Insurance Agent Forum

[NHB_MMA]

Actually, this turnaround time does sound bad. Agents I work with write policies on children all the time and it's usually issued (or rarely denied) within 48 hours. That being said, I am still fond of State Farm.

[marcircus]

I'm am glad to hear you like them and I would really like to know why.

Myself, I regret going with them.

1. I received a prospectus from the Agent which was all dog eared and very obviously used. That was the first red flag.

2. I had to tell him how to fill out the little section on the self evaluation for the risk tolerance. I had to point out to him it had to total 100 and there was one item missing from his score on the questionnaire ( four question asessment)

3. He incorrectly told me how to allocate between the fixed account and the sub-accounts. The form consisted of two parts. First part, how the breakdown of the premium would be allocated in percentage terms between the fixed account and the other (sub-accounts).

The next part was how to allocate whatever was remaining after the allocation between the fixed account and sub-account. This amount, going into the sub-accounts, was to be allocated once again. However, only within the sub-accounts.

4. I reviewed all documents for an address to which I could send optional premiums. Could not find one. You would think that would be prominently highlighted.

5. I received my notice from SF that my 10 day free look period had expired. BUT, I had never received the policy. I call my agent, he says he received it Saturday, and will mail it out.

6. The policy for my other child did not arrive. I call up and they said it was sent. Well, I figure who cares, until it dawns on me the policy for my other child included a copy of the application with my social security number, drivers license number, address, employer - - everything an identity thief would need. It turns out it was never mailed.

7. After No. 6 above, I call them to tell them I will only accept the policy if sent via registered mail - not Fed Ex, not anything else. Guess how I got it. No, it was not registered mail.

8. When I bought my children their 10 pays, both policies were issued at the same date. So it never dawned on me that these policies would not have the same anniversarry date. Big deal right? Well: I don't want to have to remember two different dates to perform certain transactions.

Okay, not SF's fault. BUT I e-mail my agent to tell him about it and to tell him I am aware of riders one can buy to change anniversary dates. How would I go about doing this so both dates coincide? No response from him (fine maybe he never got it)

9. There is a question on the Agent's forum about SF life. Someone responded they are mediocre at best. I BELIEVE IT! http://www.insurance-forums.net/viewtopic.php?t=742

"State Farm is a decent P&C carrier, but their life insurance leaves much to be desired. Their term rates are ho-hum and perm plans are mediocre at best."

10. I was reading the prospectus. It says something about geting re-rated at a certain age. I call my agent up he has no idea what that means. We get on a three-way call with underwriting. Well, when my children reach a certain age, they will have to declare to SF if they are smokers or non-smokers and be rated accordingly.

So, believe me, I would love to hear why you think they are good. And I really don't mean that smart alecky or sarcastically. I would like to know what is good about them.

Thanks.

[cadylou]

Usually my cases take from 2-8 weeks, depending on the client. 4 weeks is very normal - even if you're healthy. Any number of things could be going on - underwriting could be short handed or backed up.

Your agent should be keeping you informed and should have set your expectations. also, you're checking the mail?? Doesn't your agent personally deliver your policies? In life cases, I always deliver in person & review the specifics. Then I explain the "free look" period & address any questions to make sure everyone is on the same page.

Call him again & tell him what you want to know & when.

[marcircus]

Originally Posted by cadylou

Usually my cases take from 2-8 weeks, depending on the client. 4 weeks is very normal - even if you're healthy. Any number of things could be going on - underwriting could be short handed or backed up.

Your agent should be keeping you informed and should have set your expectations. (1) also, you're checking the mail?? (2) Doesn't your agent personally deliver your policies? In life cases, I always deliver in person & review the specifics. Then I explain the "free look" period & address any questions to make sure everyone is on the same page.

(3) Call him again & tell him what you want to know & when.

Response:

1. Sure I was checking the mail. Perhaps I don't understand your question.

2. No, my agent lives about 50 miles away. He was our P&C agent for car and home, then we moved. We really liked him for P&C, so we went to him for LI.

3. Unfortunately:

(a) He is not only my home and auto insurance agent, but also my father's (my father had him so I was a referral). Well, after so many years, he is more than a business relationship, he is well, not a friend, but more than an acquaintance. So dealing with him would be like dealing with a brother in-law or cousin that you expected more out of but because of the relationship, you will not push it.

(b) We are also talking about penny ante policies, $100,000 VUL's. Now granted, one expects a certain level of service, but if one does not get it, one understands that they are kind of in the position of "hat in the hand." I don't know if that expression means much. I am Joe 6-pack. I realistically understand I will not get the same treatement as someone who bought their children $1 milion UL's (there is such a thing).

The previous may not have made much sense to you (the expression "hat in the hand.") Compare it to a restaurant where the average tab is $500 per person. You walk in with only $600 and it must cover you and your date. Well, unles something is blatantly wrong, chances are you will keep quiet.

So basically, it is a combination of not wanting to create a bad relationship with someone I have been insured with for auto since I was maybe 20 (then later added a home policy) , and also realizing I am small potatoes and how much should I expect.

[cadylou]

I understand about preserving the relationship, but "small fry" or not, life insurance is a big deal to the person buying it & should be treated as such.

I don't see any harm in asking for what you deserve - a straight story, a bit of service and timely answers to your questions. Doesn't seem like it would be out of line to me . . . . :? But - I guess that depends on the circumstances around the relationship there. . . .

Hope it all works out.

[James]

Originally Posted by marcircus

I'm am glad to hear you like them and I would really like to know why.

Myself, I regret going with them.

1. I received a prospectus from the Agent which was all dog eared and very obviously used. That was the first red flag.

2. I had to tell him how to fill out the little section on the self evaluation for the risk tolerance. I had to point out to him it had to total 100 and there was one item missing from his score on the questionnaire ( four question asessment)

3. He incorrectly told me how to allocate between the fixed account and the sub-accounts. The form consisted of two parts. First part, how the breakdown of the premium would be allocated in percentage terms between the fixed account and the other (sub-accounts).

The next part was how to allocate whatever was remaining after the allocation between the fixed account and sub-account. This amount, going into the sub-accounts, was to be allocated once again. However, only within the sub-accounts.

4. I reviewed all documents for an address to which I could send optional premiums. Could not find one. You would think that would be prominently highlighted.

5. I received my notice from SF that my 10 day free look period had expired. BUT, I had never received the policy. I call my agent, he says he received it Saturday, and will mail it out.

6. The policy for my other child did not arrive. I call up and they said it was sent. Well, I figure who cares, until it dawns on me the policy for my other child included a copy of the application with my social security number, drivers license number, address, employer - - everything an identity thief would need. It turns out it was never mailed.

7. After No. 6 above, I call them to tell them I will only accept the policy if sent via registered mail - not Fed Ex, not anything else. Guess how I got it. No, it was not registered mail.

8. When I bought my children their 10 pays, both policies were issued at the same date. So it never dawned on me that these policies would not have the same anniversarry date. Big deal right? Well: I don't want to have to remember two different dates to perform certain transactions.

Okay, not SF's fault. BUT I e-mail my agent to tell him about it and to tell him I am aware of riders one can buy to change anniversary dates. How would I go about doing this so both dates coincide? No response from him (fine maybe he never got it)

9. There is a question on the Agent's forum about SF life. Someone responded they are mediocre at best. I BELIEVE IT! http://www.insurance-forums.net/viewtopic.php?t=742

"State Farm is a decent P&C carrier, but their life insurance leaves much to be desired. Their term rates are ho-hum and perm plans are mediocre at best."

10. I was reading the prospectus. It says something about geting re-rated at a certain age. I call my agent up he has no idea what that means. We get on a three-way call with underwriting. Well, when my children reach a certain age, they will have to declare to SF if they are smokers or non-smokers and be rated accordingly.

So, believe me, I would love to hear why you think they are good. And I really don't mean that smart alecky or sarcastically. I would like to know what is good about them.

Thanks.

If you regret your decision pull out now! You never recieved the policy and if you never signed the policy the free look period has not yet started, no matter what SF says. Simply ask them for proof of delivery, if you didn't sign then they have no ground to suggest that the "free look" period has even started.

The agent will take the hit but if he isn't providing service to your satisfaction then he should take the hit. Don't allow feelings to influence you into a decision you regret now esp. considering this is going to be with you for a long time to come!

[marcircus]

Thanks alot folks.

I guess writing really does help focus one's thoughts.

I think it is not so much regret as trying to advise anyone that reads this not to go to a P&C company if they want LI. In a sense, I feel like a rube and hope that someone else looking for LI goes to an LI company and Agent and not to a P&C company/Agent.