NLIC.org

Rafael Said:

Can an auto insurance company legally collect for unpaid premiums?

We Answered:

No, don't pay them. Just switch companies. It's their mistake, their problem. The only real issue is if you ever used the insurance on a claim or not? If you did, than you would be liable for the premium or the damages. If no claims were paid out, than it's a wash. Insurance is for peace of mind sake and to satisify the BMV laws. You have to have coverage according to law which means if you get a random letter asking for proof of coverage, you must show you had coverage for the dates they are requesting. I just got one yesterday and they want proof from the Nov 09 period through now. That's what you really have to worry about, so go out and get some coverage. I have Allstate, they have always done me right price and service (and yes I've had claims). But who would go back and pay a year and a half premiums for an insurance companys mistake. I would never do it. Insurance bebenfits are not tangible unless they paid something. So in reality, you have not had coverage for the past year and a half. Oh well, good thing nothing happened? Now get some coverage from another company and make sure your premiums are paid. As for your present company, I would offer to pay them for the current quarter. My billing period and new ID cards take affect every quarter. So that's why I mention that. If they can't accept that, too bad! They want to get nasty, talk to a lawyer. I am sure he would say dont pay it also! Good luck to you!

Gordon Said:

Deductions for medical expenses?

We Answered:

Take your adjusted gross income and multiply by 7.5%. Only expenses that exceed that number will do you any good. These will then go to schedule A's total--and if you can itemize, you can lower your tax bill.

Very few people qualify.

Darrell Said:

Once divorced, can you deduct life insurane premiums?

We Answered:

The "owner" of the policy is the person with the right to cash in the policy. Although the divorce degree might require insurance, it doesn't necessarily require THIS policy. So if your former spouse could cash in the policy, your ex owns the policy and you can deduct the premiums as alimony. If you could cash in the policy, you own the policy and you cannot deduct the premiums.

Claire Said:

don't be fooled by agents when buying life insurance?

We Answered:

Life insurance agents.. all they know is how to screw people over by selling cash value policies so that they can earn lots of commissions. If they were securities licensed, they would know that they can make lots of money by selling investments because you can earn quarterly or annual commissions from your assets under management.

If people knew that by keeping investments separate from life insurance, they could be building lots of wealth by the time they retire. That's why term insurance and investing the difference is the best way to protect the family.