Question About IMO's

[Agentguy5]

I have a question about RNA Ive been meaning to ask forever, but kept forgetting....

Is there a scenario in where RNA approves it on the phone, but its not issued? Im not referring to anything missing on the app or anything the agent did wrong....I mean do they review it again & can it be declined later?

Since I never knew the answer to that....I always tell clients "You're approved, but it takes another 3-4 biz days to get issued while they review everything, and its not finalized til its issued!"

Last month my Fiance wrote a RNA, did the phone interview and was told that it was approved preferred, then the underwriter called her 2 days later and declined for a medication that was given during the POS... Not cool!

 

[jdeasy]

Last month my Fiance wrote a RNA, did the phone interview and was told that it was approved preferred, then the underwriter called her 2 days later and declined for a medication that was given during the POS... Not cool!

Your upline can get that fixed.

 

[Agentguy5]

Your upline can get that fixed.

She already went back and sold them Monumental... but thanks for the heads up..

 

[Todd King]

I had one case with RNA right after they started doing the POS phone interview where they gave us the approval but 2-hours later they called me back and said they were withdrawing the approval due to a mistake they made on one of her medications. this was a huge problem because in the meantime she already called and canceled another company's policy she had gotten approved on from a different agent.

I called the biggest gun for RNA that I know (Travis Tubbs who writes an S-load of RNA business) and he had it fixed in 15-minutes.

I've always been told by RNA that if they make a mistake on the POS and told the agent it was approved, they will stand by their morals and issue the policy anyway.

As far as I know, I've not had this happen to any of my agents but I believe RNA would be a stand up company in this situation.
Sometimes it helps to have friends in high places

 

[Newby]

I've always been told by RNA that if they make a mistake on the POS and told the agent it was approved, they will stand by their morals and issue the policy anyway.

As far as I know, I've not had this happen to any of my agents but I believe RNA would be a stand up company in this situation.
Sometimes it helps to have friends in high places

That case was when they 1st started the new interviews. But they definitely did try to back out of it. And it was a very small policy. Not a lot of liability. I was pretty surprised too.

But in the end they did the right thing.

 

[HoosierLife]

That case was when they 1st started the new interviews. But they definitely did try to back out of it. And it was a very small policy. Not a lot of liability. I was pretty surprised too.

But in the end they did the right thing.

So I know this was talked about in another thread, but any company that has a POS PHI that gets done and its approved, means its a done deal 100% of the time?

Just might need the wheels greased from your IMO?

 

[Todd King]

So I know this was talked about in another thread, but any company that has a POS PHI that gets done and its approved, means its a done deal 100% of the time?

Just might need the wheels greased from your IMO?

Not true 100% of the time. As someone stated earlier, you can't count on Foresters for that. I've seen many of my agents get policies turned down after they had been told they were approved.

 

[Newby]

So I know this was talked about in another thread, but any company that has a POS PHI that gets done and its approved, means its a done deal 100% of the time?

Just might need the wheels greased from your IMO?

Only certain companies give actual POS approvals. These include 5-Star, ForeThought, RNA, American Memorial and Settlers. The rule with these is that if they say the application is approved at the phone interview, it's DONE. No further underwriting.

Other companies do point of sale interviews but have more underwriting to do. There is a good chance the applicant will still be declined. These include LaFayette, Assurity, American Continental, and many others. Of this group, Am Continental will not officially say they are approved at the POS interview but they never change anything after the interview. So you may as well consider them in the 1st group even though they say they are not.

Then there are the no interview companies. Monumental and Americo. These guys don't allow the agent to do a phone interview during the sales appointment but DO randomly call people back and do them.

All companies should copy 5-Star's business model. It's the best there is. The agent can choose to do the interview and get the approval at POS or skip it. Best of both worlds.