Can a joint sdavings account interefe with your relative's life insurance rate?

Question

Hello, my fiance and i are trying to open a regular savings account together to save for our wedding but there is one problem, he and has family were told that his father's life insurance agency would add the value of the account to their total and that the rate for the life insurance would go up. I think this is all wrong because it's not like he is getting another source of income, he is just putting his money aside in another account. To me this also means that he couldn't open a credit card account or anything because if that was true, those accounts would interfere as well. He has been able to open several credit card accounts without a problem. Please tell me i'm right. Could opening a joint savings account with me affect the rate of his father's life insurance?

Answer 1

NO! It couldn't happen. The one (savings account) has no bearing on the other (life insurance).

If you have ANY doubts pick up the phone and ask the insurance agent.

Hope this helps,

Jim