by Guest » Fri Dec 19, 2008 08:41 am
Hi
..is it worth sharing your financial information while applying for disability insurance?
I don't have any problem sharing my medical history, but what about my financial info? I believe its truly hard to keep such vital info secret these days!
..is it worth sharing your financial information while applying for disability insurance?
I don't have any problem sharing my medical history, but what about my financial info? I believe its truly hard to keep such vital info secret these days!
Posted: Fri Dec 19, 2008 12:00 pm Post Subject:
Dear, why do you think our carriers need these financial data?
This data is not fetched merely to be kept in their books. I think such data are needed to be evaluated properly and helps to analyze and determine the true worth of a claim. One big thing that you'd need to understand is that the way life insurance does not give back your life, the same way health insurance does not heal your health problem.
All the insurance coverage are in reality a mere replacement in terms of finances. So if it ultimately has to effect your finances, then you'd better disclose the necessary information to your prospective carrier for your own benefit.
Crossbreed
Posted: Sat Dec 20, 2008 09:44 am Post Subject:
I have this feeling that this question could come up on 2 occasions like- when you're applying for the coverage as also when you're filing for a claim. I think while applying for an insurance coverage you'd need to provide your carrier with comparatively lesser of financial information than when you're filing for a claim. It is when evaluating your claim that your carrier might need to go through more of your financial details (which may even be pertaining to a particular period).
Posted: Sat Dec 20, 2008 10:29 am Post Subject:
I believe its truly hard to keep such vital info secret these days!
Well, I can't blame you for fearing such. It, indeed, has become very difficult to protect your personal information these days with so many online sites offering so many lucrative schemes. However, you may have to disclose the financial information to the insurer as its required for the underwriting purpose.
Also, even if you take all precautions not to spread the information, every time you apply for a credit card the information goes to your credit report which the insurer can pull at the time of need.
Posted: Thu Jan 29, 2009 10:40 pm Post Subject: Sharing Financial Data
Definitely go ahead and share it. If you don't and they find out later then you're in big trouble since your finances affect their decisions. I can't blame you for not wanting to share it though. Neither do I! But don't fling it out to just anybody. I'd check their credibility really hard first. Do your homework. If they prove trustworthy, go ahead and tell them what they need to know. Hope this helps! Take care. God bless you.
Posted: Fri Jan 30, 2009 07:43 am Post Subject:
Thanks Barbara :)
Actually, I'd once allowed my checking account info to a tele-seller..also he got the last 4 digits of my SSN.. and it had been pretty hard on me for the months that followed. Ever since then I'd been a bit skeptical about letting out things...I even missed the fed. grants for which they said I'd been pre-approved.
I'd check their credibility really hard first. Do your homework.
I'll try...though I'm not too sure of how much of it could be done online.If you don't and they find out later then you're in big trouble since your finances affect their decisions.
Could you tell me more on the consequences?Posted: Fri Jan 30, 2009 12:33 pm Post Subject:
Scared (why by the way? :? ) EXACTLY what 'kind' of financial information is it they want and who exactly is requesting it and why? I wouldn't give out much if any without knowing all these answers let us know and we will be in a better situation to answer your question
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