Monumental PHI

[BenS]

Anybody else having an issue with MonLife requiring more and more PHI's? I had a lady that they kept on the phone for 22 minutes today. I'm fairly certain that she wasn't hiding anything from me on the app. This also happened with a few other cases from the past few weeks. It seems like a great way for a deal to fall apart since they are not expecting it.

I'm starting to think it may be better to go with a company that just gives a decision on the spot. Looks like foresters might be my best option? I'm also contracted with AmAm + Tx Life, but their pricing is worse than Monumental. RNA isn't an option at the moment. Thoughts?

 

[Rearden]

Same here -- I loved Monumental, now I hate them.

I'm more and more biased to keeping Monu for the niche offerings -- Lung problems, 1-2 years from heart problems, etc, for immediate coverage -- but leaving them out of everything else.

I like TL better than AmAm -- they (TL) will occasionally have you talk to an underwriter before issuing immediately, but are very flexible and you feel like you're actually appreciated as an agent.

Personally, I don't think TL or AmAm in regards to pricing is too far out of competitive -- it's not like LH or SL -- just make sure you're a good agent and salt the sale down and it shouldn't be replaced.

Foresters works pretty well, too.

Wait until you start getting the most random amendments from Monu, and having to run all over the place to get signatures. Ugh.

 

[Justin Bilyj]

I was told that Monumental no longer needs PHI...but hey call me green (I knew in the past they required it did it change only for some states?)

 

[BenS]

I was told that Monumental no longer needs PHI...but hey call me green (I knew in the past they required it did it change only for some states?)

Well that's the thing... They don't require it. However more and more often they have been calling the applicant and doing a PHI once they have reviewed the app, mib, and rx check.

Basically everything gets put on hold until they get in touch with the client. This of course is a surprise to the applicant because they aren't expecting it. It basically takes down that level of trust between me and the client. If they are going to be doing this all the time, I'd rather just do it while taking the app and get it over with. Also, it's not like they are just calling with a quick question about a certain med that may have popped up on the rx check. They spent 22 minutes w/ my applicant!

I had another guy that wouldn't answer their calls because he had no idea who they were and wasn't expecting them to call. I'm trying to save the deal right now, but he's just mad because he liked dealing with me and not some random person in a call center. If I had known this would happen, I could have just guided him through the process while I was in his living room and it wouldn't have been an issue.

 

[TDK]

Which Monumental product is requiring the PHI?

 

[jacobtn]

Which Monumental product is requiring the PHI?

well since this is a FE forum, I assume he is talking about the solutions FE product.

 

[GoCubsGo]

In selling Monumental or Americo tell them to expect a call. If it doesn't happen they wont be upset but if you don't tell them to expect one and they get one they will.

 

[jdeasy]

I told you guys how difficult it was to work with Monumental. The amendments are just part of the problem.

The PHI, when they do one is very intensive. You would think it's fully underwritten by the details. However, everyone that has had the PHI with Mon has been approved. All but one was approved preferred.

The clients were still very upset with the process.

I absolutely hate dealing with Monumental. I keep now only for their few niche situations.

 

[eddie]

I agree with JD. The phone interviews are very intensive and long. Trouble is if you quote them preferred and they come up standard, due to RX check usually, then you have to get the amendment signed unless you check that box on the 1st page of the app that says, the client will accept a policy other than applied for. I think they waive the amendment if you check that box yes. Is that correct JD?

 

[BenS]

I told you guys how difficult it was to work with Monumental. The amendments are just part of the problem.

The PHI, when they do one is very intensive. You would think it's fully underwritten by the details. However, everyone that has had the PHI with Mon has been approved. All but one was approved preferred.

The clients were still very upset with the process.

I absolutely hate dealing with Monumental. I keep now only for their few niche situations.

Getting started they were a good fit for me as I still had a lot to learn with regards to the application process. Not having to do the PHI made my appointments smoother and faster. Now that I'm more comfortable with these plans, It's time to branch out.