Life insurance policies

[Friptzap]

there was a report in the news about 3rd party life insurance, happens all the time, people are taking advantage of the elderly with it now. They provide them with it as an investment they provide the money the elderly take out the policy and make the person paying the benificiary.

I would not imagine she did this to recover life insurance, pure and simple escape from mommy-hood in my opinion.

This escape is also why many states including now Florida which just passed a law allow parents to abbandon their children with a hospital/firestation whatever with no excuse or repercussions. It was intended in FLA to be "babies/todlers" but as written into law it turns out it can be any child at any age. They want to avoid situations such as what is suspected here of Casey.

 

[Cagney]

Typically, life insurance is to replace income in case of death. So it is a little unusual to have life insurance on a youngster. Not that people don;t have them because they do, but it would be suspicious if she did.

I have a small policy on each of my children. I started it with my oldest whom my grandparents paid for at the time. At first I didn't think that it was that big of a deal until my cousin lost his daughter.

I had a cousin whose child passed away and there was no policy. We had to have a lot of fundraisers and car washes before we could even have the services because funeral homes no longer take payments. It prolonged the agony because we had to wait for so long before we got that closure.
After that I saw the need, for at least something to just cover the burial costs. Morbid? maybe....

My grandparents also had policies on all their kids, and they all still have them. I am not sure what kind they were but I know that my grandparents still recieve statements for my dad and his siblings.

 

[DCReplay]

Casey is the one with an insurable interest in Caylee, and I doubt she spent her money or the money she stole on insurance for Caylee.

I agree that Casey is way too selfish to keep up on insurance payments, but then again...look at Scott Peterson. Didn't he stay on top of the $250K life insurance policy on Laci? Thank goodness he didn't get the payout.

 

[Friptzap]

My father had one on me and my brother, when I turned 18 he turned mine over to me, unfortunately I did not understand insurance as well at that time and the payments at 16 dollars or so per month were killing me living on my own so I cashed it in.

SOME policies are like bank accounts too, if you don't die then when you hit retirement you can cash them in and have a huge fund to live on.... sadly I will not.....

 

[cynsational]

I thought the family can not collect if one kills themselves.

They usually can't except in some states.
The ME usually lists a manner and cause of death. For example: ME will say drug overdose. Manner: Accidental. If the ME does not say suicide then they possibly will collect. Life Insurance companies have a whole legal team to fight these issues.

 

[Meagain]

Has life insurance ever come up? I wonder if Casey got life insurance on her. If Cindy/George had a policy, could they have covered Caylee their grandaughter or would Casey have had to have done that in her name?
How would that work? And, what forms of death would be excluded. I assume kidnapping or car jacking deaths would get paid out, etc.

 

[SeriouslySearching]

It is a question that has been asked, but there has been no mention of it that I am aware of. CA and GA would be able to get LI on both Casey and Caylee, if I am not mistaken.

 

[MD MOMMY]

It is a question that has been asked, but there has been no mention of it that I am aware of. CA and GA would be able to get LI on both Casey and Caylee, if I am not mistaken.

Yes the grandparents would be able to get LI on Caylee as well as KC. My parents have a small policy on each of my children.

 

[jennjenn]

I don't for my child, but it can't be all that uncommon, considering the number of commercials that I see for the "Gerber Life Grow-Up Plan" on TV. I think that's $10,000 in whole (not term) life insurance. The intention I believe is two-fold: to pay for a funeral in case something happens, and to provide a "savings account" for when the child reaches maturity.

I suspect that it also must have been not uncommon long ago; I think I've seen two movies that have a scene with someone going door-to-door collecting life insurance money for the parents and children. Maybe one was _A Tree Grows in Brooklyn_ (with a wonderful child actress).

My understanding was that it is also a good idea because if your child becomes ill, or gets some other uninsurable condition they can continue with the insurance they have had since before the diagnosis..."a little piece of mind". I dunno for sure, I have three kids and none of them have life insurance...but then again, neither do I.

 

[passionflower]

To collect on life insurance you have to have a death certificate......no body? proof of death or wait 7 years to declare someone dead, I think this
is what the law is up here in PA.

 

[Whyamisointerested]

I work as a social worker at a local hospital.Believe me it is an excellent idea and not morbid to have LI on your children. I have have very generous amounts on all of mine and have since they were born, it is offered low cost through my hospital. At my work you have to be a parent or guardian to have the insurance not a grandparent....

 

[JustJax]

I agree that Casey is way too selfish to keep up on insurance payments, but then again...look at Scott Peterson. Didn't he stay on top of the $250K life insurance policy on Laci? Thank goodness he didn't get the payout.

Nope, he tried to collect it but Sharon and Dennis got that money.

 

[detektiv]

I believe that someone else can not pay for a Life Insurance policy on a child besides the parents.

My grandparents were able to take out Gerber policies on each of their 8 grandchildren. I don't know what the rules are now, but they didn't have a problem doing this for the most recent grandchild, 8 years ago.

 

[JustJax]

To collect on life insurance you have to have a death certificate......no body? proof of death or wait 7 years to declare someone dead, I think this
is what the law is up here in PA.

That seven years won't happen. I believe that DNA in the trunk will prove Caylee is dead and Casey will be convicted.
So then there is the question....if there is a policy, will CA and GA collect?

 

[cheko1]

I'd imagine Cindy since she seems to of had a job the longest / could of had Casey & Caylee put on her insurance thru work. My daughter works for a hospital / my GD got PG she was on her Moms ins & when the baby was born she also insured him under her policy. She could do that since they lived with her.

 

[gawdess]

I disagree that its abnormal for people to have life insurance on their kids. I worked for a life insurance company for many years. Many people buy whole life policies for their kids at birth because they have a cash value and can be a good investment down the road when the child becomes an adult.

Also - many standard life insurance plans offered by employers will have a low life insurance benefit for children, usually between $500 and $2000. Obviosuly the amounts are so low because you are not replacing income in the event a child dies. It basically covers burial expenses.

 

[Crafter]

The minute my children were born I took life insurance policies out on them. Insurance man said it was very rare that parents take out insurance on newborns, but I insisted. When my first born was 3 1/2 years old she was diagnosed with cystic fibrosis which is a fatal disease (dh and I found out we were carriers). She died when she was 12 years old (in 1992). The insurance money paid for her funeral and I still have $1,000 left. It has been sitting in my closet for years. Can't spend it, just doesn't seem right. It was a $10,000 policy; I just wanted enough for a funeral. When I was a new mother I was scared of my kids dying of SIDS, don't really know why, but instead my daughter had something different If we didn't have that policy to pay for her funeral I don't know what we would have done!.

 

[butwhatif?]

Ok...i'm not sure about this so i'm going to go back and check on it, but I think that there was a reference somewhere (in one of the texts, maybe?) where kc is asking if the insurance papers have arrived..

i know there was the issue of her saying she had to pick up the fake nannys medical insurance details, but i'm pretty certain this was regarding something else...it may be something about her car insurance, even....but i will read through them again, and get back to you when i find it.

 

[Busylady]

It was Amy asking about the insurance papers because of mail forwarding issues when Casey had convinced her she was going to get Cindy and Georges house and Amy could move in with her.

Ok...i'm not sure about this so i'm going to go back and check on it, but I think that there was a reference somewhere (in one of the texts, maybe?) where kc is asking if the insurance papers have arrived..

i know there was the issue of her saying she had to pick up the fake nannys medical insurance details, but i'm pretty certain this was regarding something else...it may be something about her car insurance, even....but i will read through them again, and get back to you when i find it.

 

[butwhatif?]

thanks... you saved me alot of time...i knew it was there somewhere, just wrong person. the only other referenve to insurance is on her phone.