EFFECTIVE IMMEDIATELY THERE HAVE BEEN NEW DEVELOPMENTS
We have heard that Allstate charged back commissions to a certain agency that wrote a lot of these policies.
B.H. The Agency we were working with is not affected at this point.
We were warning people all along that there is likely to be an investigation into these policies, and encouraged everyone to make sure that they are in full compliance so that in case of an investigation, their policy will remain standing!!!!
Allstate has released the following directives effective immediately:
· For children ages 0-4 ½ - Greater of $50,000 or 25% of amount in force on both parents unless single-parent family.
· All known siblings must have equal coverage amounts. In the case of grandchildren, all grandchildren of applicant must have equal coverage amounts.
· If grandparent is owner, both parents must have 2 times face amount unless single-parent family, or we will keep the maximum face amount to $50k on the child.
· For every proposed insured the following information must be provided: accurate height and weight of child, contact info for pediatrician; date, reason and results of last doctor’s visit.
· Allstate will require the policy numbers and carrier for coverage on parents and other children if coverage is not with Allstate.
This is not everything they wrote, some of what they wrote we believe makes sense, and have been insisting all along that applicants comply, while with some of their directives they have just gone overboard in our opinion. We have provided the Allstate agent we are working with (remember, Allstate agents usually don't know much about life insurance, so our knowledge and experience is helpful for them) with rebuttals and answers to some of the directives.
While we have always made every attempt to send to our Allstate Agent only 100% clean and legitimate business, we are now taking extra precautions on this, as we don't want any upset clients, nor do we want to put any agents careers in jeopardy.
SO, if you don't think that parents should have at least $1,000,000 of insurance, regardless of whether or not applying for the Allstate Juvenile policy, DON'T BOTHER TO CALL US, we will not forward your information!!!! If you do believe that parents should be adequately insured, but need help obtaining that insurance, by all means call us, and we will help parents get the proper amount of coverage as fast as possible.
If you have other children who are older or are males, we can help you find attractive plans for them too (though don't expect the numbers to be similar to the Allstate plan for girls).
