by KD » Sun Aug 15, 2010 02:55 am
I recently was told that my father had a life insurance policy he intended to go to his six children from his first marriage. His third and last wife told my brother that the policy was cancelled and we would receive nothing. I suspect, if there was a policy, she may have changed the beneficiary to herself shortly before my father died. He was quite ill before he passed. Is there any way we can find out if a policy did exist and do we have an legal rights to contest it?
Posted: Fri Sep 24, 2010 01:23 am Post Subject:
If you live in or around the original colonies, Wisconsin is North East.
Oops, that was a typo "Northwest" is what I meant. Not Northeast.
Posted: Fri Sep 24, 2010 01:36 am Post Subject:
The stock insurer either uses it to acquire more assets or distributes some of it to shareholders, or both.
Actually there are stock companies that pay dividends to their WL policy holder, even new ones. Met Life is a great example.
Either way it doesn't matter. Dividends paid on any life insurance policy are considered a return of premium, there's nothing wrong with this. It's hugely beneficial from a tax standpoint. If it weren't considered a return of premium, it would create a much more troublesome taxable issue.
I only take Max to task on this topic because once he commented somewhat crassly that dividends were a return of premium due to insurance companies' overcharging clients for their insurance coverage. He went on to say that companies who state they've been paying dividends for over 100 years could/shoul also state that they've been overcharging for their insurance for over 100 years.
While Max will correctly point out the fact that dividends come from revenue (surplus) which are generated from premiums collected, the allution that WL is a product that insurance companies overcharge for so they can play dividends is an unfair and inaccurate portrayal of what goes on--there are many other parts that go into paying a dividend.
Even if this was not his intent, written word can be interpreted in many ways and one must be careful about that. Everyone should heed this comment--I often times need to remember this.
Posted: Fri Sep 24, 2010 04:46 am Post Subject:
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Posted: Fri Sep 24, 2010 10:27 pm Post Subject:
While Max will correctly point out the fact that dividends come from revenue (surplus) which are generated from premiums collected, the allution that WL is a product that insurance companies overcharge for so they can play dividends is an unfair and inaccurate portrayal of what goes on--there are many other parts that go into paying a dividend.
I sort of retracted that comment early on in the thread. Didn't know that MetLife was issuing any participating policies. A genuine rarity among stock insurers, if so.
Posted: Sun Sep 26, 2010 03:10 am Post Subject:
Didn't know that MetLife was issuing any participating policies. A genuine rarity among stock insurers, if so.
Yup, most were playing with interest sensitive WL, which was basically a UL type product with guaranteed mortality charges. Hancock and The Hartford were the biggest players on this. Hancock just shut theirs down.
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