MOO and UOO Announces Commission Hair Cut to Agents

[yankee466]

Pretty soon we'll be selling this stuff only as a favor to others, instead of earning a living.

Also, eliminating benefits....out of group market......usual stuff.

One more reason to sell pet insurance

 

[Arthur Rudnick]

originally posted by Yankee466

Pretty soon we'll be selling this stuff only as a favor to others, instead of earning a living.
Also, eliminating benefits....out of group market......usual stuff.
One more reason to sell pet insurance

What did you hear?

 

[yankee466]

Following GNW lead.....15 points off first year commission to agent. Dropped Lifetime and limited pay options.

 

[Arthur Rudnick]

Pet Insurance pays 80% 1st year, but the agent must take a stool sample......................

 

[billberry12]

Seems to be a pattern developing here guys and gals. TransAmerica should be next up any minute now don't you think?

TransAmerica already warned us a few weeks ago that "changes are coming...details to follow". I guess they were waiting to see what MOO would do. Now they know.

 

[yankee466]

Pet Insurance pays 80% 1st year, but the agent must take a stool sample......................

Sounds like we'll soon be collecting a stool sample no matter what....but it will not be from the client.

 

[ctg]

Crap! Just got my LTC certification today.

 

[TriciaS]

Seems to be a pattern developing here guys and gals. TransAmerica should be next up any minute now don't you think?

TransAmerica already warned us a few weeks ago that "changes are coming...details to follow". I guess they were waiting to see what MOO would do. Now they know.

Right now it looks like Trans is raising the rates by 15% and leaving comp alone but making other changes to discounts.

 

[Arthur Rudnick]

Official Announcement from Mutual of Omaha​

As the Long Term Care insurance market continues to evolve, Mutual of Omaha remains a key player in the industry. We will remain a strong, stable and secure solution for your business. Our strategy has been built on decades of experience coupled with conservative principles and a thorough understanding of market dynamics.

While the current Long Term Care insurance environment is ever changing, we believe our product offerings must adapt in order to remain sustainable. Just as the market continues to mature and evolve so does our approach. In the current low interest rate environment, changes are necessary to maintain a long term and viable product line.

In order to do this, the following modifications are necessary:

Product

Suspension of Lifetime Benefit option and all Limited Pay options (excluding Flex to Age 85)

• Current application forms will be accepted as long as elections noted are not selected
• Applications, selecting either or both of the elections noted, must be signed no later than August 1, 2012 and must be received in the Home Office no later than August 8, 2012
• New application forms are available on Sales Professional Access
• Marketing materials will be available as soon as possible on Sales Professional Access

Market

Suspension of Multi-life sales

• Groups approved no later than August 1, 2012 will not be accepted
• Groups that received an active offer letter within the last 30 days will be allowed to proceed provided the offer letter is signed no later than August 8, 2012
• New employees will be allowed to be added to existing groups provided the Home Office is already administering this process

Compensation

Total first year gross compensation will be reduced by 15 points or less (state specials may vary)

• New Compensation/Product Schedules will be effective for applications signed August 8, 2012 or later
• Applications signed prior to August 8, 2012 and received to the Home Office no later than August 15, 2012 will receive the current compensation rate
• Updated Compensation/Product Schedules will be distributed by August 8, 2012
• As part of this transition, Mutual of Omaha will not be able to accommodate requests for Long Term Care compensation level changes until further notice

Thank you for continuing to make Mutual of Omaha your carrier of choice.

 

[yankee466]

I like their closing line.