How many of you have been talked into buying those extended warranties? You know the ones when you go to Future Shop or Best Buy and you purchase some electronic and they want to you get the extended warranty....or you go and purchase an appliance and again they want you to purchase the extended warranty, and what about those one's on vehicles, now those can cost you. When I bought my Mustang it was practically new, they talked me into purchasing the extended warranty...what a goof I was, it cost me an additional $3500 for that insurance and I never used it.Back to the salesperson who first off tries to sell you the most expensive item in the product line for which you are purchasing...you finally decide what it is you want and then of course they use the pitch on the extended warranty. I actually had a sales person try and sell me an extended warranty on a chair I bought for my husband. Can you believe it! I know these sales people make most of their money on selling the extended warranties but really it's just not right.
I am told that all products have a shelf life or life expectancy....how long a product is estimated to last. Personally I think the product should last that..and if it doesn't the manufacturer should be responsible for either replacing or repairing the product. It should also be affordable that if the product does only last the predicted life time then it's not going to cost you an arm and leg to replace it.
Now let's talk about life insurance, home insurance, mortgage insurance and health insurance. Again I am finding it to be a bunch of crap.
I got my first life insurance policy when I was 24 it was shortly after I had my first pacemaker and my first daughter had been born. I had my life insurance policy with this company up until last year, when it came time for my renewal. I went to renew and right out of the blue they cancelled my policy because they said I "lied" about my pacemaker. I was shocked. The only reason I went to this company was because I knew they provided policies for people who had pacemakers. So why would I lie. I had a very thorough physical way back when I applied for the policy...I completed all the forms, I couldn't believe what was happening. I spoke with the broker who I maintained contact with all these years and he said he would do what he could....he spoke with them....we wrote letters...but they were having nothing to do with it. So there I was with no life insurance...now what am I going to do. We found another policy holder...it is costing me triple of what I was paying...and has a lot more limitations. The life insurance policy does nothing for me, when your dead your dead. It is however giving me peace of mind that if I were to die tomorrow at least I know I would have left something for my hubby and family.
Personally I wouldn't have gone for the life insurance....but when I went for mortgage insurance they turned me down. Again I was shocked. I was turned down because of my pacemaker and colitis...I am considered a high risk. High risk....bull s..t. I run regularly, I am not over weight, I don't have hypertension or cholesterol issues...none of the risk factors which would normally be considered. So as a result I went to increase my life insurance policy and that is how the whole mess with the life insurance started.
I have home insurance coverage....but right now as it stands it would be void as it says we don't have a wood burning fireplace, but we do....we always have....I have personally been to the agent on three occasions to get this changed but it hasn't happened....I know I have to pursue that more.
I have a loan that I got an insurance policy on in case of injury/illness. I went to go make a claim on this policy this past month......again they are making me jump through hoops to get them to pay up for the loan( and this is not asking them to pay out the loan it's only asking that they pay the monthly loan). I am still paying the loan....I just wanted it covered while I was off on sick leave....chances are it won't get covered by the time I go back to work....it's been useless. You see I couldn't even claim for it until I had been off work for 6 weeks then of course all the medical forms have to be completed by myself and my doctor...which I had done....but no...they send me and my doctor more letters telling us about all these restrictions and how they want more information...like I said by the time I get this approved...if I do get it approved....I will be back at work and won't need it.
Health care, in Canada we have universal health care. What the means is if you have to have surgery you can have the surgery...there is no such thing as an HMO dictating your treatment. Most employers offer health benefit packages which often includes not only health coverage, but extended health(prescriptions, glasses,massage therapy, and chiropractor just to name a few)dental and long term disability insurance. Now if your employer does not offer this or if you are a retiree you still can get the basic provincial health insurance which again covers any doctors visit, hospitalization, surgeries and the likes. If you can't afford the provincial premiums then there are systems in place where the government would pay for such services. But you would have to prove eligibility for such services. Which I think is only right.
So, I talked to my brother who is an insurance adjuster about the whole insurance thing. He said to me that insurance companies are not out there to pay your claims or make our lives easier....they are out there to make money...and you making a claims takes money away...so of course they are going to do whatever they can not to pay out on a claim.
So let me recap this....I have life insurance which is very restrictive..and I truly wonder if I were to die tomorrow if my hubby would be able to get anything....but that would be a battle he would have to fight. The house insurance as it stands isn't worth the paper it is drawn up on because we have a wood burning fireplace and the loan insurance company is already giving me the run around. To me insurance is truly a scam in the greatest sense of the word and yet it is consider acceptable and prudent. But that has been falsely fed to us by the insurance companies.
I have fed into this insurance scam and allowed them to provide me with a false sense of security, that they will be there when you need them.
When I was looking for pictures to coincide with this post I came across this one cartoon...it was a picture of the insurance agent on the one side of the desk and two snowmen on the other the caption said "Are you prepared if one of you melts" That was just the icing on the cake.
16 comments:
yikes! my dad sells life insurance and yes some of those companies can be very sneaky! i was also turned down for life insurance on our mortgage because i was a health risk-never did figure out the reasoning why but i was able to get more insurance on my existing policy no problem
and ya, that coverage for illness/injury-that is a crock! in most cases by the time you get over the waiting period, you're back to work anyway *snort*
Wayne and I just sold our condo in Los Angeles so we had to deal with the insurance company to get things canceled. They don't like that either. Thanks for welcoming me back. - Margy
Sad to hear such stories. Have you talked with your broker (or even lawyer) about legal action? I think your broker has already asked you, but let me try: Have you thought about converting your term into permanent? (was your policy convertible?) What about incontestability period? Usually it lasts just 2 years...
Lets not pretend insurance companies are charity, on the other hand you can make profit only with satisfied clients - don't be afraid to mention company's name. I have been in Canada life insurance business for 16 years and I don't hesitate not to recommend companies I don't trust. Don't give up easily, you and that insurance company have equal rights, even if it doesn't always seem so...
Good luck
Lorne
Ok, I'll name names here where I can and tell you about my insurance. I've had a life policy with Thrivent (formerly Lutheran Brotherhood) for about 24-25 years now. Never had any problems and the dividends go to purchase additional insurance for me -well, actually for my kids cause they're the ones who will "benefit."
My mortgage insurance -mandatory in PA with any mortgage -is with State Farm Ins. I'm still alive, so I guess it is still ok -again, my kids will benefit from that as it will pay off the bulk of the mortgage, but not all -probably due to the high interest rate I'm paying. Homeowners policy is also with State Farm, as is my car insurance. Thus far, I've had no problems with either and yes, I did have a fire claim back in 1991, when my son caught his bedroom on fire and it destroyed his room, did major damage to the other two bedrooms as well. It was a pain in the butt filling out all the forms for losses -furniture, clothing, etc., and my previous agent was supposed to have upgraded my policy to full loss coverage but she hadn't so I only got depreciated value, not full value of items lost, but they paid it as well as full coverage on fixing the upstairs of the house too.
Now, every time I bought a car, I ALWAYS bought the injury/illness insurance figuring if I were in an accident, ill and unable to work, I would need that to make sure I could cover the car payment. My cousin-who used to sell insurance told me I was throwing my money away but with my last car that I bought now in 2000, this policy really did come in handy when in 2003, I was diagnosed with cancer, had no income for 18 months till the disability claim with SS was approved. Now, the insurance company tried and tried to avoid making the car payments but they did for a year and then said, I was no longer eligible but I pushed them and fought them and eventually -after a lot of hassles and paper work by my doctor they paid off the last year's payments on the car, thus saving me from losing the vehicle!
Oh, and my cousin who says insurance is a ripoff -well his son and former daughter-in-law had bought a house -no mortgage insurance. THey had credit cards out the zahoo plus two cars financed, no injury/illness/death insurance on any of that either. When they separated, she did have a life insurance policy but changed the beneficiary from her husband (my cousin's son) to her parents. She met another man, got pregnant, had a baby with him before the divorce went through so the bills were still all outstanding, all in both names. And guess who ended up saddled with about $69,000 in credit card debt, two car payments, plus a mortgage for over $120,000? Yep, my cousin's son!
I agree insurance companies can be a rip-off, of sorts. And we can buy more than is actually necessary to thus becoming "insurance poor." But I firmly do believe it is a necessary evil! All except for those extended warranty things as they are not worth the paper they are written on 99% of the time!
Hope you get this all squared away. One of my biggest fears right now is that if something should happen to my son-in-law (or even to Mandy) that there will be nothing to provide for funeral expenses and nothing to help with childcare costs, etc., for Maya and Kurtis then as well. Social security is a great thing to have, yes but it is far from enough to live decently on it too.
Oh -I just realized I forgot to explain why my cousin's son ended up with all that dept due to no insurance. When his almost ex-wife's baby was born, she died 9 days after his birth of an aneurism! Not something that is easily predicted as you know. However, in retrospect, they think it was caused by all the hormone injections she'd had while taking fertility treatments for in vitro fertilizations while she and my cousin's son were still married. Apparently she didn't need that with the boyfriend.
Well Lorne thanks for not being a lurker and making a comment....I know there must be some good companies out there...you said don't be afraid to mention names....well funny you should mention Canada Life those are the folks that are making my life hell right now...the sad thing...when you need insurance..something like injury/illness....generally you are not in the best state of mind...ie still feeling the angst of your injury or health issue...and then you have an isurance company that challenges you ever step of the way....I will be cancelling this insurance policy on the loan as it really isn't worth the paper it is written on....
Jeni....well I am sorry to hear of your cousin's plight that is just awful...like I said having the life insurance at least I know if I die there will be something there...I HOPE!!! and as I said I have to another kick at the agent for the house insurance...get that straightened away sooner rather than later....
My best commissions were in selling the extended warranties when I used to sell furniture/appliances and electronics for over 6 years. I would push this extended warranty as if their life depended on it...
Be careful because some major furniture stores will tack on the extended warranty before you even knew it until you got home so check your paperwork before you leave the store! I know because I worked in one of those major stores... a sneaky and dirty tactic...
In all of my years in selling furniture, I have rarely seen these extended warranties used, a total waste of monies as the store warranties are sufficient enough to carry out any repairs...
Take care...
I have no respected for insurance companies.
I won't go into details but we had to take an insurance company to court.
I've never bought extended warranties on anything but our last to appliances oh I wish I did.
Coffee is on.
Insurance issues are never ending. I sometimes wonder if we'd all be better off putting our money in the bank and pay our own claims.
*sigh*
this is so true.
my hubby used to work for an insurance company, after he knew too much about the 'meanings between the lines', he quit... there are just too many 'fine prints' to take note off, and its those fine prints that the insured doesn't get what he/she is supposed to get.
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I know what you mean. The whole insurance industry drive me crazy. In the U.S. since we don't have universal health coverage, I would very quickly be sunk if I lost my job. The cost of private insurance for me would be totally prohibitive, if they would cover me at all. I've heard that with stage III melanoma (spread to nodes but not beyond the closest nodes to my primary) it's practically impossible to get private health insurance. Never mind that I haven't had a recurrence in 4 years, I'm still at too high of a risk for the insurance companies. I just have to hope that I have continual coverage through work until I either retire or go on disability and then would be eligible for medicare.
I'm sorry you have to deal with it too (although not the health insurance issue). That seems crazy that you are having such a hassle getting the home insurance policy changed.
Most insurance is a scam but we still have to have it don't we? :(
My FIL and MIL thought recently that they would like to have a week or so in the sun. They tried to get insurance and the insurance companies wanted £1000 just for my FIL, mind you he is 91 and in poor health but still I think that is extortionate!
I hate insurance companies. I'm paying twice what I was because someone hit my car and drove off and yet I wasn't covered, but since it was an accident I got dinged on my insurance.
Sounds like you struck a nerve with that post. I have had a bad experience with Paul Revere (they changed their name now). The were the most sued company in Canada for a while. I had a disability policy for self employed with them and they put me through all sorts of hoops. They were forever sending me to "their" highly paid doctors for independent opinions, what a joke. Finally I sued them and they settled 3 years later as we had one foot in the courtroom door. Unfortunately for me, my lawyer took half the money. I HATE insurance companies...ciao
Forgot, when we travel I have a heck of a time getting coverage because of something that is fixed, go figure.
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