Interview With Alan Town - $22,752,532 In 2017 Final Expense Production

[nfl72]

the last most blatant one I saw was a few years back. The guy was 77 years old and had a policy with Mutual of Detroit. He had the policy for 5 years or so. I think he had $10,000 worth of coverage for about $110 per month. I got him approved level for 15K at $90 per month. He also received about $1900 in cash.

When I first spoke with him over the phone he told me he could not read or write. So I told him I needed to have another family member with him at our meeting, which he did.

45 days after I replaced him I got a call from Aetna telling me he canceled his policy. I called him and he told me the other agent, the writer of the MOD policy, who now writes Columbian came to his house, picked him up and drove him to the credit union. He had no idea why or what he had done. I looked at his new policy and the guy replaced Aetna with a 15K Columbian policy at $131 a month. HIs family was furious at what the guy had done and sent letters to the State. No replacement forms were filled out. I was told he lost his license for a short period of time.

Essentially he got a new policy for the same face amount and his payment only went up $40 per month. I spoke with the regional manager of Columbian about it. He had no problem at all and thought it was a good replacement. They teach their agents to always leave it up to the consumer to make that decision.

 

[rousemark]

the last most blatant one I saw was a few years back. The guy was 77 years old and had a policy with Mutual of Detroit. He had the policy for 5 years or so. I think he had $10,000 worth of coverage for about $110 per month. I got him approved level for 15K at $90 per month. He also received about $1900 in cash.

When I first spoke with him over the phone he told me he could not read or write. So I told him I needed to have another family member with him at our meeting, which he did.

45 days after I replaced him I got a call from Aetna telling me he canceled his policy. I called him and he told me the other agent, the writer of the MOD policy, who now writes Columbian came to his house, picked him up and drove him to the credit union. He had no idea why or what he had done. I looked at his new policy and the guy replaced Aetna with a 15K Columbian policy at $131 a month. HIs family was furious at what the guy had done and sent letters to the State. No replacement forms were filled out. I was told he lost his license for a short period of time.

Essentially he got a new policy for the same face amount and his payment only went up $40 per month. I spoke with the regional manager of Columbian about it. He had no problem at all and thought it was a good replacement. They teach their agents to always leave it up to the consumer to make that decision.

Some would look at that as you replaced a MOD policy which is now Columbian, that is "golden" according to Town. It is guaranteed to pay no matter what and replaced with with a 15K that may or may not pay if the guy dies before he is 80? On the other hand, if I done it in the old days, my staff manager would have said, "You replaced it but you didn't seal it.. you let them come back in to conserve their business That should never happen."

 

[rousemark]

Some would look at that as you replaced a MOD policy which is now Columbian, that is "golden" according to Town. It is guaranteed to pay no matter what and replaced with with a 15K that may or may not pay if the guy dies before he is 80? On the other hand, if I done it in the old days, my staff manager would have said, "You replaced it but you didn't seal it.. you let them come back in to conserve their business That should never happen."

BTW, I just ran the premiums for 15K 77 MTU.... Assuming reasonable health, Columbian is $169.52 and Aetna is $183.33... so you certainly can't say that is an inferior product because of rates when comparing those two. .

 

[Baseball7]

fair to say Aetna isn't what it use to be.

Works for super random once a quarter niche cases is it.

 

[Thedude]

No one knows what they want on here. Sometimes it's about price, sometimes it isn't. For some reason on here 5 dollars more a month can somehow equal a shit product or because some old dude thinks a few occasions of wrongdoing = an entire company.

And somehow when a company is cheaper in some occasions suddenly "well Aetna ain't what they used to be".

Columbian is right in the middle in most cases.

 

[rousemark]

fair to say Aetna isn't what it use to be.

Works for super random once a quarter niche cases is it.

yeah.. and NFL did say this was a few years ago so even Colombian's product would not have been what it is today.. However, MOD was debit company and I wonder f that might not have had something to do with the premium... and possibly they were selling the old man a home service policy the second time around.

That brings to mind all the times I have seen independent agents come by and replace Incontestable home service business with a lower premium bank draft policy.. Then in just a couple of months the new policy would lapse. The people would pay the agent when he came by but they just could not keep money in their checking account. In those cases, even though the replacing agent gave them a cheaper premium, he did them no favors. There are some people that just would not have an burial coverage if it were not for the home service agent...

 

[goillini52]

BTW, I just ran the premiums for 15K 77 MTU.... Assuming reasonable health, Columbian is $169.52 and Aetna is $183.33... so you certainly can't say that is an inferior product because of rates when comparing those two. .

I think he did the replacement before Aetna raised there rates.

 

[rousemark]

yeah.. and NFL did say this was a few years ago so even Colombian's product would not have been what it is today.. However, MOD was debit company and I wonder f that might not have had something to do with the premium... and possibly they were selling the old man a home service policy the second time around.

That brings to mind all the times I have seen independent agents come by and replace Incontestable home service business with a lower premium bank draft policy.. Then in just a couple of months the new policy would lapse. The people would pay the agent when he came by but they just could not keep money in their checking account. In those cases, even though the replacing agent gave them a cheaper premium, he did them no favors. There are some people that just would not have an burial coverage if it were not for the home service agent...

Read the note from Katy D:
The Importance of Life Insurance | Columbian Financial Group

 

[Baseball7]

I don't think it's the people that when you replace a Home service policy can't keep the policy. I think it's the home service agent back in the house and get his product sold again. You're just not set up to be that face to face with somebody as often as a home service agent is, and thats why the biz is hard to replace and keep replaced.

 

[rousemark]

I don't think it's the people that when you replace a Home service policy can't keep the policy. I think it's the home service agent back in the house and get his product sold again. You're just not set up to be that face to face with somebody as often as a home service agent is, and thats why the biz is hard to replace and keep replaced.

That is also true... But I know the part about the checking account to be a fact.. When I was with National Life and Accident, they came out with a system to collect weekly premium plans with a auto-check. The client signed a draft form, we would enter what 4 1/3 weekly premiums mounted to and each month, the company would send us a check to be drawn on the client's account. On the week the collection was to be made, the agent would turn in the check with his account. I had people who had never had a problem having the money in the envelope for me when I went by to collect calling me saying, don't turn that check i this week.. I don't have the money in the bank.