Negrete/Heley V. Allianz

walleyeb1

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Had a client call me about this class action settlement with Allianz. Going to go out to see her next week. Does anyone have any information on this, sounded like they are basically offering two options. Any help would be appreciated. She has a Master Dex 10 from 01/2006.
 
I hate to think how much business I lost before I regretfully eased away from selling Allianz. I know, I know, all the legal hoopla was 95% BS and politically motivated. However, having lost a $500k easy annuity sale because the client Googled Allianz and freaked, I would rather just take the easy route.

A friend has a $220k target premium case he was asking me about. It should have been easy, but he recommended AIG while his competition is a Northwestern guy.

I told him "Dude! Why are you giving your competition the ammo to blow you out of the water?"

He was going with AIG because the numbers were better and he wanted the best deal for his client.

Well, that's fine but just as predicted, the competition showed the client all the graphs on AIG and bad-mouthed AIG over the "Too Big to Fail" scare until the client was scared crapless.

Lesson to learn here: people know what Google is and a few lawsuits will just crater a deal. Exactly what the broker lobby was after by encouraging some of these suits.

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Sorry, I forgot to answer the original question. The MD 10 really kicked off the complaints and made it easy for the Minnesota DA and others to raise a big stink. Here's a good run-down on the terms.

https://negretehealeysettlement.com/Portals/0/Documents/4435_Negrete_Settlement Notice_v10.pdf
 
I hate to think how much business I lost before I regretfully eased away from selling Allianz. I know, I know, all the legal hoopla was 95% BS and politically motivated. However, having lost a $500k easy annuity sale because the client Googled Allianz and freaked, I would rather just take the easy route.

A friend has a $220k target premium case he was asking me about. It should have been easy, but he recommended AIG while his competition is a Northwestern guy.

I told him "Dude! Why are you giving your competition the ammo to blow you out of the water?"

He was going with AIG because the numbers were better and he wanted the best deal for his client.

Well, that's fine but just as predicted, the competition showed the client all the graphs on AIG and bad-mouthed AIG over the "Too Big to Fail" scare until the client was scared crapless.

Lesson to learn here: people know what Google is and a few lawsuits will just crater a deal. Exactly what the broker lobby was after by encouraging some of these suits.

----------

Sorry, I forgot to answer the original question. The MD 10 really kicked off the complaints and made it easy for the Minnesota DA and others to raise a big stink. Here's a good run-down on the terms.

https://negretehealeysettlement.com/Portals/0/Documents/4435_Negrete_Settlement%20Notice_v10.pdf

"Too big to fail" meant something, no? Did your friend's client think that the government would swoop in to save NWM? (not that AG needed any saving)

I don't understand situations like these. If you show the client multiple options but then concentrate the meeting on your recommendation, why not fall back to carrier #2 when faced with a company specific objection?
 
"Too big to fail" meant something, no? Did your friend's client think that the government would swoop in to save NWM? (not that AG needed any saving)

I don't understand situations like these. If you show the client multiple options but then concentrate the meeting on your recommendation, why not fall back to carrier #2 when faced with a company specific objection?

I have noticed that NWM guys say how great their company is when their policy is better in an area and then bash a company that is better then them in an area with a "oh well how can they do that? I doubt they will stay financially strong doing stuff like that." That is my experience.
 
I have noticed that NWM guys say how great their company is when their policy is better in an area and then bash a company that is better then them in an area with a "oh well how can they do that? I doubt they will stay financially strong doing stuff like that." That is my experience.

Oh, I agree. I compete w/ captives frequently....I just find it interesting that the objection in this situtation couldn't be worked around.
 
Oh, I just find it interesting that the objection in this situtation couldn't be worked around.

Exactly. Why didn't he have a backup solution? I would have had it standing by and would have switched gears in a heartbeat. But then, I wouldn't have suggested AG in the first place, given this is a businessman looking to make a very large financial commitment.

I kind of suggested the backup approach and he blew it off. I don't know what the deal there is. I suspect some advice from his FMO trumped common sense.

Haven't we all had that happen to some degree? Listening to an FMO that had their own agenda cost me a big one last year.
 
Had a client call me about this class action settlement with Allianz. Going to go out to see her next week. Does anyone have any information on this, sounded like they are basically offering two options. Any help would be appreciated. She has a Master Dex 10 from 01/2006.

Sad truth is a lot of people would be better off holding onto their Masterdex 10's compared to going into a new contract today. I get no surrender charge and stuff but still. My mom has one and I'm just telling her to keep the thing. I guess I don't know what each person's settlement options are but if the person understands annuitizing and is fine with it then its pretty good.
 
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