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By Ed Hinerman on May 14, 2012
There is probably no more misunderstood part of a life insurance policy than the contestability or incontestability period. This is the two year period beginning with the date the policy goes in force during which a company can review the underwriting and pull additional records to make sure their underwriting decision was correct when you ...read more
Posted in contestability, death benefit, insurance, life insurance | Tagged 2 year contestability period, assuming client is telling the truth, change the underwriting class, companies want to pay legitimate claims, contestability period, deduct difference from death benefit, even if questionable, except for non payment of premiums, fraud, graded benefit policies, incontestability, insurance, life insurance, life insurance claim, policy will not be contestable, return of premium with interest |
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 5, 2012
What day Ed? It’s a strange thought process I go through some days preparing to add to this heap of my opinion called Ed Hinerman On Life Insurance. I started to write this yesterday and got off on a tangent that was so full of myself it triggered my gag reflex. Thank God for the ...read more
Posted in customer service, death benefit, Independent agent, insurance, life insurance, life insurance claim, life insurance claim process | Tagged agent delivered the check, agent handle claim process, annual review chance to get more business, call customer service, company trained sympathetic claims person, customer service values, forms needed, home office experiencing a higher than normal call volume, I answer the phone, insurance, life insurance, life insurance claim, life insurance claim filed, phone menu drill down, push to close the sale, questions on policy, serve not sell |
By Ed Hinerman on March 31, 2012
I had an interesting email question yesterday concerning whether or not there is a time limit on filing a claim for life insurance. There are plenty of stories out there about old stock being found and old life insurance policies turning up. In this case the son who called me isn’t even sure if his ...read more
Posted in death benefit, insurance, life insurance, life insurance claim, pilot, private pilots | Tagged AOPA member, death certificate, insurance, insurance claim statute of limitations, life insurance, life insurance claim, life insurance in force, no policy too old, old insurance claims, old life insurance policies turning up, pay interest from date of death, pay interest on death benefit, private pilot life insurance |
By Ed Hinerman on February 2, 2012
The DEATH MASTER FILE is an ominous sounding sucker to say the least, but it’s really just the running tally of the Social Security administration’s list of deceased recipients of social security benefits. No problem, right? And truly there wouldn’t be if life insurance companies used it to its’ full extent. Life insurance and annuity ...read more
Posted in beneficiary, death benefit, insurance, life insurance | Tagged biggest names in life insurance industry, bilking life insurance beneficiaries, billion dollar loophole, crooked insurance companies, Death Master file, insurance, life insurance, Snoopy, social security death master file, unfiled life insurance claims |
By Ed Hinerman on January 20, 2012
Where do I want the life insurance death benefit to go if I die prematurely? That’s an easy answer for most of us. We want it to go to our spouse. We want him or her to have the money to carry on in the event we are no longer around to provide income and, ...read more
Posted in beneficiary, contingent beneficiary, death benefit, insurance, life insurance | Tagged all living children equally mistake, beneficiary, beneficiary desingation, contingent beneficiary, die in a common accident, ILIT, insurance, irrevocable life insurance trust, last will and testament, life insurance, life insurance death benefit, primary beneficiary, probate, probate court, review your beneficiaries, trust be contingent beneficiary, wishes are carried out |
By Ed Hinerman on January 4, 2012
Did you know that you have the right to name a second person to receive bills and notices for your life insurance policy? I have no idea what the number really is, but I am betting the number of death benefits that aren’t paid every year due to a policy lapsing accidentally is significant. This ...read more
Posted in business life insurance, buy/sell life insurance, death benefit, insurance, lapse, life insurance, reinstatement, senior life insurance | Tagged accountant second addressee, Afghanistan, attorney second addressee, beneficiary as second addressee, business life insurance, buy/sell agreement, buy/sell life insurance, can be reinstated, has lapsed, insurance, lapse, lapse notice, life insurance, premiums, reinstatement offers. suicide death benefit payable, second addressee, second addressee with parents, senior life insurance, will be lapsing |
By Ed Hinerman on November 28, 2011
I often have the budget discussion with people who fall into the less than perfect health category, impaired risk life insurance in the industry. They don’t get the bang for the buck that someone young and healthy, or for that matter over 50 and healthy. My advice is always the same. Don’t throw away an ...read more
Posted in Dave Ramsey, death benefit, insurance, life insurance | Tagged afford it?, budget, Dave Ramsey, death benefit, death benefit reduction, doesn't manage money, impaired risk life insurance, insurance, keeping your budget, lapsed policy, life insurance, policy will lapse, put lower amount in force, something is better than nothing |
By Ed Hinerman on June 27, 2011
Let’s start with the good news. If you have life insurance in force and you took up your hazardous activity after putting that life insurance policy in force, and didn’t apply for the insurance because you were anticipating taking up the dangerous hobby, well, you’re covered. A scare tactic sales technique that less than scrupulous ...read more
Posted in accidental death, contestability, death benefit, hazardous activities, insurance, life insurance, pilot, private pilots, scuba diving, skydiving | Tagged contestability, customer service, dangerous hobby, foreign travel, hazardous activity, life insurance, nsurance, perceived risk, private aviation, private pilot, rock climbing, skydiving, unscrupulous agent |
By Ed Hinerman on June 21, 2011
A few days ago I wrote a post about a blog comment concerning a person who was looking into the accelerated death benefit on their Met Life group policy. Her husband is terminally ill and they remembered that they could take a portion of the death benefit up front. Her concern was that when they ...read more
Posted in accelerated death benefit, death benefit, insurance, life insurance | Tagged 5% charge, accelerated death benefit, current yield, insurance, interest rate charged, life insurance, Met Life, processing fee |
