Gerber Life Medicare Supplement

[policy doctor]

Whats bothering me now is......if Mutual Of Omaha and Gerber are joined at the hip does that mean I would be looking for trouble replacing too many Mutuual of Omaha policies with Gerber? I mean if Mutual of Omaha wanted to come down on you and take your commissions they sure would have all the proof they needed.

I haven't read the contract, but sometimes a partner co will not accept replacement business from their "buiness pal." So you may want to contact U/W dept before you replace to be sure.

 

[Cenla Agent]

With regard to replacement, how has it worked with WOW/Assured life? They have a similar arrangement with MoO.

MoO and these other companies (WOW and Gerber) have one of the more lenient policies when it comes to replacement--it simply has to be in the best interest of the policyholder.

In contrast several of the other companies who come in as the hot supp. of the month want to take your commission if not your first-born son if you replace, regardless whether it is in the clients best interest or not.

 

[Frank Stastny]

With regard to replacement, how has it worked with WOW/Assured life? They have a similar arrangement with MoO.

MoO and these other companies (WOW and Gerber) have one of the more lenient policies when it comes to replacement--it simply has to be in the best interest of the policyholder.

In contrast several of the other companies who come in as the hot supp. of the month want to take your commission if not your first-born son if you replace, regardless whether it is in the clients best interest or not.

In sixteen years I have never come across a problem with replacing a policy regardless of who the carrier is. All one has to do is fill out the replacement form and list the reason. I have never had a company question me as to why I replaced it.

Maybe I don't understand the question.

Besides, why would an agent replace a Med Supp Plan if it wasn't in the best interest of their prospect? That makes no sense to me.

 

[G.Gordon]

Frank,

Some folks have been scared silly by the "lose all renewal commissions" clause in some of the contracts out there. Sterling, Adiral, and the old Continental Life had that clause.

 

[Frank Stastny]

Frank,

Some folks have been scared silly by the "lose all renewal commissions" clause in some of the contracts out there. Sterling, Adiral, and the old Continental Life had that clause.

I was right, I miss read the question. I thought, not sure what I thought.

Continental Life under Baskin was one of the worst.

 

[Yoda]

I would have to seriously wonder about anyone who has been in the medicare supp business for 16 years claiming they have never had their renewals cut off or stolen! Let me tell you my friend I am by far more dilligent with contracts then most of my insurance agent friends and even I have been ripped off for at least 50,0000 in the past 15 years. Most of my fellow med supp selling friends have all been ripped for well over 100,000 dollars. well over 100,000 in the past of 15 years. If you have never been ripped off in 16 years congratulations because you are the first agent I have met in thousands that never got ripped off!

 

[Frank Stastny]

I would have to seriously wonder about anyone who has been in the medicare supp business for 16 years claiming they have never had their renewals cut off or stolen! Let me tell you my friend I am by far more dilligent with contracts then most of my insurance agent friends and even I have been ripped off for at least 50,0000 in the past 15 years. Most of my fellow med supp selling friends have all been ripped for well over 100,000 dollars. well over 100,000 in the past of 15 years. If you have never been ripped off in 16 years congratulations because you are the first agent I have met in thousands that never got ripped off!

So you know "thousands" of insurance agents who have been "ripped off". You are the first agent I have ever heard of who knows, personally, "thousands" of insurance agents let alone "thousands" who have been "ripped off". "We" aren't embellishing just a little for effect are "we"?

You can wonder all you want. I repeat, in sixteen years I have never "been ripped off"!

My renewals have never been cut or stolen. Who's "stealing" them and why?

More importantly why would anyone let someone get away with "stealing" $50,000 to $100,000 from them. Doesn't sound like a very bright thing to let happen.

 

[Yoda]

Frank said- " More importantly why would anyone let someone get away with "stealing" $50,000 to $100,000 from them. Doesn't sound like a very bright thing to let happen."
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Getting burned out of commissions is a cost of doing business in this career and anyone thats been around any at all would know that. We dont "let them steal" our money! They just take our commissions and if we don't like it we can take them to court. Of course getting a lawyer to go fight their pack of in house lawyers is never cheap. Frank you do people no service by trying to perpetuate the great myth of the insurance business that everybody always gets their commissions and never gets ripped off. As agents we do everything we can do to avoid getting ripped and hope that will hold our losses down to a percentage we can live with.
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So I got an envelope from Gerber today. It is exactly the same thing as Mutual of Omaha. You even send your apps to Mutual of Omaha. The only difference I can see is that Mutual Of Omaha does not make you pay 12% interest on your advances! I think I will take a pass on those advances at 12% interest rates.

 

[Russ]

I've been in the business since 1984 and yes, I'm one that's had commissions taken from me....

(1)By an agency to pay off the GA's negative balance.
(2)By Continental Life when they canceled my contract for lack of production(even though I had about 75-100 active policies) and kept 30% of my commissions(service contract) and paid me the end of the month vs. the middle of the month.
(3)By PFL Life when they got out of the final expense market and canceled agents contracts and kept all of my commissions...some of it first year.
(4)Ditto #3, by Montgomery Ward.

 

[G.Gordon]

I've lost too, but nothing substantial. Most of the time it is some rinky dink company that had that one product that fit a few clients. I got paid all first year and some renewals, but sooner or later they'd stop paying on that "renewal commissions will be vested until yearly commissions is less than $300/year..." clause... It happens.

But like Frank said. For one of us to say he even "knows" thousands of agents much less thousands that have been ripped off... That's hard to believe.

I don't consider what happened to me in those cases mentioned "getting ripped off". It was in the contract. I signed it and had good reading and understanding skills at the time I did so. If the other party excercised part of the contract and I lost commissions then I didn't get ripped off.