Insurance question, is this true

[needy]

Let me set up the picture for you.

The lady next to my office has been very supportive of me, her husband is a financial advisor.

I have mortage insurance but they keep taking out payments. My bank manager said it takes awhile and they should be repaying what they have taken out and then the bank will stop taking out mortgage payments and when I get the cause of death the mortgage will be payed off.

One of my husband's life insurance policies called me last week. I was expecting a song and dance story but they said they will be issuing a check. I was stunned and didn't even ask the amount.

The lady in the office next to me said her husband said I shouldn't put in my normal bank because they will take it to pay off the mortgage?? Has anyone heard of this? My sister-in-laws think this guy is playing head games because he wants my business. I have to admit kind of smells a little fishy. When it comes down to it what financial advisor do you trust?

[Dmack]

Hi Needy

Do you have an attorney or accountant that you can talk to? Financial advisers are in the business to make money and may not have your best intrests in mind. You might also try talking to the bank manager and ask him if they would indeed use that money to pay off the mortgage, i would expect not

Take care and hope this helps

Doug

[widower2]

Financial advisers are in the business to make money but the best way to do that is to have satisfied customers and get word-of-mouth recommendations. No idea if that guy is "fishy" or not - do you trust his wife? I agree I would ask the bank manager (he has no reason to lie that I can see) and maybe try to find another advisor - sometimes they may give just a one-time consultation that wouldn't cost too much. Best -

[needy]

I really like the wife (but she could be working me as well). I got to say I got a funny feeling about her husband the financial advisor. His comment to me is so full of it. If banks are doing this (which first sounds extremely illegal) wouldn't other people have heard about it? Other friends and family have told me to stay away from financial advisors as well and go through the bank for investing.

I haven't retained a lawyer since I am worried about money right now and I don't want that extra expense, but I do know people in accounting I will ask them.

I hate the feeling that I don't have a clue what to do!! My husband took care of all the finances, while I had my head buried in the ground.