WTK: Life Insurance

[sufferrar]

I got this info from my life underwriter from Life of Barbados. after about 8 months after i joined up back in 2000. This is usually their incentive that the company give them together with their monthly pay.

[AGENT RORO]

I got this info from my life underwriter from Life of Barbados. after about 8 months after i joined up back in 2000. This is usually their incentive that the company give them together with their monthly pay.

Again that is not true, you were misinformed

[sufferrar]

My uncle used to sell insurance about 17 years ago and he confirms it.
And why would my own life insurance guy tell me that ?

[AGENT RORO]

My uncle used to sell insurance about 17 years ago and he confirms it.
And why would my own life insurance guy tell me that ?

Alot could have changed it 17yrs and it has. As for your own agent well I guess you would need to take up that with him, all I'm telling you is what is true.

[Peanut Punch]

AGENT RORO, & sufferrar, the first payment is to start the underwriting process for ur application it can be cash/chq/linx payment it's ur commitment to the insurance application

sufferrar, all policy holders from Life of Barbados were automatic shareholders... that's y they sold out & became Sagicor. If you haven't already collected shares from LOB u probally have shares u don't know about. 1 share is worth $18TT... i know 'cause i know some one who has a few thousand shares & hasn't cashed it in yet.

[AGENT RORO]

AGENT RORO, & sufferrar, the first payment is to start the underwriting process for ur application it can be cash/chq/linx payment it's ur commitment to the insurance application

sufferrar, all policy holders from Life of Barbados were automatic shareholders... that's y they sold out & became Sagicor. If you haven't already collected shares from LOB u probally have shares u don't know about. 1 share is worth $18TT... i know 'cause i know some one who has a few thousand shares & hasn't cashed it in yet.

Yes peanut that is also true

[acesinghit]

Do you know why when you sign up for insurance or annuity they usually want cash? It is because the first payment goes to the insurance guy.

when u knows nothing try not to say the wrong thing ok?

its contract law....offer and acceptance. By signing the form and paying the first premium you get a receipt and then you do your medical...then wait to receive your policy contract in your hand and sign for receiving it.

then:

It goes into the system as your first month's premium, that's why your payments would usually start 30 days after. I REALLY dont know where you got your info from.

[acesinghit]

Sagicor is the worse.........too prejudice inside there and too unethical. BS Company.....plus I not investing in no Bajan firm.

[urabus]

Sagicor is the worse.........too prejudice inside there and too unethical. BS Company.....plus I not investing in no Bajan firm.

x2floor, care to elaborate??

[pugboy]

it was a mutual society before, so the policy holders were shareholders

Yes, they have certain ripoff clauses
for example if you claim for contact lens/glasses today
you cannot claim until AFTER today's anniversary date next year
they work on an anniversary date scheme
so you might think you can claim once WITHIN each year but is not until AFTER a year has past
It is clear that someone had to sit down and think about this racket because these schemes don't come about with normal moral thinking

I can't complain though, I had a policy with them and got plenty free shares when they went public, I should've bumped up the policy if I had was bright

[acesinghit]

cute corolla........trinituner.com has a policy for us not to complain and or highlight companies on this forum for bashing etc...thats all i said and ill keep it like that. Mods can delete it if they want but all ill repeat is this. I NOT INVESTING IN A BAJAN COMPANY.

[urabus]

me once again with another life insurance question

how long does it take from the date you sign your life insurance policy to the date you actually receive the certificate in your hands?

it's been over 2 months for me and I need it to do some important business and these people just sticking like glue.

[teems1]

me once again with another life insurance question

how long does it take from the date you sign your life insurance policy to the date you actually receive the certificate in your hands?

it's been over 2 months for me and I need it to do some important business and these people just sticking like glue.

it depends mainly on the sum assured and any riders attached to the product.

if it is over the insurance company limit, they'll have to reinsure the policy with another company.

also the amount of underwriting required depends on this amount.

insurance companies won't grant you a large sum assured amount, accidental death and dismemberment, critical illness etc unless the underwriters thoroughly gone through your medical results and interview.

anyhow chances are you signed a declaration for life insurance with a certain date, so you currently have some level of coverage.

what you can do is call the agent who sold you the insurance policy and get them to try to speed up the process to get the contract to you asap.

[sufferrar]

I believe that you can use the receipt/document given to you to conduct your transaction . This is what i did but this was back in 2001. I'm not sure if it still works that way.

[gfbl]

it all depends on underwriting mostly, did you have any medical requirements? Maybe they saw irregularities? 2 months is not unheard of at all.local insurers are notoriously slow.

[urabus]

well the last time i spoke to the agent he said the medical aspect was cleared and it needed to be stamped, how long does it take to get a stamp?

[acesinghit]

how long does it take from the date you sign your life insurance policy to the date you actually receive the certificate in your hands?

it can take between 6-8 weekes depending on:

1) how much staff the ins. co. has to process and input all data into their DBS
2) how long after did the agent submit your docs. to the company
3) the length of time it took to do your medical and get the results of such
4) the amt. of underwriters employed to process such a medical as they usually have alot of apps.
5) they may have observed certain info. on the application form which has been referred to the Life underwriting manager or the CEO/Chairman and BOD's.
6) alot of work load
7) co-insurers are taking long to adopt their risks, if they oblige at all

etc etc.

Sagicor is good for family health plans
Clico is good for deposits
Maritime is good for life and or medical insurance with critical illness

the rest need not be mentioned.

in terms of GENERAL INSUARNCE:

#1 maritime
#2 guardian general
#3 colfire
#4 sagicor
#5 algico
#6 united (non motor)
#7 beacon
#8 presidential
#9 gulf
#10 gtm
#11 new india
#12 great northern
#13 capital
#14 motor one
#15 motor and general

[eurogirl]

Mine took 2 weeks to approve and paper work took about 2 weeks so approx 1 mth .. ,

BUT

Getting insurance takes a while , my policies just came into effect last month and since Feb I the signed papers .

[sufferrar]

Your policy suppose to be in effect from the moment you pay and get the receipt. Well this was about 10 years ago- guess things have changed.