Senior Life Unannounced Rate Increase-Normal/Abnormal?

[theinsuranceman]

I recently replaced a 2 month old SL policy written NT level after learning from the insured she was T with COPD.
She wanted to do the right thing after I explained contest ability.
She said "there was 2 of them,one was a manager and the girl was in a hurry and didn't explain anything. I told her I smoked and had COPD".

She is using inhalers too.

I'm in north Florida not far from the SL home office. There's lots of SL agents around here that are not very honest.

I'm glad they are here,I've done very well when I discover a recently written SL policy.

Whenever you come across a scumbag you should call the carrier no matter who it is and fry that agent's nuts...or ovaries. We should all be pulling together to expose crooks to the carriers.

 

[theinsuranceman]

The carrier only gets to keep the insurance proceeds for a certain time period. After that it is turned over to unclaimed funds with the state. Not so with the Legacy.

By saying there is not much commission on $48, I assume you are saying SL does not pay commission on it? On just 100% commission, it would be $48. On 200 apps per year that would be $9600. I know to a rich fellow like you, that is not much but to a poor boy like me, that is a considerable amount.

Hey Rouse, on the bold text above: How would the carrier know to turn the face amount over to the unclaimed funds with the state? A policy holder passes away, no more payments are made, policy lapses. End of story.

 

[rousemark]

Hey Rouse, on the bold text above: How would the carrier know to turn the face amount over to the unclaimed funds with the state? A policy holder passes away, no more payments are made, policy lapses. End of story.

Companies now have to check the SS death register. In case of death, If they cannot locate the beneficiary it is turned over to unclaimed funds. There is also a process for lapsed policies.. Don't know what the process is but know i received a small amount of money from an old policy on my dad.

 

[WinoBlues]

Hey Rouse, on the bold text above: How would the carrier know to turn the face amount over to the unclaimed funds with the state? A policy holder passes away, no more payments are made, policy lapses. End of story.

How long have you been an IMO?

 

[WinoBlues]

Companies now have to check the SS death register. In case of death, If they cannot locate the beneficiary it is turned over to unclaimed funds. There is also a process for lapsed policies.. Don't know what the process is but know i received a small amount of money from an old policy on my dad.

That

 

[theinsuranceman]

How long have you been an IMO?

I train agents on selling FE, not the office work. Glad I could learn something new.

I'm talking about a lapsed policy. Are you saying that when a policy lapses the carrier checks a soc sec death record base?

 

[titeye]

I train agents on selling FE, not the office work. Glad I could learn something new.

I'm talking about a lapsed policy. Are you saying that when a policy lapses the carrier checks a soc sec death record base?

GM Greg,
This is one of the many complaints going around with SL. Home Office can't or refuses to address agent's questions and are referred back to their uplines. The upline, including RVP, couldn't answer either, which is why they called HO. There is more to insurance than just selling. Sorry, if I'm sounding critical this morning. Just thought it would be helpful to you in some way.

 

[theinsuranceman]

GM Greg,
This is one of the many complaints going around with SL. Home Office can't or refuses to address agent's questions and are referred back to their uplines. The upline, including RVP, couldn't answer either, which is why they called HO. There is more to insurance than just selling. Sorry, if I'm sounding critical this morning. Just thought it would be helpful to you in some way.

I'm familiar with this. Not sure why the HO staff refers agents back to uplines. Sales is not perfect. Have to roll with the punches.

 

[Baseball7]

Unfortunately he lived in a protected territory so only part of Fl would have been available for him to work in

Another one of those old boy club things that costs your company millions

 

[Baseball7]

This is one of the many complaints going around with SL. Home Office can't or refuses to address agent's questions

@Jaymon 's ex-wife for example