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Life Insurance - Pants!

Blog: Frustrated Businessman
Posted by: knightrider45 Saturday 22nd September 2007, 10:37pm

Remember what I've said on this blog before about Life Insurance companies not paying out after you've gone? Well, now I've seen proof. And it stinks.

Enter a company called Scottish Widows. A report in Thursdays Daily Mail reports that this company is getting famous for not paying out when you've karked it.

They call it "Non Disclosure of Material facts." Basically what happens when you die with this company (and no doubt many others) is that the company concerned checks your application form against your medical records.

And, if you haven't declared EVERY Single thing on your application form, irrespective of whether the case is linked to your death or not, the company doesn't pay out.(Remember that dose of measles you had when you were four and a half? Did you declare it?)

This is common practice amongst the insurance companies. This odious practice is devasting for your next of kin who face repossession and hardship, no matter how long you've been paying your (often inflated) premiums.

Doesn't this just stink? Especially, according to the same report, one in five life insurance claims are never paid out for this reason, called `Post Claim Underwriting` by the industry.

Best Insuarance policy.....life savings in a joint high interest account, or buy property for selling off by your other half after you die.

Life Insurance companies..........never have trusted them in the past - and certainly never will now. Bloggers - check your records & make sure everything's declared. Otherwise, your other half will regret it - for life.

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