Hi once again Jonhnyb26
I find your comments extremely breathtaking; how one can be so naive and feel they have something by way of advice to offer readers here!
Please let me tell you how insurance works in the real world; my mother and countless thousands of people like her endured living through WW11 were proud hard working people and had no wish to be a burden on their children. Both her and my farther had life insurance policies with a big name UK company, as I child I recall Mr. Morrison calling to our house to actually pick up the monthly premiums later this of course moved to direct payment from their bank accounts.
At the time of my mother demise I returned to the UK and assisted my sister in arranging the funeral etc. My sister bless her had done a great deal of the work by the time I arrived. To cut a long story short I paid all the expenses of my mother’s funeral and I told my sister Yvonne that when the life insurance company paid out that she should keep the money.
Around two years later after a great deal of written communication from the insurance company with correspondence detailing absence of computer records in early years and the fact that the company had changed hands three times during the life of the policy my sister eventually received a cheque for just under GBP 600.00 or about one sixth of the funeral costs. Certainly a great deal less than the inflation adjusted premiums. Mum died in a council run home the insurance company today has a twenty story building in Leeds Yorkshire one of many around the world.
If you doubt any of the above do a Google search on this kind of insurance fraud and at the same time you may wish to look at a similar fraud see link: Could it happen here. Are you kidding me!!!
http://magazine.riskinfo.com.au/16/uk-insurance-scandal-could-it-happen-here/#.VoHLr1InLQw
I suggest you carefully read any insurance policy contracts you may hold and if you will take my advice look out for the obvious weasel words such as act of God etc.
I’m sure as you say when you die your heirs will indeed get a surprise; I just have very serious doubts it will be the one you are currently thinking of. Remember insurance agents are just people that missed out on getting a job at the bank!!!
I dare say your understanding of banking is similar. You probably think if you borrow $10,000.00 from the bank at say 10% that another client such as me has made a $100,000.00 deposit and is being paid 5% the difference being the banks profit.
Wrong Australians don’t save or make deposits anymore see the government statistics some halfwits even believe them. Does the lack of customer deposits stop a bank from lending?
Your previous homework was to work out the difference between cue and queue now find out how fractional reserve banking works.
If you have a warm, safe and fuzzy feeling with your insurance, I wish you and your possible future beneficiaries a great deal more luck than my family and many others I know with real life insurance cover stories.
Cheers and very best regards: Andy
