Life Insurance

[Big Papa Zone 93]

Right, I watch an awful lot of "Forensic Files" and the like on Tru TV. One of the common themes for the offing of the murder victims is, unsurprisingly, money, more specifically the proceeds from life insurance policies.

Now during a lot of FF episodes, the narrator will say stuff like, "as investigators delved deeper into the case, they discovered that a possible motive for Jean's murder was money, as John had recently taken out a $250,000 life insurance policy on her, naming himself as a the beneficary..."

So let me get this straight: I can go to an insurance agent, take out a whopping great life insurance policy on the wife, and name myself as beneficiary without her knowing ANYTHING about it? No medical, no courtesy phone call from the insurance company, nothing???

Seriously, is this how it works?

Edited April 22, 2009 by Damian P

[w¡n9Nµ7 §£@¥€r 123]

Right, I watch an awful lot of "Forensic Files" and the like on Tru TV. One of the common themes for the offing of the murder victims is, unsurprisingly, money, more specifically the proceeds from life insurance policies.

Now during a lot of FF episodes, the narrator will say stuff like, "as investigators delved deeper into the case, they discovered that a possible motive for Jean's murder was money, as John had recently taken out a $250,000 life insurance policy on her, naming himself as a the beneficary..."

So let me get this straight: I can go to an insurance agent, take out a whopping great life insurance policy on the wife, and name myself as beneficiary without her knowing ANYTHING about it? No medical, no courtesy phone call from the insurance company, nothing???

Seriously, is this how it works?

Depends. There is usually a coverage limit above which a medical test is required. The limits are set by the issuers of the policy.

[Big Papa Zone 93]

Depends. There is usually a coverage limit above which a medical test is required. The limits are set by the issuers of the policy.

OK, fair enough. Let's say that the limit before a medical is required is $50,000. Would I be right in saying that if I took out a policy for, say, $45,000, the points made in my original post would hold true? She would have no clue that a policy had just been taken out on her life?

[w¡n9Nµ7 §£@¥€r 123]

Depends. There is usually a coverage limit above which a medical test is required. The limits are set by the issuers of the policy.

OK, fair enough. Let's say that the limit before a medical is required is $50,000. Would I be right in saying that if I took out a policy for, say, $45,000, the points made in my original post would hold true? She would have no clue that a policy had just been taken out on her life?

Yes.

I have a policy on my wife and the only reason she knows is because I told her.

[GaryC 7]

Depends. There is usually a coverage limit above which a medical test is required. The limits are set by the issuers of the policy.

OK, fair enough. Let's say that the limit before a medical is required is $50,000. Would I be right in saying that if I took out a policy for, say, $45,000, the points made in my original post would hold true? She would have no clue that a policy had just been taken out on her life?

Yes.

I have a policy on my wife and the only reason she knows is because I told her.

I always thought the person being insured had to sign something. When I added Luz to my work sponsored life insurance she had to sign.

[w¡n9Nµ7 §£@¥€r 123]

My wife didn't have to consent. But it's a very small policy, just enough to pay funeral costs.

[Big Papa Zone 93]

Depends. There is usually a coverage limit above which a medical test is required. The limits are set by the issuers of the policy.

OK, fair enough. Let's say that the limit before a medical is required is $50,000. Would I be right in saying that if I took out a policy for, say, $45,000, the points made in my original post would hold true? She would have no clue that a policy had just been taken out on her life?

Yes.

I have a policy on my wife and the only reason she knows is because I told her.

See, I find that incomprehensible, really I do. Is it any wonder so many people get bumped off in this kind of a way? And what about the medical aspect of things? If I took a policy out below the "medical required" limit, and ticked the "no" box in the "do you use tobbacco?" question, could I then proceed to smoke 3-packs-a-day anyway?

[mawilson 2,133]

My wife didn't have to consent. But it's a very small policy, just enough to pay funeral costs.

See, I find that incomprehensible, really I do. Is it any wonder so many people get bumped off in this kind of a way?

Possibly.

Moreover, many employers take out life insurance policies on their employees without their knowledge.

[Big Papa Zone 93]

Moreover, many employers take out life insurance policies on their employees without their knowledge.

Good point. I remember vividly an episode of FF in which two brothers hired down-and-outs to do manual labour on their farm. They were already severe alcholics, and the brothers made damn sure that there was as much liquor as the bums could drink made available to the poor sods. Basically, they were left to drink themselves to death, and when they eventually pegged out, the brothers cashed in. And they did it by taking out lots of small policies on each life (which required no medicals) as opposed to a large policy, which would.

I seem to recall they were only busted when they got tired of waiting for one of their drunks to die and helped him on his way with a bit of blunt force trauma to the head.

Unbelievable.

[almaty 19]

damien, a little known vj fact..several of us..have policies on you....

[Big Papa Zone 93]

damien, a little known vj fact..several of us..have policies on you....

[w¡n9Nµ7 §£@¥€r 123]

My wife didn't have to consent. But it's a very small policy, just enough to pay funeral costs.

I wasn't being funny.

[Amby 490]

Man...I'm a heartless b*tch. I take out life insurance just incase someone were to die. Just a little assurance I get something from them when they kick the bucket

Edited April 22, 2009 by Amby

[mawilson 2,133]

I have a sizeable one on my wife. Now it would be a terrible shame if she were to meet with some unfortunate accident...

J/K

[w¡n9Nµ7 §£@¥€r 123]

I have a sizeable one on my wife. Now it would be a terrible shame if she were to meet with some unfortunate accident...

It's so easy, mawilson can do it™