- 19,647
Just got word that effective Oct. 1, 2012 Monumental will stop taking credit/debit cards for recrring monthly payments.
Monumental No More Credit Cards
- Thread starter jdeasy
- Start date
Wouldn't surprise me if more companies didn't go that route.. I understand the persistency is as good as bank draft. Besides, create debt for a financial security plan?
- 4,872
As I've states quite a few times on here the pers. of the prepaid debit and credit cards is horrible.
A few other agents up here said they had no problem with the pers. of the cards.
You'll definitely see other co.'s drop taking these cards in the future.
You'll probably see, at a slower rate, money order biz no longer being accepted.
A few other agents up here said they had no problem with the pers. of the cards.
You'll definitely see other co.'s drop taking these cards in the future.
You'll probably see, at a slower rate, money order biz no longer being accepted.
- Thread starter
- #4
- 19,647
No one has disagreed with you on the prepaid debit/credit cards.
The disagreement has been on the SS Direct Express cards. The persistancy is quite good on those as long as you make the draft the same as the day they get money put on the card from SS.
Companies should be trying to capture that business instead of running from it. As of Jan. 1, 2013 SS will only pay to an accolunt or to the Direct Express.
There is ma huge problem with prepaid credit/debit cards as well as revolving credit cards. I can see a company not taking those.
Just another example of the companies not understanding he market they serve.
- 17,072
5-Star definitely takes them.
- 2,758
Speaking of 5-Star.....
Probably a dumb question but I'm old enough to not care if I embarrass myself.
I was looking at 5-Star for that very same reason but all I see on their website is a term to 100. Do people really sell term for FE or am I missing something? For confirmation purposes I'm looking at 5starima.com...correct?
- Thread starter
- #9
- 19,647
Speaking of 5-Star.....
Probably a dumb question but I'm old enough to not care if I embarrass myself.
I was looking at 5-Star for that very same reason but all I see on their website is a term to 100. Do people really sell term for FE or am I missing something? For confirmation purposes I'm looking at 5starima.com...correct?
No, that's not the right place for their whole life. 5 Star is a really weird company. They have good rates. They do a POS interview with an answer on the sopt if the agent wants to do that or it can be sent in for traditional underwriting. They take all modes of payment, checking account, savings account, credit cards and debit cards, including Direct Express and also monthly billing.
They now have a graded to go along with the immediate benefit. They are part of the Armed Forces Benefit Association, AFBA, and have probably the best looking client materials out there. I believe street commissions to be 115% with 5% renewals.
But, their website is a miserable experience. Client service like changing bank accounts or changing the beneficiary is a nightmare.
They are a good comapny to have available but if they were your main company it would drive you batty dealing with them.
They also have a lead program where they will pay part or all of your mailer based on production. I've never used that so I don't know how it works really.
If it's like anything else with them administratively it would be frustrating to deal with.
Newby has contracts for 5 Star. Contact him for details.
- 2,758
Thanks, JD. Good.....no term for FE. All is right with the world again. I thought I was going crazy (er).
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