Ah, the good old days. There used to be this group of impaired risk life insurance companies that because of innovative products and underwriting that was just years ahead of everyone, stood out and won or earned tons of business from life insurance agents whose priority was our client’s bottom line. Names that come to mind are US Financial, Travelers and MONY (Mutual of NY) life insurance. Well, in that order they were all purchased and put out of business by AXA Equitable. When I say put out of business that means that the policies were retained by AXA but no new business was written under those names or with those products or using that life insurance underwriting. It always sucks, as an agent, to lose a good impaired risk life insurance company, but for those customers that held those  MONY policies it wasn’t too bad, well, until last week when they took another hit.

Last week Protective Life reared its’ extraordinarily ugly head again when they acquired MONY from AXA. On the surface it would seem like just another sale and purchase of a life insurance company. It happens all the time, but just like those of agents who have been around long enough to have been taught that term life insurance conversion had two promises, 1. You can convert to a permanent policy and 2. You can convert at the same rate class you were originally approved at, the past was thrown out again. We were also taught that one of the inherently humane decencies of the life insurance industry was that when one company acquired a block of business from another company, the policy guarantees remained the same. Not so if the acquiring company is Protective. They might still keep your 30 year term life insurance premium level for 30 years but they are no longer going to allow conversion to some of the great products that MONY used to offer. They are now allowing the same conversion options that have brought tears (no stupid, not tears of joy) to the eyes of West Coast Life, Empire General, Chase, Zurich, Zurich-Kemper, Kemper Life and several other Protective acquisition policy owners, the  the Protective Crap Whole Life and Protective Crappier UL.

No one can tell the future of course, but it would appear that Protective is out to take over every life insurance company they can and by their own insightful structuring they are assuring that no term life policy will ever be converted. The golden nugget in term life insurance is being melted down by Protective Life and divided amongst the executives.

Bottom line. If any good news comes out concerning Protective Life I would be forced to take the stance that it is a Protective perpetrated lie. They have lied to their loyal life insurance customers and agents for years now, barely taking time for a breath. Good news would be, well, too good to be true. If you have any questions about Protective Life’s immoral stance on customer service and loyalty, call or email me directly. My name is Ed Hinerman. Let’s talk.

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