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re: Why do people think that they can lie to insurance companies?
Posted on 10/21/16 at 6:25 am to Vols&Shaft83
Posted on 10/21/16 at 6:25 am to Vols&Shaft83
quote:
I don't live in Tennessee
So, you are saying Aliens?
If you live in Alabama or Kentucky that would be pretty funny.
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Posted on 10/21/16 at 6:51 am to cave canem
quote:
Or you could just go with you started using tobacco after the question was asked and notify them of the change.
You were never asked if you would use it in the future, this is not as cut and dried as the insurance agent here suggest.
Interesting, do you think think he also lied on any medical questionnaire that he filled out when he went to see a doctor?
Because if he also lied to the physician, then he's fine. But I seriously doubt he did.
Lots of people lie to insurance companies, very few lie to their medical provider.
But yes, technically, IF there's no record of him ever using tobacco, he could get away with it. That's a pretty big "If" though.
Posted on 10/21/16 at 7:40 am to Vols&Shaft83
quote:
Interesting, do you think think he also lied on any medical questionnaire that he filled out when he went to see a doctor?
Because if he also lied to the physician, then he's fine. But I seriously doubt he did.
Lots of people lie to insurance companies, very few lie to their medical provider.
But yes, technically, IF there's no record of him ever using tobacco, he could get away with it. That's a pretty big "If" though.
Notice I said notify them of the change, if he does this there will be little fuss and he will simply face a rate increase.
Every situation is different
Here is an example.
My life insurance policy stated I was a smoker, after quitting I had to take a test to have the policy changed, this is well documented.
If I later start smoking again (not happening) there is no intent to deceive and there can be no denial as I never agreed to not smoke in the future and my policy has no notification T&C.
The barristers would line up around the block for this case if a denial occurred.
All this depends on the T&C of the policy and the contestability period and will vary a bit state by state.
The normal way it would sort out is the cumulative amount the policy rate would have increased would be subtracted from any proceeds rather than a blanket denial.
Posted on 10/21/16 at 8:20 am to cave canem
quote:
Notice I said notify them of the change
I thought you said to notify the company that he started smoking after the policy was already in force. If he does this, he's still attempting to deceive.
quote:
If I later start smoking again (not happening) there is no intent to deceive and there can be no denial as I never agreed to not smoke in the future and my policy has no notification T&C.
The barristers would line up around the block for this case if a denial occurred.
All this depends on the T&C of the policy and the contestability period and will vary a bit state by state.
The normal way it would sort out is the cumulative amount the policy rate would have increased would be subtracted from any proceeds rather than a blanket denial.
I am in no way disagreeing with this. I haven't addressed what the ramifications are (if any) if he engages in hazardous activities or tobacco use after the policy is in force.
And yes, when people quit smoking, I can usually get their premiums reduced significantly, happens all the time, unless they enrolled in the policy in their 20s and quit smoking in their 60s.
Posted on 10/21/16 at 8:24 am to Vols&Shaft83
quote:
I can usually get their premiums reduced significantly, happens all the time, unless they enrolled in the policy in their 20s and quit smoking in their 60s.
What about smoking weed?
Posted on 10/21/16 at 8:51 am to Cheese Grits
quote:
What about smoking weed?
Again, if there's no documentation that you've ever smoked weed, we don't know if you've ever smoked weed.
Depending on the company and/or how much coverage you're applying for, you have to submit to a physical and/or drug screening before coverage is issued.
Posted on 10/21/16 at 9:53 am to Vols&Shaft83
quote:
Again, if there's no documentation that you've ever smoked weed, we don't know if you've ever smoked weed.
Yeah, but as you said it probably shows up in some previous heath related database.
If you don't live in TN but you work there, how do they rate you for your own policy?
If you can rate differently, what state is the best for costs and which is the worst for premium cost if you are "on the border" as you imply you are.
Posted on 10/21/16 at 10:01 am to Cheese Grits
quote:
Yeah, but as you said it probably shows up in some previous heath related database.
If you've never admitted to smoking weed, and have never tested positive, there's nothing on record to prove that you've ever smoked weed.
Posted on 10/21/16 at 10:08 am to Cheese Grits
quote:
If you don't live in TN but you work there, how do they rate you for your own policy?
Depending on the policy you're looking for, you can usually choose which state you want to enroll in, as long as you work/live in that state.
The same isn't true with health insurance, which is another stupid state insurance law.
If health insurance companies were allowed to compete across state lines, health care costs could be reduced significantly.
quote:
If you can rate differently, what state is the best for costs and which is the worst for premium cost if you are "on the border" as you imply you are.
Again this varies by type of policy, with life insurance, your state of residence doesn't make much, if any, difference.
Posted on 10/21/16 at 11:15 am to Vols&Shaft83
Earlier you said whole life on babies is acceptable but better options. What are the better options? 529 with mutual funds?
Posted on 10/21/16 at 11:21 am to deeprig9
quote:
529 with mutual funds?
Yes, or with ETFs if you prefer. Only thing I caution about ETFS is to buy an index ETF and leave it alone. Set it, and forget it. I have so many clients who foolishly, against my advice, buy and sell ETFS like stocks and end up losing money. You can also set up a trust with a few index funds.
Posted on 10/21/16 at 11:56 am to Vols&Shaft83
how do you get a copy of your MIB report?
Posted on 10/21/16 at 11:57 am to AubieALUMdvm
Become an underwriter for an insurance company
Just kidding.
You can request one once per year
Just kidding.
You can request one once per year
This post was edited on 10/21/16 at 11:59 am
Posted on 10/21/16 at 12:14 pm to Vols&Shaft83
I requested one but I dont expect anything significant to be on it.
On another note - I recently got some life insurance for 300k and didn't have to do any type of physical exam or anything. I've never had life insurance before but I thought that always happened for any significant amount of money?
On another note - I recently got some life insurance for 300k and didn't have to do any type of physical exam or anything. I've never had life insurance before but I thought that always happened for any significant amount of money?
Posted on 10/21/16 at 12:18 pm to AubieALUMdvm
How old are you? Have you already received the policy? Is it a guaranteed issue policy?
Posted on 10/21/16 at 12:23 pm to Vols&Shaft83
quote:
Lots of people lie to insurance companies, very few lie to their medical provider.
Gregory "everybody lies" House M.D. Thinks you are a dumbass
Posted on 10/21/16 at 12:27 pm to Wishnitwas1998
House can suck my balls
Posted on 10/21/16 at 1:02 pm to AubieALUMdvm
Guarantee issue policies don't require a physical, but they have a shite load of restrictions.
What's the name of the company, just out of curiosity.
What's the name of the company, just out of curiosity.
Posted on 10/21/16 at 1:05 pm to Vols&Shaft83
guardian
Should I be suspicious or something? I never go to the doctor, no Rx, no major cancer/heart dz in family history.
Should I be suspicious or something? I never go to the doctor, no Rx, no major cancer/heart dz in family history.
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