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By Ed Hinerman on May 5, 2012
Heck no! That would lower them to the level of, well, most of corporate America. Before I throw too big a noose here let me say that there are some life insurance companies that are absolutely oozing integrity. If they ever do something wrong they do whatever it takes to make things right and they ...read more
Posted in conversion, customer service, insurance, life insurance, Protective Life, West Coast Life | Tagged changed option with informing agents, changed option without informing clients, changing the conversion option, conversion, coverage at rate class you were originally approved, fair and level premium for life, insurance, left customers uninformed, life insurance, life insurance companies, life insurance companies lie, Protective Life, Protective Life lies, still haven't informed clients, West Coast Life |
By Ed Hinerman on April 23, 2012
I thought it would be good to revisit some of the original posts on this forum. It’s been over 5 years and somewhere near a million words now and I wanted to see if I’m like a politician and flip flop on issues, or as I found in a few cases, the issues flip flopped ...read more
Posted in conversion, death benefit, estate taxes, insurance, life insurance, term insurance | Tagged affordable death benefit, changed the conversion option, conversion, conversion made you insurable again, conversion option, death benefit, insurance, life insurance, life time guarantee UL, no conversion option, permanent universal life insurance, term life affordable, term life appropriate, term life insurance, term life practical, term/ul |
By Ed Hinerman on April 3, 2012
If I’ve gone a month in the last three years without talking about conversion options and the mean spirited way some life insurance companies have treated it, forgive me. There is nothing I am quite so passionate about as beating the ugly truth completely to death. Starting with the West Coast Life fiasco now three ...read more
Posted in conversion, Independent agent, insurance, life insurance, term insurance, West Coast Life, whole life | Tagged adverse selection, Colorado State insurance commissioner, conversion, conversion optiion, Greg Zabel, insurance, law of large numbers, life insurance, Life insurance buyers guide, liftetime guarantee, low cost life time guarantee conversion, low cost term insurance, NAIC, NAIC buyer's guide, National Association of Insurance Commissioners, should off permanent option for conversion, term life insurance, West Coast Life, whole life insurance |
By Ed Hinerman on March 24, 2012
I went to war with the life insurance industry several years ago over the issue of children with impairments not having access to coverage, even at a higher rate than the standard rate they offer perfectly healthy kids. The issue came up when I shopped for life insurance for a mother whose child was a ...read more
Posted in Active Duty Military Life Insurance, children's life insurance, conversion, insurance, Juvenile life insurance, life insurance | Tagged adverse selection, adverse selection isn't profitable, children's life insurance, epilepsy, higher mortality risk, impaired risk children's life insurance, insurance, Juvenile life insurance, juvenile type 1 diabetes, life insurance, underwriting criteria |
By Ed Hinerman on February 25, 2012
If good customer service cost less than bad customer service, which would you choose. Trick question, right? Let me qualify that question a little. If you knew ahead of time that you were making a major purchase that offered little or no customer service after the fact, and you could get the same product for ...read more
Posted in accelerated death benefit, conversion, customer service, guarantee, honesty, Independent agent, insurance, life insurance | Tagged accelerated benefit rider, annual review, close the sale, conversion option, good customer service, indexed universal life, insurance, keeping you informed, life insurance, life insurance customer service, life insurance earned bad repuration, no customer service, one bad product to another, open and honest, opportunity to sell, push to close the sale, total honesty, universal life, variable universal life, what's guaranteed, what's not guaranteed |
By Ed Hinerman on February 2, 2012
I’m on about my 15th drum now. I’ve beat so many of them to death about life insurance guarantees that I have a restraining order keeping me away from the local drum shop. Life insurance companies have been selling assumptions on whole life and universal life forever. What they say about assuming couldn’t hold more ...read more
Posted in conversion, insurance, life insurance, universal life, whole life | Tagged conversion, conversion to a permanent product, guarantees, indexed univeral life, insurance, life insurance, low interest rate environment, no lapse guarantee UL, no longer show assumed values, pay 1% on 1035 exchange, permanent defined, reasonable sustainable assumption, representing something that isn't guaranteed, selling assumptions, universal life, whole life |
By Ed Hinerman on January 5, 2012
A lot has changed over the past 30 some years in life insurance. Products have been invented and disposed of. Bells and whistles have been implemented and some of them have been disposed of. With a few notable exceptions though, the basic term life insurance policy hasn’t changed much. When’s the last time you had ...read more
Posted in accelerated death benefit, conversion, insurance, lapse, life insurance, reinstatement | Tagged accelerated benefit, agents don't stay in touch, basic term life insurance policy, change payment modes, conversion option, conversion option changed, dangerous hobby, filing a claim, grace period, important clauses, insurance, life insurance, life insurance agent, non smoker, options in term insurance, policy as a smoker, policy lapse, premium guaranteed to remain level, quit smoking lower premiums, reinstatement, review on an annual basis, terminally ill |
By Ed Hinerman on December 20, 2011
I would be the first to insinuate that the agent that sold that term policy to you has a better chance of being in another profession now than not. Good reality check. When was the last time they called you just to let you know they are there if you need them? Far too many ...read more
Posted in conversion, insurance, life insurance, term insurance | Tagged agent goes MIA, annual review letter, annual reviews, call clients every year, can't find your agent, commission in first year, commisson check is cashed, customer service, insurance, life insurance, right thing to do, term life insurance, Why provide service? |
By Ed Hinerman on December 5, 2011
As West Coast Life dips slowly below the sunset, absorbed by their sister company Protective Life, I can only say, well, I actually can’t say it. Never has a company deserved to come to an end more than West Coast Life. Please don’t think these words have anything to do with the fact that they ...read more
Posted in conversion, insurance, life insurance, over 50 life insurance, term insurance, universal life, West Coast Life | Tagged conversion, conversion option, convert policy to permanent, didn't care about loyal customers, Greg Zabel, insurance, life insurance, no memo to agents, no memo to customers, permanent converison products, Protective Life, term life insurance, Universal life with 10 year guarantee, West Coast Life |
By Ed Hinerman on September 21, 2011
If you’re in your 30′s life insurance backdating is not an issue that you probably need to know about or even consider simply because, at your age, the cost of insurance doesn’t change much, if any, from year to year as you get older. Not so when you’re talking about vintage over 50 life insurance ...read more
Posted in conversion, insurance, life insurance, Lincoln National, over 50 life insurance, rate increase, term insurance, universal life | Tagged actual age, age nearest, backdating, backdating life insurance, backdating to save age, conversion, estate tax, higher rates, insurance, life insurance, Lincoln Financial, no lapse guarantee, old pricing, permanent insurance, significantly higher price, universal life, whole life |
