows him to be the beneficiary it’s perfectly legal.
Posted on 4/15/21 at 3:31 pm to TDsngumbo
The transaction he’s suggesting is completely unethical. He has no insurable interest as his friend, and he’s admitted that he’s essentially using his friends poor health for potential financial gain.
If insurance companies allowed this, then everyone would just go buy insurance on a sick person to get rich
If insurance companies allowed this, then everyone would just go buy insurance on a sick person to get rich
Posted on 4/15/21 at 3:35 pm to DCtiger1
quote:
The transaction he’s suggesting is completely unethical
No no it’s not. The friend wants to do this for him. It’s his friend’s decision.
quote:
He has no insurable interest as his friend, and he’s admitted that he’s essentially using his friends poor health for potential financial gain.
Final expense policies are issued in these instances all the time. Again, as long as the insured says it’s ok for someone else to own the policy insuring their life, it’s fine.
quote:
If insurance companies allowed this, then everyone would just go buy insurance on a sick person to get rich
It’s not an insurance company’s decision to determine who the beneficiary is in the case of a final expense policy. They’re pretty lenient because it’s smaller death benefits. Sure, there are some who won’t allow a “friend” to be a beneficiary but many would allow it. As long as the insurance company knows he has or may have cancer and factors that into the rate, they’re usually not going to have a problem with it.
A larger term policy irregular whole life policy is different. They’re going to do full underwriting for those and wouldn’t even issue it in the friends health anyway.
This post was edited on 4/15/21 at 3:37 pm
Posted on 4/15/21 at 4:03 pm to TDsngumbo
This is the entire reason the principle of insurable interest exists. He has no insurable interest in his friends life. He’s not financially dependent on said friend and would not be adversely impacted if his friend were to pass away. I can guarantee you underwriting would question his insurable interest at the point of application and claims would question it at the point of death.
This scenario is no different then if I tried to purchase life insurance on my neighbor because she’s in her 70s and only has a few years to live. I have zero insurable interest.
This scenario is no different then if I tried to purchase life insurance on my neighbor because she’s in her 70s and only has a few years to live. I have zero insurable interest.
Posted on 4/15/21 at 4:14 pm to Chalkywhite84
Honestly, you're going to have to get with someone who specifically deals with this and has several companies he or she can write from. There are a lot of variables in this situation and each one could rule one policy or company out.
Posted on 4/15/21 at 4:16 pm to DCtiger1
I understand what you’re saying about insurable interest but this is what I do for a living. With many final expense carriers, a friend is an acceptable beneficiary class because many senior citizens don’t have anyone else. A regular life insurance policy - no, a friend would not normally be acceptable. For a final expense policy - yes, in many cases.
What the OP is talking about doing is not fraud and is acceptable to multiple final expense carriers.
What the OP is talking about doing is not fraud and is acceptable to multiple final expense carriers.
Posted on 4/15/21 at 4:18 pm to LSUSkip
quote:
Honestly, you're going to have to get with someone who specifically deals with this and has several companies he or she can write from.
Posted on 4/15/21 at 4:20 pm to TDsngumbo
I do this for a living too, and I'm pulling this directly from our underwriting guidelines. I would assume a friend would be acceptable as a beneficiary in the instance that they will be settling the principle insureds affairs, however this is clearly not the case.
quote:
Whenever one adult buys life insurance on the life of another adult, insurable interest is required and it is important for the underwriter to have a clear understanding of the circumstances. It is important to fully explain the financial interest between the parties whenever there is a third party ownership situation between non-spousal adults with no apparent business need. These situations include but are not limited to one sibling buying coverage on the life of another; a parent buying coverage on the life of an adult child (beyond age 25); an adult child buying coverage on the life of a parent; a nephew buying coverage on an uncle; etc.
Although an insured generally has the right to name any beneficiary, there must still be a legitimate financial interest between the parties. The financial need is often not clear when a non-dependent beneficiary is named. When an adult applies for a sizeable amount of coverage (greater than $100,000) naming a parent, brother, sister, adult child, friend, estate, or trust as beneficiary, the purpose of insurance should be fully explained including the financial interest between the parties and how the amount was determined. A cover letter explaining the circumstances may be requested.
Life Underwriting may not issue an insurance policy when the beneficiary's interest in the life of the Proposed Insured is of a speculative nature, or when the amount of insurance applied for is out of proportion to the financial loss the owner or beneficiary would sustain on the death of the Proposed Insured.
When a person with no apparent connection to the Proposed Insured is named as beneficiary, Life Underwriting will not issue a policy until it has determined that there is a proper purpose for the insurance.
Posted on 4/15/21 at 4:22 pm to Chalkywhite84
FYI, this thread may very likely be used as evidence at your trial.
Posted on 4/15/21 at 4:25 pm to Chalkywhite84
Get a lawyer to make a will?
Posted on 4/15/21 at 4:32 pm to DCtiger1
Are you captive or non-captive? What company is that from? I know for a fact that Mutual of Omaha won’t allow a friend (hell, they won’t even allow a sibling to own the policy) but other companies will have no problem with it. I’ve written policies in the past where a friend was named the beneficiary and it was issued.
Posted on 4/15/21 at 4:34 pm to PsychTiger
quote:
FYI, this thread may very likely be used as evidence at your trial.
He would only be guilty of a crime if he and the insured hid health information at the time of application. As long as they are 100% honest, some carriers will issue the policy.
This post was edited on 4/15/21 at 4:34 pm
Posted on 4/15/21 at 4:40 pm to TDsngumbo
quote:
I’ve written policies in the past where a friend was named the beneficiary and it was issued
I understand what you're saying, but I'm asking you what was their insurable interest? Were the friends handling their affairs after the insureds death?
Posted on 4/15/21 at 5:02 pm to TDsngumbo
quote:
Final expense policies are issued in these instances all the time. Again, as long as the insured says it’s ok for someone else to own the policy insuring their life, it’s fine.
No. It’s not. An insurance contract requires insurable interest. You’re using the terms beneficiary and Owner interchangeably. If the Insured is the Owner, then he can name OP as the beneficiary, but without insurable interest, the OP can’t own the policy. It’s to prevent the exact thing people have suggested here. Same thing would apply to an auto policy-I can’t take out a policy on my neighbor’s Ram because he’s a storm chaser and I feel like the odds are good that he’s gonna total it at some point. Or how about Homeowners? I can’t take out a policy on a relative’s beach house and cash a check after a hurricane.
Posted on 4/15/21 at 5:06 pm to Chalkywhite84
quote:
Older friend of mine who is going to get life insurance qnd make me the beneficiary.
Y'all know if you give advice you will probably be subpoenaed at the trial.
Posted on 4/15/21 at 5:08 pm to TDsngumbo
quote:
This is what I specialize in for a living. You will both need to sign the application if you’re paying for it.
Screen name @ gmail . com
I KNEW an agent would jump on this! LOL
Posted on 4/15/21 at 5:09 pm to PsychTiger
quote:
FYI, this thread may very likely be used as evidence at your trial.
My first thoughts too.
Posted on 4/15/21 at 5:21 pm to DCtiger1
One of you best to fess being the phony insurance salesperson.
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