Review of Waiver of Premium Riders

Just off the phone with NYL and also pulled one of my life policies. The thing is the question they asked on their form in no way matches the definition of disability on my original policy.

The original waiver allows for education and experience and does not apply the word "any" in the definition. The person on the phone also came up with a two year clause that actually isn't in the policy either, outside of contestability.

I now will have to resend them all the APS notes for them to consider the waiver. Even though they have all the information available to them via Unum who is handling the NYL DI policies.

I found it interesting that I had to continue to debate what was in my waiver of premium rider even after I pulled it up. There is no "any occupation" clause in this rider and yet that is what they asked without mention of education or experience.

Still feeling ripped off by the that part of this experience. All that NYL education about definition means "everything" and I am finding that for life the definition is what ever they make it out to be.

More later. Off soon to get a new foot up on life. cheers.
 
We've found dealing with NY Life without your original agent who's probably on his 8th job anyway to be a bad experience. Especially with situations that are not black and white or older policies. Not fun.
 
I'm my NYL agent.. :)

On my second job still.. ;)

But yea, what I am finding is everything appears to be a guess on their part. The customer service person went into this long spiel about 2 year clause in the WP and I had to shut her down and simply say that in my rider there is no such wording anywhere.

The irony of the thing is they already have all the information, all the medical reports and everything they need as I am collecting on my NYL DI policies right now. I did sign off on sharing the information between the two companies and they have access to the information. I will resend things again but honestly, they have it as I have sent about a 3 inch thick pile of paperwork first and monthly updates for some time.

They have it already, just seem to want me to start over again.
 
I'm my NYL agent.. :)

On my second job still.. ;)

But yea, what I am finding is everything appears to be a guess on their part. The customer service person went into this long spiel about 2 year clause in the WP and I had to shut her down and simply say that in my rider there is no such wording anywhere.

The irony of the thing is they already have all the information, all the medical reports and everything they need as I am collecting on my NYL DI policies right now. I did sign off on sharing the information between the two companies and they have access to the information. I will resend things again but honestly, they have it as I have sent about a 3 inch thick pile of paperwork first and monthly updates for some time.

They have it already, just seem to want me to start over again.

This all does not say much for NYL.
 
I'm my NYL agent.. :)

On my second job still.. ;)

But yea, what I am finding is everything appears to be a guess on their part. The customer service person went into this long spiel about 2 year clause in the WP and I had to shut her down and simply say that in my rider there is no such wording anywhere.

The irony of the thing is they already have all the information, all the medical reports and everything they need as I am collecting on my NYL DI policies right now. I did sign off on sharing the information between the two companies and they have access to the information. I will resend things again but honestly, they have it as I have sent about a 3 inch thick pile of paperwork first and monthly updates for some time.

They have it already, just seem to want me to start over again.


Lol. Im on my 2nd since NYL... of course still in the industry and have been indy ever since them!

You have to understand that NYL has probably had 8-10 different versions of the WP Rider over the past 20 years. Every time they come out with a new WL product that language is going to change at least to a small extent most likely. Then there is the fact that they now have had 3 different WL products for the past 8-9 years. 2 different products for at least 12-15 years.
So Im sure that the customer service reps are just going off of the last 2 or 3 versions. If I remember correctly this policy is around 20 years old, correct?

I would suggest actually scanning the Rider page of your contract, and then emailing that to the Rep you are dealing with. I would also ask to speak to the person deciding the claim and not just the normal customer service rep. The person making the decision will be much more familiar with your specific contract.

Regarding your info. Unum now owns/administers that policy. Even though you still see it as NYL (and maybe it is still co-branded), that is a totally separate carrier that has your info. Different computer systems/building/staff/etc. So it is understandable why you need to submit claims paperwork to NYL.
 
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Penn Mutual has a 5 year "Own Occ" DI rider on WL and IUL. Believe they have the longest in the industry now.

They used to have an "Own Occ until Age 65" until the end of 2009...I sold that rider like crazy!!!
 
Penn Mutual has a 5 year "Own Occ" DI rider on WL and IUL. Believe they have the longest in the industry now.

They used to have an "Own Occ until Age 65" until the end of 2009...I sold that rider like crazy!!!

Guardian has Own Occ for 5 years too. They also have a PUA Rider that is Own Occ for 5 years.
 
let's see, you're right it doesn't say much for NYL. Especially when it was set up already to share information with Unum. The answer they gave me was they didn't understand what Unum sent them. ??? What day did this /injury/illness occur? 7/31/14. What day did you see a doctor for the first time? 8/5/14.

SCagent, yea working for NYL starts to sound like did you work for McDonalds. I understand that things have changed. The thing that got me going in the first place was the wording "any occupation" which as you know if you ever sold DI or Waiver is the worst possible definition out there. That just riled me up as it is an impossible question to say "no" to today.

Without clarity of education, occupation or durations (2 years 5 years etc) you can't simply state you are unable to work "any occupation".

I keep visualizing Captain Pike from the old Star Trek series. Technically he could work because he had a red and green light on his wheelchair... ;)
That's how I view the question as it was written to me. It's unanswerable because without allowing for the influence of education, skill of occupation and other things I could be Captain Pike beeping answers out for pay.... ;)

I actually didn't file the life claim for wavier. They contacted me as I was going through the process for my NYL DI. I didn't consider even filing until I became a regular in the hospital this past year. Sort of kept thinking I can shake this off and recover, then the overnights in the hospital began, the days in the hospital for months getting treatment which would eat up 6-7 hours of a day. Then about 3 days before a clean bill of health, super infection happened and back to the hospital again. Looked good, went home and less than 24 hours later I rein-acted the chest bursting scene from "Alien" as I actually watched a foreign substance (super infection) burst it's way out of my foot. Left a hole about the size of a dime, resembled a gun shot wound, but no blood. The only thing it didn't do was "hiss" and run across the room.

This has been a fascinating experience both professionally and personally.

It's been an education being in a wheelchair. There is a tremendous amount of frustration in having to ask for help with the most simple things. Imagine your life and having to ask for help for everything no matter how small, when you were always the person who did for others. Things you could just grab and go, you now had to wait until it was done for you. Sometimes hours later...

But the biggest thing and please don't be that guy.... was finding 75% of the time some able bodied person used the handicap stall and simply pissed all over the toilet seat. Can't tell you how many times I waited for an able bodied person to finish in the handicap toilet while 5 to 10 normal stalls were available, not to mention urinals. Tell you they avoid eye contact like mad. ;)
That's my pet peeve about things.

On the plus side, lots of people ran to open doors for me, were polite and considerate. It got better as time went on. Good people out there. Even if I didn't need help I made sure I said thank you for the offer of help. It was appreciated even if I didn't need it.

Cheers all, happy fourth.
 
Penn Mutual has a 5 year "Own Occ" DI rider on WL and IUL. Believe they have the longest in the industry now.

They used to have an "Own Occ until Age 65" until the end of 2009...I sold that rider like crazy!!!

It's six years own-occ, but you have to specify. They have one that is two years and one that is six years.
 
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