So I have only sent a few dozen through this product over the last few years. Now with smokers getting non smoker rates I figured I would try more. All of them have been declined!! Seems like before this change all of them would have gone through. All of the insureds I tried to get coverage with Americo should have 100% been approved. Totally dumbfounded. I do my do diligence on underwriting. And they cannot give me any answer as to why. All they say is a letter will go out. So good job Americo wasting our time.
New Americo Eagle smokers as non smokers a waste of time!!
- Thread starter Macker77
- Start date
- 309
You need to learn the UW better or look at little things that can trip the system like have your meds changed in the last two years, have you forgot to get a refill in the last year... i helped them with a lot of their changes since we work so closely with them...
our agencies business is up 35% with them since they released the non smoker... its working!
- 29,472
Until the ptremium goes up.
- 15,041
What the monkey said, what is the plan for when it blows up? I can't recall if the premium goes up or the face amount goes down. What happens when the monkey throws some poop onto the fan, everyone closes up shop and leaves the agents holding the bag?
- 6,142
If they would have left the rates the same, kept cigar or "dippers" as non tobacco and still allowed you to write a tobacco price, it would have been better.
If it is pitched correctly, it does have some value. I just know that many agents will not pitch it correctly. "Your budget allows for $5,000 policy, but I will be able to get you $8,000 for 3 years and if you do not quit smoking, it will go back down to the original $5,000."
Some agents will probably use it to replace other policies and that could cause a problem.
If it is pitched correctly, it does have some value. I just know that many agents will not pitch it correctly. "Your budget allows for $5,000 policy, but I will be able to get you $8,000 for 3 years and if you do not quit smoking, it will go back down to the original $5,000."
Some agents will probably use it to replace other policies and that could cause a problem.
- 24,940
Inventory for replacement type agents. Don't sell decreasing term for a final expense problem? How about decreasing whole life for people already sick? Hey, they may suddenly decide at age 70 to get healthier and stop that 50 year habit. Or you can just write them a new policy.
Yeah? No. I am sure there is a place for this on a case by case limited basis. But wholesale marketing it? Seems that if they need $15,000 of guaranteed whole life today they may need that amount in 3 years. Guaranteed. And i agree there is going to be a crap load of 'justified' replacement. Hypothetically.
* not an FE agent.
- 15,041
Here is what happened. Americo heard how much agents hate on American Amicable, Globe Life and Colonial Penn and had a "Hold my beer" moment.
I really see a class action lawsuit over this in maybe 5 years.
- 309
Until the ptremium goes up.
you should check again and see how it actually works... your statement is inaccurate
- 15,041
Yes, the face amount goes down. You still didn't answer the other question. What is the plan for when this all goes south?
- 3,989
I ran several scenarios and could not find one that made this an ethical replacement tool.
Don’t forget it’s a computer algorithm that decides accept or decline there’s no black and white rule there is no official prescription drug list, so why someone is accepted or declined we’ll know.
