Another Great Reason to Be an Agent with RNA!!

[jdeasy]

I got it but I had heard about before hand. I don't like it. They have a bunch of idiots and rookies out there writing Essential Life at the $25000 level for FE because of the price. They having a ton of declines and rate ups because that's not the market it's designed for.

But, instead of taking it away from the idiots and rookies they cut the pay for everyone including the agents using it properly.

Typical insurance company reaction to a proplem.

 

[gordon112]

Yes, they lowered it but they raised it for over 100k.

 

[jdeasy]

Yes, they lowered it but they raised it for over 100k.

Right. How many of those do you think they get?

 

[gordon112]

Right. How many of those do you think they get?

I haven't used it yet. My market is seniors or at least the majority which are over 50. Most in this age range and income will not be able to afford 100k policy whole life.

So yes, I can see why this would hurt most, and only help some that focus on higher income folks.

 

[jdeasy]

I haven't used it yet. My market is seniors or at least the majority which are over 50. Most in this age range and income will not be able to afford 100k policy whole life.

So yes, I can see why this would hurt most, and only help some that focus on higher income folks.

I asked an RNA rep how many of those they get and they couldn't tell me. They estimated 2 per month of the over $100,000.

This is just usual insurance company baskward reaction to a problem.

The reason it went from a $10,000 minimum to a $25000 minimum 2 years ago was for the same reason. Idiots and rookies were using it improperly.

 

[gordon112]

I asked an RNA rep how many of those they get and they couldn't tell me. They estimated 2 per month of the over $100,000.

This is just usual insurance company baskward reaction to a problem.

The reason it went from a $10,000 minimum to a $25000 minimum 2 years ago was for the same reason. Idiots and rookies were using it improperly.

That sucks, probably the next step is to raise the min to 50k...man

 

[TDFnCali]

Did anyone else get the email from RNA saying they were lowering their comps on Essential Life $25K-$49.9K?

Yeppers

TDF
Sent via my Sprint Phone using Insurance Forums App

 

[WinoBlues]

Idiots. Why not just raise the face at certain ages if they do not want the business. That or as JD mentioned, take it away from the agents that continuely get the declines. Now you are going to have them putting healthy people in overpriced plans. Not the right thing at a lower comp.

Goes more to agent training than product. They are not a $100,000 whole life company.

 

[jdeasy]

What makes me mad about this is the manner in which they handle problems.

I only use Essential Life when it's appropriate to use and I will continue to use it when it's in the best interest of the client but I now get a pay cut for doing the right thing. They already don't pay as much as the SIWL and now it's 10 points lower.

The person I was talking to said, "you use it right and so does Travis but these others are not". I just delivered 4 Essential Life polices on thurs. They were all 4 $25,000 20 pay policies. They were on the grandchildren of a client that has the SIWL. Had this rule been in effect when I wrote those I would make 10% less. On just those 4 it comes to a little over a $100. Not such a big deal but they already told me I was doing it right.

Why couldn't they just take the right to sell EL away from the offenders until they demonstrated the ability to place things properly? New agents to RNA would have to write business for 6 months or so before EL was available to them.
Solutions like that? of course that would require some common sense and that seems to be lacking at insurance company offices.
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Idiots. Why not just raise the face at certain ages if they do not want the business. That or as JD mentioned, take it away from the agents that continuely get the declines. Now you are going to have them putting healthy people in overpriced plans. Not the right thing at a lower comp.

Goes more to agent training than product. They are not a $100,000 whole life company.

Exactly! People buying over $100,000 whole life plans are not buying them from RNA. You are getting into financial planning at those levels and money management. That is not RNA's niche.

 

[gordon112]

After this news, I feel like a complete deuce bag for even making this thread. I have one decline with them and I haven't used it yet for any younger clients, but then again, I only had one settlers 10pay that I did on a child.

Rna doesn't have a 10pay.