Madison National Called...

[Josh]

Are there other companies that have an easy telephonic process?

Actually, Madison isn't even approved in NY, the main players are American Progressive, Columbian, and depending on the situation Presidential. Unity does every now and again, but that's about it.

Seniors in NY have EPIC though, which is pretty stinkin' great.

On the downside, the taxes are high, the laws are excessive, that state is near bankruptcy, and NYC/LI are about to get knocked off the face of the earth.

 

[Mark]

Madison National policies are easy dropped or replaced.

All anyone has to do is compare rates with them. They are over 30% more then the other F.E. Companies. The only good thing about them is being able to sell them over the phone.

They offer lower commissions and higher rates. Hmm.

I've never seen so many lapses with any company. The business just dont stick.

 

[Newby]

Madison National policies are easy dropped or replaced.

All anyone has to do is compare rates with them. They are over 30% more then the other F.E. Companies. The only good thing about them is being able to sell them over the phone.

They offer lower commissions and higher rates. Hmm.

I've never seen so many lapses with any company. The business just dont stick.

PLease increase the inventory some more!

 

[medsuptage]

For people that only do phone sales Madision is a decent carrier In my honest opinion.


If you are someone who goes and sits in someones living room I would probably never sell madision.


The limitations we have as far as what can be sold over the phone and have the carrier be okay with it is limited.

Foresters has 15 states, Monumental is out completely. Most of the ones that do allow phone sales require a paper snail mail app and still another phone call for an interview ect.

Also I haven't seen a tele app process that touches madision's, hole in one interview/voice sigs, wam bam thank you ma'am

 

[Newby]

For people that only do phone sales Madision is a decent carrier In my honest opinion.
If you are someone who goes and sits in someones living room I would probably process that touches madision's, hole in one interview/voice sigs, wam bam thank you ma'am

Bless you sir for all you do. Keep up the good work.

 

[TRSecurity]

Foresters is in NY. They also do not have a separate commission schedule for NY like the rest of the insurance world. Makes it the new best FE for the state.

As for Madision, we never bothered contracting with them and haven't been missing out it appears.

 

[Josh]

That's right, Foresters did get approved recently. I think that was within the last 6 months or so.

 

[magagent]

I remember this was the pitch they used on their very first webinar when they released this product "Yes, we are going to be at least 20% higher than Foresters, RNA, etc.. but hey, we will take basically everyone you send us and have it approved in 48 hours".

They did at least live up to half of their bargain they are 20% higher than everyone else..

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.

 

[Daytona_Guy]

I, too, told them to terminate my contract about four months ago, when they refused to answer the question I repeatedly put to them - "What is 'uncontrolled diabetes?'", as their application question asks. They did not want to give an answer. Neither the underwriting department or the VP would answer the question.

I finally told them that this purposeful obfuscation on their criteria obviously means they'll underwrite on the back end, denying claims by some arbitrary measure. They then wrote back saying they certainly did not want Diabetics (e-mail kept for future reference). Well, that was it for me.

I told my agents they were free to stay with them, but I was out of there. They, just recently, began calling my agents to tell them that they're under someone else.

Sad case - lots of promises about immediate policy issue timelines and delivery, easy issue, etc. and they had cases lost until agents called to check on why they hadn't heard anything.

The fact that they had trimmed down Foresters' phone sale script process with Aptical was nice, but the dramatically higher prices outside the mainstream would very obviously lead to Lincoln-like replacement issues in the near future.

All in all, it was a good call to terminate their contract.

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.

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I remember this was the pitch they used on their very first webinar when they released this product "Yes, we are going to be at least 20% higher than Foresters, RNA, etc.. but hey, we will take basically everyone you send us and have it approved in 48 hours".

They did at least live up to half of their bargain they are 20% higher than everyone else..

So true... so true.

 

[Mark]

It is very easy to replace a Madison app with another company.

You can save about 30% to go with another company.