Motorists FE Policy... Hmm...

[Rearden]

Lady says she has a Motorists FE policy for $6k taken out at 72 (maybe 71?) for $39.81 or so.

The kicker is she says she THINKS she's in a waiting period of some type with the policy.

But price-wise, it's excellent. Anybody have any ideas about what could be going on? Will be getting firm answers tomorrow.


-Dave

 

[jdeasy]

Lady says she has a Motorists FE policy for $6k taken out at 72 (maybe 71?) for $39.81 or so.

The kicker is she says she THINKS she's in a waiting period of some type with the policy.

But price-wise, it's excellent. Anybody have any ideas about what could be going on? Will be getting firm answers tomorrow.


-Dave

Motorists has decent rates. They are not as easily replaced as LH, Bankers Life, Old American, etc.

 

[rousemark]

Dave: Here are the rates for age 71 F NS.. Motorist is $38.39 level benefit.. Their graded is over $50.00 at that age..

 

[Rearden]

Thanks guys. Sounds like she's all set as far as replacing goes.

Standard... dang. 'Dat 'der's some low rates!

 

[nfl72]

I wrote Motorists policies for about 6 months. During that time several policies I wrote with them were replacerd by Foresters. Most of the time they were saving ten to 13 percent or more.

Beleive it or not, and I am sure some of you will not, Motorists is more difficult to deal with than Foresters. Very unforgiving on adjusting payment date changes etc. They also kill a lot of applications during the phone process.

First financial out of Michigan pushes them very hard. I think they are getting kickbacks or something. Motorists is known for making lots of mistakes in the back office that are not in the agents favor, which is why I left FF. That and the fact they pay 55%, charges $10 a lead and don't pay residuals.

Motorists and First Financial are both clip joints that should be avoided like the plague.

 

[Newby]

Motorists also has a GUL AND an underwritten WL which I believe both can be sold down to $10,000 face amounts.

 

[nfl72]

posted by Reardon

"Thanks guys. Sounds like she's all set as far as replacing


why not rewrite her at around $7,300 for the same payment and kick in all those wonderful member benefits?

maybe she needs a will?

I also find when I rewrite someone they usualy like to add a little more. maybe she can stomach $50 per month

just a thought

 

[Mash]

Reference the post where an agent wrote 6 Motorist polkicies but most of them were replaced by Foresters at 12% lower premium
Did you re-visit your client and point out, in the Forester's "certificate" (Not a policy) on page 14 that there is a hading titled "Maintenance of Reserve Requirements"? This paragraph gives Foresters the right to increase premiums at will if the reserves need to be "beefed up" or to correspondingly reduce the insured's coverages in order to maintain reserves.
Most Foresters "Members" (Not policy holders, since they do not issue policies, only certificates) do not know this. Just go to page 14 and read the paragraph to your client and then let me know if they want to keep Foresters after that.

 

[jdeasy]

Reference the post where an agent wrote 6 Motorist polkicies but most of them were replaced by Foresters at 12% lower premium
Did you re-visit your client and point out, in the Forester's "certificate" (Not a policy) on page 14 that there is a hading titled "Maintenance of Reserve Requirements"? This paragraph gives Foresters the right to increase premiums at will if the reserves need to be "beefed up" or to correspondingly reduce the insured's coverages in order to maintain reserves.
Most Foresters "Members" (Not policy holders, since they do not issue policies, only certificates) do not know this. Just go to page 14 and read the paragraph to your client and then let me know if they want to keep Foresters after that.

That seem like a BS scare tactic to me. How m,any times in their 130+ year history have they ever raised rates?

I'm not a fan of Foresters, but not for that reason. There are enough reasons to not like Foresters than to come up gimmicks.

 

[nfl72]

Originally Posted by MashImage:
Image:

Reference the post where an agent wrote 6 Motorist polkicies but most of them were replaced by Foresters at 12% lower premium​

Did you re-visit your client and point out, in the Forester's "certificate" (Not a policy) on page 14 that there is a hading titled "Maintenance of Reserve Requirements"? This paragraph gives Foresters the right to increase premiums at will if the reserves need to be "beefed up" or to correspondingly reduce the insured's coverages in order to maintain reserves.​

Most Foresters "Members" (Not policy holders, since they do not issue policies, only certificates) do not know this. Just go to page 14 and read the paragraph to your client and then let me know if they want to keep Foresters after that.​

That seem like a BS scare tactic to me. How m,any times in their 130+ year history have they ever raised rates?

I'm not a fan of Foresters, but not for that reason. There are enough reasons to not like Foresters than to come up gimmicks.




I agree with Jd's assement of that. If your using crap like that to try and close deals your spending way too much time and are giving them to many reasons to "think about
it"

reminds me of the statement

If you can't dazzle them with your brilliance, baffle them with your bullshit