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 | 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 | Jun 8, 2015 | bad customer service, bait and switch, budget, cash value, guarantee, guaranteed level premium, honesty, indexed universal life, insurance, life insurance, life insurance lapse, lifetime guaranteed UL, loyal customers, rate increase, universal life
Transamerica Life Insurance, formerly Transamerica/Occidental Life may have just taken over the coveted position in the life insurance industry that Protective Life has held for years, the Turd In The Punchbowl Award. They sent out the this email today announcing that...
by Ed Hinerman | Mar 30, 2015 | beneficiary, business life insurance, cancer, customer service, incontestability, insurable interest, insurance, life insurance, life insurance claim, life insurance lapse, life insurance second addressee, partnership business life insurance, stroke
This same subject keeps popping up in new forms. I’ve explained in the past how essential it is for unmarried couples or business partners to have a power of attorney to be able to sign a release of medical records for life insurance in the event that the...
by Ed Hinerman | Mar 9, 2015 | assumptions, beneficiary, cash value, death benefit, guarantee, illustration, insurance, life insurance, life insurance lapse, lifetime guaranteed UL, no lapse guarantee
How appropriate that when I looked up the definition of guarantee I not only got what I expected, but it was a bit like opening a life insurance fortune cookie, “provide a formal assurance or promise, especially that certain conditions shall be fulfilled...
by Ed Hinerman | Feb 12, 2015 | application process, approval, business life insurance, cancer, contestability, customer service, death benefit, estate tax attorney, estate taxes, grace period, insurance, life insurance, life insurance lapse, life insurance second addressee, loyal customers, no lapse guarantee
I just got off the phone with a guy who missed the end of the grace period on his $1 million life insurance policy by 3 days. He called and asked for forgiveness and was told that he could fill out a reinstatement application and, if approved, the policy would be...
by Ed Hinerman | Jan 27, 2009 | application process, life insurance, life insurance lapse
One of the hardest decisions when searching for term life insurance is deciding what term length is the best for your needs. The term is the number of years a policy is guaranteed to have a level premium and a level death benefit. It is important for you to know that...
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