Just wondering about this?

scarlett2001March 2, 2012

I was thinking today - in my parents' time, the husband was supposed to provide for the wife. But now that a lot of us work, we share the financial stuff - but how far should that go? For example, shouldn't the husband take out life insurance on himself for his wife, if he dies first? Knowing what a procrastinator my DH is, I took out a policy on him, but my insurance company will not communicate with me, the bill comes in DH's name and I have to get his written permission to talk to them about anything. Is this unusual, or is that the way it works?

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I am not in the industry or anything, but I would think that is a "safeguard" to prevent one spouse from taking out large policies on their spouses without their knowledge, then arranging for an "accident". Makes total sense to me....if my ex could have taken out a huge policy on me without my knowledge, I probably wouldn't be here.

I would not want ANYBODY to be able to take out life insurance on me...I don't want to be worth more to someone dead than alive. But that's just me....

    Bookmark   March 2, 2012 at 10:57AM
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Not sure i understand. If you took out a policy on your hubby, why would the bill come to him? Seems to me if you took out the policy the bill would come to you.

    Bookmark   March 2, 2012 at 11:52PM
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You have every right to take out life insurance on anyone in whom you have an insurable interest. In other words, to prevent fraud, you are not generally allowed to take out insurance on a stranger or co-worker, but you are permitted to purchase a policy on someone whose death will have a direct financial impact on you or your children. Obviously a husband qualifies.

Ideally, a spouse will be responsible enough to do this himself (and you should do the same for yourself). But if he won't, you're doing the right thing.

Generally an insurance company will notify the person being insured. In some cases a medical exam or paperwork may need to be completed to qualify for coverage.

But, the insurance company should be communicating with you regarding a policy you purchased and I don't see any reason why your husband would be receiving the bills.

If you purchased a term life policy (hopefully that is the case) I'd contact the company to see if they'll disclose why this is happening. If they won't and there's no surrender fee, I'd look for another insurance provider.

    Bookmark   March 3, 2012 at 4:18AM
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The insurer is AAA, which is usually a good, solid company. We have our car and homeowner insurance with them.

    Bookmark   March 8, 2012 at 6:53PM
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I think it's just the way it is these days.

Get this one. When we got married (39 years ago), I was the one who went to the phone company to order our service. Naturally--because that's the way things were done in those days--I put the service in my husband's name. That wasn't a problem then. And the phone company has NEVER had a problem accepting the checks when I write them to pay the bill on my account (mine alone, not a joint account with my husband) BUT after a while--maybe 5-10 years ago? All of a sudden, I wasn't allowed to talk to them about the bill or service unless I got my husband's permission.

It's just crazy out there--and getting crazier daily, if you ask me.

Funny thing was? When I was taking care of my mom's affairs, when those things became too much for her? I usually didn't have a problem. Once I explained that mom wasn't able to handle her affairs, people were fine talking to me. Not really sure why that worked, but I cannot call my internet provider with a question unless I have DH's SS# handy.

    Bookmark   March 9, 2012 at 10:32PM
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Yes. That's what they do. When I divorced my ex, part of the paperwork was that I legaly resumed my maiden name. Nobody had any problem with this except the gas company, who said they had to come to the condo, turn the gas off, then turn it on again in my maiden name, with a little fee, of course.

Men are not expected to change their names after marriage, so isn't that disparate treatment?

    Bookmark   March 9, 2012 at 11:44PM
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Since you had other policies through AAA, they may just have bundled this life insurance with the rest. If your husband was the initial contact person, he may be listed as the primary for all future business regarding these policies.

My DH and myself have an AmEX card through Costco. Since the Costco membership was originally in my name, the AmEx account listed me as the primary. I had to confirm by phone that my husband could also make decisions regarding our account.

Some of these issues are connected to privacy laws, others are measures to forestall various scams.

When my father became ill and went into assisted living, I couldn't stop his phone service and transfer it to his new residence until I faxed power-of-attorney to the phone company.

These things occur all the time.

    Bookmark   March 10, 2012 at 3:34AM
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You've definitely done the right thing by signing DH up for life insurance, but you probably filled out the paperwork in his name as the "owner" of the policy. If this is the case, then he alone can make changes on the policy. Maybe you got him to sign the first batch of paperwork which included premium payments and ownership of the life insurance policy? In any case, if you bought the policy and own it, the bills should be coming to you, not him. Many people do this for their loved ones, the most common example being whole life insurance that parents take out on their kids (and this example has more to do with premium payments than being a minor). Talk to your carrier to find out why this is so.

Denise Mancini
Disclaimer: I work for AccuQuote and this is my personal opinion.

    Bookmark   March 14, 2012 at 5:20AM
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I purchased a life insurance policy on my husband and I am the owner of that policy and my bank account is billed monthly. He didn't have to sign anything just submit to a physical and blood test. DH doesn't think life ins is very important but seeing as he is 11 yr.s older that I, I disagree very much. He refused to obtain/pay for it so I did for both of us.

I had no problems with regards to billing or anything else. We went through a very reputable company via our CPA.

If you are the owner of the policy you shouldn't be having problems like this. Have you tried contacting customer service?

    Bookmark   March 19, 2012 at 9:23AM
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The information above is correct, the owner of the policy gets the bills, the insured is the one who's life is protected and the beneficiary gets the money should the insured die.
You can own a policy on say your husband and make your children the beneficiary, thereby by passing your estate.
You need to change the owner of the policy.
Linda C.....ex insurance agent.

    Bookmark   March 23, 2012 at 3:41PM
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