JDeasy a Question for You...

[Newby]

I'm assuming you meant 25%? But yes your exactly right fraternal companies can change at anytime and It is clearly written in there policies. It is just a matter of explaining this to the customer and letting them make the choice. By the way what is the name of that catholic company... I think I may have ran into something like that a while back...

Yes, it's 25%. It's the Catholic Ladies Slovakian Benefit Association. The biggest problem is they don't want you to sell to anyone who is not both of Catholic and Slovakian heritage. Plus underwriting is a pain in the azz.

When I first picked them up they had an unbelievable single pay but that's changed now.

 

[jdeasy]

...or anyone else really just seem jd is good with pointing out the fraternal benefit wording of a certificate.



I am meeting with a client I lost to Catholic life insurance and would like to show her the difference between this fraternal certificate and the policy I wrote for her. (what page if you know)

Any other advice regarding Catholic Life would also be helpful if anyone knows. Thanks!

If it's fraternal then it's spelled out in the contract somewhere. Foresters makes it easy to find. RNA does not.

If they beat you on price pretty good the person will most likely not care about it being fraternal. Especially if the agent that sold it went over details. I just replaced a CL with RNA that was only $8/qtr less. She really liked the RNA member benefits. I explained the fraternal difference because I knew the replaced agent and I knew he would try to conserve.

He did and she told him she didn't want to hear any of that because she liked the RNA benefits plus she was saving a little money.

I could have put her with another company that saved her $20/qtr but she wouldn't do that one. She was hung up on the benefits.

I say that to point out that you just can't go in there and blast the fraternal and expect to make a sale. You have to find out their why. WHY did you buy this? WHY would you keep this?

 

[Norwayguy]

I write a different catholic fraternal, but it's very similar. Great rates, can replace most other companies by price if the person is healthy enough to get through fully underwritten without any sort of rate up.
On the company I write for, it spells out on the first page inside of the certificate that the rate is not guaranteed. So, there are 2 things for you to use. 1) tell them to look at it and ask if it says 'certificate' or 'policy' (obviously, it will clearly state 'certificate' on the cover). 2) Find out where it says the rate is not guaranteed (usually on first page).
Lastly, hope the agent that replaced didn't do a good job of preempting any of these things. I always point out to my clients where it says rates are not guaranteed, but let them know that the company has never raised a certificate holder's rates once it has been issued in the entire history of the 140+ years they have been in business.
If the agent did a good job of going over these things, you may want to just move on and not drive yourself crazy. If the client got more coverage for less money it will be extremely difficult to convince them to switch back.

Yes and a life insurance company has never gone out of business until it does the first time....That's a statement Executive Life agents could have used prior to thier meltdown.

 

[HoosierDaddy]

...or anyone else really just seem jd is good with pointing out the fraternal benefit wording of a certificate. I am meeting with a client I lost to Catholic life insurance and would like to show her the difference between this fraternal certificate and the policy I wrote for her. (what page if you know) Any other advice regarding Catholic Life would also be helpful if anyone knows. Thanks!

Is the client a Catholic? That is one of the questions on the application (it used to be). Either the client or spouse I believe needs to be. I don't believe you could contest a claim for that but would help plant a seed that this product may not be for you.

Who did you write her with?

 

[pcbinsurance]

Do recovering Catholics count?

 

[lifeagent007]

If it's fraternal then it's spelled out in the contract somewhere. Foresters makes it easy to find. RNA does not.

If they beat you on price pretty good the person will most likely not care about it being fraternal. Especially if the agent that sold it went over details. I just replaced a CL with RNA that was only $8/qtr less. She really liked the RNA member benefits. I explained the fraternal difference because I knew the replaced agent and I knew he would try to conserve.

He did and she told him she didn't want to hear any of that because she liked the RNA benefits plus she was saving a little money.

I could have put her with another company that saved her $20/qtr but she wouldn't do that one. She was hung up on the benefits.

I say that to point out that you just can't go in there and blast the fraternal and expect to make a sale. You have to find out their why. WHY did you buy this? WHY would you keep this?

Hey guys Update for you. So i went to the appointment today with my CUSTOMER (no ex anymore.) I simply sat down and explained the differences without being pushy or rude and when I was all done explaining she looked at me and said "I knew I should have left it the way it was." And the rest was history. Haha I went grabbed a note pad and said I'll help you with the wording and we'll send this cancel letter to Catholic life.

And besides that the agent before me was a jerk... replaced my policy for .40 cents... yes 40 CENTS less a month.

Moral of the story. It pays to follow up with your cancels.

 

[Gooner]

Hey guys Update for you. So i went to the appointment today with my CUSTOMER (no ex anymore.) I simply sat down and explained the differences without being pushy or rude and when I was all done explaining she looked at me and said "I knew I should have left it the way it was." And the rest was history. Haha I went grabbed a note pad and said I'll help you with the wording and we'll send this cancel letter to Catholic life.

And besides that the agent before me was a jerk... replaced my policy for .40 cents... yes 40 CENTS less a month.

Moral of the story. It pays to follow up with your cancels.

Good for you...congrats on the save and follow up

 

[Josh]

That's exactly right. It amazes me that we even have to point this out to the public.

Have you seen the way they vote?

 

[Norwayguy]

Hey guys Update for you. So i went to the appointment today with my CUSTOMER (no ex anymore.) I simply sat down and explained the differences without being pushy or rude and when I was all done explaining she looked at me and said "I knew I should have left it the way it was." And the rest was history. Haha I went grabbed a note pad and said I'll help you with the wording and we'll send this cancel letter to Catholic life.

And besides that the agent before me was a jerk... replaced my policy for .40 cents... yes 40 CENTS less a month.

Moral of the story. It pays to follow up with your cancels.

Question what exactly are YOU putting on the replacement form as the reason for replacement as it sounds like the customer now has a lower premium. The only benefit would be coverage by the state guarantee fund but that is something you are not allowed to sell on.

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Yes, it's 25%. It's the Catholic Ladies Slovakian Benefit Association. The biggest problem is they don't want you to sell to anyone who is not both of Catholic and Slovakian heritage. Plus underwriting is a pain in the azz.

When I first picked them up they had an unbelievable single pay but that's changed now.

Heck yeah that SPWL was awesome essentially a surrender charge free annuity with a 3% minimum guarantee with a death benefit could blow away anyone using an actual annuity with 1% guarantees.

 

[Todd King]

Question what exactly are YOU putting on the replacement form as the reason for replacement as it sounds like the customer now has a lower premium. The only benefit would be coverage by the state guarantee fund but that is something you are not allowed to sell on.

QUOTE]

I don't think he's replacing, it's more of a reinstatement right now.