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Actually, this turnaround time does sound bad. Agents I work with write policies on children all the time and it's usually issued (or rarely denied) within 48 hours. That being said, I am still fond of State Farm.
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cadylou said:Usually my cases take from 2-8 weeks, depending on the client. 4 weeks is very normal - even if you're healthy. Any number of things could be going on - underwriting could be short handed or backed up.
Your agent should be keeping you informed and should have set your expectations. (1) also, you're checking the mail?? (2) Doesn't your agent personally deliver your policies? In life cases, I always deliver in person & review the specifics. Then I explain the "free look" period & address any questions to make sure everyone is on the same page.
(3) Call him again & tell him what you want to know & when.
marcircus said:I'm am glad to hear you like them and I would really like to know why.
Myself, I regret going with them.
1. I received a prospectus from the Agent which was all dog eared and very obviously used. That was the first red flag.
2. I had to tell him how to fill out the little section on the self evaluation for the risk tolerance. I had to point out to him it had to total 100 and there was one item missing from his score on the questionnaire ( four question asessment)
3. He incorrectly told me how to allocate between the fixed account and the sub-accounts. The form consisted of two parts. First part, how the breakdown of the premium would be allocated in percentage terms between the fixed account and the other (sub-accounts).
The next part was how to allocate whatever was remaining after the allocation between the fixed account and sub-account. This amount, going into the sub-accounts, was to be allocated once again. However, only within the sub-accounts.
4. I reviewed all documents for an address to which I could send optional premiums. Could not find one. You would think that would be prominently highlighted.
5. I received my notice from SF that my 10 day free look period had expired. BUT, I had never received the policy. I call my agent, he says he received it Saturday, and will mail it out.
6. The policy for my other child did not arrive. I call up and they said it was sent. Well, I figure who cares, until it dawns on me the policy for my other child included a copy of the application with my social security number, drivers license number, address, employer - - everything an identity thief would need. It turns out it was never mailed.
7. After No. 6 above, I call them to tell them I will only accept the policy if sent via registered mail - not Fed Ex, not anything else. Guess how I got it. No, it was not registered mail.
8. When I bought my children their 10 pays, both policies were issued at the same date. So it never dawned on me that these policies would not have the same anniversarry date. Big deal right? Well: I don't want to have to remember two different dates to perform certain transactions.
Okay, not SF's fault. BUT I e-mail my agent to tell him about it and to tell him I am aware of riders one can buy to change anniversary dates. How would I go about doing this so both dates coincide? No response from him (fine maybe he never got it)
9. There is a question on the Agent's forum about SF life. Someone responded they are mediocre at best. I BELIEVE IT! http://www.insurance-forums.net/viewtopic.php?t=742
"State Farm is a decent P&C carrier, but their life insurance leaves much to be desired. Their term rates are ho-hum and perm plans are mediocre at best."
10. I was reading the prospectus. It says something about geting re-rated at a certain age. I call my agent up he has no idea what that means. We get on a three-way call with underwriting. Well, when my children reach a certain age, they will have to declare to SF if they are smokers or non-smokers and be rated accordingly.
So, believe me, I would love to hear why you think they are good. And I really don't mean that smart alecky or sarcastically. I would like to know what is good about them.
Thanks.