Tuesday, October 26, 2010

Getting Revenge Against Your Insurance Company

A new Accenture survey suggests that insurance fraud may be how some consumers
retaliate against poor service from insurance companies.


Spur said...

I had an ex-colleague who was semi-joking that he will buy the cheapest term insurance when he is in his early-60s, live and spend extravagantly for a few years, and then will commit suicide latest by 70yo. He claims that none of his male relatives ever lived to 70yo, mostly died due to illnesses like heart attack or stroke etc. He reasoned that at least his kids or family members can get an actual "inheritance" and much more than what he pays in premiums.

My counter to him is that the insurance company may contest the payout if they know about his family medical history and/or committing suicide only a few years into the insurance policy. Maybe he can get away with up to $100K payout, but the insurer will investigate if more than that. Also when he is in his 60s, that will be over 30 years later. By then, premiums may be sky-high for old folks as the population ages.

Sleepy head said...

If one is to commit suicide after getting a policy, when can he do it so to ensure he got the payout?

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