To let me know they are terminating my contract.. What will I ever do...
Madison National Called...
- Thread starter magagent
- Start date
- 11,280
Hmmm.... I guess you could ignore there phone calls now.
MrProducer
Super Genius
- 240
OH NO!! What will you do when you suddenly feel the urge to screw some old lady with a 2x4 in the bum.....sideways!! (I guess there's always Banker's Life)
DOn't feel bad. I told them to take a hike myself. We no longer with with them. We termed out contract also. All told them they could just keep all of the agents we recruited for them.
Their Prices were too high. They added a height and weight chart. Stop taking the credit card or debit card. A lot of the "over the phone business" lapes in a short amount of time.
They did you a favor to term your contract.
Their Prices were too high. They added a height and weight chart. Stop taking the credit card or debit card. A lot of the "over the phone business" lapes in a short amount of time.
They did you a favor to term your contract.
- Thread starter
- #5
They obviously have no idea what they are doing... Letter stated something to the tune of "Per your IMO contract it states that we require you to submit business within the first six months of contracting.. What a joke 
- 8,448
Our office is transitioning from Health to Life. Madison National is one of the companies being contracted with. Based on this thread, perhaps that's no longer a good idea since they seem to be becoming more picky about Agent consistency and also applicantion underwriting.I wonder if MNL also terminates agents and keeps all renewals if the agent doesn't write XX of policies every xx months? I've written a handful of Life policies with TransAmerica (formerly Life Investors) over the past 8 years. They've never threatened to terminate for low production. It's just that they don't have a Final Expense type of plan for Seniors.-Allen
- Thread starter
- #7
You should be more worried about MN rates as they are not even close to being competitive now. Factor in they won't take credit or debit cards anymore and you have no reason to even fool with them. I thought Transamerica had an FE product?? Best thing about MN is their contracting its online and takes less than 48 hours to get appointed with them.
- 11,997
I'm going to disagree with the two points above and say that there are at least three good things about Madison that make them worth considering:
-Open-minded underwriting: Most carriers won't take an insulin dependent diabetic on disability with day one coverage. Some do, but that's far from the norm.
-Simple telephonic process: You can take an app right over the phone and it's relatively painless and has no e-mail follow-up required.
-Fast issue: It's not uncommon for a policy to be issued within 24 hours and most of the time you know over the phone whether or not it's going to get issued. Again, not the only carrier to do that, but far from the norm and certainly a strong point.
Yes their rates are high, yes they changed their mind about cc, and yes the added a h/w chart, but they still do have their place and they are a great company when you need them.
- 7,790
- 19,617
I don't know what carriers you are used to dealing with for FE, but most of my carriers will take insulin dependent people that are on disability and give immediate coverage. In fact, the only one I know of that even asks if you are on disability is UHL and they say they are taking that question off the app.
If you think ML is outside the norm on issue, you need to get some more carriers. They are terrbile as FE company. There is absolutely no reason for an FE agent to ever need to use them
Maybe in New Your? I know there are a bunch of funny rules there and limited offerings. If ML is a good choice there I really feel sorry for the seniors of New York.
