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By Ed Hinerman on October 10, 2012
The CEO of a Denver based company contacted me today. He was shopping for life insurance and because he was a private pilot with almost no current flight time, as in none for 4 years, he was getting quotes that were through the roof. When you need millions in life insurance and companies want to ...read more
Posted in customer service, decline, executives, financial adviser, insurance, insurance quotes, life insurance, life insurance approval, term insurance | Tagged all quoted new insurance, buy/sell policy, buyer beware, ceo life insurance, conversion, gap in rate classes, insurance, life insurance, no current flight time, permanent less expensive than term, pilot, private pilot, wanted to replace, wasn't the right time to buy, wrong advice, wrong advice to make a buck |
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 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 |
By Ed Hinerman on April 3, 2012
If I’ve gone a month in the last three years without talking about conversion options and the mean spirited way some life insurance companies have treated it, forgive me. There is nothing I am quite so passionate about as beating the ugly truth completely to death. Starting with the West Coast Life fiasco now three ...read more
Posted in conversion, Independent agent, insurance, life insurance, term insurance, West Coast Life, whole life | Tagged adverse selection, Colorado State insurance commissioner, conversion, conversion optiion, Greg Zabel, insurance, law of large numbers, life insurance, Life insurance buyers guide, liftetime guarantee, low cost life time guarantee conversion, low cost term insurance, NAIC, NAIC buyer's guide, National Association of Insurance Commissioners, should off permanent option for conversion, term life insurance, West Coast Life, whole life insurance
By Ed Hinerman on February 2, 2012
I’m on about my 15th drum now. I’ve beat so many of them to death about life insurance guarantees that I have a restraining order keeping me away from the local drum shop. Life insurance companies have been selling assumptions on whole life and universal life forever. What they say about assuming couldn’t hold more ...read more
Posted in conversion, insurance, life insurance, universal life, whole life | Tagged conversion, conversion to a permanent product, guarantees, indexed univeral life, insurance, life insurance, low interest rate environment, no lapse guarantee UL, no longer show assumed values, pay 1% on 1035 exchange, permanent defined, reasonable sustainable assumption, representing something that isn't guaranteed, selling assumptions, universal life, whole life
By Ed Hinerman on December 5, 2011
As West Coast Life dips slowly below the sunset, absorbed by their sister company Protective Life, I can only say, well, I actually can’t say it. Never has a company deserved to come to an end more than West Coast Life. Please don’t think these words have anything to do with the fact that they ...read more
Posted in conversion, insurance, life insurance, over 50 life insurance, term insurance, universal life, West Coast Life | Tagged conversion, conversion option, convert policy to permanent, didn't care about loyal customers, Greg Zabel, insurance, life insurance, no memo to agents, no memo to customers, permanent converison products, Protective Life, term life insurance, Universal life with 10 year guarantee, West Coast Life |
By Ed Hinerman on September 21, 2011
If you’re in your 30′s life insurance backdating is not an issue that you probably need to know about or even consider simply because, at your age, the cost of insurance doesn’t change much, if any, from year to year as you get older. Not so when you’re talking about vintage over 50 life insurance ...read more
Posted in conversion, insurance, life insurance, Lincoln National, over 50 life insurance, rate increase, term insurance, universal life | Tagged actual age, age nearest, backdating, backdating life insurance, backdating to save age, conversion, estate tax, higher rates, insurance, life insurance, Lincoln Financial, no lapse guarantee, old pricing, permanent insurance, significantly higher price, universal life, whole life |
