MIB Hit

[jdeasy]

I told them that. I am still a big fan of the packaging, the application and PHI minus the odd Pakistani who's English is unintelligible. The good news is that at least their other products are still great with equally good packaging etc.

I'll remain optimistically hopeful that they'll come up with something competitive. As a businessman and restaurant guy, economics have forced me to make changes many times that my customers didn't understand or like. I think that they run a good operation with great customer support (in my experience). Companies like that tend to weather storms in the longer term.

Actually Aetna is slowly killing their med sups too. They played the MoO shell game and find themselves in the same place. Closed books getting outrageous rate increases which tarnishes their name. Over the top rate increases on the renamed products.

In my area anyway. Aetna has been my goto on med sups for about 6 years now. I've just added two med sup companies in last couple weeks to combat Aetna's new rates. I was using Equitable as a secondary but they also recently priced themselves out.

Aetna won't do anything right with the FE. They don't understand the deal.

I tried to tell them for years that should lower the rates on the FE so they would get healthy people. They way they were priced kept agents from helthy people with them since they could get covered anywhere.

Instead they raised rates and made it worse.

And this is not the first time. Back when Genworth owned them they had a fantastic FE product under the Continental name. Great rates. But Genworth didn't understand and pulled the product and then came out with the current version. Then Aetna bought the whole deal.

Things have gone slowly downhill ever since Aetna entered the picture. Many said this would happen. But they said it would be immediate. They were right in what Aetna did. They were wrong in how long it took.

I wonder what the next name will be under the shell game? I've been through Continental, American Continental, back to Continental in Indiana, AHLIC in Ky 2 years ago. Will they just rebrand as AETNA? Or will it be another mash up?

I haven't lost any of my current book due to the med sup rate yet. But I'm having a tough time offering them. An agent in Pa was telling me this weekend that he's lost about a dozen med sup clients due to Aetna increases.

But this is not news. It's how it works. Of course you will hear none of this at a company med sup meeting. It's all candy and nuts to the desk jockeys that have never sold even one policy.

 

[VolAgent]

Good point. I overlooked that option. Had it happen once in my 13 years of business. We were able to get medical records and letter from Dr. stating what MIB information was inaccurate.

Then you have been lucky.

It happens most often when relatives have the same or similar names.

If you want to screw your son even after you are gone, name him Jr. or the III, especially if you have bad health or don't pay your bills. He will be dealing with it long after you have left this world.

 

[springbokhouston]

Actually Aetna is slowly killing their med sups too. They played the MoO shell game and find themselves in the same place. Closed books getting outrageous rate increases which tarnishes their name. Over the top rate increases on the renamed products.

In my area anyway. Aetna has been my goto on med sups for about 6 years now. I've just added two med sup companies in last couple weeks to combat Aetna's new rates. I was using Equitable as a secondary but they also recently priced themselves out.

Aetna won't do anything right with the FE. They don't understand the deal.

I tried to tell them for years that should lower the rates on the FE so they would get healthy people. They way they were priced kept agents from helthy people with them since they could get covered anywhere.

Instead they raised rates and made it worse.

And this is not the first time. Back when Genworth owned them they had a fantastic FE product under the Continental name. Great rates. But Genworth didn't understand and pulled the product and then came out with the current version. Then Aetna bought the whole deal.

Things have gone slowly downhill ever since Aetna entered the picture. Many said this would happen. But they said it would be immediate. They were right in what Aetna did. They were wrong in how long it took.

I wonder what the next name will be under the shell game? I've been through Continental, American Continental, back to Continental in Indiana, AHLIC in Ky 2 years ago. Will they just rebrand as AETNA? Or will it be another mash up?

I haven't lost any of my current book due to the med sup rate yet. But I'm having a tough time offering them. An agent in Pa was telling me this weekend that he's lost about a dozen med sup clients due to Aetna increases.

But this is not news. It's how it works. Of course you will hear none of this at a company med sup meeting. It's all candy and nuts to the desk jockeys that have never sold even one policy.

I hear you mate. These companies are pressured to make money for the investors at the end of the day. When the competition is killing it playing the shell game it's almost impossible to sit there and not do the same thing.

We as agents can only point out the worst offenders and hope that we choose the right company for the client. That being said, there are no guarantees and therefore when a company has good underwriting, a reasonably good track record, proper commission structure for the writing agent and attractive bonuses for fully underwritten business, place the client and make your living.

I just had a chap call me off an FE appointment from 3 months ago. His MOO Plan F Supp went from $180 a month to something around $350 or $360/month. I laid out the future of Plan F and he didn't believe me at the time. Long story short, I was very very lucky to get him through UW with Manhattan Plan G at around $140/month. Client earned, but I explain to everyone that nothing is guaranteed. That being said, all the uncertainty is what keeps us in business.

 

[GoPokes]

More than likely an error in data entry. Crossed ss#,etc.

It's definitely possible. I remember a situation like this that I ran into about 5 years ago. The applicant never had COPD, but the brand new agent who sold the policy to her checked the box on the app that said she had COPD..., and so it went on her MIB.

When I met with the customer, she was adamant hat she had never had any chronic breathing trouble. I got a doctors letter stating such, and got her approved for a level plan. She is still on the books.

 

[jdeasy]

It's definitely possible. I remember a situation like this that I ran into about 5 years ago. The applicant never had COPD, but the brand new agent who sold the policy to her checked the box on the app that said she had COPD..., and so it went on her MIB.

When I met with the customer, she was adamant hat she had never had any chronic breathing trouble. I got a doctors letter stating such, and got her approved for a level plan. She is still on the books.

Hard to believe it was that. I replaced an AmAm that was the ROP plan because COPD was yes. The lady didn't know it was ROP and was 1 year in.

In talking to her and looking to place her with Trans or KSKJ she told me that she had COPD and that she told the other agent she had COPD.

Her husband spoke up and said she had never been told by a doctor that she has COPD. She said, "yeah, but I smoke and doesn't everyone that smokes have COPD?".

Since it was a self diagnosis I wrote her with Trinity. I knew that they are as tough as it comes on anything breathing related and I could get an immediate answer. I could always go Trans or KSKJ if they said no.

She was approved level by Trinity. And she had a policy for a year that was checked yes to COPD.

I've seen many MIB reports. I've never seen that said a person had or did not have COPD.

 

[HoosierLife]

I think some companies report to MIB faster than others too. I know Trans does immediately because if I ever have to rewrite, they see the trans app I wrote last week on the MIB.

Does it cost them something to report to the MIB?

 

[Baseball7]

They probably 'pay into' MIB so why not use it?