I just got another offer from my credit union for $1000 of free life insurance. This is to be purchased in my name for me by my credit union. The total cost to me is saying NO! every time a rep from the life insurance company calls to make an appointment to push more insurance on me at their “low, low monthly rates.” I can afford that. It occurs to me if I’d been accepting all these offers when they first started coming to me 45 years ago I’d probably have tens of thousands of dollars worth of free life insurance now, just sitting there, waiting to be paid to my survivor. At no (monetary) cost to me.
But it also occurs to me that I would have to have saved and kept track of all that paperwork (i.e.: company names, addresses, dates, policy numbers if any) ever since. Like I could/would ever actually do that. It also, also occurs to me that I probably DID sign up with a couple of these outfits 40 or 45 years ago.
My mother kept very good records. I filed for a couple of payouts, in one case based on information she had from, I kid you not, 67 years ago. Her premiums on one policy, locked in the day she bought the policy and listed her father as her beneficiary, were $18… a year! Paid faithfully for 67 years. I know, because she had the records to prove it. Last spring I wrote her final $18 check for her. It took a little work to track down the company (it had been sold to or absorbed by another company) and file the claim. The first person I talked to claimed they had no record of my mother or the policy, the second found everything we needed– it was a $1500 policy, not like it would break the company or anything. Disregarding 67 years of inflation, we came out marginally ahead.
They company/companies I might have subscribed with in my early twenties probably didn’t keep track for me any more than I kept track of them, so I guess they’re off the hook now. But now, from this day forward, I’ll take all the free life insurance I can get. My beneficiary can then celebrate my demise in style. Assuming she can find all my paperwork to file all the claims.