Dealing with Bankers Fidelity

[rousemark]

Well I have no problems selling based on quality vs money savings. It's just a little more of a challenge when Bankers Fidelity can be 12 to 15 bucks less on Plan G in many areas in Iowa.

Luckily that next company to offer price and quality wise is usually MOO.

As far as Iowa goes it's a great place to live and raise a family. I've a Iowa Lifer. I'd like to invite anyone to move here, just don't sell med supps as I don't need the extra competition.

There is a reason BF is cheaper.. They are starting to play the MOO game. They started a new company, Bankers Fidelity Assurance with low ball rates and then raised the rats on the Bankers Fidelity Life Company business. They won't be able to maintain the rates with BFA.

 

[somarco]

Update . . .

This thread was at the bottom of another thread about BFLIC and I decided to see what it was all about.

I use BFLIC and have been mostly pleased with them. They really work to be responsive and give good service. Last year it seemed like it took forever to get apps through their system, even aging in T65 apps. This year it moves much more quickly, including underwritten apps.

I think they had trouble adjusting to the influx of business from brokers but this year seem to have hit their stride.

Good company.

I don't write a lot of business with them. Mostly plan N and a few G's. I moved my N plan from another carrier to them last year even though I paid a few dollars more for the BFLIC plan than my current carrier. Just wanted to see how they are from a client perspective.

Even though I paid about $2/month more, had I stayed with my old carrier I would now be paying $14 more than I am for my BFLIC policy,

I like the folks over there. They have really come a long way since last year.

 

[LostDollar]

5 different agents/agencies in late 2016--none would sell me a Banker's Fidelity product.

 

[WCMason]

5 different agents/agencies in late 2016--none would sell me a Banker's Fidelity product.

And yet how odd that all five were on their incentive trip...

 

[LostDollar]

Could be.

All I can say is that after starting from knowing nothing about Medicare and being told by the state ship representative that a Medicare Advantage plan might not be a prudent buying decision, I went to plan G. After looking things over I decided that a Banker's Fidelity plan G would be my wisest (not cheapest (Transamerica)) purchase.

(Cigna was not in my market yet and I am not sure what to think about Cigna vs Banker's.)

After more consideration I decided to go with an HDF instead, which led me to SLAICO (Texas).

I think 2 of the agents/agencies I spoke with were listed with Banker's Fidelity, but no one would recommend it to me. No one would discuss SLAICO with me at all. Period.

It put me in an extremely difficult position for a very important decision. I had to give up following my own judgement or give up having an insurance agent.

 

[Devin01]

Bankers has been re-branding themselves, they came into NJ in Dec of 2016 and they have done well in capturing market share. I have not had any issues with them and have several hundred clients with Bankers Fidelity.

I have come to know their team, underwriters and executives so if I have ever have a tough case, I know who to call, which always help.. I write other companies like all of us do, but I always include them in my pitch to T65 and for replacements. We all get comfortable with certain companies and their apps and underwriting. When a new company comes into the state if they are priced well we consider them for our clients and Bankers is priced well in many states and they have a niche for underwritten apps for sure.

As for other agents not recommending Bankers I think it is like anything else, it is probably just a comfort level. Just my two cents we all have good and bad experiences with companies and they if they get resolved quickly we have more confidence with them.

 

[MedicareMillionair]

I have had a less than spectacular experience with them. I submitted contracting paperwork with them nearly one month ago. I was told it's a 5 day process. Even with the holidays, this is unreasonable!

 

[Todd King]

I have had a less than spectacular experience with them. I submitted contracting paperwork with them nearly one month ago. I was told it's a 5 day process. Even with the holidays, this is unreasonable!

Did you submit that direct or are you going through an IMO/MGA/GA? If you are going through someone else, chances are Banker's may have never gotten the contract. Have you called them to see if they have it?

 

[Devin01]

I agree our contracts get done in less then a week, I would check with your FMO

 

[rousemark]

Bankers has been re-branding themselves, they came into NJ in Dec of 2016 and they have done well in capturing market share. I have not had any issues with them and have several hundred clients with Bankers Fidelity.

I have come to know their team, underwriters and executives so if I have ever have a tough case, I know who to call, which always help.. I write other companies like all of us do, but I always include them in my pitch to T65 and for replacements. We all get comfortable with certain companies and their apps and underwriting. When a new company comes into the state if they are priced well we consider them for our clients and Bankers is priced well in many states and they have a niche for underwritten apps for sure.

As for other agents not recommending Bankers I think it is like anything else, it is probably just a comfort level. Just my two cents we all have good and bad experiences with companies and they if they get resolved quickly we have more confidence with them.

I was with Bankers when they were doing everything under the Atlantic American name. They had good people then and we're good to work with. Friends tell me that is still the case.