re: Why do people think that they can lie to insurance companies?

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Why then? Don't they have to pay their entire life to keep it then?

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Yes, but the premiums are ridiculously low and never go up. Plus if they're in a pinch when they're older, they can cash it in.


Obviously, there are much better investments you can make for your kids, but that's a cheap and simple one.




ETA: I'm not a big fan of life insurance on children, but if you're going to do it, whole life is the way to go, ONLY in this instance. But honestly, it's unnecessary, and doing a little research, you can find much better places to put money for your kids.

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I wish there was some way to do that without the insurance part though.

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Yeah, it's called a money market account. You can set one up through your bank and just have some money from each check deposited automatically.


Since you don't have immediate access to it, like your checking or savings, you won't be tempted to spend it on a whim.


I have my 6 month emergency fund in a money market account. You need to have an emergency fund of 3-6 months of expenses before you do any long term investing.

Lol. I highly recommend checking out some Dave Ramsey stuff. It's perfect for young couples trying to get their financial situation in order.


People will call Ramsey's investing advice boring (and I agree to an extent) but it's sound, common sense financial planning that works.

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MIB

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Whoa. I know everyone always says that government and insurance companies are in bed, but I never knew they let y'all use the Men in Black to find shite out on people. That's hardcore.

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These MIB people scare me. How do they know all of this stuff?

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Every doctor you've ever seen since the day you were born has sent medical information to the MIB. When you sign a HIIPA release, you are granting the doctor/hospital permission to share your information with the MIB.

It was established in 1902 to prevent insurance fraud, specifically life insurance.


Life insurance fraud was unbelievably rampant in the late 1800s.


Insurance companies have to pay a lot of money to keep this thing running, and believe it or not, it actually helps LOWER the costs of life and health insurance.

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He'd likely never be prosecuted, but the company would not pay his claim so the only person he'd be fricking is himself and his family.

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Really on the agents to do a better job of explaining this to people. If you get lung cancer, you better believe life insurance companies will investigate cause of cancer

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Just do your job and stop complaining.. Not like your a doctor that's actually worrying about his health. You're just an a-hole trying to cash in on it and him smoking curbs the odds..

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Be more subtle. You're losing your touch Hardy.

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Really on the agents to do a better job of explaining this to people. If you get lung cancer, you better believe life insurance companies will investigate cause of cancer

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It's absolutely on the agents as much as it is the customer. The agent has a responsibility to the customer and the company he represents to be honest and thorough.

Now, if I hadn't seen him smoking the cigarette, and he had told me he didn't smoke, I still have to give him a conditional binding receipt which clearly states the legal disclaimer regarding fraud and pre-existing conditions.

If he chooses to ignore it, that's on him.

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If you are selling life insurance, why do you waste so much time here?

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99% of my posts are from the phone. How much time do you think I actually have to devote to selling life insurance at this point in my career? The vast majority of my income is from residuals, I still have to travel and see clients, but I don't have to break my back like I used to when I was building my business.