I should be penalized for being late. It's my memory. Alas, here I am.
I didn't know what I was signing into beginning in 2004.
My mother who is controlling say it would be good for me and would do her a nice favor if I signed the contract for a term life policy.
The policy doesn't return any money if at any point it gets terminated. It covers death benefits for the term. It is not a whole life insurance. Premiums are to be paid monthly.
As years gone by I started to have a different stance on it. I picked up one of Suze Orman's financial books and read it top to bottom. It tells me I don't need the insurance because I'm not married, healthy and financially secured.
However my mother has been paying the monthly premiums. The agent who sold it to us visited our home, I remember, and said it is important that I have it. I called him one day while I lived in MD and said I want to cancel the policy. He did not honor my request and acted like my feelings were nothing, talked about how he lost someone in his family, and said it's not a good idea. We argued. I can see clearly I look like dollar signs to him and my mother.
I let it go for a few more years. This year, I give my mother no right, to help with the premiums.
Instead of calling the agent whom I think acts like a Mao-ist, I call the insurance headquarters and spoke with a different agent. He said I write to them about the request. I did. This week I get no reply letter and instead a statement requesting two months ahead payments.
The first thing I did is to keep the statement but don't pay them for 31 days. I should get a warning letter after this stating the policy has lapsed or terminated. It may be reinstated with good reason. I'm not going to reinstated so by then my mother would lost all her money which I will be paying back.
I don't want anyone to think that she is correct that my death is worth money. God forbid, my older brother thinks I should stay on it just b/c he too is on it. What has this world come to? This is the reason I am terminating it for good. I am a human being and my family doesn't think so. This has been on my mind for some time now, I can rest easy next month once it's over.
Do not get life insurance or be forced on it unless you are married and have dependents (kids), think you will be prone to sickness later on, or have some valid reasons why. It's not worth it right now, doesn't matter how cheap it is, policies just sell based on the individual needs and desires.
Wednesday, November 25, 2009
Subscribe to:
Post Comments (Atom)
1 comment:
Wow. I'd have to disagree. Even before being married, I had life insurance. it is really better to get while one is young for three reasons. First it is substantially cheaper. Second, depending on the policy it can be fully paid for 10-15 years. tere would be no more premiums to pay. I forgot which type of policy it is but not all of them require payment forever. Also, most you can get without health exams. Sometimes, at certain ages (except during open enrollment with jobs), a physical exam may be required, thus sometimes raising your premium. Having a sister that got passed away at the young age of 34, that life insurance policy she had on herself was just the amount my mother needed to have a funeral and bury her. My sister had diabetes. She got it when she got pregnant. Obviously no one expects to die from diabetic complications and certainly not at 34 years old. I mean I'm 34 years old right now. My dad died last year and that insurance helped.
I don't think your family looks at you as a price tag. If they think like my mom, they know perhaps a sudden death might hurt them financially. For a lot of people a death would drain any savings they have. I'm not saying someone should have $75,000 policy on a person. That certainly to me is just a meal ticket but $5,000 or $10,000 is a fair amount to have.
Eeven the healthiest of persons can get sick suddenly or die suddenly....car accident, accidental murder. I'd reconsider the insurance unless your family is truly wealthy.
Post a Comment