Carriers make policy service difficult to impossible

By Ron Sussman

Auditing life insurance policies correctly requires obtaining a great deal of data from insurance carriers. Some carriers make it easy and are fairly cooperative, although they are in the minority.

Recently, we have inquired about policies from Mass Mutual, Northwestern Mutual, Guardian and Accordia, all of whom make the process of obtaining relevant policy data as difficult as possible.

This is an industry-wide problem with no solution in sight. Clients who wish to understand all of the nuances of the contracts they purchase must be willing to participate in calls with the carriers and be prepared to strongly insist that the data be produced in a timely manner.

Agents: You need to consider how carriers treat your client's policy service requests. If the carrier has a history of stonewalling and intentionally deferring your requests for in-force policy information YOU SHOULD STOP SELLING THEIR PRODUCTS.

One of our clients has been unable to extract any of his cash value of over $1million for more than 18 months and counting, and Northwestern continues to stonewall his requests. Carriers like this do not deserve your business.

Securities and Investment Advisory Services offered through The Leaders Group, Inc. Securities Dealer, Member FINRA/SIPC; TLG Advisors, Inc. Registered Investment Advisor; 26 W Dry Creek Circle, Suite 800, Littleton CO 80120, (303) 797-9080. CPI Companies is not affiliated with The Leaders Group, Inc.