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Life Insurance...

Started by outerbanxer, February 24, 2013, 02:17:21 AM

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outerbanxer

Fairly new to the forum...I don't have a mill yet but will in 2014. It will be a side business until I retire from my current job.

The reason I'm posting this thread is because we had a situation where a fellow co-worker died last Tuesday on the job.

Massive heart attack, He was driving a placarded 1075 vehicle at 7:15 in the AM.

I assisted with the recovery of the vehicle. He made it two steps down out of the Ford F650 bobtail and died in 20 minutes.

There was nothing anyone could do. A landscaping crew watched it happen and performed CPR until EMS arrived. 

ANYBODY who reads this post, PLEASE....

Make sure your life insurance is up to date...because his wasn't..and now his Widow is gonna have to fight the insurance companies for the funeral services.

outerbanxer

I apologize...I never mentioned Robert's age.

He was 49.


customsawyer

Welcome to the forum OB. Sorry to hear about your co-worker. I have a guess where you are from by your name.
Two LT70s, Nyle L200 kiln, 4 head Pinheiro planer, 30" double surface Cantek planer, Lucas dedicated slabber, Slabmizer, and enough rolling stock and chainsaws to keep it all running.
www.thecustomsawyer.com

SwampDonkey

That really is sad, and not fair for the wife to fight insurance companies. I was wondering what wouldn't be up to date though. A contract is a contract. In a small town an agent responsible for handling of the insurance would find it mighty tough to make a living from then forward. Throwing his hands into the air and saying 'Oh well' would not cure his troubles.
"No amount of belief makes something a fact." James Randi

1 Thessalonians 5:21

2020 Polaris Ranger 570 to forward firewood, Husqvarna 555 XT Pro, Stihl FS560 clearing saw and continuously thinning my ground, on the side. Grow them trees. (((o)))

Meadows Miller

Gday

Sorry to hear about the loss of your workmate and the fact his widow has to deal with the ICs bs  :) :( :( but the sad fact with a good number of insurance cos here in land of OZ is they like taking money but do not like to pay out when the time comes  :) :( 

Regards Chris
4TH Generation Timbergetter

thecfarm

49,man that is way too young. We all never know do we? Too bad for his wife and all that knew him.
Model 6020-20hp Manual Thomas bandsaw,TC40A 4wd 40 hp New Holland tractor, 450 Norse Winch, Heatmor 400 OWB,YCC 1978-79

bandmiller2

We're all just a heartbeat away from glory.When your old you start loosing your friends and wakes are your big social events. Frank C.
A man armed with common sense is packing a big piece

Magicman

The young may die, the old must die, and the wisest knows not when.
Knothole Sawmill, LLC     '98 Wood-Mizer LT40SuperHydraulic   WM Million BF Club Member   WM Pro Sawyer Network

It's Weird being the Same Age as Old People

Never allow your "need" to make money to exceed your "desire" to provide quality service.....The Magicman

dgdrls

"Death is not the greatest loss in life. The greatest loss is what dies inside us while we live."
― Norman Cousins


Sorry for the loss of your co-worker.

DGDrls

drobertson

Sorry for your loss Outerbanxer, It is a sad day when those who are left have the struggle not only with the initial loss of a Loved one,, but then to have the struggle of financial burden as well.  I hope Roberts' wife can the piece which often times eludes in tough times.   david
only have a few chain saws I'm not suppose to use, but will at times, one dog Dolly, pretty good dog, just not sure what for yet,  working on getting the gardening back in order, and kinda thinking on maybe a small bbq bizz,  thinking about it,

Magicman

I once had to handle a very sad situation.  A worker died as a result of an auto accident.  His wife and young son were severely injured.

I had to deliver the insurance beneficiary check for $40+K to his Ex-Wife.  After his divorce, he had failed to update the beneficiary information.  The family tried legal action but the beneficiary information on the policy was upheld.  The Ex was laughing all of the time knowing that it was an oversight.

I polled the other employees and found that several of them were in similar circumstances.  We had a flurry of paperwork to handle.
Knothole Sawmill, LLC     '98 Wood-Mizer LT40SuperHydraulic   WM Million BF Club Member   WM Pro Sawyer Network

It's Weird being the Same Age as Old People

Never allow your "need" to make money to exceed your "desire" to provide quality service.....The Magicman

LOGDOG

Good advice Outerbanxer. Sorry for the loss of your co-worker.

I just took out another large policy on myself and I also sell life insurance. The only way this man's life insurance would not have been "up to date" so that it would prevent his wife from receiving the proceeds is 1) He didn't pay his premiums and the coverage lapsed. (which is totally the insured's responsibility by contract), 2) the beneficiary was not up to date...(also the insured's responsibility), or 3) he had a term insurance policy that had expired at the end of it's term ....maybe 5, 10, 15, 20 years etc and it was no longer inforce. Again, that's the "insured's" responsibility. Not the insurance company's. Husband's and father's need to take care of their business so this kind of thing doesn't happen. It has nothing to do with "B.S." from an insurance company.

I hope his widow has friends and family around her that can provide her support and guidance on making her way as she goes forward. I've delivered quite a few death benefits to surviving widows and widowers and that's always a very somber time. The proceeds of the life insurance won't bring your loved one back, but I can promise you, when that check comes to the survivor, there is so much relief about how they're going to take care of things that may have been adding to their stress since they had lost their mate. I have a client who lost her husband last September. He was 47 years old. Massive heart attack .... totally out of the blue. If it wasn't for the life insurance she would have been left with essentially nothing. She never worked outside the home either. Four children at home too.

We hear a lot of talk about how people are living longer these days. Unfortunately, I'm seeing a lot of fairly "young" people pass away far too soon. We've even lost some here on the Forum in recent years. We just can't take tomorrow for granted. 

SwampDonkey

An agent knows when there is a change in their favor and should well know when a change affects a client and send notice. If you invest money in a bank they send a notice that on such a date your investment is matured, usually within 30 days. I've always gotten notices and it was not just about annual premiums. In fact I just got a notice a week ago, telling me I have 20 % coverage on eye wear added to my policy at no cost. Just a for instance. I also get notices on occasion about increasing my benefit to another bracket at no cost. There are those just selling and there are those also letting you know what's happening.
"No amount of belief makes something a fact." James Randi

1 Thessalonians 5:21

2020 Polaris Ranger 570 to forward firewood, Husqvarna 555 XT Pro, Stihl FS560 clearing saw and continuously thinning my ground, on the side. Grow them trees. (((o)))

LOGDOG

If it was a premium issue, and a lapse issue, you can bet the company will be able to provide documentation that they sent the notice and probably multiple notices. The contract is between the insurance company and the insured, not the agent and the insured. Agent's die, retire,etc ... ultimately the responsibility lays at the feet of the insured. Also, people move, don't update their addresses, etc. We can't know exactly what transpired in this particular case. As it relates to beneficiaries, when I do annual policy reviews, I go over the beneficiary designations with the insured and ask if that's still their wish. People have all kinds of reasons for having their beneficiaries one way or another. In community property states, you have to have your spouse sign a release to name anyone other than them as your beneficiary if you're taking out new coverage. If you had coverage prior to the marriage though, that beneficiary could be anyone. Same in a State that is not community property. As an agent, our job is not to steer them towards who their beneficiary "should be", it's to ask them if the beneficiary they have listed is still in line with who they want to receive it.

There are also individuals who's policies have been on the books for years with a company, the agent that sold the policy is long gone, and the policy has been assigned to a new agent. Usually these agents will do a call out at least annually to the insured's to do an annual review and there are people out there that just simply decline to meet. That's on them. Agent makes a note in their file, calls the next person. These days, we even have a program called "Copy Talk" that we can call into after meeting with a client, dictate what transpired at the meeting, what was discussed, what recommendations were made etc, and it will dictate it to us, email it to us, we print it and put it in the file along with any other documentation.

When I was brand new in the business 14 years ago, my manager at that time told us that when a dispute arises, it's the individual with the most paperwork that usually wins. Both sides have the ability and should document in a file things like premium payments, beneficiary changes, phone calls made, etc, etc..... There's a need for diligence on both sides.

outerbanxer

It is a similar situation to Magicman's....paperwork for the proper benficiary was not complete. Company provided policy. I'm just saying guys and girls...make sure you keep all that paperwork up to date. Much as I hate to say it, paperwork makes the world go round. Thanks for the condolences guys....

And to answer the questions....yes, I live in Kill Devil Hills, NC, on the outerbanks. I wish there were more trees here, all we grow here is sand and live oak, pin oaks. I grew up in the Smithfield, VA area. Put myself through some college climbing and cutting down SYP in the Hampton Roads area. Getting married this year (taking up all my expendable cash this year), and am planning on getting a WM LT-35 hydraulic in the spring of 2014 so I can feed my sawdust addiction.

Buck

Welcome Outerbanxer,  keep us posted on your happenings. condolences on the loss of your fellow worker.
Respect is earned. Honesty is appreciated. Trust is gained. Loyalty is returned.

Live....like someone left the gate open

sumday

Outerbanxer, sorry to hear your co-worker.  Thank you for the post. I had let my policy lapse and after seeing your post this morning before I headed to church , first thing I did when I got there was tell my buddy/insurance guy to get the paperwork together for a new policy. Don't know what I was thinking, I've got a wife and 10 kids, they'd be up a creek if I were gone.           

We love your obx btw, mostly carova beach but all the way down to ocracoke and the core banks.

Thanks again for the kick in the pants, I'll have that new policy this week.

thecfarm

Model 6020-20hp Manual Thomas bandsaw,TC40A 4wd 40 hp New Holland tractor, 450 Norse Winch, Heatmor 400 OWB,YCC 1978-79

Buck

10 kids? Wow. :o You ever thought of getting a TV? ;)
Respect is earned. Honesty is appreciated. Trust is gained. Loyalty is returned.

Live....like someone left the gate open

sumday

I bet if I had a dollar for every time I heard that I could buy that lt40hd I want :)

Buck

Yessir, I bet. I've heard it a few times myself. ;)
Respect is earned. Honesty is appreciated. Trust is gained. Loyalty is returned.

Live....like someone left the gate open

WH_Conley

You guys ever think of getting another hobby? :D
Bill

outerbanxer

Quote from: WH_Conley on February 24, 2013, 10:48:54 PM
You guys ever think of getting another hobby? :D

Would never even think about it...My fueled up Husky 455 with a 24" bar  and a ripping chain rides around with me more than my cute black lab puppy does. And I love that stupid dog.... :laugh:

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