I've had the exact problem 3 times on my tv. All 3 times it's been sent to be repaired through my warranty program through the retailer where I've purchased it. However, I get better results in contacting Insignia directly.
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It sounds like the red LED is signifying a fault. Check your manual (or ring the manufacturer's support line) to find out what the red LED means.
If it does in fact signify a fault, file a fault with the manufacturer and return it to them under warranty (if you still have it).
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Power supply board it dead.That the board,where the a/c power cord plug into it.Replaced the power supply board will solved this problems.Tries websites like Shopjimmy.com,Ebay.com to buy a refurbish power supply board for the replacement.
You need to check the 12 or 24v source coming from the power supply to the inverter board, that's the board usually to the left and rather tall. Get your meter set, then turn the set on and see what happens, if the voltage comes up and then shuts down, you'll need to pull the plug for the inverter and measure the voltage again. If it stays up you have a bad converter board, if not then it's in the power supply, that's good old fashion trouble shooting from there on.
TRY UNPLUGGING SET FOR A FEW MINUTES...PLUG IN LINE CORD WHILE HOLDING PRESSING POWER BUTTON..IF THIS DOES NOT WORK..CPU BOARD IS FAILING...P/N 667-L32K5N-56I...TRY CALLING MCM FOR PARTS AVAIL/PRICE...JOE ACE
i think your capacitor is blown, do a google search for insignia, lcd, capacitor...
you can buy another one for about $2 but its a pain to install, you can also instead buy a new powerboard for about $80, its an east install and you wont blow more capacitors
btw for anyone experiencing these problems with the infamous "is-lcdtv32" byd:sign is the same manufacuterer as insignia, its the same company with a different sticker. i know this isnt a solution, but parts for all discontinued insignia';s can be purchased thru byd:sigh(by design). hope this helps .