 Health insurance? |
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Wouldn't this solve the health care crisis?
Additional Details
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(a few details added)
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waitresssupermodel | Life insurance - is this a scam? someone help me....? |
my mother is getting life insurance (she's in her 50's). she had a man come to her house - he said he wants to withdraw her monthly life insurance payments out of her account next month. I don't think it sounds good -- couldn't his insurance company withdraw ANY amount if they wanted to? also, shouldn't they have a "bill pay" number if they are going to do this. I don't want my mother to get scammed if she passes away and there's no life insurance for her.
Additional Details
*the insurance man wants her to give him her bank account number. |
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NewGrandma
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Your mother should have a contract, fully signed from a reputible Insurance Company before giving this man a void cheque for monthly withdrawls. It should clearly state the monthly withdrawl amount and I'd even write it on the cheque.
If you are concerned, call the better business bureau and check the company out. Also, check laws in your area, you may have 24-48 hours to cancel the contract. Read the actual policy...a reputible firm will pay out within 24-48 hours so you have the money to pay for the funeral.
If for any reason you believe this is a scam after checking, call the police to see if they are aware of one in the area...cancel your Mom's bank account and open a new one so they cannot get the money out. Don't forget to inform any other businesses (hydro etc) that have automatic monthly withdrawls of the new account number. You may not be giving them enough time to change their info but it beats having your Mother's account wiped out. Put a stop payment on them and call and advise them what has happened. |
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Doing the Right Thing
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The insurance agent is not scamming your mother at all. He is just offering couple of different ways she can pay for life insurance. 1) She can pay her premiums by mail or 2) Automatically pay it through her checking account (she will need to give a voided check on the life application).
I have setup an automatic bill payment for some of things I have. For example, I have a student loan and every month it automatically gets paid. I have a Roth IRA too and I set it up to have $100 deducted from my checking account every month.
Automatic bill pay is convenient and says you lots of postage stamps (the US Postal Service is going to raise the price of stamps again from 39 cents to 41 cents in the future). You can stop the automatic payment at anytime and you may able to pay or transfer money online too! Of course, you need to make sure you have money in your checking account before those automatic bill payment comes, otherwise your bank will charge you an overdraft fee. |
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Flyboy
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Automatic withdrawals from checking accounts is a good way to pay periodic bills and it is done all the time including on life insurance. The key is the insurance company itself. Is it reputable? Who is the agent and how long has he been around?
We pay our key man company life insurance this way and have never had a problem. |
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ricks
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This is not uncommon at all! I am surprised at all these folks saying this. That is how the majority of insurance is paid for. You can set it up differently if you want to. Tipically, if you want to do it monthly, that is how. If you want them to mail her a bill, they will do it quarterly (and probably charge a premium for the additional paperwork) or semi-annually.
If this was just some guy asking for her info, then no, dont do it. But if he is a reputable agent, he will have consent forms that she must sign & agree to an amount and date that the funds can be taken. Insurance is highly regulated. Many states also have not approved the use of credit cards for payments yet. |
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October
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Call the Insurance company's customer service number. |
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capnemo
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Life insurance companies do this quite often. If it's a reputable company, it'll be all right. They cannot withdraw any more than she allows. However, if you never heard of this company or this man, do not let her do it. |
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bugs280
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I used to work as a life insurance agent. We did exactly what you are talking about. The company is only authorized to withdraw the premium amount. They have to show proof of the authorization to the bank. Your mother's bank statements showing the transactions will be legal proof of all premium payments. Have you ever heard of the company? Do you or your mother have friends or relatives insured with this company? If you do ask them how they pay their premiums. You can also check with your state government and the Better Business Bureau about the company. Insurance companies and agents are licensed through the state. |
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hightechchic
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Actually, the only way you can lose life insurance, once your policy is issued, is to fail to pay for it.
Insurance companies will give you options to pay. Some of these options include quarterly, semi-annual, and annual billing. Some do have monthly billing; however, many have decided that it's just too much work to have to process statements, late bills, and reinstatement notices for monthly bills, so they require drafting out of a bank account if you want to pay on a monthly basis.
Now, I'll grant you, it COULD be a scam if the company isn't legitimate.
And no, they aren't allowed to transfer any amount they want. That's why your mother would have to sign an authorization for them to transfer the money (and a life insurance premium should remain level for almost any type of policy.) |
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mediahoney
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I would go to a trusted brick and mortar insurance company. Some will allow your mother to do a monthly debit from her account. But she has to annotate the withdrawal each month do avoid bounce checks. |
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paul y
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i would be very wary of anyone just drawing money out of my bank account..its risky at best..
its done a lot but why can't you mom just pay by check or some other method. she is putting her funds in someone else hands. |
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?
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a scam yes but a necessary evil. isurance is like that friend that you have that you don't really talk to or hang out with very much but always seems to be the one friend that is there for you when you're feeling down... and the more of those friends we have the better, just like insurance. |
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Munya Says: GFOD
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Scam scam scam...you never EVER give someone your bank account number, not in this day and age!
NO NO NO!
Tell her to go to an Allstate or State Farm and ask THEM, they'll be happy to advise her without selling her a policy. |
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mlb278
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Yeah life insurance is a good scam.. The salesman probably sold her whole life. He gets a huge commision off of the sale. |
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