Hey, remember the Rhode Island lawyer who was charged with wire fraud and identity theft for using strangers’ deaths as an investment vehicle? As his sentencing date approaches, he’s filed papers to rescind his guilty plea and request a new trial. His guilty plea came with a maximum sentence of ten years in prison, but he maintains his innocence. [More]
Depending on your point of view, Joseph Caramadre of Cranston, R.I. is either an opportunist who scammed the terminally ill, or a great philanthropist who found a win-win loophole and made last few months of the dying easier and more comfortable. The federal prosecutors who charged him with wire and mail fraud leaned toward the former. [More]
Imagine that you, your spouse, or a beloved relative is terminally ill. A man approaches you and asks whether your family would be interested in a little proposition. Your relative would need to provide their name, Social Security number, and a signature or two. In return, they would receive a few thousand dollars. Sounds like an identity theft scheme, doesn’t it? Only it was all perfectly legal. No families were swindled, no fake credit cards were opened. The lawyer behind this scheme was taking advantage of a loophole in the rules of a specific type of life insurance product, variable annuities. Investors used a system intended to protect a large nest egg for future generations to profit without having to die. [More]
If you have life insurance but want to switch to a more attractive policy, you could defeat the purpose of coverage by moving too quickly. Experts recommend proceeding carefully in order to make sure you don’t go uninsured while waiting for the new policy to kick in. [More]
If you rely on someone else’s income or financially support others, the decision of whether or not to buy life insurance is easy. Determining the right amount to buy is far more difficult, requiring an alchemy of guesswork involving lost income, projected expenses and life expectancy. [More]
When it comes time to buy life insurance, you’re faced with a difficult choice. Do you buy low-cost term life insurance that retains no cash value or spring for the more expensive whole life option that doubles as something like a savings account? [More]
Over 50,000 war widows whose late spouses paid for insurance to help support their families in the case they lost their life now find themselves unable to receive the entire benefit of the insurance — that is unless they remarry… but not until after they turn 57. [More]
In Bizarro World, most of us with life insurance feel guilty for paying so little to insurance companies. Budget Life checks in with several ways to allay those feelings of inadequacy by offering some things you can do to fatten up those premiums: [More]
Life insurance polices are backed by state guarantee associations, but the coverage offered varies drastically from state to state. Some products, like variable annuities, can be recovered in full because of the way they’re structured, but if you have term life insurance or a universal policy, you should know the limitations of your state’s coverage…
Here’s a morbid bit of creative accounting, courtesy of the Wall Street Journal: if you work for Bank of America, J.P. Morgan Chase, or Wells Fargo, your employer may have taken out a life insurance policy on you.
Settlers Life Insurance Denies Claim For Widow Of Gunshot Victim Due To Pre-Existing Medical Condition
At Settlers Life Insurance, being shot in the back by unknown assailants is trumped by Hepatitis C, and they won’t pay your benefits. According to the lawsuit filed last week (pdf), Curtis McCraw held a life insurance policy with Settlers Life Insurance at the time of his murder in April 2008. When his wife Stephanie McCraw attempted to claim the Accidental Death Benefit, Settlers denied her claim because her husband had “a pre-existing liver condition.” We knew Hepatitis was bad, but we didn’t know it could pull out a gun and shoot you. We wonder if Hepatitis C is what really killed Kennedy.
The expression on the little guy’s face in this banner ad seems say, “I’m gonna kick your ass unless you get some freakin’ life insurance.” Maybe even throw in a “sucker” at the end there. Seriously, what’s his deal? He’s sooo angry!
When should you spend to save? [MSN Money] “Are warehouse store memberships a good deal? How about extended warranties? It all depends on the products — and on you, the shopper.”
Thomas Amschwand knew he was dying and did everything in his power to make sure his wife would be able to collect his $426,000 life insurance policy. Yet when the 30-year-old succumbed to heart cancer, his employer, Spherion, a temporary staffing company, told his widow Melissa that she would receive nothing.
Armatrout was one of about 350,000 employees Wal-Mart secretly insured nationwide, said Texas attorney Michael D. Myers, who estimated the company collected on 75 to 100 policies involving Florida employees who died.