By Ed Hinerman on May 4, 2013
Two and half years ago when indexed universal life seemed to be taking over the life insurance landscape I spent considerable time studying the products and then posted my thoughts in this forum. In particular I took great exception to the fact that agents were running a muck claiming that IUL was the answer to ...read more
Posted in assumptions, cash value, death benefit, guarantee, guaranteed level premium, illustration, indexed universal life, insurance, life insurance, long term guarantee, no lapse guarantee, universal life | Tagged 8% to 13%, a little fishy, assumptions, better off under her mattress, buyer beware, consistently large cash value accumulation, don't trust indexed universal life, dynamic and flexible, enamored with interest rates, favorable loan structure, indexed univeral life insurance, inusrance, IUL, Jason Konopik, level premium and death benefit, life insurance, no lapse guarantee UL, overpriced risky investment |
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 March 12, 2013
I had an agent questioning me about indexed universal life today. He admitted he was a new agent. He also admitted that one of his primary attractions to the product were the high premium and high commission. Call me old fashioned but I emailed back to him and asked him to give some serious thought ...read more
Posted in guarantee, Independent agent, indixed universal life, insurance, life insurance, universal life | Tagged 8.5% annual interest assumed. show nothing but assumptions, Carl Locke, deception, high commission, high premium, indexed universal life, insurance, lack of candor with client, life insurance, Pacific Life, putting client's first |
By Ed Hinerman on February 25, 2013
Now that the Dow is back up where people are feeling optimistic, or at least relieved to have regained some worth in their retirement accounts, it’s time to take a little preventive medicine to avoid that upset stomach the next time the bottom falls out. While I share that relief that some recovery has happened, ...read more
Posted in death benefit, guarantee, insurance, life insurance, life insurance approval, over 50 life insurance | Tagged finacial planners advocate less risk, government dysfunctional, insurance, investment life insurance, investment term life insurance, life insurance, proactively planned, retirement will survive, stock market volatility, term life insurance |
By Ed Hinerman on December 29, 2012
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 life insurance agent doesn’t explain with a ...read more
Posted in customer service, guarantee, guaranteed level premium, honesty, insurance, lapse, life insurance, over 50 life insurance, universal life | Tagged agent doesn't explain, Allstate agent, Allstate agent lack of customer service, Allstate lack of customer service, Allstate life insurance, Allstate universal life insurance, borrow money from cash value, designed to go on forever, failed their customer, implosion of universal life, in force illustration, insurance, life insurance, not sold base on guarantees, over 50 life insurance, policies that fell apart, policy gone to crap, sold based on assumptions, top agent was a liar, traditional universal life |
By Ed Hinerman on December 3, 2012
Over my career in life insurance I’ve run across some really sleazy things done by life insurance agents that in no way helped the client but definitely made the agent a great payday. Our industry has some checks and balances in place to try to hold down unscrupulous replacement practices, but the truth is if ...read more
Posted in cash value, financial adviser, guarantee, insurance, life insurance, Met Life, universal life, variable universal life, whole life | Tagged $133k commission, 1035 rollover, 8% annual growth not guaranteed, cash value, dividend paying company, guaranteed cash value, guaranteed death benefit, insurance, life insurance, MetLife, paid up additions, policy will lapse, sleazy life insurance agents, universal life, unscrupulous agents, values are not guaranteed, variable universal life, whole life
By Ed Hinerman on November 22, 2012
For months, no years now I have been writing about and telling clients about the best permanent product on the life insurance market and how, if they drug their feet long enough considering the purchase, a day would come when they would look back and say, “Dang! Wish I would have done that before the ...read more
Posted in application process, estate taxes, executives, financial adviser, guarantee, guaranteed level premium, high net worth, insurance, life insurance, no lapse guarantee, universal life | Tagged 20% higher prices, 9% higher prices, AG38, companies scared of their own pricing, estate preservation policy, final expense policy, higher reserves, insurance, life insurance, NAIC, no lapse guarantee universal life, pre increase prices, price increase, replacing AARP, universal life, Wall Street Journal
By Ed Hinerman on October 18, 2012
Everyone wants a deal. My wife never buys anything without throwing out the Dave Ramsey line, “Is that the best you can do?”, and I am amazed at how much and where she gets discounts. Too bad Dave has never asked his own life insurance agent that, but we’ll save Zander Insurance for another day. ...read more
Posted in AARP, Burial insurance, compliance, final expense life insurance, financial adviser, guarantee, guaranteed level premium, insurance, life insurance, universal life | Tagged AARP, actuarial guideline, additional reserves 1/1/13, AG38, big change coming, final expense insurance, final expense life isurance, Fire sale, insurance, life insurance, National Association of Insurance Commissioners, no impact on policies issued, no lapse guarantee UL, no lapse guarantee universal life, premium increases 1/1/2013, pull under priced products from converson, rates set by law, reduced reserves, reserves, secondary guarantee, underlying reserve approach
By Ed Hinerman on October 1, 2012
My Dad died 3 years ago this month and had a total of $7500 worth of life insurance. My Mom has a $2500 burial policy and is still going strong at 89. They fit the mold for middle income America and never had any more life insurance than they did when he died. I wouldn’t ...read more
Posted in Burial insurance, guarantee, income replacement, insurance, over 50 life insurance | Tagged financial situation rare luxury, income replacement, insurance, life insurance, life insurance need, pension guaranteed for life, pensions, retirement changing rapidly, sufficient life insurance, wife's future is guaranteed, won't be stop to productive years |
