I am a sixty-six year old female, and I had six living children as each of them turned eighteen and dropped off my policy I bought a ten year pay policy for burial purposes never believing any of my children would leave before me. The policy was to be paid off in ten years. I paid on each policy for ten years and my baby child is now thirty-five years old seven years after the pay off period. All policies were paid off, and I received paid off letters. I took a loan out on the policies and figured whatever was due would be taken out at time of death if it occurred. Well surprise, surprise that was not the case. When my daughter and my son passed within eight months of each other, and I filed for the benefits I was told each time that the interest ate up the policy. What I am questioning is what happened to the money I paid for ten years. Did it not count? No one else paid a penny on those premiums but me. If I had placed that same money in a bank account and took out less than two hundred dollars in thirty years. I would still have money and gained interest. It appears that I was just giving money to the insurance company because they were entitled to it. Now what happened? I had to pay for funerals anyway I could. I did not receive forty-eight cents for a postage stamp to thank those whom helped.
I guess I am just gullible but the same thing happen in 1990 when my father died they said he died a day before the policy mature and guest what it was the same insurance company. Think twice when you are paying, I mean giving your money away, it might be safer to try a savings account. So what if you spend the money from the savings account along the way you would have something to show for your hard earned money.
0 comments