Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about The Basics of Mortgage Protection Insurance and other Mortgage Protection Insurance topics.
Often, if you have someone call your life insurance company on your behalf to talk about your Mortgage Protection Insurance Policy, the representative from the insurance company will be unable to speak with them in detail about your policy without having verbal permission from you. The reason for this is that your Mortgage Protection Insurance Policy is governed by the same privacy rights and guidelines as all your other financial accounts. Just like your credit card company cannot give out private information to a strange caller about your balance and payments, neither can an insurance company about your Mortgage Protection Insurance Policy.
If you ask your spouse to call in with questions about your policy, it may frustrate you or them when the insurance company is unable to give them any information or answer their questions. Remember, however, that this is done to protect you from unauthorized people calling to get information that you don't want them to have. Ask your insurance company if they have any forms that you can complete and notarize to give your spouse or any other individual permission to speak with them when they call.
|Jennifer Mathes, Ph.D.|