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#1
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So my company has a benefit where you automatically get a life insurance policy equal to double your salary. I'm 25, not in a relationship, no dependents of any kind, so this policy is of no real benefit to me. I think my brothers are listed as the benefactors in case I die, although it really could be anyone as no one would be harmed financially by my passing.
I have a co-worker in the same situation as me, except he rides a motorcycle, which I imagine increases his chances of death exponentially. He's also black, which I imagine has to add some premium just for the increased chances of being killed in some type of mistaken identity police shooting. How much would you pay to be named as the benefactor of his policy? Is there any way to bring this up tactfully? The value of the policy would be somewhere in the $100k-$120k range. Just to make it clear, I have no intention of doing this, we just had a meeting going over some chances in our health benefits this morning, and it just occurred to me what a likely +EV opportunity this would be, morbidity aside. |
#2
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Since you paid nothing for the benefit, I'd offer $10. It'd buy you a couple cold beers at least.
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#3
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There is no way an insurance company would pay the "beneficiary" in a case like this. Coworkers, with nothing in common having each other as the beneficiaries. Just put down your parents/siblings or whatever and eventually you'll get married with kids and then you actually have a real use for a policy like this.
Swede |
#4
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I'm pretty sure there were no restrictions on the form when I filled it out. Is there some law saying you have to be related or married to bequeth anything?
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#5
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Sounds like you have a group policy. Most likely, if you want to increase your insurance, there is a dollar amount that you can increase it to. To do this, you need to fill out a statement of health form that asks questions regarding your medical history. This does not necessarily take into account a person's race or what vehicle they drive.
It is also very likely that since you are already enrolled under this plan that you will have to fill out the form to increase your coverage any substantial amount. The reason for this is because people often increase their life insurance after they find out that they are going to die. The premiums your company pay for your life insurance company were underwritten as a whole for your company (hence, group life insurance) and don't take into account individuals. |
#6
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[ QUOTE ]
I'm pretty sure there were no restrictions on the form when I filled it out. Is there some law saying you have to be related or married to bequeth anything? [/ QUOTE ] Most states have no restrictions. |
#7
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You know, I don't know the answer to that. My post was basically my gut-shot reaction to your question, based on what I know about insurance companies and their unwillingness to pay out money. [img]/images/graemlins/mad.gif[/img] Stingy bastards!
Swede |
#8
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You have to have an insurable interest in the insured party. For example, I cannot take out a life insurance policy on Michael Jackson. Michael's death would not have a financial impact on my life.
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#9
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You have to have an insurable interest in the insured party. For example, I cannot take out a life insurance policy on Michael Jackson. Michael's death would not have a financial impact on my life. [/ QUOTE ] That's not what I said nor what he asked. |
#10
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You have to have an insurable interest in the insured party. For example, I cannot take out a life insurance policy on Michael Jackson. Michael's death would not have a financial impact on my life. [/ QUOTE ] This is different than if Michael Jackson decided to name Breakfast Burrito as the benefactor to his own personal life insurance policy though isn't it? |
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