Liberty bankers 5 % rate increase . Who’s next ?

[jdeasy]

Lol love you JD . I’m sure if we had few beers we’d be best friends !!!

No doubt

 

[jdeasy]

When I was a youngin' my mama used to warn me away from hazards saying things like "you'd better not go near that bear. You're libel to be ate."

I didn't figure out until years later that she was really saying "Don't go near that bear. You're liable to be ate."

Makes one wonder how I ever managed not to be ate by that bear.

Well, look who's back!!

 

[DayTimer]

Well, look who's back!!

I thought the same thing when I saw you here

 

[Baseball7]

Plenty of fish in the sea.

many of the fish are nicer too.

 

[Newby]

Jd look at my words ethically .Replacement artists know no ethics . The only thing falling from the sky for me is policy after policy . Lol .

If they know no ethics then I wouldn’t call them a replacement “artist”. I would call them a scumbag.
When you say replacement artist that sounds like someone who knows how and when to do proper replacements.
If someone is doing unethical replacements (aka:churning) they are no artist. They are a scumbag.

 

[goillini52]

They blamed inflation and mortality.I’m sure many more to come . Means replacing 2-5 year old ethically will be tougher going forward as rates rise for new policys .

When does this happen?

 

[DonP]

When does this happen?

2/1 rates change.They reduced comp on standard rates by 5% . Also no underwriting decisions on the pre check anymore unless a decline . I rarely write them but a lot of telesales agents like them .

 

[noah]

I have a policy with them issued 06/2020 that lapsed 10/2022.
The insured wants to restart the policy. When I called CS,they told me she needed to pay 5 premiums to reinstate. And I was told if she didn’t have the money LBL would redate the original policy. She would start a new contestable period. The I was transferred to NB where this was confirmed. I was told to write the application as a new application and that I would be paid a full commission on the policy.

Anyone ever heard of anything like this ?

I asked the girl 5 times to confirm what I didn’t believe and she said she was sure.

I’m not a rewrite type agent I just go find new payers.

If I did run into something like this in the past I’m sure that I would just go write a new policy with a different company so I could get paid full commission.

What do you guys know ?

 

[jdeasy]

I have a policy with them issued 06/2020 that lapsed 10/2022.
The insured wants to restart the policy. When I called CS,they told me she needed to pay 5 premiums to reinstate. And I was told if she didn’t have the money LBL would redate the original policy. She would start a new contestable period. The I was transferred to NB where this was confirmed. I was told to write the application as a new application and that I would be paid a full commission on the policy.

Anyone ever heard of anything like this ?

I asked the girl 5 times to confirm what I didn’t believe and she said she was sure.

I’m not a rewrite type agent I just go find new payers.

If I did run into something like this in the past I’m sure that I would just go write a new policy with a different company so I could get paid full commission.

What do you guys know ?

That story is unlike any I've ever heard from an insurance company.

The contestable period does start over on reinstatements. So that part is correct. I've never contracted with LBL so I don't know their procedures. What premium will they charge? What she was paying or the premium today?

Many companies pay full commission on rewrites. Also many don't. It's good to ask.

 

[noah]

That story is unlike any I've ever heard from an insurance company.

The contestable period does start over on reinstatements. So that part is correct. I've never contracted with LBL so I don't know their procedures. What premium will they charge? What she was paying or the premium today?

Many companies pay full commission on rewrites. Also many don't. It's good to ask.

Well since the rates change tomorrow and I’m writing it later this week it’s the new rate and the insured is 2 years older. I was told just write it like it’s a new policy.

Im surprised they will redate a policy after more than 2 years.