Mega market conduct results

[Crabcake Johnny]

36 state market conduct results

http://www.insurance.wa.gov/oicfiles/marketconduct/2007mc/MegaReportFinal.pdf

 

[dmiller90]

If anyone ever sold these products longer than 3 months,(enough time to realize its total Junk) I would be embarrassed to ever admit that I was involved with any of these outfits, knowing good and well that clients I sold to, will have problems in the future, and that I put family's in complete jeopardy.

When I first started in this buisness I was approached by NASE and Cornerstone, but realized after doing quick research, that I would never fall for such a company, how any Agent gets sucked into this, Ill never understand.

I guess after 21 Years in the Army, I see things differently than most.

 

[Crabcake Johnny]

Many people on this board who I greatly respect sold Mega for not months, but years.

 

[arnguy]

OMG, John, did you read all 204 pages of the report?

 

[Crabcake Johnny]

Heck no - scanned it. Nothing new - yet another investigation that finds training to be lacking. Mega responds with "we'll fix it" and the investigators say "gotcha. No problem."

 

[BKrocko]

I reviewed most of it - there may not be much "new" stuff contained within but it is still very alarming. They do/did not even have a policy manual in place for handling claims - it seems to be willy nilly. It also makes mention of the fact that all sales training lacks mention of major medical health policies, ethics, general industry trends etc....in other words, they just train in sales - no need to cloud the situation with detailed facts about the product.

Mega also states that they prefer to hire "new agents" because they don't need to "un-learn" bad old sales tactics.

I will print a copy of the report and highlight the relevant information to show prospects who are currently with them what a joke this company is.

 

[Crabcake Johnny]

Being a former agent, I noticed some sections that would put a kink in sales. They can no longer use common billing for the association dues - the client must crank out a separate check at the time of app for the association dues and billing can't be combined.

This will be a problem for some of the older agents who only sold Premier memberships at $400+ per year yet never disclosed the fees to the client since the printed out the rates with premium membership figured in and just told the client it was "included."

Now they have to state "well, it's one month upfront, oh...and it's a $75 app fee....oh, and stroke another check for $45 for the association dues."

My old office has dropped off the grid. They were churning out $500,000 per week in volume when I was there. Last I heard a few months ago they were under $100,000. Of course, now when new agents Google "mega life" they see 10 pages of articles and lawsuits. When I started there was nothing on the web about them at all. Well, until I posted on the old board and Scott jumped down my throat.

 

[STIBROKER]

and your a better man for it......now what to do with all theses NAA agents.....

When I started there was nothing on the web about them at all. Well, until I posted on the old board and Scott jumped down my throat.