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Interest charges? Since 1986?!?!?!?
Old 11-30-2005, 05:39 PM   #1
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Interest charges? Since 1986?!?!?!?

Since ERing last January we've been downsizing, realigning finances and generally taking care of loose ends.

I started examining life insurance policies and found that DW's small whole life policy that we've had for 30 odd years has been accumulating interest from a "loan" used to cover a missed premium payment in 1986

The invoices show $290 due. Apparantly its been showing up on the quarterly invoice all along but neither DW or I noticed and just paid the premium due. Now, if this occured on a credit card bill we would have been all over it but on an insurance bill? It got by us. But for 20 years?!?!?! The annual premium is under a 100 bucks. The agent says just pay it. Not worth the fight.

I thought we were always diligent folks...but this is a shocker. Not alot of money but, damn!

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Re: Interest charges? Since 1986?!?!?!?
Old 11-30-2005, 08:33 PM   #2
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Re: Interest charges? Since 1986?!?!?!?

deadbeat
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Re: Interest charges? Since 1986?!?!?!?
Old 11-30-2005, 08:38 PM   #3
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Re: Interest charges? Since 1986?!?!?!?

Better check- - -they probably have a lien on your house*
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Re: Interest charges? Since 1986?!?!?!?
Old 11-30-2005, 08:41 PM   #4
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Re: Interest charges? Since 1986?!?!?!?

Quote:
Originally Posted by JPatrick
Better check- - -they probably have a lien on your house*
That would suck. While working a city job one summer while in college, I remember putting liens on folk's homes for delinquent water bills... so it is possible. I'm surprised nobody ever bothered to call you though.... at least with the water bill folks, they had months and months to catch up before it was lien time.
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Re: Interest charges? Since 1986?!?!?!?
Old 11-30-2005, 09:48 PM   #5
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Re: Interest charges? Since 1986?!?!?!?

Quote:
Originally Posted by JPatrick
Better check- - -they probably have a lien on your house*
I was only half serious about the lien.* They probably didn't do it on an insurance bill.* Or maybe only 1/2 a lien*

More serious than a lien would be two guys (with bad haircuts) sitting outside your house in a black sedan apparently watching your every move.
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Re: Interest charges? Since 1986?!?!?!?
Old 12-01-2005, 12:57 PM   #6
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Re: Interest charges? Since 1986?!?!?!?

I pled no contest and paid the bill today. I'm still considering cashing in the policy. We may have needed it 30 years ago but today, here are the options as I see them:

1. Keep paying the premiums and when she dies, there will be plenty to pay for funeral expenses.

2. Cash in the policy and spend the few grand with DW now and enjoy every penny together.

3. Die before DW and let them figure it out.
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Re: Interest charges? Since 1986?!?!?!?
Old 12-01-2005, 01:08 PM   #7
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Re: Interest charges? Since 1986?!?!?!?

I'm taking #2 on mine.
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Re: Interest charges? Since 1986?!?!?!?
Old 12-02-2005, 06:00 AM   #8
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Re: Interest charges? Since 1986?!?!?!?

Quote:
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I'm taking #2 on mine.
That idea is what got me looking at the policy in the first place.
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