by DV360 » Thu Jul 09, 2009 09:17 pm
When ever i go to purchase any products especially the Banking/Finance products like bank accounts, credit card etc, they list various list of benefits and most common are life insurance, airline baggage etc
Do you really get this benefits.. Especially on Life insurance, do you need to claim benefits ?
Any body can throw some light on it?
Do you really get this benefits.. Especially on Life insurance, do you need to claim benefits ?
Any body can throw some light on it?
Posted: Mon Jul 13, 2009 03:43 pm Post Subject:
I don't hide behind anyone. That post is definitely not me.
Michael
Posted: Mon Jul 13, 2009 03:56 pm Post Subject:
"Is the company incorporated?" I see nothing on the website that gives any indication that it is.
Posted: Mon Jul 13, 2009 04:00 pm Post Subject:
Hello Insurance Expert,
There are many times when a insurance company goes out of business that the insurance is lost. For example. If you have a term policy with company A and lets just say it is a 10 year policy at age 40. If you were to pass away at age 46 and no one claims it then the insurance company will just assume that the policy holder no longer wants the policy. So the term policy has done it's job. If a few years later company A gets bought out by company B, company B only will honor policies that are active. So if you now are looking to get paid from that specific term policy, there will be no record of it. They do not have to honour term policies that have elapsed. I got this information straight from the Government. This is the reason that it is so important to claim your life insurance as soon as possible. With companies going out of business eventhough they are very very large and have been around for many years it is crucial to find and claim benefits as soon as possible.
With FindYourPolicy.com we charge an annual fee that will be charged every year for the member to be part of our service. They will be covered for the year that they paid. Just like life insurance, if you pay the monthly or yearly fee you will be covered for that time. The reason we do not charge a fee or discount for multiple years is due to the fact that many people also feel it is not safe to invest in a new company for a very long time. If you want to be a member you will have to update your membership yearly. We will not change from this.
If you go to our "Terms of Use" on the website it will answer your question about us being incorporated.
Michael
Posted: Mon Jul 13, 2009 04:19 pm Post Subject:
Michael, let me give you a gigantic BOO!
I asked a very simple straight forward question, "Is your company incorporated?"
You could have given an honest answer, but since you know that the answer isn't a good one, you chose to not answer and instead said, "see our terms of use."
The answer to the question is "No, we are not incorporated."
This is of huge importance because it means that the company most likely dies when you die or when you don't feel like doing it any more.
Posted: Mon Jul 13, 2009 04:23 pm Post Subject:
When did find your policy start?
How many paying members do you have?
Posted: Tue Jul 14, 2009 03:51 am Post Subject:
Hello Micheal,
I have got another question for you.
Would your company update the information autometically when an insurance company changes its name or gets merged with another?
Expert,
What is the advantage to you and your beneficiaries to use the service?
Well, I'm sure that advantages and disadvantages would vary with the person but in my lifetime in this board I've come across many threads where the posters inquired about the life insurance policies of their parents or spouses.
I guess none of these people have informed their beneficairies on time about what they are due of or may be the beneficiary have forgotten all even if they were told. That time we certainly feel that a centralised database containing all these information would have been useful.
Anyway, I agree with your idea too, nothing would be better if we pass the information to the right person on time and without failing. I think more awareness in this regard is required, hmm.... what do you say?
Thanks,
Rupert
Posted: Tue Jul 14, 2009 10:10 am Post Subject:
I find it very interesting that Michael disappeared last time when direct questions started coming his way and I think that the result will be the same this time. I hope that I'm wrong.
I love the concept of Michael's company. One problem is that the type of person who would do business with Michael's company is the exact same person who does not need Michael's company.
What I mean is that the person who will take the time to organize everything and give the information to Michael's Company is the same person who will let his beneficiaries/attorney/cpa know what he has and where to find it.
A centralized database would be great. The MIB has a centralized database, but it isn't complete. A central database has to be kept by a corporation and not a sole proprietorship or partnership like Michael. (I don't know if he has a partner.)
I'll start a new thread because I am in complete agreement that more awareness is needed.
Posted: Tue Jul 14, 2009 10:36 am Post Subject: life insurance
I've come across alot of 'do it yourself' Wills/POA's on the Web, that you can (supposely?) add your Life Insurance policies on to. Are these sites legit? Will they stand up in a court of Law? Can anyone give me advice on these, if they have any?
Posted: Tue Jul 14, 2009 11:02 am Post Subject:
We will not change from this.
Won't you do it even when you've operated for over a period of time? I don't see any harm in offering it to people for multiple years if they trust you over time.
Steven
Posted: Tue Jul 14, 2009 12:44 pm Post Subject:
Hello,
Unfortunately I cannot always answer questions as quickly as I would like on blogs due to a busy schedule. So don;t think that I dissapeared.
Hart To Hart World Traders LLC is DBA as FindYourPolicy.com. Hart to Hart has been around for over 5 years and FindYourPolicy.com has been registered for 2. During these first 2 years we have been doing market research and also refining our service and figuring out price points that will be acceptable to industry. Our membership is very steadily and we are happy with the growth concidering we have not done a major advertising campaign as of yet.
Hello Rupert,
You asked "Would your company update the information autometically when an insurance company changes its name or gets merged with another? "
The answer is no. We only allow you the member to update your information. When a company gets bought out or merges with another company they will automatically send you information in the mail. It is your (the insured) responsibility to keep your beneficiaries informed of this information. You would then log into FindYourPolicy.com and update that information. If they do not know the new change it will make it even more difficult for them to find and claim benefits. FindYourPolicy.com has an added service where we will locate new company names of old life insurance companies. So if in 20 years you pass away and your beneficiaries cannot find the company that you originally had life insurance with due to a mergber, we can find it for them.
The fact that there are people on this forum that are looking for life insurance policies on their loved ones shows us that our service is on the right track. Also while doing research I spoke with life insurance companies that say they get 1000's of calls daily from people searching for possible life policies on their loved ones, tells me that FindYourPolicy.com is a necessity.
I have also noticed that anyone in the life insurance industry cannot understand why people just don;t inform their beneficiaries. I also agree, it is not that hard to keep people informed, however, there are so many factors that come into play. Communication gets forgotten, writen papers get misplaced. I was even at someones house to review their life policy to see if they need more and they could not find their policy paperwork and they did not remember the company name. They eventually did but if they were to pass away, no one in their family would have found it.
Yes more people have to be aware how important it is to simply keep connected and keep this information easily accessible. This is why we started FindYourPolicy.com It is not for everyone, however, it is a great back up just incase.
On another point, I am by no means comparing our company to LifeLock. But they work on a similar concept. They offer a service that you can easily do yourself but they are now getting recognized as a company that will do it for you so you do not have the headach or forget.
We simply store information to prevent misscommunication and the possible loss of valuable information. Can you do it yourself? Absolutely, can we assist you to make sure it is always available, Absolutely.
SDChargersfan,
I have people that have used the will paper work from Office Depot. They have been written by professionals and they have been very happy with it. It is also not very expensive and much cheaper then going to an attorney. Might be worth looking into.
Hello Steve,
Yes, you are correct. However, we will always allow people to pay one year at a time so there is a comfort level for individuals who need it. We will eventually offer a discounted rate for a longer membership period.
Thank you for all your questions. Michael
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