Is life insurance a good idea?
I know a friend whose husband was insured by three different policies, and all three refused to pay her when he died.
The only reason I can think of for all of them not paying out is 'non-disclosure'. So many people fail mention that they had a particular illness, even if it was years ago or the fact they smoke or took drugs, anything that might be likely contributor towards their death. Whether that illness or the fact that they smoke was an actually factor in the death makes no difference. The only other reason would be if they suspected that the policy was recently taken out purposely with the intention of taking their own life.
Best to be honest even if it means premiums are a little higher.
Life Insurance is a good idea and everyone should take the time to review their finances and meet with a professional to discuss their particular needs. Your responsibility should be to your family and their need to be protected in the event of an unforeseen tragedy.
Something is wrong about this scenario, unless he fell behind on the premiums for the policies. Or was someone else listed as the beneficiary, such as a former spouse or his children?
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