Liberty bankers 5 % rate increase . Who’s next ?

[jdeasy]

Well since the rates change tomorrow and I'm writing it later this week it's the new rate and the insured is 2 years older. I was told just write it like it's a new policy.

Im surprised they will redate a policy after more than 2 years.

what purpose does redating serve if it's a new app?

 

[DonP]

what purpose does redating serve if it's a new app?

Pulled me a jd today . Replaced 3 ail's . Lady's getting $2500 cash back and I gave her more coverage for less premium . On hold for 45 mins to get the cash value

 

[noah]

what purpose does redating serve if it's a new app?

SMH ?
That's why I posted here and asked the questions ?

Maybe they invented a new way to conserve business?

Nothing would surprise me today.

I keep in mind that this information came from someone who's never written an application and is sitting at a desk in a bubble instant messaging someone who's supposed to know the correct information to pass back along to their coworker in an instant message.

 

[jdeasy]

Pulled me a jd today . Replaced 3 ail's . Lady's getting $2500 cash back and I gave her more coverage for less premium . On hold for 45 mins to get the cash value

There's hope for you yet!!

 

[rousemark]

That story is unlike any I've ever heard from an insurance company.

The contestable period does start over on reinstatements. So that part is correct. I've never contracted with LBL so I don't know their procedures. What premium will they charge? What she was paying or the premium today?

Many companies pay full commission on rewrites. Also many don't. It's good to ask.

Every life insurance policy I have ever see has this language:
Except in the case of fraud, we will not contest this Policy for misrepresentation after it has been in force for two (2) years during the lifetime of every Life Insured, from the later of the Coverage Date or the last date of reinstatement. If the Designated Life Insured dies during this two (2) year period, we can contest at any time.

 

[jdeasy]

Every life insurance policy I have ever see has this language:
Except in the case of fraud, we will not contest this Policy for misrepresentation after it has been in force for two (2) years during the lifetime of every Life Insured, from the later of the Coverage Date or the last date of reinstatement. If the Designated Life Insured dies during this two (2) year period, we can contest at any time.

Yeah, that's what I said.

 

[rousemark]

Yeah, that's what I said.

I apologize.. I misread your statement. Guess I could blame it on being in the hospital again.

 

[jdeasy]

I apologize.. I misread your statement. Guess I could blame it on being in the hospital again.

I guess you will just have to try harder?

 

[shonceman]

I have a policy with them issued 06/2020 that lapsed 10/2022.
The insured wants to restart the policy. When I called CS,they told me she needed to pay 5 premiums to reinstate. And I was told if she didn't have the money LBL would redate the original policy. She would start a new contestable period. The I was transferred to NB where this was confirmed. I was told to write the application as a new application and that I would be paid a full commission on the policy.

Anyone ever heard of anything like this ?

I asked the girl 5 times to confirm what I didn't believe and she said she was sure.

I'm not a rewrite type agent I just go find new payers.

If I did run into something like this in the past I'm sure that I would just go write a new policy with a different company so I could get paid full commission.

What do you guys know ?

This is not adding up. I suspect the CSR misunderstood what happens on a redate, and New Biz didn't completely understand the question. They're usually pretty sharp up there, but since the company's grown, there are a lot of newer CSR's.

I haven't done a RXR with them in quite a while. Procedures may have changed, but I would not expect FYC on a policy that's been in force for over a year. I'm not sure about a complete rewrite. In the past, when I've tried to rewrite a lapsed policy, they've always issued it as a RXR if it was eligible.

If it was me, I'd ask my upline about it.

 

[shonceman]

Im surprised they will redate a policy after more than 2 years.

In the past, they would redate within one year of the lapse, and up to 3 years from issue date as long as there was no cash value. Must still be the same rules.