NAIC Answers Questions On Conversion Products And Options
A few days ago I was on a bit of a rip over the subjects of conversion privileges and how far too many companies are changing products offered to non guaranteed UL’s, rather than permanent products. The answer lies somewhere in a slight of hand the companies are using to call a life insurance permanent ...read more
How To Find A Good Senior Life Insurance Deal!
A few years ago I shopped for final expense life insurance just to see what was available and being pushed. I knew there was a propensity in the industry to push some really overpriced, under guaranteed products as senior life insurance. I just wanted to experience first hand how bad these products were and how ...read more
How Do You Define Permanent Life Insurance?
What is your definition of permanent! First thing that comes to mind for me is something that never goes away. OK. I know the earth could blow up and then all bets are off when it comes to anything attached to the earth, but let’s assume that it doesn’t blow up in the next 1000 ...read more
Do You Know Your Term Life Conversion Option?
I’ve always been an advocate of buying a term life insurance length, or multiple term insurance policies that reflect your actual life insurance needs with different term lengths. Due to some recent changes in conversion options I am considering an amendment to my recommendation. It all started last in the summer of 2009 with West ...read more
Conversion Privelege Still The Gold Nugget Of Term Life Insurance!
Term life insurance has seen some changes creep into the portfolio this year. The introduction of the “Term/UL” by a few companies and the molestation of the conversion privilege by some others have left me wondering what’s coming down the road for my clients. Let me simply start by stating what I believe is obvious, ...read more
Is Your Life Insurance Agent Honest?
I received an email today from a person that says he was deceived by his life insurance agent about the length of the guarantee on a UL. I have no way to authenticate the email since my reply came back undeliverable and there was no phone number given. So, while the facts may be in ...read more
American General Walking On Thin Ice!
Here we go again! I have a customer that has a 20 year term policy in force with American General. It’s been in force about 6 years and when I called the other day for an annual review he asked what it would cost to convert $100,000 of the policy to permanent. I asked the ...read more
A Case For Guarantees And A Real Budget!
I had this comment on a post the other day from Richard. “Just got off the phone with Lincoln and AM Family Insurance. No conversions on universal life policies. Ours are 15-19 years old, while there is no termination fees, if we cashed, they advise we to treat policies as term policies and make no ...read more
How Important Are Guarantees?
I know. I know. The boy that cried wolf, right? “Make sure the insurance you have has a guaranteed rate for as long as you’re going to need it”……”Don’t buy any insurance that doesn’t have a guaranteed level premium”!!! I’ve honked this horn for so long and so obnoxiously I’m surprised that I haven’t been ...read more
