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Membership required in order to pay for insurance? That's insane! Dude, you are screwed, past and future. Get a few quotes from other insurance providers and show your relative that you are paying way too much
 
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People actually have whole life insurance?

Honestly I would just say you feel it is a scam. That discussion is going to come up when you move it anyway.
 
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Going to have to agree and think that you are way over insured. Of course you didn't say how much your life insurance policies cover (ie 5x income 10x or what). Whole life is nothing but supporting your family member or agent. Also why would you carry insurance on a child?
 
A family member is our insurance agent so this isn't just about prices.

We are overpaying for our insurance policies. We have three vehicles, three properties, and 5 life insurance polices (2 whole, 2 term, and one for the kid) in total for my family. On top of that our annual "membership fee" went up. Apparently they only sell policies to "members" and if I refuse to pay they they will cancel my policies. I feel this is a complete scam and let them know this. Because a family member is our agent, how would I go about this conversation?

And yes, you're future comments of "get divorced" or "you're screwed" are hilarious.

I am not sure they can cancel a life insurance policy because of deciding you no longer want to be a member. They can probably do that to your home and auto policies. Is it Farm Bureau? Also there is plenty of reasons to buy whole term or life insurance on a child. It comes down to what you belive in, what you feel comfortable with and how much you can afford and are willing to pay. Term insurance is not always the best or only option.
 
Sorry, but you are going to have to build a time machine and then remember to never, ever do any kind of important, longer term business with a relative. I have an uncle that I love to death that is almost certainly a fantastic insurance and investment guy, but I've always avoided tangling things up in that.
My uncle sells time machines, I'll give him a call.
 
You just say in lieu of these recent "price increases" you're reassessing your options.

If you wanted to be fair about it you'd go to him with your other quotes and ask them to match or compare.

5 life insurance policies on 2.5 people makes me think your FIL doesn't respect you much :D
 
We are overpaying for our insurance policies. We have three vehicles, three properties, and 5 life insurance polices (2 whole, 2 term, and one for the kid) in total for my family.

The thing you posted (and then deleted) indicated that the fee was required to keep property/casualty insurances. That doesn't include life insurance, so you might be able to keep the life insurance without paying the fee. Whether that's something you are interested in doing may be a different issue.
 
I am not sure they can cancel a life insurance policy because of deciding you no longer want to be a member. They can probably do that to your home and auto policies. Is it Farm Bureau? Also there is plenty of reasons to buy whole term or life insurance on a child. It comes down to what you belive in, what you feel comfortable with and how much you can afford and are willing to pay. Term insurance is not always the best or only option.

Why buy insurance on the child? What do you mean it comes down to what you believe in?

Yeah whole life can be effective in certain situations, but for 99% of the people out there they should have term and quit padding the insurance salesman's pocket.
 
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Funeral/burial services are expensive. Generally, life insurance for children is at a fairly low level (maybe $10k) and is quite cheap. That money can also help out with medical costs.

Exactly, I have seen lots of people buy $10,000 or $25,000 policies on kids just in case something happens to cover funeral costs or medical costs associated with the death.
 
Funeral/burial services are expensive. Generally, life insurance for children is at a fairly low level (maybe $10k) and is quite cheap. That money can also help out with medical costs.

This. I pay 92 cents a month for $10k on my son.
 
This. I pay 92 cents a month for $10k on my son.

but but some of the investment genius's on this site could have you save that same 92 cents a month and get you $10 billion.


Back to the original topic, just tell him flat out you feel your getting ripped off.
 
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