Free Looked Bankers Policy

[HoosierLife]

I replaced a bankers policy on 3/6 and we mailed the letter requesting to free look the policy on that day. It had been just two weeks since they opened the policy.

A week later their original check they gave the bankers agent cleared. We called bankers together and they said they would refund the premium as soon as the free look letter was processed. They have yet to receive their money.

How long does it usually take? Will they mail them a check or deposit it into their acct? Is there a way to speed up the process ?

 

[jacobtn]

I replaced a bankers policy on 3/6 and we mailed the letter requesting to free look the policy on that day. It had been just two weeks since they opened the policy.

A week later their original check they gave the bankers agent cleared. We called bankers together and they said they would refund the premium as soon as the free look letter was processed. They have yet to receive their money.

How long does it usually take? Will they mail them a check or deposit it into their acct? Is there a way to speed up the process ?

I usually fax them a letter to speed up the process. They will mail a check to them. I would have had the client stop pay on the check as well if they had written one.

 

[HoosierLife]

Talked to bankers with customer and they said it would take 28 days to process the request. That's kinda ridiculous.

 

[Norwayguy]

Talked to bankers with customer and they said it would take 28 days to process the request. That's kinda ridiculous.

Not exactly. It can take 14 days for a check to fully clear in the United States so I can see Bankers not wanting to send a check until they are sure the customers check has not bounced etc. Add to that carriers are notoriously slow to cancel policies.

 

[axeman462]

I used to work for Bankers. Toward the end of my stay with them, I had a client who got denied for life insurance, it took Bankers 2.5 months to get the check back to him.
Thankfully, he was a very patient man, but I was very annoyed by it. I think I was more upset about it than he was.
But I'm sure getting money back from an insurance company isn't exactly easy, no matter what company it is.

 

[SportsNut]

Every written communication that I have been involved in with Bankers Life, (prepared by me for the client replacing ins with Bankers) at the bottom of the letter I always put CC: DOI Compliance Division.

I've never once had a delay with a response or return of funds to the client, or encountered a badgering Bankers Agent, etc.

 

[coloradoseniormarket]

Every written communication that I have been involved in with Bankers Life, (prepared by me for the client replacing ins with Bankers) at the bottom of the letter I always put CC: DOI Compliance Division.

I've never once had a delay with a response or return of funds to the client, or encountered a badgering Bankers Agent, etc.

CCOI always get results. When I worked admin in an insurance company home office we had one unit that worked DOI letters only their QA turn around was 2 days on those inquiries.

 

[HoosierLife]

CCOI always get results. When I worked admin in an insurance company home office we had one unit that worked DOI letters only their QA turn around was 2 days on those inquiries.

I understand how you can do this with email. But how do you cc with snail mail?

 

[VolAgent]

I understand how you can do this with email. But how do you cc with snail mail?

You mail them a copy as well.

He probably isn't, but it gets the point across. I bet you don't even know what cc stands for and what it really means.

 

[SportsNut]

I understand how you can do this with email. But how do you cc with snail mail?

Dear Policy Service,

Cancel my policy pronto. Blah, blah.


Sincerely,

Mary PolicyHolder
123 Main St
Greenwood, IN 46000


cc: IN DOI - Compliance Div