Anyone have any experience with WAEPA life insurance?

**luv2read** · 05-12-2008, 02:03 AM

Originally Posted by pyriel

I have many different kinds of insurance. Whole life and Term insurance. Now we can all discuss this any which way but it boils down to the individual. I know what people are going to say that whole life is a waste of money and it would be better to invest that with something else. We can also say the same with term insurance since the premium goes up as you get older. The premise that you will be have a good portfolio by the time you get old doesn't work from the majority of the population.
However, what if you can make your life insurance deductible? Would it matter whether you have whole life or term insurance? I'm smiling because I am willing to bet that 98% of us here can't deduct insurance during tax time.... Instead of looking at which insurance is good or bad why don't we find ways to be able to deduct them. This way we may help alot of our readers to get the insurance that they need without having to worry about cost. I sure don't worry about insurance cost;-)
Pyriel

My whole life policy pays for itself and has been for the past 25 years. - and I get an annual dividend check too. Can't say the same for term.

**James48843** · 05-12-2008, 03:08 AM

Originally Posted by maryanddan

I noticed there is a health questionaire and possible physical. Have you had any experience with this? Thanks again.

Mary

Yes.

I've been a WAEPA holder for over 15 years. And I've upped my coverage twice over that time. They do a health questionaire, and also send a local health technician to your home, who takes urine and blood samples, and an HIV swab, prior to the issuing a policy. They do the basic medical tests to ensure that you are healthy prior to issuing a large dollar policy. Same for increasing policy limits.

To me- it's good to see they do the screening, to keep premiums low.

The down side of my expereince is the same as has previously written- absolutely MINIMAL contact with you once you start paying them. Only a letter once per year.

Lord help me if I die, and my spouse dies at the same time, because I don't have the impression that they would try to contact your heirs to find out why the preimum payments have stopped if croak. My wife knows I have WAEPA, and it's listed in my will, but other than that, I don't know if I can count on WAEPA's customer service to follow through. I don't have any evidence of that, I just think they should send MORE information on a regular basis to their customers.

**GarySpicuzza** · 05-12-2008, 11:50 AM

Bullishreturn wrote:

absolutely MINIMAL contact with you once you start paying them. Only a letter once per year.

That true Bull' but that's typical of any life insurance company.

They only send annual statements.
That's not a bad thing.
It's just not necessary to send monthly or quarterly statements for life insurance.

It would be redundant useless information especially for term insurance.

So don't be upset with the insurance company because they only send a statement once per year.

Would you perfer they send the redundant information monthly and charge all policyowners more in expenses?

42 cents in first class postage for just 100,000 clients would cost the insurance company $42,000 dollars every time they send the statement.

How about a company like Aviva with $35 million customers worldwide?

It costs them $14,700,000 dollars to send each and every client a statement.

Does it make sense now why they only send an annual statement for life insurance?