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National Association of Insurance Commissioners
By Ed Hinerman on December 1, 2012
I get calls every once in a while from people whose spouse or parent is literally terminally ill and many times imminently terminal. I think they know the answer already but I understand that they see what’s coming and they know it’s going to be a financial hit and, after all, isn’t life insurance all ...read more
Posted in estate taxes, final expense life insurance, insurance, life insurance, no lapse guarantee, over 50 life insurance, rate increase, universal life | Tagged Actuarial Guideline 38, AG38, companies freaking out, deadline 1/1/13, estate tax protection policy, final expense policy, guaranteed death benefit to 121, guaranteed level premium to 100, insurance, life insurance, National Association of Insurance Commissioners, no lapse guarantee universal life, over 50 life insurance, permanent life insurance, rate increase, rate increase 10% to 20%, too late to buy life insurance, waiting too long
By Ed Hinerman on November 7, 2012
Whether there is anything to the Mayan calendar that predicts the end of the world next month or not, there is one thing that is an absolute life insurance fact. Because of actions by the NAIC, National Association of Insurance Commissioners, with the strict enforcement and January 1 deadline to for life insurance companies to ...read more
Posted in budget, cash value, high net worth, indixed universal life, insurance, life insurance, no lapse guarantee, rate increase, universal life, variable universal life, whole life | Tagged Actuarial Guideline 38, AG38, AG38 won't affect in force, external guarantee, external reserves, great deals to be had, high net worth life insurance client, indexed universal life, insurance, internal cash value expensive option, life insurance, NAIC, National Association of Insurance Commissioners, no lapse guaranteee UL, not on policies in force, raise rates, rate increases, traditional universal life, variable universal life, whole life |
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 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 July 6, 2011
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
Posted in accelerated death benefit, conversion, insurance, life insurance | Tagged adverse selection, conversion, guaranteed, insurance, life insurance, NAIC, National Association of Insurance Commissioners, no lapse UL |
By Ed Hinerman on June 23, 2011
I contacted the NAIC, National Association of Insurance Commissioners about the general issue of consumer abuse through conversion option changes. A trusted source at the NAIC was kind enough to reply and ask me to send specific questions “Thanks so much for allowing me to address these questions to the NAIC on behalf of the ...read more
Posted in conversion, insurance, life insurance | Tagged changing conversion options, conversion, conversion options, insurance, life insurance, mortality statistics, NAIC, National Association of Insurance Commissioners, permanent policy, without notice to policy owners
By Ed Hinerman on June 22, 2011
I got a company memo today, that in light of all of the companies who have gone the wrong direction in the last year, caught my eye. “Delivering on Promises”. I wasn’t even sure what it was going to be about but I was pretty sure this would be something I would want to share ...read more
Posted in conversion, insurance, life insurance, term insurance, universal life | Tagged conversion option, conversion privilege, insurance, life insurance, Lincoln National, NAIC, National Association of Insurance Commissioners, permanent insurance, Savings Bank Life, term life insurance, West Coast Life
