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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 30, 2012
There’s still two more months to go and by any measure the life insurance industry has made strides in both underwriting and product design that speak well for the future, but especially should be an eye opener right now. I’ve tried to note each change or solidification of a change as it happens, but let’s ...read more
Posted in breast cancer, cancer, insurance, life insurance, mortality risk, no lapse guarantee, prostate cancer, rate increase, term insurance, universal life | Tagged AG38 reserves, best permanent product on the market, bipolar disorder, breast cancer, clinical underwriting, compliance and control, declines in the past, insurance, life insurance, life insurance underwriting, melanoma, no lapse guarantee UL, prostate cancer, rate increase, reasonal approvals, replace failing traditional UL, second to die life insurance, significant opportunity exists. small or large permanent policies, small window to apply, Type 1 diabetes, universal life
By Ed Hinerman on July 11, 2012
A few years back I read an article in a trade publication and, well, I was much younger then and easily riled. I am still getting comments on the post I wrote about that article. In the life insurance business there is an organization called the Million Dollar Round Table, MDRT. MDRT is a kind ...read more
Posted in cash value, conversion, financial adviser, insurance, life insurance, mortality, term insurance, universal life, whole life | Tagged guarantee death benefit to 121, guaranteed level death benefit, guaranteed level premium, insurance, life insurance, permanent life insurance, poor performance of underlying investments, term insurance, term life insurance, term to age 100, universal life, universal life with a no lapse guarantee, whole life insurance |
By Ed Hinerman on February 25, 2012
If good customer service cost less than bad customer service, which would you choose. Trick question, right? Let me qualify that question a little. If you knew ahead of time that you were making a major purchase that offered little or no customer service after the fact, and you could get the same product for ...read more
Posted in accelerated death benefit, conversion, customer service, guarantee, honesty, Independent agent, insurance, life insurance | Tagged accelerated benefit rider, annual review, close the sale, conversion option, good customer service, indexed universal life, insurance, keeping you informed, life insurance, life insurance customer service, life insurance earned bad repuration, no customer service, one bad product to another, open and honest, opportunity to sell, push to close the sale, total honesty, universal life, variable universal life, what's guaranteed, what's not guaranteed |
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 September 28, 2011
All of the clients I have had who passed away and their families received death benefits really made good deals. They paid far less in premium than the pursuant death benefit. Just some examples would be a Colorado client who paid one annual premium of $800 and his family received $100,000 when he died of ...read more
Posted in estate taxes, insurance, life insurance, term insurance, universal life | Tagged Colorado, death benefit, guaranteed issue life insurance, income tax free, insurance, life insurance, life insurance contract, New York Life, overpaying for benefit, premiums paid more than death benefit, term life insurance, trust owned policy, universal 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 |
By Ed Hinerman on June 21, 2011
The debate will probably continue well past me and all of those joined in the discussion at this time, is term life insurance an appropriate financial planning tool? The debate used to be term insurance versus whole life insurance. Then came universal life insurance with its’ own spin on cash value and the debated diverted ...read more
Posted in cash value, insurance, life insurance, term insurance, universal life, whole life | Tagged budget, cash value, flexibility, insurance, layering, life insurance, life insurance need, permanent insurance, replacement of income, term insurance needs, term life insurance, universal life, whole life
By Ed Hinerman on February 1, 2011
I wrote an estate life insurance case 6 or so years ago that if you put a pencil to the numbers you would swear that the company had made a huge mistake. There was simply no feasible way for them to make a profit. The case was with Protective Life who, for a while, was ...read more
Posted in estate taxes, insurance, life insurance, Protective Life, rate increase, second to die insurance, universal life | Tagged 1035 exchange, accountants, attorneys, estate life insurance, estate liquidity, estate planners, estate tax free wealth, high net worth individuals, insurance, irrevocable life insurance trust, life insurance, lifetime gift exemption, low interest rate environment, no lapse guarantee universal life, preferred health, term insurance, universal life |
