Is fraudulent business jeopardizing the FE market?

[jdeasy]

Yeah, they have been sitting there for years. 2-3k as I remember.

What are the main agent issues?
One I found is trying to get updated client info from CS for a review.

Well, they stole from me. So my opinion is very biased. But even before that I knew. They have BOB. The agent can't even update a phone number without the customer on the line. Can't get cash values without the customer on the line. Once written it's as though the agent doesn't exist.

As for the lead credits, unless you wrote more than $3500 ap with them last month and your persistency is not where they want it then you can't use the lead credit. I think I have $1500 or so that can't be used.

They change the rules all the time and you unknowingly agree to the rules in order to log on to the website.

 

[jdeasy]

My only point of improvement I wish they would embrace is an instant decision e-application.

One of the reasons, KSKJ, PFA and all of these other products took off so aggressively was how easy to use iCover is.

Their rates are outrageous anyway. No one is going to write it.

 

[WinoBlues]

Well, they stole from me. So my opinion is very biased. But even before that I knew. They have BOB. The agent can't even update a phone number without the customer on the line. Can't get cash values without the customer on the line. Once written it's as though the agent doesn't exist.

As for the lead credits, unless you wrote more than $3500 ap with them last month and your persistency is not where they want it then you can't use the lead credit. I think I have $1500 or so that can't be used.

They change the rules all the time and you unknowingly agree to the rules in order to log on to the website.

Yeah, persistency is no issue. Production, I might be $4,000 shy.

I found out about the CS no service. Even calling back on a three way was a pain. Not being able to pull up client information is always a unnecessary pain in the ass.

Thanks

 

[Baseball7]

rates really don’t matter compared to process when you’re looking at things outside of a single producer mindset.

I’m sure JD doesn’t want to hear that, but that’s the reality of everything past street. if Security National had an i cover type application, they would be a good to type product to build an agency from.

40-90
Contracted within 48 hours
Pref/std/mod
De
True ssb

It’s just the application that’s holding them up or whether they’re choosing to use as a way to manage distribution.

 

[jdeasy]

rates really don’t matter compared to process when you’re looking at things outside of a single producer mindset.

I’m sure JD doesn’t want to hear that, but that’s the reality of everything past street. if Security National had an i cover type application, they would be a good to type product to build an agency from.

40-90
Contracted within 48 hours
Pref/std/mod
De
True ssb

It’s just the application that’s holding them up or whether they’re choosing to use as a way to manage distribution.

I don’t mind hearing pimp fantasy stories.

It’s always good for a laugh.

SoN’s has the exact same eApp as PFA and KSKJ.

They get 10% of the business of the other two.

Because of price.

Trinity/FBL has a terrible app process. But agents write the shit out of them anyway.

Because of price.

SNL does not do true SSB.

They claim they do. But they do not in practice.

 

[Baseball7]

KSKJ gets 0%
And PFA about to go to close to 0%

Process matters and relationships matter and trashing any carrier online is never good advice.

 

[Baseball7]

Last thing I’ll say here these ultra price competitive products that you fall in love with are the perfect products for personal producers. But, nearly none of them are designed for an agency to build any level of significant distribution from.

 

[DonP]

They’re a dishonest lying stealing company . They stole 3 years of my residuals bymsaying “my persistency went below the minimum” . I haven’t been contracted with them in 7 yrs. I aaked “what persistency are you talking about? Is there a 7-10 yr persistency requirement in the contract? According to them you must NEVER go under 60% persistency even at 7-10 yrs. As rouse says just another gotcha to screw the agent .

 

[rousemark]

@rousemark
@jdeasy

I'm direct with them. I have a small book of business with them. Have or had a some lead credits. I was thinking of using to not lose the contract. However,

What are the main reasons they are not agent friendly.

Thanks

A lot of it is the way they do things. As JD said they sneak things into the agreement and you have to agee to them in order to sign inot the portal. this was one several years ago.

No renewal commission shall be earned, or become payable, unless: (i) the overall business submitted by Agent/Manager to the Company has a persistency level of no less than 65%; and (ii) Agent’s/Manager’s overall business with the Company includes 25 or more in-force, premium-paying policies or annuity contracts. No paid-up or reduced-paid-up policy or annuity contract shall be considered to be premium-paying.

Sounds innocent enough utill you hear people say the used the persistency clause to stop their renewals after termination. The way they count persistency, everyone will go to 0% P! persistency after 1 year of not producing business. The less than 25 in force policies was not required in my original contract.. Consider if your average premium is $85 per month and you have 24 policies on the books, then you are going to lose $1600.00 per year. I know it is not a lot but it is just the idea of it. An agent that is retired can use that money just as much as the company.

JD has already covered many of the other problems. There are too many companies out there that are much easier to do business with. (and I used to sing their praises, but they have changed over the years)

 

[DonP]

A lot of it is the way they do things. As JD said they sneak things into the agreement and you have to agee to them in order to sign inot the portal. this was one several years ago.

No renewal commission shall be earned, or become payable, unless: (i) the overall business submitted by Agent/Manager to the Company has a persistency level of no less than 65%; and (ii) Agent’s/Manager’s overall business with the Company includes 25 or more in-force, premium-paying policies or annuity contracts. No paid-up or reduced-paid-up policy or annuity contract shall be considered to be premium-paying.

Sounds innocent enough utill you hear people say the used the persistency clause to stop their renewals after termination. The way they count persistency, everyone will go to 0% P! persistency after 1 year of not producing business. The less than 25 in force policies was not required in my original contract.. Consider if your average premium is $85 per month and you have 24 policies on the books, then you are going to lose $1600.00 per year. I know it is not a lot but it is just the idea of it. An agent that is retired can use that money just as much as the company.

JD has already covered many of the other problems. There are too many companies out there that are much easier to do business with. (and I used to sing their praises, but they have changed over the years)

ok i guess it was less than 65% persistency . Nobody’s going to have that in yr 7-10. Also remember the crazy thing they used to make us acknowledge anytime we’d sign about “ if your no longer contracted and replace business within 2 yrs we’ll sue you for 2 times the 2 yrs if commissions or something like that . Honestly when I was writing them from 2013-2017 heavy I really liked then . I wrote the tar out of the modified as it was basically Gi , good rates, 95% comp and most importantly no chargeback for death . And their paper app was super short . The only pia you had to list all the drugs .