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Honored Contributor
Posts: 12,997
Registered: ‎03-25-2012

Re: Is this age discrimination or ""just business?""

On 8/25/2014 terrier3 said:
On 8/25/2014 BlueCollarBabe said:
On 8/25/2014 LipstickDiva said:

I have no children but do have a spouse. I have a term policy to pay for my burial expenses. My DH works so there is no reason for me to pay a premium for him to get some large payout. I just want to be buried and he's on his own to make a living.

Same thing with him. He has a policy to pay for his burial and I'm on my own to continue to make a living for myself.

If I had working, productive adult children, I wouldn't think of paying for a policy for them to collect large benefits.

Nor I but we each get to do what suits us I guess. I get the impression that Ford is a kind hearted woman who perhaps feels she "owes" her kids something. $160 a month over 30+ years would have made for some nice trips and extras in the life of someone who I don't picture as well off. But like I said we all get to do our own thing.

After she paid into this plan for MANY years...I can see why she wants to keep it in force.

She was thinking of her kids....there's nothing wrong with that!

Thanks Terrier . . . and for all of the other excellent information you have posted. I have put together a portfolio of everything I've copied and printed out. At least I know what I'm dealing with now. I guess the Insurance Commissioner's office is very busy on Monday mornings. I am hopeful I can get through to them sometime today. I'm very interested in hearing what they have to say about this.

Thanks again. {#emotions_dlg.wub}


Formerly Ford1224
We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Elie Wiesel 1986
Honored Contributor
Posts: 13,954
Registered: ‎03-10-2010

Re: Is this age discrimination or ""just business?""

On 8/25/2014 Ford1224 said:

Thanks Terrier . . . and for all of the other excellent information you have posted. I have put together a portfolio of everything I've copied and printed out. At least I know what I'm dealing with now. I guess the Insurance Commissioner's office is very busy on Monday mornings. I am hopeful I can get through to them sometime today. I'm very interested in hearing what they have to say about this.

Thanks again. {#emotions_dlg.wub}

Ford - Did you ask if the extra premium amount could instead be deducted from your death benefit? This may save you a lot of money and is a usual rider on these types of policies. You may be able to pay $160/mo. as usual and have the remainder come out of your death benefit. Even if it an extra $150/mo. - that would be less than $2,000/year deducted from your heirs....and YOU would have that extra money to enjoy NOW!

If the death benefit is high, it may be worth it to check out this feature.

Remember - the policy consists of term life insurance (which always goes up in premiums as people age) and the investment portion. The Life insurance is regulated by the state insurance commissioner...the investments, by the SEC (Securities & Exchange Commission) and FINRA (Financial Industry Regulatory Authority) - those are federal agencies.

Good luck! Keep up posted!!!!


Honored Contributor
Posts: 12,997
Registered: ‎03-25-2012

Re: Is this age discrimination or ""just business?""

On 8/25/2014 terrier3 said:
On 8/25/2014 Ford1224 said:

Thanks Terrier . . . and for all of the other excellent information you have posted. I have put together a portfolio of everything I've copied and printed out. At least I know what I'm dealing with now. I guess the Insurance Commissioner's office is very busy on Monday mornings. I am hopeful I can get through to them sometime today. I'm very interested in hearing what they have to say about this.

Thanks again. {#emotions_dlg.wub}

Ford - Did you ask if the extra premium amount could instead be deducted from your death benefit? This may save you a lot of money and is a usual rider on these types of policies. You may be able to pay $160/mo. as usual and have the remainder come out of your death benefit. Even if it an extra $150/mo. - that would be less than $2,000/year deducted from your heirs....and YOU would have that extra money to enjoy NOW!

If the death benefit is high, it may be worth it to check out this feature.

Remember - the policy consists of term life insurance (which always goes up in premiums as people age) and the investment portion. The Life insurance is regulated by the state insurance commissioner...the investments, by the SEC (Securities & Exchange Commission) and FINRA (Financial Industry Regulatory Authority) - those are federal agencies.

Good luck! Keep up posted!!!!

Yes, I did and no, it won't. I could pay in double, triple, and more than that and it will never be deducted from my benefits. There are no benefits if the policy lapses and that's that.

Of course I will check this with the Ins. Comm. when I can get them to answer and not get a recording.

Formerly Ford1224
We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Elie Wiesel 1986
Honored Contributor
Posts: 12,997
Registered: ‎03-25-2012

Re: Is this age discrimination or ""just business?""

I finally got through to the NJ Insurance Commissioner's office. They are going to send me a complaint form. Apparently there have been some class action suits against this insurance company and others, for these types of policies, and many cases were settled. She said I may qualify.

So here we go . . . another battleground. I hope I can maintain the energy for this.

Formerly Ford1224
We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Elie Wiesel 1986
Super Contributor
Posts: 1,520
Registered: ‎03-09-2010

Re: Is this age discrimination or ""just business?""

On 8/25/2014 Ford1224 said:

I don't feel I "owe" them anything, and I didn't get the policy for anything close to that reason. I wanted them to have a little something when I died . . . simple as that. I had to struggle all my life because my parents were poor (not their fault) and I wanted my kids to get a little boost at a time when they might need it.

As I just noted in another post, the article you posted is right on. That's what I bought, as did obviously thousands of others. So now I have to deal with it.

Thanks for posting it. I now have a lot of information when I call the Insurance Commission to see what they say. I doubt there's a damm thing they can do about it.

You're most welcome. Glad to read that you may have some legal recourse but I understand that you weren't in the market for another insurance battle. Good luck! {#emotions_dlg.thumbup1}

Honored Contributor
Posts: 33,580
Registered: ‎03-10-2010

Re: Is this age discrimination or ""just business?""

On 8/25/2014 terrier3 said:
On 8/25/2014 LipstickDiva said:

I have no children but do have a spouse. I have a term policy to pay for my burial expenses. My DH works so there is no reason for me to pay a premium for him to get some large payout. I just want to be buried and he's on his own to make a living.

Same thing with him. He has a policy to pay for his burial and I'm on my own to continue to make a living for myself.

If I had working, productive adult children, I wouldn't think of paying for a policy for them to collect large benefits.

Do you have group life insurance at work?

We did when I worked for a large corporation, we had a group plan that paid double a year's salary...triple if you died on the job.

I just learned that when you leave or retire, most of these group life insurance plans can be converted to a private policy - with no additional medical exam. Of course at that point, your premiums depend on your age and get adjusted upward every year.

Not at this job I don't. I did at my previous job. It paid double my yearly salary. That's why I took out my own term life insurance.

My DH has the group plan that pays double his salary.

Honored Contributor
Posts: 12,997
Registered: ‎03-25-2012

Re: Is this age discrimination or ""just business?""

On 8/25/2014 BlueCollarBabe said:
On 8/25/2014 Ford1224 said:

I don't feel I "owe" them anything, and I didn't get the policy for anything close to that reason. I wanted them to have a little something when I died . . . simple as that. I had to struggle all my life because my parents were poor (not their fault) and I wanted my kids to get a little boost at a time when they might need it.

As I just noted in another post, the article you posted is right on. That's what I bought, as did obviously thousands of others. So now I have to deal with it.

Thanks for posting it. I now have a lot of information when I call the Insurance Commission to see what they say. I doubt there's a damm thing they can do about it.

You're most welcome. Glad to read that you may have some legal recourse but I understand that you weren't in the market for another insurance battle. Good luck! {#emotions_dlg.thumbup1}

I feel I have to. I have never been good at being a "victim." I always fight. Sometimes I win, sometimes I don't . . . but I have to at least try.

What they really want is for me to drop the policy. After over $36,000 paid in, I can't do that.

My girls are calling me "Norma Rae."

Formerly Ford1224
We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Elie Wiesel 1986
Honored Contributor
Posts: 10,197
Registered: ‎07-29-2014

Re: Is this age discrimination or ""just business?""

On 8/25/2014 Ford1224 said:
On 8/24/2014 feline groovy said:
On 8/24/2014 Dagna said:
On 8/24/2014 Deb1010again said:
On 8/24/2014 feline groovy said:

It's both, at least to me.

Money is <em>always</em> the bottom line, no matter what most companies must do to achieve it (the largest amount of revenue).

There are companies out there, however, that would never resort to bigotry or discrimination of any kind. Just not as many as we'd like.

BTW, JSS, you have a mostly-youthful spirit, and that's key. 8)

Who is "JSS" or what does it stand for? I've never heard of that abbreviation on the boards. Thanks!

Ford - Jersey Soul Sister

Smile

Feline Groovy, did you change your nic? I haven't been sure it's you for a couple of weeks now.

Yep, and I was previously "feline fine".

I did have an extra siggy ('STILL feline fine; just now with more groove') on my posts to reassure others, but recently removed it.

Guess you didn't see it, but no problem - 'tis moi. Smile

Super Contributor
Posts: 1,057
Registered: ‎03-10-2010

Re: Is this age discrimination or ""just business?""

On 8/25/2014 Ford1224 said:
On 8/25/2014 BlueCollarBabe said:
On 8/25/2014 Ford1224 said:

I don't feel I "owe" them anything, and I didn't get the policy for anything close to that reason. I wanted them to have a little something when I died . . . simple as that. I had to struggle all my life because my parents were poor (not their fault) and I wanted my kids to get a little boost at a time when they might need it.

As I just noted in another post, the article you posted is right on. That's what I bought, as did obviously thousands of others. So now I have to deal with it.

Thanks for posting it. I now have a lot of information when I call the Insurance Commission to see what they say. I doubt there's a damm thing they can do about it.

You're most welcome. Glad to read that you may have some legal recourse but I understand that you weren't in the market for another insurance battle. Good luck! {#emotions_dlg.thumbup1}

I feel I have to. I have never been good at being a "victim." I always fight. Sometimes I win, sometimes I don't . . . but I have to at least try.

What they really want is for me to drop the policy. After over $36,000 paid in, I can't do that.

My girls are calling me "Norma Rae."

This comment makes no sense.

Your cash value is gone. So how would it now help them financially for you to drop your policy?

It's not like they are going to have your $36,000 to go have a party.

Respected Contributor
Posts: 2,124
Registered: ‎07-05-2012

Re: Is this age discrimination or ""just business?""

On 8/26/2014 Dagna said:
On 8/25/2014 Ford1224 said:
On 8/25/2014 BlueCollarBabe said:
On 8/25/2014 Ford1224 said:

I don't feel I "owe" them anything, and I didn't get the policy for anything close to that reason. I wanted them to have a little something when I died . . . simple as that. I had to struggle all my life because my parents were poor (not their fault) and I wanted my kids to get a little boost at a time when they might need it.

As I just noted in another post, the article you posted is right on. That's what I bought, as did obviously thousands of others. So now I have to deal with it.

Thanks for posting it. I now have a lot of information when I call the Insurance Commission to see what they say. I doubt there's a damm thing they can do about it.

You're most welcome. Glad to read that you may have some legal recourse but I understand that you weren't in the market for another insurance battle. Good luck! {#emotions_dlg.thumbup1}

I feel I have to. I have never been good at being a "victim." I always fight. Sometimes I win, sometimes I don't . . . but I have to at least try.

What they really want is for me to drop the policy. After over $36,000 paid in, I can't do that.

My girls are calling me "Norma Rae."

This comment makes no sense.

Your cash value is gone. So how would it now help them financially for you to drop your policy?

It's not like they are going to have your $36,000 to go have a party.

Because it will mean they won't have to pay out her death benefit when the time comes; they will have collected her premiums for years and never have to pay out anything for it.