Monumental and Death Claims

[quackattack99]

After dealing with Foresters for the last month, and still waiting on my commission, now reading this about Monu...(who I have actually had good luck with, crossing fingers here), starting to wonder if any of these FE companies are actually 'user friendly'.

I stand corrected, I just checked my account and Foresters actually made the deposit today. I really hope this lady lives another two years. Based on my experience so far, I can't imagine how Monumental could be any worse than Foresters in dealing with a contestable death claim.....or, for that matter, any death claim!

 

[jdeasy]

So they aren't as customer friendly as they are agent friendly? Have you had to deal with any claims with them?

Since I use them for med sups too I do have many claims and they are great on that, sis is everyone else. I'm sure that's not what you meant.

I've had a handful of contested claims with them and a handfull of non contested claims.

There was one contested claim they didn't pay. All the rest were paid. Obviously the contested ones took a few months.

I don't know how long they took to pay the non contested ones because they were all assigned by the funeral homes so they got paid right away.

Never had a complaint about their claim paying process.

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I stand corrected, I just checked my account and Foresters actually made the deposit today.

Foresters pays on friday. You can check you commission statement on Thursday afternoons.

 

[houcoogster]

I've had a handful of contested claims with them and a handfull of non contested claims.

There was one contested claim they didn't pay. All the rest were paid. Obviously the contested ones took a few months.

I don't know how long they took to pay the non contested ones because they were all assigned by the funeral homes so they got paid right away.

Never had a complaint about their claim paying process.
.

So all in all you just don't really see any extra benefit to the client for the slightly higher premium in a lot of cases.

I hear you there.

And yeah I was talking about DB claims and FE premium.

 

[GAJ638]

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 used Monumental since they were run out of Baltimore. I never really had an issue with them. Rarely had issues with amendments like I do now. I have had problems with getting cash surrender or loans processed also. Since they moved the brokerage operation to Idaho is when I started noticing the difference in underwriting and new business processing. I also market some term products with Transamerica and spent part of my morning trying to speed up underwriting. I am seeing the same problems with both companies now. Their normal response is..."it will take 24 to 48 hours(count on 48) to update this information.

Guess all this delay has trickled down to claims processing too.

 

[GAJ638]

Just an added update on Monlife policy service. I had a policyholder contact me about surrendering their policy because of a cash need. I pulled up ANI to check and got the cash surrender amount from their site. The people sent the CSR form in the end of July. They did not get what I had quoted them. FYI the cash and loan information is different then what is on their policy info online.

I asked why the difference in values and was told it "has to do with the refund of any premium that is involved on that date" What???
So I said and if it takes 3 weeks to cash in a policy any information that is on your site is incorrect??? He told me I needed to talk to someone that handled their website.

I tried to explain to him that they should take down that information on their website if it is always wrong. Yep he corrected me......"I was in the wrong department". Click