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Jastiger posted:No he's saying the planners he sees aren't interested in people that aren't millionaires, which is kind of true. Most of the outfits I'm familiar with do only work on a fee basis with high capital clients vs the every day person. Isn't there a Goon that will do financial planning? I thought I remembered one offering services for a fee...
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Mar 20, 2015 20:31
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OssiansFolly posted:Before you cancel ask them if you can convert some or all of it into a Term policy, and if they say yes ask them if it will be at the age the UL policy was issued or at the attained age of the change. This way you can hopefully avoid another medical exam and possibly save premium by getting a policy with pricing from a year ago instead of now! I already have a term life insurance, purchased from the same agent at the same time as the universal life. It comfortably covers our family's likely needs in terms of money if we die. Is having two term life insurances a good idea? I will try to find a financial advisor that works with people under the 1%.
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Mar 20, 2015 20:50
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BarbarianElephant posted:I already have a term life insurance, purchased from the same agent at the same time as the universal life. It comfortably covers our family's likely needs in terms of money if we die. Is having two term life insurances a good idea? Having two Term policies isn't ideal, but you obviously bought those Universal Life policies for a reason. If you had a need for that much coverage don't just throw it away. Having two Term policies won't kill you, but I rarely if ever tell people to just abandon coverage altogether. If you had a need then you probably still have a need now. It won't hurt to ask if you can keep some or all of that coverage for a portion of what you are paying on the UL. I'd definitely tell you to see if there is a Goon financial advisor...I almost want to swear I saw a post or two for some either in this subforum or on the marketplace....
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Mar 20, 2015 20:55
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BarbarianElephant posted:This thread is giving me the willies. My partner & I signed up for a variable universal life insurance policy about a year ago. We also have term life insurance. We have a very good income but we are not rich, and we are about 40 years old. We have a toddler. We are self-employed in our own small business. BarbarianElephant posted:We don't have a financial planner. I have no idea how to get a reputable financial planner. They all seem to sell stuff based on what commission they will get. We do need one. How can I get one that gives advice unbiased by what he will get out of it? Wouldn't your term cover their living expenses? Plus liquidation of your retirement assets of you both died together. What's the cost on the universal policies, what are each of your incomes, and how long and how much is your term for? OssiansFolly posted:Having two Term policies isn't ideal, but you obviously bought those Universal Life policies for a reason. If you had a need for that much coverage don't just throw it away. Having two Term policies won't kill you, but I rarely if ever tell people to just abandon coverage altogether. If you had a need then you probably still have a need now. It won't hurt to ask if you can keep some or all of that coverage for a portion of what you are paying on the UL.
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Mar 20, 2015 22:29
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SiGmA_X posted:Absolutely cut the universal and make sure you have ~10-12x each of your incomes on each of you. 2 terms means you're often paying more for the two policies than you would for one good policy with the same combined face amount.
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Mar 20, 2015 22:46
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Auto-insurance question - wondering if someone could help me figure out how to go about fixing this problem. A few days ago I got an insurance non-renewal notice from my insurance company. About 6 months ago I was in a completely stupid accident with a parked car where I had to claim about $5k damage to my car and about $2k to the car I hit. I assumed that my rate would rise slightly, but didn't expect this. Additionally - 2 years ago, my (previous) car was hit when a woman took a left turn off of a side street directly into my car. There was $1k damage to my car (which I paid my $500 deductible towards), and what I assumed was similar damage to hers. I have pictures of both. She had no insurance, was cited for that alone, and I let my insurance company deal with her. My agent sent me a letter with a replacement policy that's over twice what I was previously paying - so I went and did some investigating and found that my company paid out $35k to the woman that hit me (HER FAULT), and the accident is showing on whatever record that the insurance companies use as at-fault; it doesn't appear to be the state record because I've pulled up my file from the DMV and it's clean. This old accident is obviously screwing up the quotes I've been getting, because it was such a high payout to this woman that I was completely unaware of. How can I fix this and get back to paying a normal insurance rate?
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Mar 21, 2015 02:40
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Deceptive Thinker posted:Auto-insurance question - wondering if someone could help me figure out how to go about fixing this problem. If you're really after it, get the original reports and the statements from your insurance company. Who was it btw? The company? It seems like they considered you to be at fault here. What state is this? In some states just because they are cited for no insurance doesn't mean they are automatically at fault. The state you're in matters a lot. It'll be up to you to convince your company that the payment was in error, and I gotta say, that's an up hill battle. They are legally able to pay out what they want instead of fighting it. Convince them to strike the record and start a new with the evidence you gain from the reports. Good news is its off your record 3 years after the payout
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Mar 21, 2015 03:13
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NeurosisHead posted:What is, for you, an acceptable resolution to this discussion? Any sort of quantitative argument for how whole life come out ahead when compared to term and invest. Jastiger posted:Its off topic because we've said there are specific instances where whole makes sense, and you keep running numbers on 30 year olds at massive numbers. I posted numbers on a 5 year old and 70 year old... OssiansFolly posted:I provided numbers for both major times I'd recommend Whole Life...the really young and the really old. I'm sorry - did I miss this? The only numbers I saw from you were your quotes on policy costs, never any numbers were whole life was actually better. These were my numbers for a whole life policy on a child: Single pay whole life ($50k) on a 5 year old costs $6,800 - If you took that $6,800 and invested it, around the expected time of death (80) you'd expect it to be worth over half a million dollars ($537k). If you were worried about dying while you had dependents, you could add in a 30 year term policy to cover 30-60 years old and would expect to have around ($526k). This compared with the $50k the policy will pay out, literally ~$475,000 less than what you could expect to get in the market. Don't worry about answering any of my other questions - all I ask is: How in the world can you recommend a whole life policy on a child given these numbers? app fucked around with this message at 03:27 on Mar 21, 2015 |
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Mar 21, 2015 03:19
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Jastiger posted:If you're really after it, get the original reports and the statements from your insurance company. Who was it btw? The company? My gf got in an accident last winter, a car illegally pulled out in front of her but she didn't call the cops because the person admitted fault and my gf had to get back home so she could get ready for work. our insurance company found her not at fault, so no points applied. The other company found it to be a no-fault accident. It means we both paid our own deductibles and went on our merry way. Kind of dumb, but it is what it is, and its not on her record on LexisNexis (gotta love those work provided 'all access' accounts...) and our carried lists it as Not At Fault. If we hadn't spoken up and clearly documented the situation, my gf snapped pics and such, it wouldn't have worked out so well for us. app posted:Single pay whole life ($50k) on a 5 year old costs $6,800 - 
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Mar 21, 2015 06:28
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Jastiger posted:If you're really after it, get the original reports and the statements from your insurance company. Who was it btw? The company? Apparently the claim adjuster they have on file doesn't even do Auto claims anymore, so I have to wait until Monday anyway quote:It seems like they considered you to be at fault here. What state is this? In some states just because they are cited for no insurance doesn't mean they are automatically at fault. The state you're in matters a lot. Any idiot that would have seen the accident (or lives in RI and knows how stupidly people here pull out of side streets) would have known it was her fault, but of course, it was just me, her, and her daughter in the passenger seat quote:It'll be up to you to convince your company that the payment was in error, and I gotta say, that's an up hill battle. They are legally able to pay out what they want instead of fighting it. Convince them to strike the record and start a new with the evidence you gain from the reports. quote:Good news is its off your record 3 years after the payout
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Mar 21, 2015 14:08
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Deceptive Thinker posted:Travelers - I'm trying to get the info from them and figure out why the hell I'm just finding out that they paid out so much Travelers is generally a pretty good company. What likely happened here is that the other person claimed some kind of injury and instead of fighting it, Travelers just paid out on it, hurting you in the process. I don't know what kind of story the lady spun to convince Travelers to do it, but here we are. I had a similar thing happen to me and I ended up almost going to court over it, so strange things DO happen in this regard. Remember, when it comes to pay outs the insurance companies are all about cost vs risk on these, and perhaps they viewed her claim as more risky than the $35K they paid out. However, the fact that they were able to recover SOME money is kind of strange. I'd want some detail on that. They paid out for medical but not all of it? Then why pay at all? Also, it should reflect the subrogation amount in any report ordered for you. This is Rhode Island so you guys don't have any weird insurance laws that jump out at me other than the ridiculously low liability limits you guys require. Worst case, yeah. You pay the higher rates for a year then see it go back down afterward, though I'd continue shopping around and digging to see if you can get this expunged. Sounds like that lady took you guys for a ride.
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Mar 21, 2015 15:02
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Jastiger posted:Travelers is generally a pretty good company. What likely happened here is that the other person claimed some kind of injury and instead of fighting it, Travelers just paid out on it, hurting you in the process. I don't know what kind of story the lady spun to convince Travelers to do it, but here we are. I had a similar thing happen to me and I ended up almost going to court over it, so strange things DO happen in this regard. Remember, when it comes to pay outs the insurance companies are all about cost vs risk on these, and perhaps they viewed her claim as more risky than the $35K they paid out. Yea Travelers and everyone should be using Lexis Nexus so you could call and ask for the report on the accident directly from them. It is in your rights when the reports are run to have a copy of everything sent to you and then to be able to dispute it. If on Monday you haven't made any progress resolving this or getting the documents to help resolve this please post here. I work as a broker and Travelers is one of the companies I represent so I could look through our system for hopefully a contact. Also, call your agent and plead your case if you have an agent. They may go to bat for you to keep the policy with Travelers.
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Mar 21, 2015 18:25
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Deceptive Thinker posted:I also got a letter some months back from a Travelers Subrogator saying they were able to recover a portion of the amount - is it possible that they didn't factor this in? This is strange. If the other party was uninsured, how did Travelers get some portion back? First, they would only be able to attempt recovery if they felt there was shared negligence between both drivers. Then they would have to pursue the uninsured driver directly. Most uninsured parties are not going to agree to pay back part of a claim, especially with apparent injuries involved(35k has to include injuries). If they recovered some of the money, they should forward that percent back to you for your deductible. Companies do reimbursement different so this may not be the case. If you were considered at fault, you should have also been notified.
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Mar 22, 2015 00:28
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BarbarianElephant posted:Should we cut our losses and cancel the policy?
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Mar 22, 2015 10:57
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app posted:Single pay whole life ($50k) on a 5 year old costs $6,800 - Is this true? My parents bought a whole life policy for my son five years ago, when he was around three years old. How can we figure out what is best now?
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Mar 22, 2015 16:10
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alreadybeen posted:Is this true? My parents bought a whole life policy for my son five years ago, when he was around three years old. How can we figure out what is best now? Are they paying on it monthly or is this a paid up policy? If they are paying on it monthly it was a bad decision....if it was paid up in full (or was a 10, 15, 20 yr pay) then leave it alone because it was a good call.
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Mar 23, 2015 13:41
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Kung Fu Jesus posted:If you were considered at fault, you should have also been notified. I just spent 20 minutes on the phone with someone in the claims department trying to figure out what happened - she claimed an injury and that I was at fault (which was 100% bullshit). They couldn't prove that she wasn't injured or the fault so decided to settle rather than pursue it, of course, I was never notified of any of this and would have fought tooth and nail to make sure she didn't get a dime. I still don't understand the subrogation aspect. Until now, I was never notified that I was considered at-fault, nor of the amount that she was paid out.
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Mar 23, 2015 13:56
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I have to double check the wording in my auto policy today, but it's a standard ISO form. Should I get the physical damage coverage (CDW) for a rental car I'll be using for 4 days?
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Mar 23, 2015 13:57
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Deceptive Thinker posted:I just spent 20 minutes on the phone with someone in the claims department trying to figure out what happened - she claimed an injury and that I was at fault (which was 100% bullshit). They couldn't prove that she wasn't injured or the fault so decided to settle rather than pursue it, of course, I was never notified of any of this and would have fought tooth and nail to make sure she didn't get a dime. I still don't understand the subrogation aspect. That sucks...good luck fixing it now. If she cashed that check you have an uphill battle to change fault in the accident now. Dango Bango posted:I have to double check the wording in my auto policy today, but it's a standard ISO form. Should I get the physical damage coverage (CDW) for a rental car I'll be using for 4 days? Hard to say without knowing the details of your policy and the state you live in. Typically in the states I operate out of if you have full coverage on your vehicle and you rent a vehicle then you shouldn't need physical damage coverage from the rental car company. I can't tell you if that is the case for your state...companies have small variances within the ISO forms. What you want to be looking for is that you are not only covered in the event the vehicle is damaged, but that a LOSS OF USE coverage is provided for the vehicle in the event it is out of commission for 3 days and they lose rents because it is being repaired. Also, if you leave the county assume you don't have coverage from your insurance...Canada is easy to fix that, Mexico usually involves small fees and the rest of the world is an absolutely not. Just in case you were travelling abroad.
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Mar 23, 2015 14:03
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Yeah, Goon with the at fault pay out, you've got a big uphill battle. They've already paid out for medical which was likely automatically cashed out, so the money is out there. You've got to convince them to somehow recoup the money and scrub it from your record. The first part is unlikely since it'd probably cost more to litigate for the money than it would to get it back. Scrubbing it from the record is actually doable though, and you should raise hell with Travelers until they do. Make them scrub it from Lexis Nexis and don't stop until they do (or until the time passes where it doesn't matter as much)Dango Bango posted:I have to double check the wording in my auto policy today, but it's a standard ISO form. Should I get the physical damage coverage (CDW) for a rental car I'll be using for 4 days? Here is what I tell people when it comes to rental cars: Rental coverage only covers your rental costs if the reason is because your vehicle is down due to a covered claim. Key word, covered claim. Not if you're vacationing in Florida, not if you have the car in for new tires, but a covered claim. If you ARE going to get a rental car, your liability is going to follow YOU, so you're going to be covered. But, if you wrap the rental car around a tree, fixing the car isn't covered because YOUR vehicle is covered, not theirs. What will happen here is that the rental company will then sue you for losses and lost income from the car being unavailable to rent out again. This is where your liability will come in, so you'll technically be covered there. I still say to BUY THE PHYSICAL DAMAGE coverage on the car with the rental company. Usually its super cheap like $3 to $6 a day depending on what and where you are. The reason I say to double up is because its easier for you to just pay that and have them fix any scratches you put on it vs having them try to charge you a ton of money out of pocket because there is a scratch down the side. They wouldn't necessarily SUE you over it, so your insurance wouldn't step in for like...$500, but they would certainly put that on you and send it to collections. Easier to pay the piddly physical coverage (BUT NOT THE LIABILITY THE OFFER!) than to rely on your insurance company paying out a small claim on a rental car.
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Mar 23, 2015 19:24
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I used to work in claims. God help anyone that damages a rental car and didn't get the damage waiver or have some insurance that covers damages to the rental car.
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Mar 23, 2015 19:33
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OssiansFolly posted:That sucks...good luck fixing it now. If she cashed that check you have an uphill battle to change fault in the accident now. Look back over your contract, go to the definitions, and double check the definition of "other owned auto". Nine times out of ten a rented vehicle is defined as an owned auto, and covered per the existing policy limits. So if you've got comp/collision covering your actual car, you've got it to cover your rental.
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Mar 23, 2015 19:39
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A lot of time the credit card you use to rent it might provide some coverage as well
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Mar 23, 2015 19:44
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NeurosisHead posted:Look back over your contract, go to the definitions, and double check the definition of "other owned auto". Nine times out of ten a rented vehicle is defined as an owned auto, and covered per the existing policy limits. So if you've got comp/collision covering your actual car, you've got it to cover your rental. I have to contest this because I've seen cases where it WASN'T covered and the insurance company wasn't willing to step in and fix the car. They were requiring that a claim be filed against the driver and the drivers PROPERTY LIABILITY would step in and cover the loss, not the Comp/Collision. It also makes sense to me as an insurance person. WHy would the insurance company back you renting a Lamborghini Diablo when you're paying to insure a 2012 Honda Civic?
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Mar 23, 2015 19:52
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Jastiger posted:I have to contest this because I've seen cases where it WASN'T covered and the insurance company wasn't willing to step in and fix the car. They were requiring that a claim be filed against the driver and the drivers PROPERTY LIABILITY would step in and cover the loss, not the Comp/Collision. That's why I say it's a good idea to check the contract. For example, from our contract in IA you'd be right: quote:L. "Your covered auto" means: In California it's the same in that the rental car has to be replacing your normal auto for a reason, but physical damage coverage isn't exempted: quote:J. "Your covered auto" means: And because I'm sure no one wants another C/P list, there are still other states where the "do no own while used as a substitute" definition doesn't contain any details about the reason for substitution.
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Mar 23, 2015 20:31
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NeurosisHead posted:Look back over your contract, go to the definitions, and double check the definition of "other owned auto". Nine times out of ten a rented vehicle is defined as an owned auto, and covered per the existing policy limits. So if you've got comp/collision covering your actual car, you've got it to cover your rental. I don't know all states, so my comments were 100% from the states I operate out of (hence my preface). BUT, the DAMAGES are rarely the concern when a loss in a rental vehicle is concerned. The single most important thing that not all companies will cover is the LOSS OF USE/RENTS. The insurance companies will pay to repair the vehicle, but if Enterprise could have rented that vehicle for 7-10 days and they couldn't because the vehicle was damaged then someone is getting sued for that lost income. Figure at $40-50/day in my market that is $280-$500 that could be coming out of your pocket. If you are in doubt then buy the insurance if it is a short weekend trip 2-4 days. If it is a longer deal then consult your insurance agent.
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Mar 23, 2015 21:19
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^^^^ Rental companies will try to tack on loss of use and and an admin fee for the repair of the car. If at all possible tell them to gently caress off. sheri posted:A lot of time the credit card you use to rent it might provide some coverage as well Credit cards will provide coverage to the rental car but never liability. Rental liability coverage depends on the state, typically in more liberal states (NY for example) the insurance follows the vehicle while in more conservative states (Texas) insurance follows the driver. I'd recommend buying the damage waiver and the minimum liability insurance they offer to save yourself the hassle Shats Basoon fucked around with this message at 21:31 on Mar 23, 2015 |
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Mar 23, 2015 21:25
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Deceptive Thinker posted:I just spent 20 minutes on the phone with someone in the claims department trying to figure out what happened - she claimed an injury and that I was at fault (which was 100% bullshit). They couldn't prove that she wasn't injured or the fault so decided to settle rather than pursue it, of course, I was never notified of any of this and would have fought tooth and nail to make sure she didn't get a dime. I still don't understand the subrogation aspect. There are things you can do, but it should definitely start with talking to the adjuster. You may not be as hard-hosed as you'd expect, but you're almost certainly on a litigation timer right now (suit limitation varies by state, you should find out what yours is).
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Mar 23, 2015 22:07
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Looks like I have CDW through my Visa. But to follow up on the policy info -- I have an Allied policy in NE. Definition is the same as what NeurosisHead posted for IA. There's also this exclusion in the "Coverage for Damage to Your Auto" section of my policy:quote:14. Loss to, or loss of use of, a "non-owned auto" rented by: And where are you guys or what company are you using where CDW is only a couple of bucks per day? From what I've seen it's around $20-$30 per day.
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Mar 23, 2015 22:09
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Dango Bango posted:Looks like I have CDW through my Visa. But to follow up on the policy info -- I have an Allied policy in NE. Definition is the same as what NeurosisHead posted for IA. There's also this exclusion in the "Coverage for Damage to Your Auto" section of my policy: In OH it is $7/day at most places around me. I am sure a major city or major vacation destination may be more.
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Mar 24, 2015 02:22
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I did it for like $12 a day in Iowa, and I think it was like $25 a day in Florida.
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Mar 24, 2015 03:35
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Ossians, where are you located at in Ohio? I'm an OH resident who currently uses Progressive Direct online but have been considering finding an agent and would be open to recommendations.
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Mar 24, 2015 20:26
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Is there any rental insurance company that is preferred/recommended around here? I'm in Colorado if that matters.
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Mar 24, 2015 22:43
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Wickerman posted:Ossians, where are you located at in Ohio? I'm an OH resident who currently uses Progressive Direct online but have been considering finding an agent and would be open to recommendations. I am in the Cleveland area. Do you have PMs? Either I could help you or I could probably recommend someone who may be able to help. I personally don't like Progressive and I think a good chunk of average agents will agree. 
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Mar 25, 2015 12:42
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I want to change my home/auto insurance company because I'm not happy with them. Is there a 'priceline' of insurers anywhere? I don't want to fill out a zillion forms to get a quote from each company.
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Mar 25, 2015 17:05
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TheReverend posted:I want to change my home/auto insurance company because I'm not happy with them. Hit an independent broker. Done deal. OssiansFolly posted:I am in the Cleveland area. Do you have PMs? Either I could help you or I could probably recommend someone who may be able to help. I personally don't like Progressive and I think a good chunk of average agents will agree. I actually agree with this.Progressive isn't BAD, but in my experience for the same or a few bucks more you get a lot more features and benefits.
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Mar 25, 2015 17:34
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hbf posted:Is there any rental insurance company that is preferred/recommended around here? I'm in Colorado if that matters. To clarify, by rental insurance do you mean for you as a tenant, for you as an income generating property owner, or for something to do with a rental car?
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Mar 25, 2015 18:37
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How does renters' insurance work when you live with roommates or you cohabitate and have shared stuff? Can people share the policies, does each individual have to have their own policy that will try to separate out just their property, or what?
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Mar 25, 2015 21:48
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NancyPants posted:How does renters' insurance work when you live with roommates or you cohabitate and have shared stuff? Can people share the policies, does each individual have to have their own policy that will try to separate out just their property, or what? For my company everyone needs their own policy. Legally it makes sense to me. Let's break it down with an example. You're all room mates and each your own legal entity. You're not married to them nor do you share titled property. Someone breaks in and steals a tv in each room. You locked your room and they didnt. Should your insurance company pay for their stuff? No. Another: You have personal liability on your renters policy, as they all do. You're out visiting relatives and driving home. Your room mate starts a fire in his bedroom with his cigarettws and causes $80,000 in damages to surrounding units and in lost rents. Should you be legally liable for what he does if you are sued? Are you willing to stand in court along side him because of his behavior? Should your insuranxe company? Likely, no. Though certain leases may change this or laws are different in your state, still likely no. I for one wouldn't want someone that I'm not related or married to Co signing on contracts with me with big money involved.
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Mar 26, 2015 03:29
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Jastiger posted:For my company everyone needs their own policy. Legally it makes sense to me. Let's break it down with an example.
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Mar 26, 2015 03:53
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