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 Posted: Mon Oct 13, 2008 7:25 am Post subject: which company do you think |
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| which company do you think is best in field of life insurance |
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Regina
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| Posted: Mon Oct 13, 2008 12:50 pm Post subject: |
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I'd choose Metlife. They have not only been serving across America but have successfully covered distant areas across Europe and Asia Pacific. Also, would ask you to think about the time that they have been serving the industry - 140 years!!
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roddick
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| Posted: Mon Oct 13, 2008 12:52 pm Post subject: |
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Hi there..you may add another 2 to your list -
* New York Life
* Prudential
Plasticmind
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Plasticmind
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| Posted: Mon Oct 13, 2008 3:24 pm Post subject: |
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Then again; as one of the best-known Life Insurance Fraud Investigators in America, with over 15 years in my field, I've seen Metlife sued more than any other company - ever. Prudential isn't far behind them.
I would say that there are many good companies out there and each has their own niche in the insurance market. I think it all depends on the product and how you'd like to use it.
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InsInvestigator
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| Posted: Mon Oct 13, 2008 9:52 pm Post subject: |
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GarySpicuzza
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| Posted: Tue Oct 14, 2008 1:14 am Post subject: |
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Hey Gary,
I was licensed with them back in the old days when they were still AmerUs.
At one point, however, I found lots of bad cases and went straight to the people I THOUGHT would be interested in hearing about it (normally I just send the cases to counsel). Not only were they not interested to hear what I had to say but terminated my agency as well. If I wanted to keep getting my renewals, they told me, I would forget all about what I had found and let them handle it. We didn't get along very well after that.
I cannot say enough good things about their product line though.
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InsInvestigator
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| Posted: Tue Oct 14, 2008 5:56 am Post subject: |
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I'd suggest make your own choice, talk to few of the insurance agents in your area, see what they have to offer- the benefits, charges, customer service and so forth. Also look for the insurance company's complaint history with the Department of Insurance
Hope it helps.
~Jeremy |
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JeremyHolter
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| Posted: Tue Oct 14, 2008 11:26 am Post subject: |
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InsInvestigator wrote:
[quote]I cannot say enough good things about their product line though.
Aviva.
Yes, indeed.
Aviva is the product line benchmark we use to evaluate all other companies regarding Life Insurance and [b]FIXED Indexed Annuities.
One of their best features is the No Lapse Guarantee rider on their Index UL. This keeps the policy in-force to age 120. As you know, a Stop Premium Option or Vanishing Premium Illustration is dependent on interest rates and cost of insurance staying the same or improving over the life of the insured.
The No Lapse Guarantee rider removes any uncertainty of policy non performance and pays the death benefit at the time of need as long as you pay your premium.
Their Fixed Indexed Annuities with their Income Edge rider can guarantee a lifetime income stream WITHOUT having to annuitize the contract.
...and I own what I sell...
There's nothing quite like popping the company for a 10% bonus on your money that was already invested with them anyway and earning a commission too!
system edited-link deactivated
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GarySpicuzza
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| Posted: Tue Oct 14, 2008 4:42 pm Post subject: |
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I feel the same way and my wife and I also own AmerUs policies. I was still pissed off at them when they failed to help a bunch of people who had been lied to by several members of a large agency.
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InsInvestigator
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| Posted: Tue Oct 14, 2008 4:48 pm Post subject: |
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Gary,
This guy was one of Amerus's top agents and they protected him, well, they protected him until they pissed me off. I was one of the (contracted)Investigators in this case and that's why they cancelled my agency.
Press Release
Welcome to the California Department of Insurance's Media Relations webpage.If you are a member of the public wishing information, please visit the Consumer Services Division homepage or call the Consumer Hotline.
FOR RELEASE:
December 6, 2000 (#115)
CALIFORNIA DEPARTMENT OF INSURANCE FILES ACCUSATION
WITH INTENT TO REVOKE LICENSE OF INSURANCE AGENT
SACRAMENTO – The California Department of Insurance (CDI) has filed an "Accusation" with the intent to revoke the license of a Fremont, California insurance agent. The Accusation will be heard before the Administrative Law Bureau.
Alan L. Cerf, 51, a subject included in a front-page expose by the
San Francisco Chronicle in September of 1998, began his career as an insurance agent in 1973. From 1979 to 1997, Cerf was employed as an insurance agent with five different insurance companies. With each new employer, Cerf would allegedly initiate a massive rollover of his clients from their existing policies to similar policies with his new employer. Despite the inherent cost to the policyholders associated with such rollovers, Cerf was able to draw on the trust he was given as a licensed insurance agent.
According to Investigators from CDI Criminal Investigations Branch, Cerf rolled over more than 700 policyholders. Conversely, some policyholders lost money through surrender fees and lost benefits, while Cerf made large commissions on the new policies. According to CDI Investigators, the commissions in some cases were equal to approximately 100% of the premium for the first year of coverage.
CDI Investigators found that in 1992 Cerf began the process of rolling over policyholders from Central Life Insurance to Pacific Mutual Insurance. The vast majority of these policyholders incurred large surrender fees and most of them received policies with lower benefits. In some of these "rollovers", victims incurred surrender fees between $6,000 and $8,000.
According to CDI Investigators, another damaging aspect of policy "rollovers" is the two-year contestability period clause contained in policies. These clauses allow for a death claim to be challenged within the first two years of a policy if the cause of death was related to an undisclosed medical condition which may have existed at the time the policy was written. People who begin to experience severe maladies are not only charged with a higher rate, but they face the possibility of having their claims denied if their death occurs within the first two years of the policy. Under no circumstances would a person with such a condition be advised to change from a permanent life policy to any other type of policy, especially if the new policies were at higher rates and lower benefits levels. However, in at least two cases reviewed, policyholders were afflicted with life threatening medical conditions, with one client declared uninsurable for a period of two years. During that two-year period, this particular client was unknowingly uninsured, and his premiums were being diverted to his wife's policy, without their knowledge.
CDI Investigators also discovered at least three cases in which policyholders received highly surcharged term policies, in which the premium would increase significantly after the initial period. In one case, a policy was surcharged at 200% and his premium was scheduled to escalate each year. The initial premium was set at $1,215 for the first year, but by the tenth year his premium would be $10,500 a year, for a policy with a benefit level of only $125,000. According to CDI Investigators, the victim was unaware of the policy structure because the policy delivered by Cerf did not contain the premium page. Upon close inspection of the policy, it was found that the policy had been disassembled and stapled back together minus the premium page. This same scheme was found in at least two other cases.
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InsInvestigator
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| Posted: Tue Oct 14, 2008 6:25 pm Post subject: |
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| We get all our life insurance through my husbands work...I can not even thnink of the companies name. Now I am gonna have to go look it up. |
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fireyone
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| Posted: Tue Oct 14, 2008 9:13 pm Post subject: |
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| Quote: | | ...until they pissed me off. I was one of the (contracted)Investigators in this case and that's why they cancelled my agency. |
I know the feeling.
Sounds like me and AIG last year.
I was one of their PPGAs until they pissed me off.
When I sent them a couple of nasty letters letting them know I was recommending a few of my client's sue them they cancelled my contract.
Now I don't want to come across like I'm dancing on AIG's grave but good riddance. BUT, when you start completely doing business based on computer models and totally forget the human being clients and agents who your computer models affect it's time for the company to ride off into the abyss.
AIG destroyed Old Line Life Insurance Co. just like Fortis destroyed Time Insurance Co.
I'm now making an obsene jester at my mointor directed at AIG while mouthing the words...Credit Default Swap THIS!
So far I'm very well pleased with the buy out in 2006 of AmerUs by Aviva and the products keep getting better and better.
It's comical to watch Allianz, et al, fall in line with similar product lines AFTER Aviva.
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GarySpicuzza
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| Posted: Tue Oct 14, 2008 10:37 pm Post subject: |
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| BUT, when you start completely doing business based on computer models and totally forget the human being clients and agents who your computer models......Thank You...This is one of my biggest pet peeves. Customers like myself want more people like you Gary. I will take talking to a human anyday over a dang computer too. |
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fireyone
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| Posted: Sat Oct 25, 2008 8:03 pm Post subject: |
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If you go by ratings only, only 2 life insurance companys have top ratings by EVERY rating company in existence................... Drum roll plz..........
1. State Farm Mutual Life
2. Northwester Mutual Life
I would say that Northwestern Mutual would be my pic, because of
1. Usually pay highes dividens
2. I have lots of term insurance with them, Their waiver of premium benefit makes their term the best in the business.
If needed I can say more but hey, Its just my opinion. Im not even contracted with them, I work the senior market.
Scott |
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psrayburn
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| Posted: Wed Oct 29, 2008 9:50 pm Post subject: |
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I'd certainly side with psrayburn on this one. State Farm is definitely not one of my favorites.
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InsInvestigator
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