Can an agent sell 3 same-type life insurance policies (whole life) within a year to a person? And not leave the policy/paperwork with the purchaser?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Nov 14, 2011
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Kenneth City, FL
Asked on 11/14/2011
Can an agent sell 3 same-type life insurance policies (whole life) within a year to a person? And not leave the policy/paperwork with the purchaser? My mom was sold 3 whole-life/home healthcare policies within the past year by the same agent. She does not have copies of the policies. She is having monthly premiums ($189; $169; $177) electronically withdrawn from her checking account. The agent wants to go to her house to have her sign a "delivery receipt" for one of the policies, she does not know which policy. My mom is 76, a recent widow. She does not understand what type of policies she has or with whom. I discovered the above from a conversation with my mom regarding the withdrawals and a phone conversation with the agent.
Answer given on November 21, 2011
I would call the agent, make an appt to have the policies delivered at a time that you can be there. Ask him for at least an hour and a half of his time. I would then ask him to fully go through each policy and its coverages so you can understand what your mother has purchased. Most policy has a free 30 day look period. Therefore, she can sign the deliver receipt. If after hearing the explanation, you and your mother decided that this is not a good option for her, you can cancel the policy and get any money back that she has paid. It sounds like a whole life insurance policy combined with long term care. Have the agent FULLY explain to you the cover and the EXCLUSIONS (when the policy will not pay). Then decide from there whether this is something your mother needs and can afford and whether or not to keep to policy.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.