Alert: Motorists Life Throws Agents 'under the Bus' - is This Common?

[honestagent]

Here's a lesson or maybe a trend, I don't know for everyone on here to know.

A Motorists' Life captive agent stole a client from me. I am no longer appointed with them as the IMO/FMO .. whatever, has cancelled my appt. due to lack of production. And I am okay with the appt. being cancelled.

But what urks me is a captive agent called my client and converted her policy I sold to her and the other little 2K she had from years ago into one policy which throws me out of the pic. all together. Okay so:

She's 73 years old and for 10K (all in one policy now through Motorists) her premium is around $96. and some change is what she told me.

So the lesson here for me is that I now do with a fine tooth comb is: read all of my contracts in full.

But I am wondering, when they say vested or vested immediately, even if you lose your appt. will you still get your renewals if a policy is converted? I would think not, but again, I don't know - hence my question. I am no longer as the 'agent' on the case. See my point?

Now that the whole policy has been 'converted,' I most likely will not get a renewal is my thought. Am I correct to think that? And please don't suggest to find and read my contract b/c if I could locate it, I would.

I am wondering will I or will we see more captive agents taking existing bz. away from us if they can try to capitalize on it?

I say capitalize b/c had she waited and called me, I could have easily beaten Motorists' rate with another carrier - assuming she'd want to convert with another company for a difference less of $30.00 in monthly prem. for the same 10K benefit.

Is anyone or has anyone gone through this before?

And if so, do you think we will see more of this?

Just to piggy back on something a bit different but not too far off, I remember an agent telling me about Coventy and an MAPD telephone enrollment from last year when Coventry greatly encouraged telephoning in all applications and the 'advisor' on the other end refused and did not take the agent's writing # and this agent had to fight for months just to get the credit or excuse me, my favorite word: COMMISSION.

So, I guess it begs the question: Are we going to be competiting to keep our business we bring to the carriers we represent in our current bags?

Thoughts....

Like I can't help but say: WTF.....

 

[Russ]

Here's a lesson or maybe a trend, I don't know for everyone on here to know.

A Motorists' Life captive agent stole a client from me. I am no longer appointed with them as the IMO/FMO .. whatever, has cancelled my appt. due to lack of production. And I am okay with the appt. being cancelled.

But what urks me is a captive agent called my client and converted her policy I sold to her and the other little 2K she had from years ago into one policy which throws me out of the pic. all together. Okay so:

She's 73 years old and for 10K (all in one policy now through Motorists) her premium is around $96. and some change is what she told me.

So the lesson here for me is that I now do with a fine tooth comb is: read all of my contracts in full.

But I am wondering, when they say vested or vested immediately, even if you lose your appt. will you still get your renewals if a policy is converted? I would think not, but again, I don't know - hence my question. I am no longer as the 'agent' on the case. See my point?

Now that the whole policy has been 'converted,' I most likely will not get a renewal is my thought. Am I correct to think that? And please don't suggest to find and read my contract b/c if I could locate it, I would.

I am wondering will I or will we see more captive agents taking existing bz. away from us if they can try to capitalize on it?

I say capitalize b/c had she waited and called me, I could have easily beaten Motorists' rate with another carrier - assuming she'd want to convert with another company for a difference less of $30.00 in monthly prem. for the same 10K benefit.

Is anyone or has anyone gone through this before?

And if so, do you think we will see more of this?

Just to piggy back on something a bit different but not too far off, I remember an agent telling me about Coventy and an MAPD telephone enrollment from last year when Coventry greatly encouraged telephoning in all applications and the 'advisor' on the other end refused and did not take the agent's writing # and this agent had to fight for months just to get the credit or excuse me, my favorite word: COMMISSION.

So, I guess it begs the question: Are we going to be competiting to keep our business we bring to the carriers we represent in our current bags?

Thoughts....

Like I can't help but say: WTF.....

Renewals on life insurance? What $5-10 a month? You should have went ahead and changed her, if she qualified. When your renewals got under X amount per year they would have sent you a nice...see you later. No more commissions anyway. What pisses me off then is no more correspondence from the company. ***Lincoln Heritage, or the former Southwestern Life. Investors Guaranty....no more renewals after policies are all 10 years-old...no more correspondence. Companies don't even let you know if someone has died.

 

[Todd King]

I only have two things to say about Lincoln Heritage. THEY SUCK and THEY SUCK!
If your renewals with Lincoln get down below $250, they just decide that it would be best that they keep that money instead of paying you what you've earned. They must need it more than I do I guess. And did I mention that THEY SUCK?

Now, as for the original question. It probably wouldn't have gone down that way if you were still licensed with them. They would have credited you with the sale. Now, before anybody says anything, I did say "probably". So many different little rules with each company so it's really hard to be 100% sure.
But no, I don't see this as the new trend.