PFFS Plans - STOP SELLING!

[GreenSky]

Pyramid - Back in Business Soon?

Received the attached today from Pyramid. They are taking a VERY pro-active role in this. Apparently they are close to being in compliance but how long before marketing material is approved by CMS is anyone's guess.

 

[policy doctor]

Don't put all your eggs in one basket!

For all you new agents out there, let this be a lesson in being well diversified. I know several agents who worked MA's exclusively, and now are floundering as to what to sell next. Hope they saved some money while shopping for other products to pay their bills.

This whole scenario shows how quickly even we can be put out of business. A few years back I had several LTC carriers pull out, and that left me in a funk. They were my favorite ones! I often think of those Katrina agents who were probably Totally wiped out because of a disaster in their local market.

Maybe we should spread the business around further from home. Agents who sell online in several states, or sell in different territories, are not as vulnerable. So to recap, product and territory diversification is a Good Thing.

 

[policy doctor]

Re Pyramid. With all those verification calls and controls that Pyramid had in order to get an honest sale, how much MORE could they do? Video film? Even if client initials and signs another disclosure form, like a suitablity form in annuities, what is left?

 

[senior-advisor-indiana]

Its funny though. Pyramid has all these programs in place to "cya" and they still have agents screwing up. I think it is mostly how the agent contacts the prospect. Which I still don't understand the reasoning of CMS. Whats the big deal about "door knocking". What next? 1st its the do not call, then its no door knocking. Pretty soon we won't be able to drive cars to thier house.

And just because pyramid is 2 steps ahead of CMS doesn't mean anything is gonna go any faster for them. CMS can not handle time frames very well. It takes them 6 months to get out the new medicare and you book. I would be surprised if they have the marketing rules approved by 2010.

 

[honestagent]