A Slight of Hand by Transamerica

[G.Gordon]

Upon doing an audit with a few SB clients that were moved to TA paper we've caught on to what they did.


If you have a SB client that was moved to TA, they were re-issued the same plan letter at their issued age with SB per TA rate tables. I'm seeing clients that have two years or so with a pretty decent rate increase.

Check it yourself. Call a SB client that was moved and ask them what they are paying now. Run a quote for their issued age on TA for their current plan... same amount!!

Jerkoffs!

 

[kamp]

Gordon, not sure if it was you yesterday who posted this but we got a bunch of calls from clients today and apparently some of them (in MO) got about a 20% rate increase.

Did they send communication out to agents about this?

Or just, surprise, go conserve your business.

 

[GreenSky]

I believe TA is trying to emulate MOO.

Rick

 

[G.Gordon]

There was NO notice sent and I can post an email I sent TA when the calls started. "No rate increase has happened at this time."

I guess in the goblygook that they sent out about the change to TA it probably said something about getting the "current rate" or something. Sucks big time.

Leaves one wondering what the hell will happen when the rate increase really does come out. Are they giving the transferred clients a new 12 mo. rate guarantee? I doubt it. Will some get back to back rate increases... probably. Moving TA/SB clients as soon as possible. I see a cluster-F happening and want to be in front, not behind it.

 

[kamp]

There was NO notice sent and I can post an email I sent TA when the calls started. "No rate increase has happened at this time."

I guess in the goblygook that they sent out about the change to TA it probably said something about getting the "current rate" or something. Sucks big time.

Leaves one wondering what the hell will happen when the rate increase really does come out. Are they giving the transferred clients a new 12 mo. rate guarantee? I doubt it. Will some get back to back rate increases... probably. Moving TA/SB clients as soon as possible. I see a cluster-F happening and want to be in front, not behind it.

Hard for me to believe the state DOI's allowed this.

 

[kstein]

Does the fact that a SB client ignored the request for transfer vs signing the document allowing it have anything to do with it?

 

[G.Gordon]

Haven't looked that deeply into it. As far as I know, and per instructions by my office when they called in, most probably took the transfer in my book.

 

[Fisher]

When we were notified of the transfer I called TA to ask about clients that throw the transfer letter in the round file. I was told that simply by making a premium payment (bank draft for 99% of my TA folks) that would constitute acceptance of the transfer.

For what that's worth...

 

[cadylou]

Gordon, not sure if it was you yesterday who posted this but we got a bunch of calls from clients today and apparently some of them (in MO) got about a 20% rate increase.

Did they send communication out to agents about this?

Or just, surprise, go conserve your business.

Transamerica sent a notice via e-mail to agents regarding rate increases that will be effective on 1/1/2016. Rates for plans A,F,N in MO will rise 19% - Plan G will decrease 9%. That's all I've received.

I haven't had anyone tell me about getting a rate increase after submitting permission for the TA transfer, but I also haven't had time to check into it. Most have told me that there was no change so far, so not sure what's happening.

 

[G.Gordon]

Transamerica sent a notice via e-mail to agents regarding rate increases that will be effective on 1/1/2016. Rates for plans A,F,N in MO will rise 19% - Plan G will decrease 9%. That's all I've received.

I haven't had anyone tell me about getting a rate increase after submitting permission for the TA transfer, but I also haven't had time to check into it. Most have told me that there was no change so far, so not sure what's happening.

That rate increase has nothing to do with the rate "resets" that are happening for my clients. The rates changed 9/1, the month the transfer was official.