Well truthfully there are a lot of reasons to skip the creditors coverage, both on the Life and Disability side. Many of which have been covered here, but in my eyes the number one reason is that a lot of creditor coverage is underwritten at the time of claim.
This means that you buy a policy and pay the premium for however many years. You think that you are covered. When a claim happens (either you die, or you become disabled) the company goes through the underwriting process and decides on whether they will cover you. By this point, its too late....you have had the claim and paid for the coverage.
Any reputable advisor will never provide this type of coverage for their clients. In my opinion this is borderline unethical, and while its legal its abhorrent. If an insurer has no intention of covering me I want to know when I apply for coverage so that I can make other arrangements and not after paying premiums for peace of mind that doesn't really exist.
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