Sentinel Life New Approvals

[billyg]

I actually use them a lot for med supp. I have been hesitant to use them for FE because of their rating. I just don't want to sell any life insurance from company with less than A- ratings. With med supp the rating isn't as important, and I love their rates and customer service, so I write quite a bit with them. They have always been super nice and helpful. Processing time has always been less than 5 days except once when I messed up an app. When I called in advance of a client meeting with questions for the underwriter, she was very nice and very helpful.

 

[GreenSky]

I'd love to use them in CA but their renewal commissions suck!

I still use them when they have a price advantage, but hate knowing I'm earning 1/2 of what other companies pay. This is not an issue in most other states.

BTW, I got a GREAT contract through Frank.

Rick

 

[Daytona_Guy]

I've written a few apps and the processing time for issuing policies and the commission payouts are soooooo sloooooooowwwwwwwww... And no, it hasn't been because of problems on the application.
Not to mention the Customer Service agent I have dealt with everythie I've called them is rude and hateful.

Yes, I've written with them and so have my agents. I really think you're talking about a different company. Our policies have been getting issued in right around 5 days on every one. No problems with commissions, customer service, or anything. The only carrier out there right now that is sooooooooo slowwwwwwwwww is Mutual and related companies right now, in direct correlation to their Plan N demand.

I actually use them a lot for med supp. I have been hesitant to use them for FE because of their rating. I just don't want to sell any life insurance from company with less than A- ratings. With med supp the rating isn't as important, and I love their rates and customer service, so I write quite a bit with them.

As for what was written about them being a B++ rated company with AM Best instead of an A- rated company - if you're fine with writing them on the Med Supps (because a state guarantee fund would pay claims if they became insolvent), why would that not hold true on the life side, too? It would.. Shenandoah Life (worst case scenario) is still paying death claims. Your final expense business is safe, in my opinion, with Sentinel Life, still.



.

 

[GreenSky]

As for what was written about them being a B++ rated company with AM Best instead of an A- rated company - if you're fine with writing them on the Med Supps (because a state guarantee fund would pay claims if they became insolvent), why would that not hold true on the life side, too? It would.. Shenandoah Life (worst case scenario) is still paying death claims. Your final expense business is safe, in my opinion, with Sentinel Life, still.



.

Agreed. Best Ratings have little correlation to a company being solvent.

I don't know about other states, but the CA guarantee fund would apply to any final expense company going belly up.

Rick

 

[WinoBlues]

Anyone out there who has written med supp apps through them can you tell me your experience with them?

I've written a few apps and the processing time for issuing policies and the commission payouts are soooooo sloooooooowwwwwwwww... And no, it hasn't been because of problems on the application.

Not to mention the Customer Service agent I have dealt with everythie I've called them is rude and hateful.

It is almost to the point that I'm not going to write business for them anymore.

Just wondering if anyone else has had similar experiences or maybe its just me.

Have only done life insurance with them.

The worst company I have done business with in 25 years. Bar none. The "customer service" person is The Worst. She is short and rude on her best day. She has hung up on clients. If they answer the phone. The Life VP was worst. In that his pat answer is "Let me call you right back" Of course it does not happen. Acts like the agents are captive and the clients are theirs. At least till they are sold. Then they do not want to hear from them.

I think the life department are all related some how. All 4 of them. I still get complain calls on them. Makesthem very easy to replace.

Not one of the agents I know of that has written them writes them now. It was almost impossible to get a commission statement explained. Then when you finally showed them that they had made an error, they get snippy.

OK, I am not a fan of theirs. But in fairness It has been a couple years since I have written them. Maybe their med sup department is different.

Of the dozens of companies I write (most 10-20 year) this is the one that I truly regret I placed anyone in.

Sorry to the recruiters.

 

[Daytona_Guy]

Have only done life insurance with them.

OK, I am not a fan of theirs. But in fairness It has been a couple years since I have written them. Maybe their med sup department is different.

Yep, that's what I thought - we're talking about completely different people.
The Med Supp and Med Supp with FE (combo apps) are administered through a TPA in Tampa - that would be the great folks we've been dealing with. Like I posted earlier, they got their life side's act together since the old days but we're not dealing with the FE-only life side, anyway. Watch the company's webinar that you can see a replay of here. It explains the changes that occurred in 2009, including the new final expense product line that came out in January, 2010.

Imagine going into a sandwich shop three years ago and getting horrible service, then you drive by today and see a sign that says, "New Management" and the same location is now a seafood restaurant you're hearing rave reviews about from your friends. You refuse to check it out because, back when it was a sandwich shop, the sub-maker was rude.


.

 

[billyg]

As for what was written about them being a B++ rated company with AM Best instead of an A- rated company - if you're fine with writing them on the Med Supps (because a state guarantee fund would pay claims if they became insolvent), why would that not hold true on the life side, too? It would.. Shenandoah Life (worst case scenario) is still paying death claims. Your final expense business is safe, in my opinion, with Sentinel Life, still..

It isn't about state guarantee, with med supp if they become insolvent then the client has a guarantee issue right with other companies. That is why I will write them for med supp. For Life, on the other hand, I only offer policies from A- or higher rated companies.

 

[Newby]

It isn't about state guarantee, with med supp if they become insolvent then the client has a guarantee issue right with other companies. That is why I will write them for med supp. For Life, on the other hand, I only offer policies from A- or higher rated companies.

I don't think that is exactly correct. I had two clients on Shenandoah med sups when they became insolvant. There was no guaranteed issue event. The state of Virginia is running the company and the rates went through the roof.

I was able to get both clients to better priced companies because they health qualified.

It's much LESS of an issue with life insurance. It's a closed contract. The rates won't go up regardless of what happens with the company. I've had two ShenLife life insurance insureds come to me to see what they should do. I advised both to keep what they had. I was not their agent but I couldn't improve what they had.

 

[Mark]

You really can't go by am best rating these days.

I read the other day where the NAIC is going to make it's own rating company soon.

I've seen tons of companies with "a" or higher go under or get in tons of trouble.

 

[Frank Stastny]

I don't think that is exactly correct. I had two clients on Shenandoah med sups when they became insolvant. There was no guaranteed issue event. The state of Virginia is running the company and the rates went through the roof.

I was able to get both clients to better priced companies because they health qualified.

It's much LESS of an issue with life insurance. It's a closed contract. The rates won't go up regardless of what happens with the company. I've had two ShenLife life insurance insureds come to me to see what they should do. I advised both to keep what they had. I was not their agent but I couldn't improve what they had.

GI would not come into play on Med Supps because technically the company is still in business.