Browse: Home / conversion
By Ed Hinerman on March 26, 2013
We left off the other day with a description of Protective Life’s universal life conversion product, a product that simply defies the imagination. Since they introduced….no wait. They forgot to introduce the product. Since they gave their loyal term customers a bad UL suppository, agents and clients alike have been trying to figure out, beyond ...read more
Posted in bait and switch, conversion, Conversion to a permanent product, guarantee, guaranteed level premium, insurance, life insurance, lifetime guaranteed UL, loyal customers, over 50 life insurance, term insurance, universal life | Tagged adverse selection, bad UL, conversion option win/win, convert as investments, didn't listen to actuaries, insurance, life insurance, life settlement adverse selection, life settlements, millions of people to drink the poison, never hinted to agents, never hinted to customers, Protective life bad conversion option, Protective to greedy to listen
By Ed Hinerman on March 21, 2013
Even though Protective and West Coast Life fired me years ago I still get their propaganda and that, along with an almost simultaneous run in with a Protective abusee has once again fired me up again to remind all of you out there who have Protective linked policies, even those that go all the way ...read more
Posted in conversion, guarantee, guaranteed level premium, life insurance, over 50 life insurance, Protective Life, term insurance, universal life, West Coast Life | Tagged adverse selection, conversion option in term life insurance, determined permanent needs, honest life insurance agent, insurance, life insurance, over 50 life insurance, over 60 life insurance, policy rendered useless, Protective Life Actuaries, Protective Life protecting themselves, Protective Life term life, Protective Life term sales binge, reason for conversion option, removed permanent coverage from conversion, term life insurance
By Ed Hinerman on August 7, 2012
I’m going to make this life insurance application process seem a bit lengthy and cumbersome in explaining it, but be assured right up front that the process is neither of those if you just take some of these suggestions to heart and work right through it. In Part One I covered one of the most ...read more
Posted in application process, approval, conversion, guaranteed level premium, insurance, insurance quotes, life insurance, life insurance approval | Tagged ask about medications, best rate available, copy of labs or pathology, dig for detail to yes answers, finding the right agent, insurance, life insurance, life insurance application, life insurance application process, medical history, personal history, prudent experienced advice, securing best tentative offer, shopping does away with surprises, shopping for best tentative offer
By Ed Hinerman on July 18, 2012
As promised in my last post this is a letter written by a 79 year old man in Ohio to the state insurance commissioner. He was sold a conversion on a term policy 10 years ago and was told by the agent that it would be a paid up, guaranteed in force forever policy, in ...read more
Posted in conversion, illustration, Independent agent, insurance, life insurance, universal life | Tagged betrayed, cash value dropped drastically, Chase, consumer protection, conversion, copy of policy, deceived, duped, guaranteed assumptions, insurance, Kemper, life insurance, misdirected, misrepresented the policy, much frustration, no longer be insured, non guaranteed assumptions, not answered, Ohio Department of Insurance, Protective, totally led astray, understand the illustration, universal life insurance, vulnerable
By Ed Hinerman on July 18, 2012
I had a gentleman call me the other day to see what he could do about the mess his life insurance had ended up in. 10 years ago his agent converted his term insurance policy, at that time a Kemper policy and now a Protective Life policy. This man explained to the agent exactly what ...read more
Posted in assumptions, conversion, guarantee, insurance, life insurance, term insurance, universal life | Tagged agent told him guaranteed permanent, agents have to be held accountable, annual statement of cost and benefits, assumptions not guarantees, based on assumptions, companies have to be held accountable, conversion, duped by unscrupulous agent, fraud, insurance, life insurance, misrepresentation, negligence, Ohio state insurance commission, senior adult transaction, term insurance, traditional universal life insurance, universal life insurance
By Ed Hinerman on July 11, 2012
A few years back I read an article in a trade publication and, well, I was much younger then and easily riled. I am still getting comments on the post I wrote about that article. In the life insurance business there is an organization called the Million Dollar Round Table, MDRT. MDRT is a kind ...read more
Posted in cash value, conversion, financial adviser, insurance, life insurance, mortality, term insurance, universal life, whole life | Tagged guarantee death benefit to 121, guaranteed level death benefit, guaranteed level premium, insurance, life insurance, permanent life insurance, poor performance of underlying investments, term insurance, term life insurance, term to age 100, universal life, universal life with a no lapse guarantee, whole life insurance |
By Ed Hinerman on July 10, 2012
Banner Life has and has had for some time the most competitive no lapse guarantee universal life products available. It has been a standout product in the industry because it not only guarantees a death benefit to age 121, but at no lapse UL prices it also has a cash value accumulation feature not unlike ...read more
Posted in cash value, conversion, insurance, life insurance, term insurance, universal life | Tagged 9% return, Banner Life, cash value accumulation, cost per thousand for long term guarantees, fair warning, guarantee death benefit to age 121, increase the rates, insurance, life insurance, most competitive no lapse universal life, no lapse guarantee universal life, permanent life insurance, unrealistic pricing, whole life insurance
By Ed Hinerman on June 11, 2012
I have tried to reach out to all of my clients that have been consumed by Protective Life over the years. Empire General, West Coast Life, Federal Kemper, Zurich Kemper, Chase and on and on to let them know that when Protective Life got all of those term life insurance policies in one place they ...read more
Posted in conversion, guarantee, insurance, life insurance, over 50 life insurance, term insurance, universal life, West Coast Life | Tagged Chase, conversion, convert all of your policy, convert part of your policy, Empire General, Federal Kemper, finally know permanent needs, insurance, life insurance, life insurance over 50, most conversions over age 50, only product offered for conversion, Protective a dead end, Protective Life, term life insurance, West Coast Life, Zurich Kemper |
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 |
