Replaced Foresters Today

[0b1kanobee]

Notice, I did say "no".... No we wouldn't be obligated to sell it but should we go around replacing their in force business by cutting people's coverage in half to meet their premiums?

No, I wouldn't think so BUT I'm not quite sure that's what happened in this case.

If they were paying $100 per month in this great company I have dreamed up for $10,000 worth of coverage and they could not afford it and you dropped there coverage to $3,000 for $62 per month with the only company you write for then I see nothing wrong with that.

Like Dave said, it's up to the other agent to come back and show her she could pick from a number of companies in her bag and for $62 per month receive a higher amount of insurance than $3,000. Carry LH rates with you if your that concerned about it. I would and I will.

JUST SO YOU FE PEOPLE KNOW.........I'm not on a certain side here. Just the way I see things until someone convinces me otherwise. I'm a very open minded person but so far not convinced FD did anything wrong (in this case).

 

[Rearden]

BMW are corporate, facist pigs for sticking it to us on the cost of their 750i...

 

[rousemark]

BMW are corporate, facist pigs for sticking it to us on the cost of their 750i...

Only a toe sucking, pinko yuppie would drive one of those things anyway.

 

[jdeasy]

Or if you sold med-sups in my area, you would find that a majority of the time BCBS is less money. So what are you supposed to do, tell the client to contact their local BCBS office? Geez, can you see yourself making a living doing that?

That's exactly what I would do if that was the best option and I couldn't sell it. I do that now with the few times I run into situations where Humana is the best option. I do not and will not sell Humana, however there are some circumstances and some counties where it is the lessor evil. I refer those people to a Humana agent.

Same for the MoO GI. I don't write ROP plans because I know that MoO is out there and is the best deal for them. I give them the number to MoO.
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No, I wouldn't think so BUT I'm not quite sure that's what happened in this case.

If they were paying $100 per month in this great company I have dreamed up for $10,000 worth of coverage and they could not afford it and you dropped there coverage to $3,000 for $62 per month with the only company you write for then I see nothing wrong with that.

Like Dave said, it's up to the other agent to come back and show her she could pick from a number of companies in her bag and for $62 per month receive a higher amount of insurance than $3,000. Carry LH rates with you if your that concerned about it. I would and I will.

JUST SO YOU FE PEOPLE KNOW.........I'm not on a certain side here. Just the way I see things until someone convinces me otherwise. I'm a very open minded person but so far not convinced FD did anything wrong (in this case).

I don't know that he did anything wrong either. He only had one tool and used it. it is not, however, something to get on here and brag about.

 

[0b1kanobee]

That's exactly what I would do if that was the best option and I couldn't sell it.

No you wouldn't. You would go through your entire life savings recommending somebody else. Could you imagine if everyone had that attitude you have there. Go to the grocery store to buy some potatoes. The cashier says, sorry I can't sell these to you. You can buy the same potatoes across the street for .05 cents lb. cheaper (and YOU are the cashier). I could go on with other grocery store examples in the person's cart.

Or walk into a bank and the manager says, sorry I can't take your money. You would be better off going to the bank down the street. They do everything we do but they give out free lollipops.

I could go at this all day.

Your Moo example I can relate to. I would do the same (most likely and I even get paid for those captive Moo policies). I have an arrangement.
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I don't know that he did anything wrong either. He only had one tool and used it. it is not, however, something to get on here and brag about.

I also agree. Nobody knows all the specifics in this case and it would be unwise to make this look as acceptable procedure or widely practiced in the field. It would be easy for an agent to get the wrong idea, especially a new agent and cause harm to the industry.

 

[jdeasy]

No you wouldn't. You would go through your entire life savings recommending somebody else. Could you imagine if everyone had that attitude you have there. Go to the grocery store to buy some potatoes. The cashier says, sorry I can't sell these to you. You can buy the same potatoes across the street for .05 cents lb. cheaper (and YOU are the cashier). I could go on with other grocery store examples in the person's cart.

Or walk into a bank and the manager says, sorry I can't take your money. You would be better off going to the bank down the street. They do everything we do but they give out free lollipops.

I could go at this all day.

Your Moo example I can relate to. I would do the same (most likely and I even get paid for those captive Moo policies). I have an arrangement.
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I also agree. Nobody knows all the specifics in this case and it would be unwise to make this look as acceptable procedure or widely practiced in the field. It would be easy for an agent to get the wrong idea, especially a new agent and cause harm to the industry.

I already do send people to the best choice, so it's not a matter of if.

 

[RichMcK]

I think FD was correct. If my information is correct. Fraternal Companies are not backed by the State Guarantee Association leaving the client down a black hole if the Fraternal went bankrupt. Also, a Certificate is issued not a policy, just like AARP or Globe (which so many of us love to see).

If I'm right then it's a disservice to not replace this Foresters.

 

[0b1kanobee]

I think FD was correct. If my information is correct. Fraternal Companies are not backed by the State Guarantee Association leaving the client down a black hole if the Fraternal went bankrupt. Also, a Certificate is issued not a policy, just like AARP or Globe (which so many of us love to see).

If I'm right then it's a disservice to not replace this Foresters.

She was about to dump her Foresters anyways (most likely). He gave her an amount she could afford. Because it wasn't with the cheapest company on the planet (like everyone here carriers all bazillion of them) folks have beef with FD. Truth is they'd have beef anyway because he sells LH and he door knocks.

The only independent agent here who could even get me to change my mind is Newbie and he says FD didn't do anything wrong from what I can tell and what we know. When it comes to FE Newbie's word is the Gospel.

 

[360]

Why? So I could work for peanuts and HOPE I get paid. I don't think so.

But still nobody has answered my other analogy:

If there was a company out there who's premiums were half what the average is now for FE but the commissions were also half, would we ALL be obligated to sell it? (all things being equal)

A good example would be American Memorial age 81-85. Pricing is the best thing on the market for FE and comp is also half of what some other carriers pay. Are we forced to sell it, no, do we sell some of it, absolutely. I could not care less when there is that much difference in premium.

It's a free country. I just found the initial post a little over the top, but I'm not going to lose any sleep over it and I'm sure neither will the Director.

 

[theinsuranceman]

[quote=RichMcK;516102]I think FD was correct. If my information is correct. Fraternal Companies are not backed by the State Guarantee Association leaving the client down a black hole if the Fraternal went bankrupt. Also, a Certificate is issued not a policy, just like AARP or Globe (which so many of us love to see).

If I'm right then it's a disservice to not replace this Foresters.[/quote]

I couldn't have said it any better myself. All these self righteous agents up here snarling and cussing because the cheapest premium co. is not used, but then they use a FRATERNAL organization...not even a REAL insurance co. that may not even pay out if financial difficulties arise....why that's really screwing the client.

In this economy that fraternal has a better chance of meeting financial difficulties and then not paying death claims. How can those agents even begin to chastize some other agent writing for a Co.with a higher premium?