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 Posted: Tue Jun 14, 2011 11:02 am Post subject: |
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Max, it is just funny that you wrote a 3 page essay when the question called for 4 word answer. "They are the same."
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fdsa
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| Posted: Wed Jun 15, 2011 3:44 pm Post subject: |
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People deserve better than four measly words. But if that's all you can come up with, go ahead and post it three times.
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MaxHerr
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| Posted: Wed Sep 07, 2011 10:23 pm Post subject: EIUL |
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I absolutely agree with Xoseph and SweetN Sourboi.
Insurance is just for the pure protection. All that growth and good stuff is all future assumption.
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LHS
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| Posted: Wed Dec 07, 2011 7:51 pm Post subject: IUL / EIUL |
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I was trying to research for IUL and stumbled on this site.....thanks to you Max i've learned a lot. i knew it IUL was just too good to be true. now i can tell my wife to cancel her policy with WRL.
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john d.
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| Posted: Sat Jan 21, 2012 9:02 am Post subject: vul |
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I have a vul from ameritas from 1998. Overfunded it for years
tied to s&p 500. Manage it myself < over 46000 dollars and
counting. Also take loans for my business. Not trying to gloat but agents sre doing a HUGE disservice selling these to seniors. My father in law lost over 50k in cash
value from a vul sold by a FRIEND! Premiums so high he
cancelled the policy. Most agents sell these policies and
do not manage theme correctly if at all! Wonder if there is any integrity left in the industry.
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John The pool guy
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| Posted: Tue Jan 24, 2012 7:18 am Post subject: |
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| Quote: | | Most agents sell these policies and do not manage theme correctly if at all! Wonder if there is any integrity left in the industry. |
While everything you have said is appropriate, in this statement you make one small error. The agent has no "responsibility" to manage the policy. That's the owner's job,
However, the agent is responsible for the suitability of any product placed in the hands of the client, especially VARIABLE insurance contracts. VUL policies are unsuitable for many persons, and suitable for some.
If your father-in-law's loss was recent, and was based on a vanishing premium illustration or an illustration based on unreasonable assumptions, it may be possible to get your father-in-law's loss restored.
email me.
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CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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| Posted: Sun Feb 05, 2012 8:37 pm Post subject: |
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Thank god I found this forum!!!
I had this agent pushing me on the index universal life policy I am 40 and i have to pay $ 1500 per month to get 1.2 million coverage, yes you are right he kept on mentioning the tax free advantage and I signed all this documents and gave him $1500 check. I have not done the medical exam and told him to cancel application yet he still is trying to push me my question is At this point I have not signed my life away right? Legally the documents can be cancelled right?
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Bchen
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| Posted: Sun Feb 05, 2012 11:00 pm Post subject: |
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If the agent is being uncooperative, probably because he already spent his commission, you may call the insurance company directly and request the cancellation of the application/underwriting process. You will likely have to have a paramed exam -- you can also end the process by not cooperating with the exam requirement. Calling or writing to the company is the best method.
If you were given an illustration showing the payment of premiums for a limited time period then no premiums after that, I would like to get a copy of that illustration from you. Please email or pm me by clicking the links below.
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CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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| Posted: Thu Feb 09, 2012 11:16 pm Post subject: |
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Max, you are doing a disservice to the industry every post in which you just assume that the agent is doing something wrong without a complete set of facts.
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fav
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| Posted: Fri Feb 10, 2012 6:35 am Post subject: |
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You should see the list of cases I now am working on for several attorneys. And a review of the number of agent actions taken by the CA Dept of Insurance in the last 4-5 years is proof that there are more than just a few bad actors out there.
Certainly, not all of us are out them harming the public, but each time one of them does, you and I both get the black eye for it. I don't like black eyes, and now I'm turning my attention to doing something about it -- for the benefit of the insurance consuming public.
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CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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Joined: 29 Nov 2009
Posts: 4612
Location: Pomona CA
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| Posted: Fri Feb 10, 2012 6:36 am Post subject: |
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You should see the list of cases I now am working on for several attorneys. And a review of the number of agent actions taken by the CA Dept of Insurance in the last 4-5 years is proof that there are more than just a few bad actors out there.
Certainly, not all of us are out there harming the public, but each time one of them does, you and I both, and every other decent, hard working agent out there, get the black eye for it. I don't like black eyes, and now I'm turning my attention to doing something about it -- for the benefit of the insurance consuming public.
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CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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| Posted: Thu Apr 26, 2012 10:59 pm Post subject: Just my opinion! |
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I am no pro at this or an agent. But there is a lot of conflicting information on here. An IUL is a fine product for the right person, it depends on what you want to get out of it in the end. It could be great if you make the most of it and plan to fund it heavily. But if your intention is to fund it bare minimum throughout the life of the policy don't expect too much back. Always read the fine print! this sort of policy is for some one that will stay committed till the end of it. If you have any doubts about it then don't get one! There are heavy surrender fees early on (within the first 10 years, but will depend on your specific policy). If you don't understand it stay away from it. Like I said for the right person it could be great for the wrong person this could be a disaster!
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ahp545
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| Posted: Thu Apr 26, 2012 11:58 pm Post subject: |
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Yes, every insurance product has its pros and cons. The insurance consumer generally lacks the necessary knowledge to appreciate their responsibilities to the more complex contracts of Universal Life/EIUL/VUL, and rely on their agent to put all that information on the table. If there is a problem, it's with the agent more than it is with the product.
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CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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| Posted: Fri May 04, 2012 5:09 am Post subject: |
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why do WRL agents ask for check before the premium's even in effect? just cut them a 2000 dollar check 7 days ago
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anonymous2222
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| Posted: Fri May 04, 2012 2:21 pm Post subject: |
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| Quote: | | why do WRL agents ask for check before the premium's even in effect? just cut them a 2000 dollar check 7 days ago |
I assume you mean "WFG" (World Financial Group) agent. Those are the persons most likely to market WRL universal, indexed universal, and variable universal life policies. There is nothing "wrong" with those policies that the right amount of money cannot solve, but they may not work quite the way they are explained to folks by WFG agents.
It is a common practice in the insurance industry to ask for a check for the first month's premium at the time the application for insurance is submitted. And there is a good reason for this. If you actually have a need for life insurance, you want your coverage to begin as soon as possible, and that cannot happen before at least the first month's premium has been paid
Contract law requires "consideration" from both parties as one of the four necessary elements to form a contract (along with competent parties, a legal purpose, and the offer/acceptance of the contract). Your application is the "offer" and your check sent with the application is the "consideration". If the insurance company accepts your offer, the contract can begin to provide protection even before the policy is issued and delivered if you have provided consideration.
However, most WRL policies have a clause which requires the insured to be able to sign a "Statement of Good Health" before the policy goes into effect. So it is important, once the policy is issued, for the agent to deliver the policy as soon as possible.
My question is this: Are you going to be paying $24,000 per year for life insurance through World Financial Group? For most persons under age 50, that amount of premium would pay for at least $2,000,000 of coverage, probably a lot more with many companies. You don't indicate whether the $2,000 is for a month or a year, nor do you state the insurance amount.
If this is true, you may want a "second opinion" before your ten day "free look" period expires. You might discover that there are high surrender charges for 10-15 years which you were not aware of and that would erode some or all of your policy's cash value if you cancel or lapse the policy in the first several years (almost ALL cash value policies have substantial surrender charges, some are higher and/or last longer than others, and few have any "cash surrender value" during the first two years). It would be a shame to lose $100,000 or more because of that.
Additionally, some WFG agents are well known for misrepresenting life insurance as something better than a qualified retirement plan, using words such as "TAX FREE" repeatedly when they mostly mean tax DEFERRED, and you may discover that there are more favorable Universal Life policies at lower cost from many other life insurance companies.
WFG agents also talk about how they represent 20-30 of "the largest insurance companies" but they tend to place business with only two of them: Western Reserve Life and Transamerica, because both of those are owned by WFG's parent company, Aegon.
If you were also told that your policy will develop enough cash value in a short period of time to "pay for itself" (such as after seven years), don't believe that either. Such statements are in direct conflict with the language of the contract, and are based on a policy illustration using a rate of return that is probably unrealistic.
Your need for life insurance is probably genuine. But your choice of product at this time to provide for your need might have been influenced by an agent who has placed his/her own best interest ahead of yours. That should NEVER be the case. The client's well being should always be the most important part of the transaction.
Your policy will take two to four weeks to be underwritten and issued. Once you receive it, you will have at least ten days to read it, or have someone experienced in analyzing insurance contracts read it and explain it to you, in order to understand what it promises to do, how it works, what your responsibilities to the contract are (you may be required to pay a much greater amount of premium in the future to keep your policy in force).
Then you can decide whether to keep it or not. If you return the policy within those ten days, you will receive a full refund of all the premium you paid without deduction of any policy charges or other penalty (if your policy is a "variable" universal life contract, you will receive the actual market value of the separate account, plus any sales and/or administrative charges or cost of insurance that were deducted, but the full refund may be more or less than the initial deposit due to market risk).
Some life insurance agents, but not all, spend most of their time during a sales presentation (and again at the time of policy delivery) talking about all the positive things the policy can do. All policies have their good points, and these are good to know about.
Rarely, however, do they spend any time talking about the DISADVANTAGES in that same policy that must be discussed in order for the owner to make an informed decision to accept or reject the policy. All insurance contracts have a number of disadvantages.
EVERY contract -- not only insurance contracts -- has both positives and negatives. When the positives outweigh the negatives, the contract is probably acceptable. But, for some people, just one negative can outweigh all the positives, and cause them to reject the contract. Here's a real example that happened to many families:
Would you buy a home built directly on top of a toxic waste dump if you knew it? The home might be beautiful and meet all your requirements in every other respect, but the potential for other problems caused by the toxic waste underground might be enough of a disadvantage to lead you to decide not to buy the house. What if you didn't find out about that for 10-20 years? How would that make you feel?
Before you make a final decision to keep the policy from WRL, you need to identify all the disadvantages in the contract and make sure you are completely comfortable with them. Once the ten day free look period has passed, unless you can prove material misrepresentation, concealment, or fraud on the part of the agent and/or insurer, you will not be entitled to a full refund of the money you initially paid.
Feel free to email me with any questions you may have.
_________________
CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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Location: Pomona CA
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