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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 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 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 September 21, 2010
John Hancock announced today that sales of their Protection Whole Life product will be temporarily suspended “due to the ongoing low interest rate environment”. Protection Whole Life has a guaranteed interest rate of 5%, slightly higher than industry average for whole life, so will we be seeing an industry move to tighten interest rates even ...read more
Posted in insurance, life insurance, whole life | Tagged guaranteed, guarantees, indexed universal life, insurance, interest rate sensitive life insurance, interest rates, John Hancock, life insurance, no lapse guarantee universal life, term insurance, unrealistic interest rates, unsustainable, variable universal life, whole life
By Ed Hinerman on September 8, 2010
I feel a little like the boy that cried wolf and pretty soon no one is listening, but if you have a universal life, variable universal life, indexed universal life or whole life policy, the wolf is real and if you ignore it long enough it’s going to mess up your financial future and very ...read more
Posted in insurance, life insurance, over 50 life insurance, term insurance, universal life, variable universal life, whole life | Tagged cash value, increasing premium, insurance, life insurance, misrepresentation, over 50 life insurance, retirement, surrender charge, term insurance, universal life, variable universal life, whole life, willfully misrepresented, worthless
By Ed Hinerman on June 8, 2010
It’s become all too apparent over the years that most clients buy life insurance, whether term insurance or permanent, put it in the cabinet and because they never hear from their agent again, there is never an evaluation to make sure it meets your needs as well now as it did when you put it ...read more
Posted in conversion, insurance, life insurance | Tagged annual review, guarantee, in force illustration, insurance, life insurance, non guaranteed, term insurance, term length, universal life, variable universal life, whole life
By Ed Hinerman on May 21, 2010
I was discussing indexed universal life insurance products with another agent today and our combined conclusion is that most of the companies that are offering it seem to have forgotten that bad things can happen in our country’s economy. But just for the sake of argument, let’s pretend that 2008 never happened and our government ...read more
Posted in insurance, life insurance, universal life | Tagged guarantees, indexed universal life, insurance, life insurance, lotto, North American, projections, retirement, variable universal life |
By Ed Hinerman on May 3, 2010
A few years ago I wrote a post sharing my feelings about getting life insurance advice from Suze Orman, expressing at that time that she was “a true life insurance idiot”. I just finished watching a recent offering by her on you tube and while she has made some headway, she should still steer clear ...read more
Posted in insurance, life insurance, suze orman | Tagged idiot, insurance, licensed insurance agent, life insurance, permanent insurance, suze orman, term insurance, variable universal life, whole life |
By Ed Hinerman on February 9, 2010
Fair question since over the past ten years we have seen some shocking things happen in business. Highly rated, highly respected companies biting the dust. What about Enron? Not an insurance company, but poor management of a large trusted company. So, what if it had been an insurance company? What if it had been a ...read more
Posted in insurance, life insurance, term insurance | Tagged AXA Equitable, Chase, Empire General, Federal Kemper, guaranteed, insurance, life insurance, Met Life, MONY, non guaranteed, out of business, Protective Life, term insurance, Travelers, universal life, US Financial, variable universal life, whole life, Zurich
By Ed Hinerman on July 30, 2009
In preparing to help write an article about the catastrophic meltdown of traditional universal life insurance policies I was seeking some industry assistance in nailing down approximately what percentage of the total number of UL’s were in danger of imploding. To my amazement, sort of, none of the companies I spoke with said they had ...read more
Posted in insurance, life insurance, universal life, variable universal life, whole life | Tagged annual reviews, assumptions, cash value policy, guarantees, Independent agent, insurance, life insurance, mortality charges, under funded, universal life, variable universal life, whole life
