Col Penn $9.95 a month

[Fire]

I agree Trans is the most anal company on the planet . Had a claim 5 months ago with them a policy 23 months and 2 weeks old they paid . They never even alerted me of a claim .Beneficiary called me .

 

[Edwardfin]

Call me crazy, I absolutely hate that advertisement because it is misleading. The sad truth though is that it works. Quick story: I was doing joint fieldwork with one of my agents a lady bought 3 policies over 3 years and had a letter to increase her insurance again. She asked should she buy more. After explaining that one of the three policies didn't take effect yet (not beyond the two years) and that she was healthy enough to qualify for day one coverage. We replaced it doubled the coverage wrote her close family and I earned a cute nickname from the client. That talking a** man- lol. I have been looking for a disgruntled ex-colonial Penn employee ever since. I think I would pay a lot for a client list from them.

 

[rousemark]

6 months ago I had an 11 month old standard Transamerica policy rescinded.Took them 8 months to rescind it . They refunded the premium to the beneficiary.

Did they pay interest for the 8 months? Just curious because they would have if it were a valid claim and they took 8 months to pay.

 

[fed up]

That's unusual. Especially with Trans.

Most make the check out to the insured. And it can be a real problem getting it cashed.

ATM's are a great place to deposit a check (so long as the account is open) or deposit one into your account.

 

[Allen Trent]

Did they pay interest for the 8 months? Just curious because they would have if it were a valid claim and they took 8 months to pay.

most state laws require death claim interest to be paid from date of death until payment.......but most are a fraction of a fraction of a percent today

 

[jdeasy]

ATM's are a great place to deposit a check (so long as the account is open) or deposit one into your account.

But when the account is closed or frozen it's a problem. And since a recission usually takes months it's a very good chance that the account is closed in our market. Most times it's not an issue or an easily fixed issue. But I had one that took quite some time. I don't remember the particulars but the wife needed some kind of legal document in order to be able to cash the check. The fee to get that was about $100. She didn't have the $100.

 

[jdeasy]

most state laws require death claim interest to be paid from date of death until payment.......but most are a fraction of a fraction of a percent today

They do but I don't think that applies to rescinded claims. I've seen companies pay interest on every approved death claim that took over 30 days to pay. I've never seen them pay interest on a rescinded claim. Even 8-10 months later.

Maybe they are supposed to and haven't?

 

[Allen Trent]

I agree Trans is the most anal

was really wondering where this post was going when I read the 1st 7 words

 

[Allen Trent]

They do but I don't think that applies to rescinded claims. I've seen companies pay interest on every approved death claim that took over 30 days to pay. I've never seen them pay interest on a rescinded claim. Even 8-10 months later.

Maybe they are supposed to and haven't?

I bet you are right that it might not be legally owed on rescinded. The biggest shocker to many agents on their 1st rescission is the commission back-out

 

[somarco]

Most make the check out to the insured. And it can be a real problem getting it cashed.

Insufficient proof of identity . . . . ?