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I need advice on a life insurance policy rider that in the 80’s carried 4 children under 21 should we have dropped off the policy when we reached 21. Since my parents fail to notice that we are still on the policy and we are now in our 40’s. Should the insurance company have notified my parents or dropped us off the policy when we reached 21?
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September 8th, 2010 at 12:33 pm
THEIR AGENT is the person to discuss this with.
As long as your parents don’t request any changes, and keep paying the bill, the insurance company CAN’T make any changes to the policy. It’s a CONTRACT.
They were notified EVERY YEAR of exactly who was covered, when they got the bill. Their failure to read the bill is their fault. Sorry.
September 8th, 2010 at 12:33 pm
Why not have them call the insurance company, they would be your best source for info on a policy they issued
September 8th, 2010 at 12:33 pm
Depends on the terms of the rider. Usually insurance companies will never drop any coverage on an insured (unless specified in the insurance policy) to avoid posible litigation.
If it is a children’s rider, the company will keep it there in the event that your parents have had another child or decide to adopt a child.
On most policies, only the owner of the policy can decide and order to remove any benefit (such as riders), so if your family didn’t call to have that rider removed, then the insurer probably won’t take it off.
September 8th, 2010 at 12:33 pm
No doubt the easiest way to get insurance quotes is on the web.
Why would you waste your time on the phone calling around?
the last time i needed quotes on insurance i used one of these comparison sites and it was great.
this is the site i used and it was quick like less than 5 mins.
The last thing I want to do is listen to elevator music while waiting for a salesman.
Anyway I got good quotes and ended up saving money so I was happy.
So shop around and compare quotes which is easy on the net.
Good starting point is at this site.
http://insurance.deal4-you.com
Good luck.
September 8th, 2010 at 12:33 pm
This would have been the responsibility of both your parents and their agent to take the rider off once you all reached the age of 21. The agent should have known enough about their clients to know they were not planning on having any more kids and your parents should have known the terms of the policy well enough to notify the company that they were not planning on having more kids and to drop the rider. However, since the company did not know whether more kids were on the way in the long haul they would not just drop the rider because any kids in the future would also be covered by the rider.