If you live in the state of Texas you may want to review your life insurance policy and read all the terms associated with it. According to a recent survey conducted by the Texas Department of Insurance (TDI) several life insurance companies place beneficiary payments into a Retained Asset Account (RAA) instead of directly paying the beneficiary. In a survey of 160 life insurance companies the TDI found that around 71 of the companies offered RAA’s and over half of them use the accounts as the default policy settlement option.…
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Delinquent life insurance pay outs being investigated
As insurance companies from around the nation begin to crack down on fraud, some are finding themselves accused of the very thing they are trying to expunge. Such is the case with Metropolitan Life Insurance Co. The insurer is accused by the state of California of not paying life insurance benefits after finding out that the policyholder had passed away. The state is getting ready to investigate the practices of the company in an effort to determine whether these allegations are true or false. Earlier this week, Insurance Commissioner Dave…
Read MoreToo good to be true life insurance
When shopping for life insurance online and offline buyers should beware. Many, not all, quote preferred rates which are hard for the best of health to get. We’ve all heard the commercials or seen the ads promising premiums for $10 a month with no underwriting required, but many find that after speaking with an agent, that $10 a month is nowhere in the ballpark, and medical tests are required! It’s called the ol’ bait and switch but here are some dos and don’ts to avoid this… Online quotes are merely…
Read MoreShopping for life insurance on the Internet
In days past, life insurance agents would come to your door. Today, the agents are trying to reach people through the Internet. The benefit of purchasing online is that you can compare insurance companies and their rates, view features and plans that are offered. Many online insurance companies will even connect you with a licensed insurance agent so you can make sure you get the coverage you need for yourself or your family. Gary Lardy, CEO of IntelliQuoute feels that by insurance websites providing access to tools at all hours…
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