by susieq2530 » Fri May 21, 2010 04:55 pm
My sister is 42 and 6 years ago had a brain aneurism that left disabled and unable to work. We have applied to many life insurance companies but have been denied due to her condition. This company accepted her as a candidate but we would like to know if Forethought Insurance company is reputable. Please advise. Thank you inadvance for your assistance and input.
Posted: Sat May 22, 2010 03:07 am Post Subject:
From what I can tell from their website:
https://www.forethought.com/ffs/forethought.portal
They are a preneed and burial expense insurance company. The reason they will accept her, frankly, is because they will accept just about anyone. I encourage you to browse through their site and really read the info. I just glanced at it for a few minutes, and there are a lot of little strings attached. Here's a couple of examples, and this is quoted directly from the website sourced above. Please make sure to read the emboldened parts
Forethought® funeral planning is composed of two simple contracts. The first is the Funeral Planning Agreement that the funeral firm makes with the family. The funeral firm agrees to provide the funeral selected by the consumer. The consumer's wishes are recorded on a statement of goods and services, with guaranteed and non-guaranteed items clearly disclosed.
The second contract is a specially designed life insurance policy from Forethought Life Insurance Company to fund the funeral plan. The consumer agrees to assign the benefits of the coverage to the funeral firm. Upon the death of the insured, the funeral firm provides the funeral goods and services, and submits a certification of delivery to Forethought Life Insurance Company requesting payment of the proceeds.
As you can see, this is "kind of" life insurance. It simply pays for the funeral upon proof of death and the submission of the typical documents associated with death. That's about it. It's not good, bad or indifferent...it's just pretty much a guaranteed-issue "life insurance" policy.
InsTeacher 8)
Posted: Sat May 22, 2010 07:39 am Post Subject:
My friend, Teacher is too good at it, and you can take my word for it!
Such policies are needed, but then they don't act as your financial support throughout the life of the policy holder.
Posted: Wed May 26, 2010 02:36 am Post Subject:
Bascially burial insurance. Not a bad choice if you need money to cover a funeral.
If you are looking for something to replace lost income or pay estate expenses when she dies this won't fit the ticket.
There are guaranteed issue companies, and that's where you should be looking.
Be aware though that guaranteed issued policies follow a different set of rules than regular fully underwritten individual policies. It's just important to know, wouldn't be a reason not to do it.
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