Topic: Life Insurance / Critical Illness

[curls]

Mortgage insurance IS a ripoff because better insurance can be had that costs the same, or less, from the same companies usually!

Term insurance is a ripoff to a lesser degree because we all know just how filthy rich the insurers are, yet they jack their rates as much as possible and deny payments as much as possible, all in the name of greed.

Whatever you say, dude. 

Unless you are in the insurance industry, I can't quite figure out why you disagree w/ me on this.  Term is better than mortgage insurance as its payout does not decrease over time for the same premium.  And even term insurance is a ripoff (albeit a necessary evil), because every insurance company myself or anyone I know has dealt with, has tried to deny payment for some reason or another on any type of claim (auto, home, critical illness.).  None have ever been successful in denying payment, but it was a hassle to get the payment regardless of that fact!.

[ovr50]

I am not and have never been in the insurance industry...!!

I just attempt to approach these discussions in a reasonable manner, ie. for some ppl and in some situations, insurance is a beneficial financial tool. I do not subscribe to the idea that all insurance is a "rip off" (which is an overused and meaningless word) and I was trying to tell you that some insurance can be beneficial. Your one-sided view that all insurance is a "rip off" does not encourage an intelligent review of the pros and cons.

I have had experiences collecting insurance moneys (claims) on fire/smoke damage to our house with not a lick of complaining or backsliding by the ins co. They paid every claim and probably some they could have questioned. I have had similiar good results with auto insurance in cases of several minor accidents. My kin have had no hassles on several life policies. I have had experience with collecting disability insurance due to medical condition that precluded my working at a former job for a period of time. Not all insurance cos will hassle you, not all will deny claims, and not all are out to screw over their policyholders, as you seem to think.

But it's pointless to continue this discussion as your mind is made up, and no rational talk can change it. Nor do I really care to.

[safristi]

..I'm Offering "DUDE" Insurance.................only Wankers qualify..............

[Snowman]

I am not and have never been in the insurance industry...!!

I just attempt to approach these discussions in a reasonable manner, ie. for some ppl and in some situations, insurance is a beneficial financial tool. I do not subscribe to the idea that all insurance is a "rip off" (which is an overused and meaningless word) and I was trying to tell you that some insurance can be beneficial. Your one-sided view that all insurance is a "rip off" does not encourage an intelligent review of the pros and cons.

I have had experiences collecting insurance moneys (claims) on fire/smoke damage to our house with not a lick of complaining or backsliding by the ins co. They paid every claim and probably some they could have questioned. I have had similiar good results with auto insurance in cases of several minor accidents. My kin have had no hassles on several life policies. I have had experience with collecting disability insurance due to medical condition that precluded my working at a former job for a period of time. Not all insurance cos will hassle you, not all will deny claims, and not all are out to screw over their policyholders, as you seem to think.

But it's pointless to continue this discussion as your mind is made up, and no rational talk can change it. Nor do I really care to.

I agree, back in 2000 when my wife was in a car accident and broke both legs and a knee the insurance bent over backwards to help. Despite the fact she was charged with careless in a single vechile accident. They actually coached me and convinced us to classifier her as a homemaker vs. wage earner so we would have 24 hour coverage in the home for cleaning, cooking, and child care. She was already covered at work for wages so it was the beast option.

 I have never had a problem with a claim with an insurance company and there have been many.

[barrie1]

I also have never had any problems with a claim but haven't really had that many at all. The last one one was for a Mini Barn that collapsed from a Ice buildup in the winter and they  offered a lot more then I paid for it originally. Had a $1000. in it and they gave me $2700. without any hassle at all. I replaced it with a  Mennonite building which is vinyl sided and much better needless to say. 

[ArticSteve]

If any one hasn't noticed, the world is in the grip of a historic financial meltdown and the insurance industry is smack in the middle of it.  Any prior satisfactory experience with receiving generous pay outs from past insurance claims is a thing of the past.

[Triple Bob]

If any one hasn't noticed, the world is in the grip of a historic financial meltdown and the insurance industry is smack in the middle of it.  Any prior satisfactory experience with receiving generous pay outs from past insurance claims is a thing of the past.

Another sweeping generalisation that is far from true... 

So you can predict how ALL insurance companies will act in ALL circumstances from now on steve..?

[ArticSteve]

Another sweeping generalisation that is far from true...   

Well tell me about it then. 

So you can predict how ALL insurance companies will act in ALL circumstances from now on steve..?

Based on what I observed around the world with the massive infusion of government funds into near bankrupt or bankrupt financial institutions me thinks that insurance companies, who hold much of those now near worthless ABCP securities, are cutting costs like nobody's business.  Watch for premiums in all lines to rise besides ruthless claims behaviour.