I Would Like Your Input - UL from Protective Life

[Nikita]

LOL, neither do they

You should let them know that the death benefit won't be permanent (forever). They may be under the impression that it will.

Ugg...this is getting really messy! I spoke to my client this morning. Turns out the guy selling her this policy is an Edward Jones agent. Someone she has known a long time and she likes and trusts him. (We are checking to see if he even has an insurance license.) This guy did not explain this product at all to my client. There was no illustration or proposal given. He never explained that it was term, and turns out the $500,000 is for only 10 years not 20. After that, the death benefit is reduced to around $100,000 declining every year. She was not told any of that. She hasn't got a clue about insurance, she just "trusted" him. Anyone else seen this kind of BS from Edward Jones? I think I will start a new thread about Edward Jones Horror Stories. Very sad

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That is true. Looks like they he sold 20 year termUL. However, they can make that policy permanent Premium is going to be $450-$500 month. Pretty good rate.

Wino it turns out it is a 10 year term UL. He was rated down for ht/wt and HBP. See my above post for more details about this mess.

 

[Newby]

Ugg...this is getting really messy! I spoke to my client this morning. Turns out the guy selling her this policy is an Edward Jones agent. Someone she has known a long time and she likes and trusts him. (We are checking to see if he even has an insurance license.) This guy did not explain this product at all to my client. There was no illustration or proposal given. He never explained that it was term, and turns out the $500,000 is for only 10 years not 20. After that, the death benefit is reduced to around $100,000 declining every year. She was not told any of that. She hasn't got a clue about insurance, she just "trusted" him. Anyone else seen this kind of BS from Edward Jones? I think I will start a new thread about Edward Jones Horror Stories. Very sad ---------- Wino it turns out it is a 10 year term UL. He was rated down for ht/wt and HBP. See my above post for more details about this mess.

That's common. You see Edward Jones, State Farm, Alstate, etc. selling non guaranteed ULs to people all the time and never make clear that it's not WL. Usually the agents don't appear to understand it themselves.

 

[Nikita]

That's common. You see Edward Jones, State Farm, Alstate, etc. selling non guaranteed ULs to people all the time and never make clear that it's not WL. Usually the agents don't appear to understand it themselves.

Is that legal for a investment advisor from Edward Jones is selling life insurance without an insurance license? Is there a loophole somewhere that allows this?

 

[Tahoe Ray]

Is that legal for a investment advisor from Edward Jones is selling life insurance without an insurance license? Is there a loophole somewhere that allows this?

Most (at least in my experience ) Ed Jones reps are insurance licensed.

 

[WinoBlues]

That's common. You see Edward Jones, State Farm, Alstate, etc. selling non guaranteed ULs to people all the time and never make clear that it's not WL. Usually the agents don't appear to understand it themselves.

That, or the client misunderstood or sadly many times the agents are dishonest.

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Ugg...this is getting really messy! I spoke to my client this morning. Turns out the guy selling her this policy is an Edward Jones agent. Someone she has known a long time and she likes and trusts him. (We are checking to see if he even has an insurance license.) This guy did not explain this product at all to my client. There was no illustration or proposal given. He never explained that it was term, and turns out the $500,000 is for only 10 years not 20. After that, the death benefit is reduced to around $100,000 declining every year. She was not told any of that. She hasn't got a clue about insurance, she just "trusted" him. Anyone else seen this kind of BS from Edward Jones? I think I will start a new thread about Edward Jones Horror Stories. Very sad

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Wino it turns out it is a 10 year term UL. He was rated down for ht/wt and HBP. See my above post for more details about this mess.

Hard to say what happened. If it was issued different than applied most likely agent did not quote it correctly or client lied about his build and HBP. Was it rated or issued standard. If it was due to build Protective is fair but you can probably take this case by quoting a company like Pru, Banner or AIG

You can try a Whole Life, But they had a mind set of $500,000.00 Lifetime for $100. Good luck with that.

If you can get a true premium we can tell you what he was issued. If $108.67 it is STD, not rated. Get his build and HB averages, Dx date, meds and how long controlled.

 

[Nikita]

That, or the client misunderstood or sadly many times the agents are dishonest.

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Hard to say what happened. If it was issued different than applied most likely agent did not quote it correctly or client lied about his build and HBP. Was it rated or issued standard. If it was due to build Protective is fair but you can probably take this case by quoting a company like Pru, Banner or AIG

You can try a Whole Life, But they had a mind set of $500,000.00 Lifetime for $100. Good luck with that.

If you can get a true premium we can tell you what he was issued. If $108.67 it is STD, not rated. Get his build and HB averages, Dx date, meds and how long controlled.

The client hasn't signed the policy yet so it hasn't been issued. She is checking right now to see if the Edward Jones rep has a valid insurance license. Even if he has a license, isn't it true that before you sell someone a life insurance policy that you have to review with them the terms of the policy before you sell it?

 

[VolAgent]

The client hasn't signed the policy yet so it hasn't been issued. She is checking right now to see if the Edward Jones rep has a valid insurance license. Even if he has a license, isn't it true that before you sell someone a life insurance policy that you have to review with them the terms of the policy before you sell it?

If he signed the application, odds are he has a license. I doubt an EDJ FA would sign an insurance application if unlicensed.

And what do you mean they haven't signed the policy? If there is a policy, it has been issued. Are you talking about the delivery receipt, was it COD?

 

[pfg1]

No way should she sign without having everything explained to her satisfaction. I'm would guess the EJ rep has ins license.

To the OP... now is your chance to get in there. Don't bash the other guy, come in there with a solution and show why what you have fits their needs better. Of course you will point out why the other does not.

 

[WinoBlues]

The client hasn't signed the policy yet so it hasn't been issued. She is checking right now to see if the Edward Jones rep has a valid insurance license. Even if he has a license, isn't it true that before you sell someone a life insurance policy that you have to review with them the terms of the policy before you sell it?

What the other guys said. My money is on he is licensed. You may find out they may have had more want than money.

I would take this opportunity to learn Life Insurance. Get his specs,wants and budget.

 

[Nikita]

What the other guys said. My money is on he is licensed. You may find out they may have had more want than money.

I would take this opportunity to learn Life Insurance. Get his specs,wants and budget.

I am on board with all of you. The client told me they have not authorized the larger quote that came in after they were changed from preferred to standard. I am doing what you say, but problem is they have worked with this Edward Jones guy for over 10 years and they have a close relationship with him. But bottom line is that he apparently never explained this policy to them (i.e. that it is more of a term, not WL) and they are pissed off about that. They also have their heart set on not paying more than $100 a month. So this is a work in progress, I will update you. Thanks to everyone for your input.