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Howard Ain, Troubleshooter: Check Your Insurance Policy

Updated: Tuesday, December 3 2013, 09:32 AM EST
CINCINNATI (Howard Ain) -- You may have a life insurance policy but you may not be aware of all the provisions in your policy. A local woman says not knowing about of those provisions in her husband's policy cost her a lot of money. Local 12 Troubleshooter Howard Ain says her lesson is a warning for all of us.

Kathy Thompson of Bridgetown says you should carefully review you insurance policies, so you know what's covered. She had forgotten about a provision in her husband's life insurance policy and learned that can be a costly mistake. "He became disabled about two and a half years ago and who thinks of looking at your insurance policy? But recently the insurance company called and they want to sell you more insurance."

The life insurance policy is a small one, just $9,000, one of several her husband bought. What she didn't remember, until the agent reminded her, was the policy contained a disability waiver, "you have a disclaimer on your policy where if he's disabled we'll pay his premiums and I said really."

Thompson says after examining the policy that waiver wasn't very clear. "There's different columns and they've got suicide exclusions. They've got all these titles over here but there's nothing about disability you have to really, really look for it."

The Thompsons pay more than 14 dollars each year for the disability waiver, but even on this paper its not very clear. It just says waiver premium. Thompson has paid the premium for more than two years since her husband become disabled, but her agent says he can only get back one year's premium.

An insurance company manager told her that's company policy. "She said there are people that have had a policy with us for 30 years and been disabled and they've had that waiver and they don't know about it and we still only give them back a year and that's just terrible."

That disability waiver is not automatic in most life insurance policies, it's a separate provision you can buy. So, you may want to check to see if you have that waiver. If you do, be sure to get a copy of that provision. That's important so you know exactly what's required before the insurance company considers someone to be disabled. Howard Ain, Troubleshooter: Check Your Insurance Policy


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