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This is the second year that my father in law gets free life insurance for up to ,000,000.00 Dlls from a company called
"National Western Life Insurance Company"
A Stock Company
It seems real, but we still don’t understand why is free.
www.nationalwesternlife.com
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October 13th, 2009 at 12:21 am
Nothing’s free. The way these commonly occur is that your father takes out a policy (sometimes with a cash inducement up front), hangs onto it beyond the contestability period with an investor group paying the premiums, then he sells the policy (this is another time he could get paid). It’s not actually free since the insurance amount counts against his total insurability.
Life insurance companies were really hot on this 1-3 years ago because they made big money writing policies they normally wouldn’t get, but now there are two primary concerns. The first is an ethical issue with "stranger owned life insurance" or "investor owned life insurance" as its called since a disinterested party in your father in law’s life will profit substantially at his death. The other is that since investors own these policies, they will not lapse which throws off the companies’ actuarial tables (this one’s harder to explain).
They could also be pitching a premium financing idea where your father in law borrows money against his business to pay premiums and the life policy indemnifies the loan. There are tons of variations. Some of these will work. Some won’t. In this case, he needs to take out a large loan which sometimes grows over time, and if it is designed for the cash value to indemnify the loan (instead of the death benefit) the cash value may be unpredictable and subject to risk from the insurance company.
If your father in law is actually interested in either of these two ideas, there are ways that he can structure this with more control himself and greater certainty than what he might be pitched by a salesy guy.
October 13th, 2009 at 12:21 am
Without knowing the specifics, I’d say your father-in-law has a ‘whole life’ policy. Under these policies, a portion of your premium goes into a separate cash or investment account. If you have enough cash value in your policy, you can choose not to pay your premiums in any given year. The insurer will deduct the cost of insurance directly from the cash value. It’s somewhat similar to setting up the policy to pay for itself. This is not out of the ordinary.
October 13th, 2009 at 12:21 am
SOMEBODY is paying for it. It’s not free, I promise. Free to him, maybe, if his employer is paying. Or, he’s overpaid for years and years and years, and doesn’t have to pay this year because of the equity in the policy.
October 13th, 2009 at 12:21 am
It depends upon the type of policy your father has purchased. There are policies that are paid over a 10 year period which means that the policy premium is paid for 10 years and after that tenth payment the premium disappears but the policy remains in force. There is even an option for a single payment policy.
That being said, it is not free because you are prepaying the premium so that there is enough built up cash value in the policy to continue the coverage without further payments..
October 13th, 2009 at 12:21 am
nothing is free contact the company it is from for more info
October 13th, 2009 at 12:21 am
one thing i’m certain of is that this is NOT a whole life insurance policy. read the small print, but i’d be very surprised if out of the blue, some company decided to cover your dad. this sounds like maybe accidental death-only coverage that may be free because it’s tied to something your dad bought, or an affiliation he has. easiest thing to do is call the company or look at a statement.