Monumental PHI

[jacobtn]

I will tell why I hate Monumental, and it is for an entirely different reason than what is being mentioned.

Their captive agents who work under the Baltimore main office, are lying, cheating losers who will say and do ANYTHING to keep ripping off their clients. I have had at least 3 cases where they send out a conservation woman over 1 HUNDRED MILES away from the clients house, and she actually was there when I went to conserve an Americo deal.

The folks BOTH chewed tobacco but didn't smoke, so Americo was giving them each $5,000 more coverage for the same premium. I wish had a tape recorder to record all the nonsense she spouted. The daughter was there and realized the fluff and they decided to keep the Americo I had written them.

Two weeks later the lady came BACK and convinced them to cancel the Americo, and I lost $1300 comm. and the clients got screwed. Furthermore she wrote out a long, hateful letter and had them sign it as if it came from the clients, that stated I had lied and said I was with Monumental (I did say I am appointed them because I am)

The moment you call and stop the draft, they notify the agent of record and the conservation effort begins. DO NOT STOP DRAFT OR SEND IN CANCELLATION LETTER UNTIL THE VERY LAST MINUTE. Also, make their son or daughter the owner of their policy, then they cannot cancel it they can only stop the draft at their bank. Had I done this the client would not have been harmed and I wouldn't have lost $1300.

 

[jdeasy]

I will tell why I hate Monumental, and it is for an entirely different reason than what is being mentioned.

Their captive agents who work under the Baltimore main office, are lying, cheating losers who will say and do ANYTHING to keep ripping off their clients. I have had at least 3 cases where they send out a conservation woman over 1 HUNDRED MILES away from the clients house, and she actually was there when I went to conserve an Americo deal.

The folks BOTH chewed tobacco but didn't smoke, so Americo was giving them each $5,000 more coverage for the same premium. I wish had a tape recorder to record all the nonsense she spouted. The daughter was there and realized the fluff and they decided to keep the Americo I had written them.

Two weeks later the lady came BACK and convinced them to cancel the Americo, and I lost $1300 comm. and the clients got screwed. Furthermore she wrote out a long, hateful letter and had them sign it as if it came from the clients, that stated I had lied and said I was with Monumental (I did say I am appointed them because I am)

The moment you call and stop the draft, they notify the agent of record and the conservation effort begins. DO NOT STOP DRAFT OR SEND IN CANCELLATION LETTER UNTIL THE VERY LAST MINUTE. Also, make their son or daughter the owner of their policy, then they cannot cancel it they can only stop the draft at their bank. Had I done this the client would not have been harmed and I wouldn't have lost $1300.

I have experienced the same thing from them.

One time I called for a lady to stop the draft. After the normal 10 minute hold we got one of their reps and told them why we were calling. Of course they had to speak to the lady and put her on, but left it on speaker. After the client told her that she did indeed want to stop the draft the Mon rep went into this tirade about about contestability and how she would have a new one and since she was almost out of contestability with them that she should keep it. I picked up the phone and asked the lady if she was licensed. She said she wasn't and wasn't required to be. I told her that she did need to be licensed to advise and since this app was being written in Ky there was no new contestability and she could correct that now or I would file a complaint with the DOI. She said, "this conversation is over and I won't be stopping the draft" and hung up.

We had to call again and wait the 10 minutes and get another *** on the line to get the draft stopped.

They are a terrible company, but they do us a favor when they act like that. That lady wanted no part of them after those calls. The local agent tried and tried to talk to her later and she would even talk to her on the phone. She called me every time the agent called.

 

[0b1kanobee]

the Mon rep went into this tirade about about contestability and how she would have a new one and since she was almost out of contestability with them that she should keep it. I picked up the phone and asked the lady if she was licensed. She said she wasn't and wasn't required to be. I told her that she did need to be licensed to advise and since this app was being written in Ky there was no new contestability

JD
What were you replacing the Monumental policy with (what carrier............another Monumental?????) that she wouldn't have to go through another contestable period?

I'm curious to how this works in KY compared to Florida.
THANKS!

 

[rousemark]

Years ago, we were writing accident, cancer and IC plans with Life Investors. Loved doing business with them.. Then they were aquired by Aegon and it was downhill from there.. I thought about contracting with Monumental but I just can't get past that Aegon logo..

 

[jacobtn]

I'm going to have to start asking them if they are licensed the next time they pull that BS. That's a good question and a legitimate one.

I wrote a $150 Foresters app the other day and replaced a LH and a Monumental graded policy that was just written a few months earlier (he got level). I stopped the draft on the LH, but I will *not* call and stop the draft on the Monumental until the LH is surrendered and I am delivering the Foresters. Will pull the rug out from under them at the last minute.

I am going to send you a PM on something else I do that I don't want to post here.

I have experienced the same thing from them.

One time I called for a lady to stop the draft. After the normal 10 minute hold we got one of their reps and told them why we were calling. Of course they had to speak to the lady and put her on, but left it on speaker. After the client told her that she did indeed want to stop the draft the Mon rep went into this tirade about about contestability and how she would have a new one and since she was almost out of contestability with them that she should keep it. I picked up the phone and asked the lady if she was licensed. She said she wasn't and wasn't required to be. I told her that she did need to be licensed to advise and since this app was being written in Ky there was no new contestability and she could correct that now or I would file a complaint with the DOI. She said, "this conversation is over and I won't be stopping the draft" and hung up.

We had to call again and wait the 10 minutes and get another *** on the line to get the draft stopped.

They are a terrible company, but they do us a favor when they act like that. That lady wanted no part of them after those calls. The local agent tried and tried to talk to her later and she would even talk to her on the phone. She called me every time the agent called.

 

[TDFnCali]

I am going to send you a PM on something else I do that I don't want to post here.

U holding out on us jacobtn?? LoL

Wouldnt it be easier to just call the bank & do a stop payment from that end??

U could even repay the client if there's a stop payment charge (if thats allowed)!!

 

[rousemark]

U holding out on us jacobtn?? LoL

Wouldnt it be easier to just call the bank & do a stop payment from that end??

U could even repay the client if there's a stop payment charge (if thats allowed)!!

Most of the banks here charge $30+ for stop payment. If you reimburse the client someone might try to make the argument to the DOI that it was an inducement.

 

[Newby]

JD
What were you replacing the Monumental policy with (what carrier............another Monumental?????) that she wouldn't have to go through another contestable period?

I'm curious to how this works in KY compared to Florida.
THANKS!

Kentucky is unique in that they do not allow a new contestability period when a policy is replaced. If the old policy was in force 2 years or more the new one has to be completely non contestable even for suicide.

If the old policy was in force less than 2 years the new one is only contestable for the same amount of time the old one would have been.

If the new policy is larger than the old one the increase in coverage is contestable.

 

[jdeasy]

U holding out on us jacobtn?? LoL

Wouldnt it be easier to just call the bank & do a stop payment from that end??

U could even repay the client if there's a stop payment charge (if thats allowed)!!

You can't put everything on the forum. The companies and IMO's do read here and monitor it.

I am constantly hearing about things I post on here. Plus we have at least one rat that will tell certain companies what you say. I had one VP call me and threaten to terminate my contract because of a post here.

 

[Rearden]

Then I hope Monumental is reading this thread -- there are several verified top producers that have replied to this thread with disgust over their servicing of their FE product.

It's like a focus-group for free.

Truth is, it could be a fantastic product but the difficulties on the back-end make it incredibly frustrating and not worth dealing with on a more frequent basis.