Should We Check Our Life Insurance?

Discussion in Life & Health Insurance started by pafjlh • Feb 7, 2015.

  1. pafjlh

    pafjlhActive Member

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    This is something that I have contemplated due to something that happened to me years ago. I had a life insurance policy with a company that wasn't too well known. At least I believe I did, I got insured through my full time job and I decided to drop this policy only they couldn't find me. They were taking my money every month but couldn't find me in their account as a member.

    I finally got the thing straightened out and the policy cancelled. But all I could think about at the time was that I was happy to still be alive because I would have hated for anyeone of my family members who have had to deal with the run around that I was given stating that I had no policy when I did. Fortunately I now have an insurance policy that does seem to remain active. I have chedked it from time to time and yes I am in their system. Don't know what happened above other then it was an insuance company not that well known.
     
  2. MrsJones

    MrsJonesActive Member

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    Group life insurances are usually cancelled when you leave your employer. It's when you have your own personal life insurance policies that you really need to check on it. Even if you're paying your premiums it's always good to check as you experienced human error is always there.
     
  3. Pat

    PatWell-Known Member

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    It is called a policy review. You would want to have your policy looked at to make sure you have what you think you have to avoid surprises if it is an personal policy. If it is a group employee policy and you leave your employer you may have the opportunity to convert the employer policy to your own policy, if the policy is portable. If you take the policy with you the cost could increase and may have less coverage.
     
  4. Ke Gordon

    Ke GordonWell-Known Member

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    I don't have life insurance at this point although I am constantly getting solicitations to buy it. I would be more interested in Long Term Care insurance at this point in my life, although some of it is a scam, you have to be careful what you buy and when. You have to really make sure you have the coverage options you desire. This is what is important to not about Long Term Care insurance.
     
  5. xTinx

    xTinxWell-Known Member

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    The error wasn't your fault but probably with the Human Resource or Admin Officer assigned to remit your insurance contribution every month. Your company offered you this insurance package for your benefit and yes it certainly pays to check up with the HR department just to see if your policy is still active and functional. The HR department in turn should check with the insurance provider. Perhaps you should get a refund from your company. It's good to know you have a new provider, though. Hopefully, what happened with your past provider won't be repeated.
     
  6. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    :oops:I'm glad I came here and I learned. Policy review is a good thing to do from time to time. Thanks!:)
     
  7. Pat

    PatWell-Known Member

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    You may want to look into getting a life policy that has living benefits that would allow you to get a portion of your benefits if you needed care before your final days for medicine or to help with caring for you. Life insurance is an investment you can use in more than one way and you do not have to die to use it.