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How Long Does It Take For A Change In Ownership On A Paid Up Life Insurance Policy?

Aug 08, 2007 by Phil P | Posted in Insurance

My parents took out a moving spirit insurance policy on me when I was a baby back in 1968. I'm not sure as to how long this was paid up & it has accured interest. They are both deceased & I have to send Met Human being a copy of both of their death certificates before they can change it to my name & I can cash it in. I'm wondering fitting how long does this process take as far as the change in ownership?
Just as an FYI, I called Met Mortal yesterday & they had both of my parents info. However since they were the owners of the policy they could not release any info. I do have plans to coin of the realm it in no matter what.

As usual a week or so, but Met service has been slow lately. How about talking with an insurance agent before you by the skin of one's teeth assume that cashing it in is the best thing. You might find out, for instance, that you have a taxable increase the lead in the policy and those funds are better used for life insurance that you already own.

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It wil depend upon the design in which you are in so better ask your agent
reena r | Aug 08, 2007

Regularly a week or so, but Met service has been slow lately. How about talking with an insurance agent before you scarcely assume that cashing it in is the best thing. You might find out, for instance, that you have a taxable emolument in the policy and those funds are better used for life insurance that you already own.
aaron p | Aug 08, 2007

Well, first of all, it almost never turns into a paid up policy. Did you call and confirm wtih Met that the scheme is still even active? Most likely, it cancelled for nonpayment back when you were 21 or so.

If it IS paid up . . .and it's a $5,000 ways - cash value is likely around $250.

Change in ownership should take about 3-4 weeks, if the approach is active. It's the active part that I have doubts about.
mbrcatz17 | Aug 08, 2007

 

Does Your Insurance Rates Go Up When You Take Your Restricted Test?

Jul 16, 2009 by Roger | Posted in Insurance & Registration

I survive in Florida, and im 15, ive been wanting to take my restricted test for some time now, but my parents over that by taking the test their insurance automatically goes up. Is this true? or where and how can i find out for sure?

You can contrast how the insurance quotes would change, for example here - autoinsurance.undonet.com

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You can relate how the insurance quotes would change, for example here - autoinsurance.undonet.com
Brad | Jul 16, 2009

 

Anyone Bought A Trampoline, Put It Up And Then Have An Insurance Company Demand You Take It Down Or Drop You?

Apr 25, 2008 by mscarlybobarlysmom | Posted in Insurance

Insurance companionship has demanded trampoline come down. Saftety nets, adult overseer followed to a "T". Spent good amount of $$$ on it! Been up for less than a year. Under covenant. Anyone have any suggestions?

Yep.

Get rid of the trampoline.

They are accidents fitting waiting to happen. It's not "if" an accident will happen....it's when.

Even with unharmed use ...they are dangerous. Many insurance companies will not insure homes that have them.

I've seen claims with violated arms/legs (repaired with pins/plates), broken teeth/jaw.

All the safe keeping nets are not going to keep you from taking a bad bounce and landing wrong and breaking something.

If a daughter from another home comes over and jumps on the trampoline and gets hurt---- you can be sued. You will be guilty for medical bills (which can be a lot) - pain and suffering and any impairment that results. Do you exceptionally want to jeopardize your financial future on a toy?

Take this how ever you want.....I'm an insurance adjuster. And after every possession I have seen on trampoline claims...I would NEVER have one.

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YES. Trampolines and pools are Brobdingnagian liabilities. Are you going to take it apart every night and lock it up? No. I didn't evaluate so. Anyone can sneak through the safety net and get hurt. If someone gets hurt or injured on your fortune they can sue you.

If someone drowns in your pool or breaks their neck on your trampoline they or their family can sue you for everything!

Is losing your expert in to a lawsuit really worth it?

P.S.--Call around and find another insurance company that allows them and be sure to on the rise your liability to $1,000,000. You'll definately want that protection.
jmrob29 | Apr 25, 2008

yea.
but we put it back up after they fist :)
sara<3 | Apr 25, 2008

I read your frustration. I'm surprised they didn't simply raise your rates as they would if it were a lake. A pool must be surrounded by a fence so many feet high. Maybe you should ask if a trampoline is the same? If you take right precautions to keep people out of your yard, for example a fence and no trespassing signs posted on the barricade, most insurance companies will insure pools, ponds, trampolines, built in oversized wavering sets, etc. But again, they may raise your rates because of the added liability. You should take this time to call around and get berate quotes for comparable policies from other companies to see if perhaps you need a new homeowner's insurance ingredient. If you don't want to change agents, you have no other choice but to argue the juncture with them or give in and take it down (and maybe sell it to recoup some of the money lost on the purchase).

**add**
If you elect to simply put it back up without the insurance company's knowledge and then something happens to someone while playing on the trampoline, the insurance business will not only drop you but you will not be covered by the policy you have, so you will also probably lose your house and any other assets you might have to enclose the costs of the lawsuit that person will surely file against you (for the medical expenses, grieve and suffering, etc. etc., etc.)
surojabu | Apr 25, 2008

yes, most companies will not insure attribute with a trampoline. I have 1 company that will let the insured sign an exclusion if they have one. There are way too many injuries and claims from them. if you conclude to move coverage due to this, make sure you tell the next company about it because if you don't and have an injury they will NOT covering you.
Queen B | Apr 25, 2008

Yep, it happens ALL THE Formerly. Trampolines are the second largest claims source on a homeowners scheme.

I don't know of ANY insurance company that will give you coverage, if you have one.
mbrcatz17 | Apr 25, 2008

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