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 June 26, 2012
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 on the side of the insured. ...read more
Posted in death benefit, incontestability, insurance, lapse, life insurance, life insurance claim process, reinstatement | Tagged automatic bank draft, insurance, late payment notice missed, legitimate life insurance claim, life insurance, life insurance claim, life insurance claim denied, life insurance claim paid, misrepresented health on reinstatement application, offer to reinstate without application missed, policy reinsated incontestable after 2 years, premium missed, premiums paid, reinstate by just sending premium, reinstatement application, second addressee for on notices, sufficent reason to deny claim |
By Ed Hinerman on January 5, 2012
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 hasn’t changed much. When’s the last time you had ...read more
Posted in accelerated death benefit, conversion, insurance, lapse, life insurance, reinstatement | Tagged accelerated benefit, agents don't stay in touch, basic term life insurance policy, change payment modes, conversion option, conversion option changed, dangerous hobby, filing a claim, grace period, important clauses, insurance, life insurance, life insurance agent, non smoker, options in term insurance, policy as a smoker, policy lapse, premium guaranteed to remain level, quit smoking lower premiums, reinstatement, review on an annual basis, terminally ill
By Ed Hinerman on January 4, 2012
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 accidentally is significant. This ...read more
Posted in business life insurance, buy/sell life insurance, death benefit, insurance, lapse, life insurance, reinstatement, senior life insurance | Tagged accountant second addressee, Afghanistan, attorney second addressee, beneficiary as second addressee, business life insurance, buy/sell agreement, buy/sell life insurance, can be reinstated, has lapsed, insurance, lapse, lapse notice, life insurance, premiums, reinstatement offers. suicide death benefit payable, second addressee, second addressee with parents, senior life insurance, will be lapsing |
By Ed Hinerman on April 13, 2009
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 built right into the policy in the ...read more
Posted in death benefit, grace period, insurance, lapse, life insurance | Tagged death benefit, grace period, insurance, lapse, life insurance