Important info for reservists about life insurance

[Groundthumper]

Hi all, some of you may find this useful.


Most people have life insurance of some discription but what most people don't know is that they are bound by (excuse spelling) Uberimae Fides which is latin for utmost good faith. You MUST disclose all relevant information on your application forms. If a reservist happened to be killed on the range the life insurance company can either refuse to pay or reduce the amount payable. As long as you are not involved in bomb disposal or naval diving your monthly premium will be in keeping with Joe Bloggs on the street. If the insurance company do up your monthly premium it will be very little, maybe 1 or 2 euro. Just add a seperate sheet to your application form stating that you are a member of the RDF and that you are involved in military training and that should do the trick.

[strummer]

Absolute nonsense. Disregard that last posting. I think the scientific term is "talking out his arse."

Later.

[Groundthumper]

Talk through your own arse

Fine, take a chance but the law is the law and insurance companies are well within their rights to withold payment if information has been witheld.

Check out the Irish Insurance Federations website www.iif.ie then look up insurance terms explained for yourself. I have pasted them below.


Duty of Disclosure
Your duty when seeking insurance to inform the insurer of every material fact. The duty arises when getting quotes for new insurance. It also applies if you look for a variation of cover and at renewal of your policy. Non disclosure of a material fact can invalidate a policy: an insurer can cancel a policy or refuse to pay a claim if you fail to reveal all material facts when applying or renewing insurance.



Material Fact
This refers to any fact that would influence the decision of an insurer in deciding whether to accept an insurance risk and the terms including the premium level at which the company would be willing to grant cover.

[strummer]

Any of you young lads out there who are not married and have no kids...you do NOT need any type of life insurance policy. Do NOT listen to some shyster insurance salesman. Don't be suckered by these crooks.

Regards.

[yooklid]

Any of you young lads out there who are not married and have no kids...you do NOT need any type of life insurance policy. Do NOT listen to some shyster insurance salesman. Don't be suckered by these crooks.

Regards.

I concur 100%.

Sounds like we have a damn shyster in our midst!

[Groundthumper]

Insurance salesman

Im not selling a thing, just letting you all know the facts. BTW life insurance is only compulsary when taking out a mortgage and this can be waived under certain circumstances.

But lets stick to the point. If you are in the reserves you should note it on any life insurance form.

You think your wife is pissed off with the reserves now, what will she be like if a claim came back invalid due to non-disclosure

[FMolloy]

You think your wife is pissed off with the reserves now, what will she be like if a claim came back invalid due to non-disclosure

Unless you've proof this has happened to Irish reservists you're only alarming people needlessly.

At the risk of offending you, I can see why Strummer would think you're a salesman. You've only made 6 posts, half of them are about this topic. If this is not the case, can I ask what prompted you to start this thread? Is it down to personal experience?

[mugs]

Most morbid thread ever

And I know about morbid I've got a dooms day clock on my posts.

[strummer]

Morbid? Hardly. Certainly stupid, though.

Your activities in the FCA are hardly putting you at any more risk than the general populace. In fact you are probably at lesser risk than some Venture Scouts or Skeet Shooting clubs.

Again...if you are single and have no kids, do NOT buy life insurance.

If you insist on buying some and some shyster insurance salesman tells you that you will have to pay a higher premium because you are in the FCA...monkey stomp him into the ground and steal his wallet.

[Goldie fish]

All you need at that stage in life is good health insurance. Earnings protection is nice, if you can afford it. The HSF for example...

But Life insurance is only for those with mortgages so your next of kin isn't left with all the bills when you croak.

[yooklid]

ye gads! Strummer and Goldie agreeing on something!

[hedgehog]

What a load of shite

None of us need Life INsurance becuase cometh the hour we wont be around to collect it

who do need us having life insurance is our next of kins

whether it be mammy and daddy or wifey wifey

Insurance companies WILL try everything to get out of paying out- if your demise was

caused by your activities in the reserve and you havent disclosed this fact to them

then as sure as shite smells they will try and use this to get out of it.

But then I am no expert in Insurance, and I reckon neither are GF, YK and Strummer or

the new kid GT

Insurance is one of lifes biggest gambles- but try and cover all the bases

I know the insurance I have clearly states I am a member of the PDF and there is

exclusion clauses for Overseas services etc

Its a personal choice whether to get it or not,

[Goldie fish]

Life insurance=Betting against yourself.

[hedgehog]

Life insurance=Betting against yourself.

http://en.wikipedia.org/wiki/Life_insurance


Reasons for

http://www.efinancial.com/Z-WhyPeopleAvoidLifeIns.aspx

[Docman]

In defence of Groundthumper.

I did have Health Insurance. I did mention that I was in the Reserves. Saying so did cause the Insurance Company to hold up the application for a number of days before approving it. Obviously they were investigating it. I had to answer a few extra questions a few days later but they revolved mainly about making sure I wasn't EOD. In the end it was approved with no increase in premium.

Irish Insurance companies tend to treat each case seperately and usually only serious breaches of Good Faith are penalised.