by Ed Hinerman | Nov 30, 2017 | insurance, lapse, life insurance, life insurance reinstatment
I’m probably not headed in the direction you might think with that title, but we need to have a talk. I have clients that have been paying their life insurance bills that were mailed to them and checks mailed back to the company for 20 years without a hitch. I...
by Ed Hinerman | Oct 24, 2016 | grace period, insurance, lapse, life insurance, life insurance lapse, past due life insurance premium, reinstatement
With the exception of those who are just gifted with bill paying prowess and those of us who take the chicken route of putting our life insurance on an automatic bank draft, at some point the others have a good chance of having their life insurance lapse. A life...
by Ed Hinerman | Aug 4, 2016 | assumptions, guarantee, guaranteed level premium, insurance, lapse, life insurance, lifetime guaranteed UL, no lapse guarantee, whole life
I had a life insurance case some years ago where I was able to help a client replace a Mass Mutual whole life policy that was on the cusp of imploding. What I mean by that is that to the untrained eye, the client’s, the policy seemed to be doing just fine. It...
by Ed Hinerman | Jul 13, 2016 | budget, Independent agent, indexed universal life, insurance, lapse, life insurance, life insurance lapse
Over the years the most common reason I’ve seen for life insurance lapsing is that 1. The life insurance agent didn’t ask or didn’t care what your budget was or 2. You didn’t know or didn’t care what your budget was. I know it seems kind...
by Ed Hinerman | Jun 9, 2016 | bad customer service, customer service, insurance, lapse, life insurance, life insurance claim, life insurance lapse
I got an email blog post today touting a product, a monthly kind of email newsletter, product introduction tool that essentially lets life insurance agents off the hook for true customer service, as in, well, calling their customers annually, sending birthday cards,...
by Ed Hinerman | Oct 5, 2015 | assumptions, bad customer service, compliance, conversion, Conversion to a permanent product, death benefit, guarantee, honesty, insurance, lapse, life insurance, no lapse guarantee, universal life
Call AXA life insurance customer service sometime at 800-877-6810 and hear,”Welcome to AXA Life Service Center WHERE WE CONTINUE TO REDEFINE STANDARDS”. The question immediately comes to mind for me, knowing the track record of AXA, wouldn’t they be...
by Ed Hinerman | Sep 3, 2015 | bad customer service, bait and switch, claim, Conversion to a permanent product, guarantee, insurance, lapse, life insurance, Protective Life
I’ll leave the definition of “It” up to the reader. In a Protective Today newsletter release dated 8/31/2015, Dave Sheridan, a vice president and national sales manager for Protective Life felt the need to help agents understand why they are a much...
by Ed Hinerman | Jun 24, 2015 | illustration, indexed universal life, insurance, lapse, life insurance
A life insurance agent is mad at me. ): or is it :(? Mad enough to hire a lawyer because a blog post I wrote offering my opinion of his unsolicited email telling me how to rob from the poor (policemen, firemen and teachers) and give to the rich (himself and other...
by Ed Hinerman | Dec 29, 2012 | customer service, guarantee, guaranteed level premium, honesty, insurance, lapse, life insurance, over 50 life insurance, universal life
It’s one thing when a lack of customer service results in you not getting your empty coffee cup refreshed, but when a life insurance agent goes south on service and the life insurance company they represent joins them on the beach it can end in disaster. When a...
by Ed Hinerman | Jun 26, 2012 | death benefit, incontestability, insurance, lapse, life insurance, life insurance claim process, reinstatement
With the possible exception of AARP, life insurance companies truly go out of their way to make sure every legitimate life insurance claim is paid and if the legitimacy of the claim is in a gray area, could really be seen both ways, they will almost always come down...
by Ed Hinerman | Jan 5, 2012 | accelerated death benefit, conversion, insurance, lapse, life insurance, reinstatement
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...
by Ed Hinerman | Jan 4, 2012 | business life insurance, buy/sell life insurance, death benefit, insurance, lapse, life insurance, reinstatement, senior life insurance
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...
by Ed Hinerman | Apr 13, 2009 | death benefit, grace period, insurance, lapse, life insurance
Billing for a life insurance policy, unless paid by automatic bank draft, usually comes a few weeks before the due date. What happens if you miss that bill or if you moved and forgot to notify your agent or the company? Protection for these types of occurrences is...
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