Selling in a Section 8-low Income Building

[VolAgent]

I don't know. But it looks like they'd want them out of the business because it would run their claim rate through the roof. Of course if the premium is higher than for other companies, which it is, you're thinking they'd just want to keep them on board, huh?

I try not to over-analyze. Also, I have very little first hand knowledge of the situation. Maybe Bankers does, maybe they don't. No clue, although the evidence suggests they don't.

Also, those rates may have bad claims baked in, so maybe they are ok with the current risk profile they get.

I do have to believe, as widespread as it appears to be, corporate cannot be unaware of the situation. So I can only conclude they are ok with it and will allow it to continue until something changes.

 

[ExProgrammer]

I try not to over-analyze. Also, I have very little first hand knowledge of the situation. Maybe Bankers does, maybe they don't. No clue, although the evidence suggests they don't.

Also, those rates may have bad claims baked in, so maybe they are ok with the current risk profile they get.

I do have to believe, as widespread as it appears to be, corporate cannot be unaware of the situation. So I can only conclude they are ok with it and will allow it to continue until something changes.

Are their rates like SL or LH?

 

[Newby]

Besides getting charged back clean sheeters would lose their licenses and be charged with fraud wouldn't they? At least if they were caught more than once or twice?

Some companies practically encourage clean sheeting. Bankers definitely doesn't seem to do anything about it.

 

[VolAgent]

Are their rates like SL or LH?

From what I understand, yes.

 

[jdeasy]

Someone would have to report them. The client or the insurance company. How many agents do you think Bankers has reported over the years?

I know of many and one in particular that had DOI complaints filed against her by me, Newby and 2 other agents that I know of.

Everytime the Bankers response was that she did make an error, the clients money refunded and she has been required to take additional training.

Last time I ran across her she was training an agent. With Bankers. Her card says she is a training manager.

Bankers is well aware of their agent's actions. Just google them and you will find the exact same complaints in every state. Not similar complaints. The exact same actions. That's systemic.

 

[ExProgrammer]

I know of many and one in particular that had DOI complaints filed against her by me, Newby and 2 other agents that I know of.

Everytime the Bankers response was that she did make an error, the clients money refunded and she has been required to take additional training.

Last time I ran across her she was training an agent. With Bankers. Her card says she is a training manager.

Bankers is well aware of their agent's actions. Just google them and you will find the exact same complaints in every state. Not similar complaints. The exact same actions. That's systemic.

Did you run across her with your car? Sounds like that would be the only way to stop her.

 

[SomeDude99]

If someone takes a FE policy is this considered an asset? I'm concerned that the cash value of a FE policy could knock someone out of section 8, low income housing?

Say someone takes out a 10k FE policy could the cash value that builds up (in several years) knock them out of section 8 housing? Would withdrawing the cash value may be problematic.

Also, what do you think about adult children paying for there parents FE policy? The adult child would be the payor and owner of the policy. Have you had good experiences with this and would you recommend it?

 

[OttoGraf]

If someone takes a FE policy is this considered an asset? I'm concerned that the cash value of a FE policy could knock someone out of section 8, low income housing?

Say someone takes out a 10k FE policy could the cash value that builds up (in several years) knock them out of section 8 housing? Would withdrawing the cash value may be problematic.

Also, what do you think about adult children paying for there parents FE policy? The adult child would be the payor and owner of the policy. Have you had good experiences with this and would you recommend it?

Yep, get w the carrier and change the owner to son/daughter/ups man and that negates this issue in my experience.

 

[jdeasy]

If someone takes a FE policy is this considered an asset? I'm concerned that the cash value of a FE policy could knock someone out of section 8, low income housing?

Say someone takes out a 10k FE policy could the cash value that builds up (in several years) knock them out of section 8 housing? Would withdrawing the cash value may be problematic.

Also, what do you think about adult children paying for there parents FE policy? The adult child would be the payor and owner of the policy. Have you had good experiences with this and would you recommend it?

The cash value in a life policy is a countable asset. It would many, many years before the cash value alone, if that was their only countable asset, to make a difference.

But if it is then making someone else the owner would solve the problem. It's only a countable asset to the owner of the policy. Just make sure the new owner is not also getting help or it could be a problem for that person.

It's not nearly the problem as the idiots at the welfare offices make it out to be. But it's something you have to learn to deal with if you work the FE market. And you have to learn to put out the fires started by those idiots.


And it's not just the welfare, food stamp, WICS, SS offices that give out bad info on the cash value. Our enemies at the funeral homes may be the worst.

mainly because people tend to trust them more. Not all funeral homes are completely clueless about it, just most of them.

 

[WinoBlues]

If someone takes a FE policy is this considered an asset? I'm concerned that the cash value of a FE policy could knock someone out of section 8, low income housing?

Say someone takes out a 10k FE policy could the cash value that builds up (in several years) knock them out of section 8 housing? Would withdrawing the cash value may be problematic.

Also, what do you think about adult children paying for there parents FE policy? The adult child would be the payor and owner of the policy. Have you had good experiences with this and would you recommend it?

I have had very good experience writing FE on people's parents and grandparents.

Many of my younger clients came from FE sales. Many of my older clients come from term and GUL sales.