Agents for met life weren't the only ones who tried to sell life insurance to nurses without telling them it was life insurance so did agents for Prudential New York Life and Allstate.

Letters sent by agents of the other three companies Prudential Insurance Co of America, New York Life Insurance Co. and Allstate Corp are virtual reproductions of letters sent by Metropolitan Life Insurance Co.

Agents from the Tampa Fla. office which sparked investigations by Insurance Regulators the letters are all headed by a variant of the phrase "Nurse's Retirement Plan".

Since September Regulators in Florida and a dozen other states have been investigating whether Met Life's Tampa agents duped nurses in Florida and elsewhere into buying life insurance by calling it a "Retirement plan."

Florida's insurance department is now also looking into New York Life's Sales Letter.

No one is certain who first dreamed up the promotion but the letters Illustrate how agents in addition to mimicking one another sometimes don't refer to their product as insurance emphasizing instead the savings aspects of the plan failing to describe an insurance product as insurance is Prohibited by state consumer protection laws.

The controversial nurses' retirement plan is a twist on an increasingly popular life insurance marketing program known as the Private Pension Plan. The term is simply another name for life insurance products that have both a death and an investment benefit it's just a hook, said Glenn Daily a New York Insurance Consultant. ... It's marketing puffery 

Similar programs have targeted beauticians small business owners and other groups whose employers don't provide pension plans.

Agents for most insurers sell private pension plans most say they are careful to tell customers they are selling insurance and only offer it to people who need both life insurance and savings.

Met concedes that some of its agents went too far and has already offered refunds to up to 60000 policyholders nurses and others who may have unknowingly bought Life Insurance.

The company expects to refund as much as 40 million.

The MetLife and New York Life investigations are pending Insurance Department officials say they aren't investigating Allstate or Prudential.

All four companies say any questionable sales practices within their Organizations aren't widespread.

Agents have found that renaming insurance and stressing its tax benefits over its death benefits is a successful sales tactic people who don't want insurance will buy a "Private Pension Plan" said Mr. Daily.

In addition people who wouldn't talk to a life insurance agent will buy from a Financial Adviser which is what some agents who sell "Private Pension Plans" call themselves. Anything is better than calling oneself a Life Insurance Agent in terms of public relations said James Hunt, an Actuary with the National Insurance Consumer Organization. But Agents who fail to identify themselves as such whether in mailings over the phone or in Person are breaking the law said John Calagna a spokesman with the New York Insurance Department.

To be sure Life Insurance can be an appropriate form of savings but it's most useful for people who need financial protection in case of untimely death.

This is something people use all over the industry said Julian H. Good, Jr., an Insurance Agent in New Orleans who last year delivered a speech on "Private Pension Plans" to an industry sales conference it's appropriate if it fits the client's situation.

Mr. Good who has been an agent for 12 years with various companies including Mutual Benefit Life Insurance Co. and MetLife says he is sickened by the abuse of the concept it turns my stomach he said they were exploiting what was a good and effective idea.

Met's Tampa office was run by Rick Urso who in 1992 earned 946,000 selling Life Insurance. Mr. Urso's success was noticed by managers of other Met Offices who asked Mr. Urso to make presentations to their agents. 

A Videotape of one Urso presentation was mailed to Met offices across the country.  Mr. Urso himself was featured as a success story in Met's internal publications.

But when stories of the Tampa office investigation came to light several weeks ago Mr. Urso was dismissed through his attorney Mr. Urso denies he did anything wrong and says his sales methods were commonplace at MetLife.

Met denies the contention.

In the case of New York Life the letter was sent by an agent in Tampa, Steven Ingram.

New York Life says Mr. Ingram sent the letter without its authorization and adds that mailings were halted before any sales resulted

Mr. Ingram who still works for New York Life couldn't be reached for comment in response to the Florida investigation.

New York Life has hired a Law firm to investigate its sales practices in Florida.

Prudential says the agent who sent its letter Ronald Schram who worked in Pittsburgh is no longer with the company and that Mr. Schram violated Company rules by sending a letter not approved by the home office in Newark.

Mr. Schram declined comment.

The Allstate letter was written by Tampa agent Jesse Hill.  Mr. Hill who is still employed with Allstate didn't return phone calls for comment.

Allstate said about 300 of the letters were sent out and that Mr. Hill violated company rules by sending a letter not approved by headquarters.

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•  Nurses Guaranteed Retirement Savings Plan
  • Your present nursing position
  • You Will Not lose your retirement benefits metropolitan should you become Disabled.
  • Nurse's individual retirement plan retirement program with you to help you reach your financial goals make your deposits for you.
  • Nurses insured retirement plan program can stay with you to help you reach your retirement goals by Allstate should you become disabled.
  • Nurses insured retirement plan can stay with you to help you reach your Retirement goals by Prudential should you become disabled