Monumental and Death Claims

[GAJ638]

I have had 3 death claims with Monumental in the last 12 months. Two were in the 2 year contestable period and took up to 6 months to process. Both were paid. I had one claim that the policy was 3 years old. The claim was filed almost 3 months ago and still has not been paid yet. I spoke to the Funeral Home that filed it and they said 3 months was not unusual because Monumental and Transamerica was notoriously slow in processing claims regardless whether the policy was past contestable period or not.

Has anyone had any experience with this delay in claims? Two of my policy holders recently cashed in their Monlife policies and it took almost 4 weeks to process the check.

Three months is pretty bad for a non contestable death claim.

 

[Newby]

I have had 3 death claims with Monumental in the last 12 months. Two were in the 2 year contestable period and took up to 6 months to process. Both were paid. I had one claim that the policy was 3 years old. The claim was filed almost 3 months ago and still has not been paid yet. I spoke to the Funeral Home that filed it and they said 3 months was not unusual because Monumental and Transamerica was notoriously slow in processing claims regardless whether the policy was past contestable period or not.

Has anyone had any experience with this delay in claims? Two of my policy holders recently cashed in their Monlife policies and it took almost 4 weeks to process the check.

Three months is pretty bad for a non contestable death claim.

I've been involved with a lot of monumental claims. They are a little inconsistent. It seems like policies that are under $5,000 and more than 2-years old they have settled very fast and sometimes with only a phone call from the funeral director. No death cert needed sometimes but not always.

Over $5,000 and they always need a certified death cert but settle pretty quick.

Less than 2-years and they will always order doctor records just like all companies. That takes months.

On that 3-year old policy they can always turn the claim in to ForeThought and be paid the same day. They have to give up 4% of the death claim when it's not a ForeThought issued policy but many families do it just to get their money quicker.

 

[jdeasy]

I've never had a death claim with them but I can imagine that it's very difficult to deal with them on that.

I have have had several dealings with them in helping people get their cash value and that is always a nightmare. Always have to send the paperwork 2 times and one case had to send it 4 times.

It seems they think that if they drag their feet the person will forget about it.

They are easily the most difficult company to work with that I carry.

I have had 3 death claims with Monumental in the last 12 months. Two were in the 2 year contestable period and took up to 6 months to process. Both were paid. I had one claim that the policy was 3 years old. The claim was filed almost 3 months ago and still has not been paid yet. I spoke to the Funeral Home that filed it and they said 3 months was not unusual because Monumental and Transamerica was notoriously slow in processing claims regardless whether the policy was past contestable period or not.

Has anyone had any experience with this delay in claims? Two of my policy holders recently cashed in their Monlife policies and it took almost 4 weeks to process the check.

Three months is pretty bad for a non contestable death claim.

 

[PittAgent]

JD I only carry them for immediate coverage copd when that situation comes up. Do you use them for any other niche?

 

[HoosierLife]

JD I only carry them for immediate coverage copd when that situation comes up. Do you use them for any other niche?

They'll take crazies and have no ht/wt chart. With RNAs increase I'm looking at them more and more for those that are obese.

But I think AmCon could be a good replacement for the obese. And they seem to have better rates for older folks and lower face amounts, which seemed to be one of Mons niches.

For immediate COPD, obviously Mon is a good choice, but if they don't smoke or are not on O2, then Assurity will offer level. As will UHL if no treatment at all, no inhaler, nebulizer etc. I'm not 100% sure, but I think UHL will still cover smoking COPDers if no treatment.

 

[PittAgent]

They'll take crazies and have no ht/wt chart. With RNAs increase I'm looking at them more and more for those that are obese.

But I think AmCon could be a good replacement for the obese. And they seem to have better rates for older folks and lower face amounts, which seemed to be one of Mons niches.

For immediate COPD, obviously Mon is a good choice, but if they don't smoke or are not on O2, then Assurity will offer level. As will UHL if no treatment at all, no inhaler, nebulizer etc. I'm not 100% sure, but I think UHL will still cover smoking COPDers if no treatment.

The way I read the monumental app I take it to mean they will take a smoker with copd as standard as long as no oxygen. Am I correct?

 

[Justin Bilyj]

I normally look at Rearden and Jdeasy's bitching of monumental just that bitching...but not anymore!

They are fast becoming the most annoying carrier to work with. Takes forever to get something issued, they are sending me multiple emails from Trans and Monu asking for the same information!! Its on the application!!!!

I have a death claim with them at the moment. Its been 3 months and nothing, just got a letter this week saying the hospitals aren't wanting to send them the documents they are looking for so now they are asking the beneficiary to get the records for them, EXCUSE ME!??!?!?
"Your father died and now we need you to do all the legwork if you wanna get paid"....horrible!

It was within the contestable period, but every piece I submit with them takes FOREVER to get issued, have to refax stuff constantly and answer emails about info on the apps.

The way I read the monumental app I take it to mean they will take a smoker with copd as standard as long as no oxygen. Am I correct?

yes you are correct, one of the only ones to do this, and that's what my claim was regarding, he has copd, same age as my father. Was fine, then one night he woke up complaining he couldn't breathe, then BAM! The panic triggered a heart attack and he had to be unplugged eventually. Sad...

 

[HoosierLife]

The way I read the monumental app I take it to mean they will take a smoker with copd as standard as long as no oxygen. Am I correct?

Yeah you're right, but they're std rates are much higher than Assurity/UHL level preferred.

 

[Sherd]

My dad had a 1k policy from 1930 something. It was transferred from my granddad. Monumental wanted proof my granddad was dead before they would pay when my dad died. Granddad would have been over 115 years old! We didn't have any death certificates.

I called them back and told them to pick up a copy of the Guinness World Records and look up the oldest current living human. The check arrived a week later.
sherd

 

[jdeasy]

JD I only carry them for immediate coverage copd when that situation comes up. Do you use them for any other niche?

I rarely use them because of the problems they present. I just wrote on last week on a 52 year old that was a tad on the heavy side.

Didn't fit with 5 Star. Didn't want to do the interview for Settlers Silver plus he didn't like Settlers because of a past experience. Didn't fit Americo's build chart. RNA's rate increase for that age band made them unusable. Prior to that he would have been a slam dunk for RNA. So I use Mon.

I know from experience to make the app as clean and clearly written as possible and to make sure everything is in proper order. I was out of town from Tues thru the weekend last week and I get an email from Mon saying that it's approved but the premium doesn't match and I didn't answer the questions in section C-1.

I don't have the app with me but I go back to the phone quoter, {where I quoted it the first time}, and reneter his info. I get the same premium that's on the app. I send them a response saying that.

When back at the room I get on the website and I see that have his age wrong and have him listed as female. Thus the premuim difference. So I'm thinking it's a handwriting issue that they are going to bust on me about.

When I get back Sunday I look at the app. Birthdate is very clear. In the gnder section I had put a large "M". No confusion there. In Sec C-1 there are 3 questions. The first 2 are checked no and the 3rd is only to be answered "if yes" to either of the other questions. I didn't answer it because they were no.

So I call on Monday. After being on hold forever I get rep on the phone. I go over these issues. He says he can't understand it because everything is very clear and I answered section C-1 properly. Says he will take care of it.

Couple hours later I get an email with an apology for all the trouble and all those issues have been cleared but now there is another issue. The applicant signed his whole name when he signed the app. Meaning he spelled out his middle name instead of just putting his midle initial.

They said I had only put his middle initial on the app. I reminded them that app asks "M.I". They agreed but said that since he had spelled it out then so should I and that would have to corrected before they could issue.

I don't know about anyone else but that sure looks to me like trying to find reasons to not issue a policy. I'm sure there will be an amendment for it now. That's not an issue to me anymore since I have back to delivering policies anyway. I can get the amemdment on delivery.

This not out of the ordinary for them. That's why I've only written 3 applications with them this year.

They made me get an amendment one time because they couldn't read the contingent beneficiaries' birthdate. never mind that you don't have to put it on the app. I had put it on there since I had it but it wasn't clear. I told them to just mark it out since it wasn't required. No, can't do that. Then I offered to fax them a new first page. First page doesn't have any signatures on it. No, couldn't do that.

The only niche they really have is COPD. They used to take debit cards and I did use them for that some. They stopped that last fall and now only have the COPD. I've never placed a COPD client with them because they won't pay the standard rates in my experience.

They are supposed to start debit cards again next month. They will have that if they actually follow through.

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Why would anyone get on here and bitch about any company just for the exersize of bitching?

I normally look at Rearden and Jdeasy's bitching of monumental just that bitching...but not anymore!

They are fast becoming the most annoying carrier to work with. Takes forever to get something issued, they are sending me multiple emails from Trans and Monu asking for the same information!! Its on the application!!!!

I have a death claim with them at the moment. Its been 3 months and nothing, just got a letter this week saying the hospitals aren't wanting to send them the documents they are looking for so now they are asking the beneficiary to get the records for them, EXCUSE ME!??!?!?
"Your father died and now we need you to do all the legwork if you wanna get paid"....horrible!

It was within the contestable period, but every piece I submit with them takes FOREVER to get issued, have to refax stuff constantly and answer emails about info on the apps.




yes you are correct, one of the only ones to do this, and that's what my claim was regarding, he has copd, same age as my father. Was fine, then one night he woke up complaining he couldn't breathe, then BAM! The panic triggered a heart attack and he had to be unplugged eventually. Sad...