How Long Does It Take To Get A Policy After Submitting an Ap

[STIBROKER]

You do understand that we are talking a life contract not a health contract?

NO I DID NOT! I must be the dumbest guy here.

All this time I thought you were talking health care.

Maybe I need new glasses!

Man, do I feel stupid.

Well that's it for me. I can't do any more cold calling today. I'm going to play golf... where you can feel stupid and not care because EVERYONE hits a few into the woods each round.

Al

al yer killing me.......

 

[James]

You do understand that we are talking a life contract not a health contract?

NO I DID NOT! I must be the dumbest guy here.

All this time I thought you were talking health care.

Maybe I need new glasses!

Man, do I feel stupid.

Well that's it for me. I can't do any more cold calling today. I'm going to play golf... where you can feel stupid and not care because EVERYONE hits a few into the woods each round.

Al

Well you know they rather you hit it in the woods as oppose to hitting the cars! Oh well you do the best you can.

 

[Guest]

James, when you wrote this, I wondered what the heck being a VUL had anything to do with it:

I agree with your agent, 4-6 weeks for delivery of policies is pretty much norm with most insurance carriers, that is for UL and WL now with a VUL I would expect additional time on average.

Thanks alot. I was thinking about this and what the heck relevance this had to anything and then it dawned on me - - in addition to underwriting review, they probably have to have it reviewed for "investor suitability," or something. I know I answered about 4 or 5 questions on how much liquid assets I had, long term assets, income, savings and also had to complete a 4 question questionnaire on investment aggressiveness. So now I guess I can see where there might be more to it than meets the eye.

Thanks again James

 

[James]

James, when you wrote this, I wondered what the heck being a VUL had anything to do with it:

I agree with your agent, 4-6 weeks for delivery of policies is pretty much norm with most insurance carriers, that is for UL and WL now with a VUL I would expect additional time on average.

Thanks alot. I was thinking about this and what the heck relevance this had to anything and then it dawned on me - - in addition to underwriting review, they probably have to have it reviewed for "investor suitability," or something. I know I answered about 4 or 5 questions on how much liquid assets I had, long term assets, income, savings and also had to complete a 4 question questionnaire on investment aggressiveness. So now I guess I can see where there might be more to it than meets the eye.

Thanks again James

More than likely there is multiple offices (Underwriters and Financial types) that have to deal with this and since these are children I suspect they are being extra careful or conservative in calling obvious judgements. Yet I would suspect since you have a long relationship with this agent he might of taken some of this for granted. I wouldn't get mad but just wait a little and when you do sit down with him explain to him nicely that you still want more attention when you ask questions even if they seem mundane. Lets face it, we all take long term relations for granted at time, that isn't nothing to get upset about but let him know that in the future you expect better, shouldn't be a problem for him or you. Once again State Farm is a great company with a rich history of service and I'm sure in years to come they will come thru on their promises even though we hope nothing like that happens.

 

[James]

Plus make sure you are recieving all of the Loyalty Discount on your car and home insurance and whatever else you may have with State Farm. I'm pretty sure they have such programs and often overlook if you buy one product at a time over xx amount of years.

 

[Guest]

James,

Thanks for your input.

Thanks for keeping an eye out for me. Yes we have multi policy and multi car discounts.

Lets face it, we all take long term relations for granted at time, that isn't nothing to get upset about but let him know that in the future you expect better, shouldn't be a problem for him or you.

I know exactly what you mean. People end up taking people for granted. No, not him. In fact I would really hate to even ask what the holdup was because he is so very dedicated and committed. He would be heartbroken if in any way he even minutely perceived I thought it was attributable to him. He really is a great agent.

 

[Guest]

Finally heard from State Farm.

I received a letter yesterday (1/29) stating that the 10 day free look period for the VUL expired on (1/25) and the money would be invested as directed. GREAT! Except I never received a policy.

Recall I said they cashed my check on 1/4. Well, if the 10 free look period expired on 1/25, it means they must have issued them around 1/15, or about 11 days after the check cleared my bank.

So apparently, processing those babies was even quicker than I thought it would be eventhough I still do not have a policy in my hand - - and I bought two.

 

[NHB_MMA]

Finally heard from State Farm.

I received a letter yesterday (1/29) stating that the 10 day free look period for the VUL expired on (1/25) and the money would be invested as directed. GREAT! Except I never received a policy.

Recall I said they cashed my check on 1/4. Well, if the 10 free look period expired on 1/25, it means they must have issued them around 1/15, or about 11 days after the check cleared my bank.

So apparently, processing those babies was even quicker than I thought it would be eventhough I still do not have a policy in my hand - - and I bought two.

I assume you called your agent and told him about this? I would imagine that he will call someone and rip them a new one.

 

[James]

Finally heard from State Farm.

I received a letter yesterday (1/29) stating that the 10 day free look period for the VUL expired on (1/25) and the money would be invested as directed. GREAT! Except I never received a policy.

Recall I said they cashed my check on 1/4. Well, if the 10 free look period expired on 1/25, it means they must have issued them around 1/15, or about 11 days after the check cleared my bank.

So apparently, processing those babies was even quicker than I thought it would be eventhough I still do not have a policy in my hand - - and I bought two.

Now this isn't right at all. The free look period doesn't start untill you sign the delivery page (either a mailed one or hand delivered by agent) of the policy or policies.

 

[arnguy]

Excellent point, James.