- 17,072
0b1kanobee said:
Absolutely NOT! You can never do that.
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- Thread starter TDFnCali
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Absolutely NOT! You can never do that.
- 9,744
I see a Florida flag, so let me take a wild guess...Polk, Hardee, Hendry, Desoto or Okeechobee County?
Somebody needs to give this poor woman some basic financial planning advice.
She can't buy groceries, and wants to resume putting money into a teacher's annuity? Until she's built a little rainy day fund for emergencies, she's got no business putting money in an annuity.
I realize you were trying to help by giving her a ride to the bank, but I wouldn't do it again if I were you. I remember when Inside Edition investigated Bankers Life, and one of their agents did that. Actually they trained their agents to, but as it turns out, that's not a very good idea. Just a heads up because I "think" you're kind of new.?.
- 19,647
Companies reinstate all the time. I'm sure some clown at RNA told you they didn't, but they do.
I also had an Americo cancelled last week. They had changed the husband's draft to his own account instead of the joint account. I sent in the paperwork for them. Americo didn't make the switch and drafted from the joint account anyway. The wife gets pissed and calls and cancels bopth policies.
The husband calls me and tell s me what happened and that he wants to keep his as long as it's from the proper account. I get on the phone with Americo and they reinstate both policies. Make the change on accounts and send a refund for the wrong draft. The wife decied to keep her's as well after she saw that it was just a run of the mill mistake and that they were willing to fix it.
I'm only in my 9th year of doing this. I can't go way back like some, but in my brief time of doing this I have not seen an instance where any company wouldn't reinstate a policy. RNA even has reinstatement forms and a reinstatement procedure.
They have given me bad advice on them before. I called and asked them once on who should sign when the insured wasn't the owner. I followed the instructions to a tee. Once sent in they told me they needed different signature than what they had previously instructed. They were really "sorry about it", but ti still had to make another 100 mile trip to get the signatures I would have gotten in the first place had I not asked.
Has nothing to do with who you are. I do a lot of business with RNA, but I am not a heavy hitter with AmCon and they are reinstating two tomorrow as soon as I get the forms signed. If the people had not sent back their policies AmCon would handle it by phone.
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That last line had nothing to do with your case. It wasn't surrendered for cash value.
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Newby is right, you can't do that. Now, I'm sure that most every agent that's been in the business for more than a minute has paid something they shouldn't have. It's best to keep that stuff to a minimum and on the downlow.
I just had a case where the lady was two months behind and wished to keep her policy and get it going again. I went by her house to go over the options. She gave me cash in the exact amount of two months premium to send to the company.
I can't write the company a check from my account and I can't send them cash so I went and got a money order. That cost 89 cents which I paid. Is that wrong? Illegal? Rebating? Probably is as far as the company is concerned. Is there an agent that hasn't ever done something like that?
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- 9,744
If I'm not mistaken, reinstatement provisions for life insurance are mandated by state statute (can vary depending upon state of course).
Used to be very common practice years ago in the debit business especially.
*NOTE* Find the places that do free money orders...save the $0.89...
- 19,647
Where would you find a place that does money orders for free? My bank will do them for me for free but not if it's in the name of a third party.
- 9,744
We've got a place here in Tampa Bay...(of course that doesn't do you much good)
Amscot - The Money Superstore™
- 19,647
Well yah, but how much would it cost me to get to Tampa Bay to get that free MO?
- 2,455
Why jump to wild conclusions? She was a victim of identity theft. On another note, lots of people don't have a rainy day fund. You can tell them to do so but that doesn't make it happen.
I'm not sure what you sell but whatever it is do you sell it to somebody who doesn't have a proper rainy day fund? I doubt it.
"Sorry Mrs. Jones. I can't sell you this health insurance because you don't have a rainy day fund".
I'm not in those counties. I'm not even doing 403b currently. Too many practices going on right now which I feel are not right unless it is a new teacher. When I see replacements of products paying decent caps and good guaranteed mins with current products at current rates, I just can't do that.
People also raid their 401ks everyday. What planet are you living on?
- 9,744
What's that got to do with not having a little cash cushion?
If you tell them to do so, and they don't, you should be able to sleep at night.
Many years ago, a mentor told me that my earnings in this business would be commensurate with the market I worked. I believed him, and it's been true - so yes, just about all of my clients have an adequate rainy day fund. Don't deal with "hand to mouth" folks. Not much money in it.
Your analogy doesn't make sense. Health insurance is a protection product. A teacher's 403(b) annuity is an accumulation product.
Glad to hear you're working a little more "up market".
I'm living on the planet where I've made a very nice living - since 1991. How 'bout you?
