- 1,819
What would they be used for?
Goodbye American Memorial
- Thread starter jdeasy
- Start date
- 7,012
Says copd level if no nebulizer/oxygen.
I remember back in the day they were good for stents and over 80 (with a major commissions cut).
I think this may be a product created by/for these guys, so I think it's different than the old app.
- 15,041
I wouldn't trust them to pay claims. Every single claim inside 2 years was denied, even one I was told would be paid.
I think it is distributed by Neat Management. AM has been back in the game for a few months now, since March of this year. Pretty much the same product they had before. Might be some lower rates
Here's a little bit about the product now:
Same compensation is paid for both Level and Modified plans!
Face-to-Face or Telesales with super easy voice signature process is available with a fillable pdf or paper application which can be emailed or faxed to the carrier. Replacement business is acceptable with telesales. Telephone interviews are agent friendly and run 9-10 minutes for clean apps with immediate decision at point of sale. Approved in all states except MT & NY.
Underwriting is extremely liberal and impairment driven; not medication driven. Maintenance and Preventative drugs are not deemed treatment for conditions diagnosed over 24 months ago and the proposed insured has been diagnosed as cured or no active disease is present. (Much like Great Western) Underwriting is friendly for Insulin, Cancer, Heart, Stroke and Circulatory conditions and Inhaler use. Drill down questions during the interview may be asked to resolve any underwriting conflict. The same application and questions are used for all ages 0 to 85. (Not many companies do this).
Rates are competitive especially at age 75+ and for smokers. Monthly direct billing is also available if needed. A free child/grandchild benefit is available to help generate referrals. (Last 2 similar to Settlers but better because it ain't Settlers). An agent is allowed to rewrite or replace a policy one time and receive full first year comp again. (Pay attention Oxford!) Also, an insured can request a switch from nicotine rates to non-nicotine rates after being 12 months nicotine free. (Maybe this is where Americo got their idea).
Street level should be 120%.
- 15,041
What about paying claims? Also, is the same group still doing their PHIs? because it was impairment driven, it was a bitch for anyone the product made sense for.
Also, they were priced the best at 80+, where they paid peanuts. Particularly when you consider how difficult the PHI was and the fact they seemed to rescind everything.
- 7,012
Well I'm sold!
- 1,819
We actually have numbers on claims paid on first two years?
With any company
- 15,041
I'm not aware of any, but I have personally had most claims inside 2 years paid. Absolutely none with American Memorial. So with the painful PHI and low comp, I stopped selling them.
I really don't know about the claims part. The PHI is done be Elite Sales Processing (ESP).
I don't recall if that is the same outfit or not.
I used them a few times myself when we had them before. I never encountered any problems with the PHI.
They do still cut starting at age 80, but this time around they are more competitive in the 75-80 age range as well.
See attached.
- 15,041
Yep, it was ESP last time. I use to talk to their manager all the time, she was a real class act. But the way it was done, the PHI was a real pain, particularly for anyone who was hard of hearing.
As for the commissions, for the main ages it is actually worse. The great thing about American Memorial was level renewals for life. Now they are lower and they reduce. I'd say that is where the higher FYC came from for ages 75-85.
I don't recall the old questions exactly, but they seem fairly similar for the most part, except they no longer have two level plans. It looks like level and modified/ROP now.
