Guaranteed Issue Life (Final Expense)

[lflashman]

Ok. I know I saw a thread a couple weeks ago that was discussing which companies will offer a GI final expense policy, but, now I can't find it. I have Americo above age 50. I know Presidential goes in that 40-50 age range. Are there any other companies for that range? In that other thread I thought I saw a company that goes down to 25. Anyone know who that was? I've run into two prospects whose health were train wrecks. Both in their 40's. One with AIDS and the other with about 10 different things including cognitive impairment. His wife has POA. I'm referring to Florida.
Thanks

 

[Newby]

I ran into a REAL unhappy camper tonight with the guaranteed issue MOO policy.

He bought it two months ago off their website. His premium was $32.50 per month on bankdraft. That's a lot to him because he is on disability and has very bad health.

This month they have already drafted 11-premiums. Two of them drafted AFTER he called them to get it straightened out. He's bouncing checks left and right and MOO won't pay the bounced check fees except on their actual bankdrafts that bounced.

He said they are being VERY unsympathetic to his situation.

 

[360]

I ran into a REAL unhappy camper tonight with the guaranteed issue MOO policy.

He bought it two months ago off their website. His premium was $32.50 per month on bankdraft. That's a lot to him because he is on disability and has very bad health.

This month they have already drafted 11-premiums. Two of them drafted AFTER he called them to get it straightened out. He's bouncing checks left and right and MOO won't pay the bounced check fees except on their actual bankdrafts that bounced.

He said they are being VERY unsympathetic to his situation.

It's crap like that which gives people the idea that by giving up their bank account information an insurance company will come in and take all of their money. Anyone he tells his story to will be gun shy for sure the next time they are asked for a voided check.

We've had several EFT screw-ups in the last few months that have messed up some accounts. Fortunately the carrier has made it right and found the employee that was asleep at the keyboard.

 

[sdmink]

I work for MOO and I'm aware of our bank draft issues that occasionally happen, but every case I've heard of the company refunds the amount PLUS the overdraft fees created by it...

Interesting.

 

[Newby]

I work for MOO and I'm aware of our bank draft issues that occasionally happen, but every case I've heard of the company refunds the amount PLUS the overdraft fees created by it...

Interesting.

This man is telling me that they refunded the overdraft charges on the actual bogus drafts that MOO did. But they are not reimbursing him for the 8-other checks that bounced due to their overdrafts.

I don't know this to be fact. It's just what I was told.

So you are confirming that MOO is having auto pay problems? Are they all with the guaranteed issue life product or will we see that with Med Sups also?

 

[VolAgent]

He ought to send a nice little note in the mail to MOO asking for all the overdrafts paid for and make sure to cc the DOI on it. I'd even send a copy to the bank and bank examiner. MOO is liable for all the overdrafts, service charges and fees their unauthorized draft caused.

I suspect he'll find MOO and the bank tripping over themselves to fix this.

 

[insurance0707]

Tell the client to call his bank and tell them that he had an unauthorized withdrawal from his checking account. I had a Moo client do this when he had canceled his policy but they still took the premium out. The bank put the money back and debited moo, even though a week had passed since they took the money out. I think when you tell the bank it was unauthorized.....at least the 8 deductions than the bank will work with you

 

[bdagent]

it is really sad to hear that a company like MoO would allow stuff like that to go on. The prior response couldnt be more true....this guy will make sure anyone who will listen will never allow PAC payments again. thats a shame for us agents and the clients who may lose a policy at some point because they get old and forget to mail a check one month.

 

[BeHappy1]

How in the world does a company like MoO have bank draft issues? You would think that they have it together at this point.
Unexceptable...

 

[Newby]

How in the world does a company like MoO have bank draft issues? You would think that they have it together at this point.
Unexceptable...

From my understanding, the guaranteed issue MOO life policies are handled separately from the regular MOO products. I think it is a side project.

I know when I've called the regular MOO phone numbers to do any kind of customer service on it, they always say they can't help you with those policy numbers and give us a different number to call.

I've been on hold for over 40-minutes on that number and you don't usually get terrible customer service from the regular MOO lines.