Michael's Life Insurance Policy

by aamj07 Sat Aug 08, 2009 7:38 pm

So originally it was reported that AEG's policy on MJ only covered death by accidental overdose, yet now it's being reported that the policy does NOT cover death due to illegal drug use. Anyone know which is accurate??

by SeeingClues Sat Aug 08, 2009 7:52 pm

From what I've read, it only covers death "by accident"....like if he got into a car accident or something....

by emo_pinkt Sat Aug 08, 2009 7:56 pm

Thats not his life insurance. but no it dosent cover death by overdose.

by Another.Part.Of.Me Sat Aug 08, 2009 8:42 pm

His life insurance is different.
The life policy that AEG took out for the concerts is in case of cancellation, death etc. but now Lloyds are saying that the policy does not cover illegal drug use which means that AEG may not get their $17m.
It all rests on the toxicology report, if the 'death' is by propofol etc. this can be illegal drug use because it is not supposed to be used in a home, it must be used in a hospital with trained anesthesiologists.

by EarthAngel90 Sat Aug 08, 2009 11:21 pm

I heard that the Life Insurance covered by Overdose ... but not Natual Causes .... I must be wrong .....

by Rach Sun Aug 09, 2009 10:42 am

Another.Part.Of.Me wrote:His life insurance is different.
The life policy that AEG took out for the concerts is in case of cancellation, death etc. but now Lloyds are saying that the policy does not cover illegal drug use which means that AEG may not get their $17m.
It all rests on the toxicology report, if the 'death' is by propofol etc. this can be illegal drug use because it is not supposed to be used in a home, it must be used in a hospital with trained anesthesiologists.

Oh what a shame that AEG won't get their $17m! My heart bleeds for them........

by Another.Part.Of.Me Sun Aug 09, 2009 10:46 am

Rachel wrote:
Another.Part.Of.Me wrote:His life insurance is different.
The life policy that AEG took out for the concerts is in case of cancellation, death etc. but now Lloyds are saying that the policy does not cover illegal drug use which means that AEG may not get their $17m.
It all rests on the toxicology report, if the 'death' is by propofol etc. this can be illegal drug use because it is not supposed to be used in a home, it must be used in a hospital with trained anesthesiologists.

Oh what a shame that AEG won't get their $17m! My heart bleeds for them........

ROFL, maybe we should send them a consolation card lol!

by BuBBLes Sun Aug 09, 2009 11:27 am

correct me if i'm wrong...

at first, earlier in july, it was reported that his insurance policy covered accidental losses including drug overdose but not natural causes right??
but now the details of the insurance policy is out and it has been reported that it doesn't cover loss resulting from illegal drug use, correct??

what i don't understand is are they two seperate diff insurance??

by Rach Sun Aug 09, 2009 11:31 am

BuBBLes wrote:correct me if i'm wrong...

at first, earlier in july, it was reported that his insurance policy covered accidental losses including drug overdose but not natural causes right??
but now the details of the insurance policy is out and it has been reported that it doesn't cover loss resulting from illegal drug use, correct??

what i don't understand is are they two seperate diff insurance??

Yes that's right but I don't know who reported that it covered accidental overdose. I think it may have been.....TMZ?!

I have worked in insurance and I know that there is no way there would be this clause in a policy so it's all BS IMO.

by shirley-grace Sun Aug 09, 2009 11:33 am

EarthAngel90 wrote:I heard that the Life Insurance covered by Overdose ... but not Natual Causes .... I must be wrong .....

that's excactly what i heard shortly after he supposedly died. made me really wonder!!!!!!!!!!!

Now i heard on the news that they wouldn't cover by overdose??????????!!!!!!!!!!!!!

no wonder they apparently found that manny different drugs in his stomach, somebody made it look like an overdose------------- insurance won't pay= no fraud--------HOAX can go on bounce

by BuBBLes Sun Aug 09, 2009 11:40 am

http://www.msnbc.msn.com/id/31716678/ns/entertainment-music/

one of the reports which said that it covers drug overdose...i know that tmz posted this news as well...but that msnbc is kinda like more reliable right??

i'm confused....why they reported that in the first place and then now the other way around?

by shirley-grace Sun Aug 09, 2009 11:44 am

BuBBLes wrote:http://www.msnbc.msn.com/id/31716678/ns/entertainment-music/

one of the reports which said that it covers drug overdose...i know that tmz posted this news as well...but that msnbc is kinda like more reliable right??

i'm confused....why they reported that in the first place and then now the other way around?

They have to make it proper so it isn't illegal.

by Another.Part.Of.Me Sun Aug 09, 2009 11:51 am

BuBBLes wrote:http://www.msnbc.msn.com/id/31716678/ns/entertainment-music/

one of the reports which said that it covers drug overdose...i know that tmz posted this news as well...but that msnbc is kinda like more reliable right??

i'm confused....why they reported that in the first place and then now the other way around?

Maybe it was 'leaked' by Michael/his people to help further the 'conspiracy' - it looks weird and it's something that raised eyebrows when it was reported because it didn't make sense. Why cover for overdose but not natural death?
Wasn't it Randy Phillips from AEG who said that they were covered for drug overdose in an interview shortly afterwards, he seemed very happy about it.
Or it could just be TMZ BSing as usual. Either way it's a stab at AEG because for so long it looked like they were going to get a payday and now it's all gone down the toilet for them.
Good. cheers

by Rach Sun Aug 09, 2009 11:58 am

Another.Part.Of.Me wrote:
BuBBLes wrote:http://www.msnbc.msn.com/id/31716678/ns/entertainment-music/

one of the reports which said that it covers drug overdose...i know that tmz posted this news as well...but that msnbc is kinda like more reliable right??

i'm confused....why they reported that in the first place and then now the other way around?
Maybe it was 'leaked' by Michael/his people to help further the 'conspiracy' - it looks weird and it's something that raised eyebrows when it was reported because it didn't make sense. Why cover for overdose but not natural death?
Wasn't it Randy Phillips from AEG who said that they were covered for drug overdose in an interview shortly afterwards, he seemed very happy about it.
Or it could just be TMZ BSing as usual. Either way it's a stab at AEG because for so long it looked like they were going to get a payday and now it's all gone down the toilet for them.
Good.

You may be right there! I thought the same thing when news of Michael's personal life insurance been paid out came to light. I mean no-one will ever know if it's true or not because it's a private document so it could have been leaked by one of the family to keep the hoax at bay? Just a though......

by annieisnotokey Sun Aug 09, 2009 2:50 pm

PLEASE
READ:

There are 2 different insurance policies that we are talking about and we should
not confuse them:

* The AEG one: this is not life insurance, but a "no show"
insurance. If MJ for whatever reasons couldn't do the shows, AEG would collect
the proceeds from this insurance.
The medical examination was for this insurance and the rumors about covering
overdose were for this insurance. It was contracted with Lloyds, and apparently
they are refusing to pay because MJ was scheduled to take a second physical
examination in June/July upon arrival in the UK, and -for obvious reasons- that
never happened.
On top of that, Lloyds’ spokeppl are now denying that the policy covered
overdose.
In a nut shell, probably AEG will never cash in this money (what a shame!! hehe)

* MJ life insurance: This is MJ personal life insurance and has nothing
to do with AEG. According to the press, it was paid into the estate. We can
choose to believe this or not. Many people are sad because they see this as a sure
sign that MJ actually died.
BUT!!!! If we believe the press, we have to read what the press said:
"John Branca and John MCClain,
the temporary administrators of Jackson's
will, are said to have cashed in the contract, winning $3 million (£2
million) for the star's estate.
Initial reports indicated Jackson's policy was worth up to $20 million
(£13.3 million)."
http://www.contactmusic.com/news.nsf/article/jacksons-life-insurance-pays-out-3-million_1112289
Well, cashing in the policy is not exactly the same as
collecting payout.
In very simple terms, certain insurance
policies (more "sophisticated" than the garden variety life insurance
average people have), work a bit like a savings account. So, during the course
of your lifetime you can cash in what you paid into the policy (minus certain
fees) or, in the event of your death, your beneficiaries/estate collects
payout.
If you read the article, the lawyers cashed in the
policy. They didn't collect payout but recovered what MJ had been paying
into the policy.
Because this is an option you can exercise without
actually dying (remember it works a bit like a savings account??), if you cash
in this money and you are not dead or hoaxed your death, you didn't ACTUALLY commit fraud, did you??? Suspect

Sounds to me like we are back in the game!!!

Very Happy

by Give.In.To.Me Sun Aug 09, 2009 3:04 pm

Very true about the cashing in. My dad just did this with his life insurance, cashed in what he paid. GAME ON!

by infinatetrinity Sun Nov 15, 2009 1:22 am

Hi everyone Smile

I'm new to this site and read all the comment on the insurance and thought I would mention something that may be of help or not...In order for ANY insurance policy to be given to any estate or paid out in whole without cashing in on it the estate HAS to provide a Certified copy of a signed death certificate in order to receive the money and last I heard nobody has stepped up to sign one yet...

by Sponsored content

Michael's Life Insurance Policy

Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy

Re: Michael's Life Insurance Policy