Shenandoah Life Sales Suspended

[jdeasy]

Shenandoah mailed out the info on their situation last week. I have gotten dozens of calls this week from rattled policy holders wanting advice.

I tell them that I am replacing my and my wife's Shenandoah policies. Some have decided to stand pat for now. Some are replacing and a couple have just cancelled.

It's hard to give sound advice on this matter.

 

[Russ]

Shenandoah mailed out the info on their situation last week. I have gotten dozens of calls this week from rattled policy holders wanting advice.

I tell them that I am replacing my and my wife's Shenandoah policies. Some have decided to stand pat for now. Some are replacing and a couple have just cancelled.

It's hard to give sound advice on this matter.

Got mine in the mail today. I can't bitch anymore about policyholders not receiving their letters/booklets.

I've replaced a few policies(about 7). Was able to help one man that was paying $53 dollars a month for $150,000 term with Shenandoah and get him that same coverage for $12 a month less with M of O + he's a year older! He qualified for the standard-plus rates with M of O.

Shenandoah is fixing to lose their ass on the number of policies in force.

 

[MedSuppPro]

Shenandoah is fixing to lose their ass on the number of policies in force.

The state insurance pools will be the ones get'in fixed.

I can't believe it -- I'm still getting Penn Treaty commission checks! Go figure...

And what about CONSECO?
</IMG>

 

[Joe Moore]

It's hard to give sound advice on this matter.

You are right JD. There are some situations with this, there are no completely correct answers. When Settler's went through this in 1999, I understand the receiver actually made a profit for them during the 7-months they operated the business. Most of their policyholders stayed with them.
But, most of the policies were Final Expense.

Seems like the packets are hitting different parts of the country at different times. Even though they probably tell everything they legally have to say, it was written in cold, legal jargon that has scared some folks.

 

[Russ]

You are right JD. There are some situations with this, there are no completely correct answers. When Settler's went through this in 1999, I understand the receiver actually made a profit for them during the 7-months they operated the business. Most of their policyholders stayed with them.
But, most of the policies were Final Expense.

Seems like the packets are hitting different parts of the country at different times. Even though they probably tell everything they legally have to say, it was written in cold, legal jargon that has scared some folks.

Most of the policyholders I've got are final expense. Here's what gets me....why I have a hard time understanding some of the policyholders I've got....all day, I've had....1 call on it! I must have 50-75 families that have policies with me with them and....I get one call, from an 87 year-old.

When you turn to page 2 of the booklet and it says..."any further transaction of business would be hazardous to the policyholders..."....you would figure folks would call. That sounds terrible for Shenandoah.
- - - - - - - - - - - - - - - - - -
This can't be good news for Shenandoah.....

Freddie Mac asks Treasury for $30.8 billion



Freddie Mac asks Treasury for $30.8 billion - Mar. 11, 2009

 

[jacobtn]

When you turn to page 2 of the booklet and it says..."any further transaction of business would be hazardous to the policyholders

it's actually page 1, for the record....

 

[Russ]

it's actually page 1, for the record....

Yeah...you're right....page 1 of the receivership notice.

Just found out through my marketer, I'm set up to get 135% on M of O term-life Express and Complete sales. Maybe I should have gotten a brain and written for them years ago when I was placing term business with Shenandoah.

One thing that concerns me about the current Shenandoah term policyholders I've got...until a couple of years ago Shenandoah's term products were set up where the premium was only guaranteed for, I believe, half or slightly over half of the term. The policy I've got with them can go up now. I wonder in Shenandoah's current state, if the W.V. dept. of insurance can approve an increase on policies like I've got on myself?

 

[Joe Moore]

The notices to policyholders have hit in Tennessee. I spent all day in the office answering Shenandoah questions. At last count; 26 calls, 5 walk-ins in the office. Of the 234,000 policyholders, we (and our contracted agents) may have 3500-4000 active of these.

Next week is expected to really be fun. May be a good time for going to play golf, or go to Tahiti, or just stay home (and expect to be killed by the rest of the office folks).

I forgot, I quit golf after my last outing. Hell, if this job was easy, everybody would be doing it. Probably better than selling cars, encyclopedias, or houses right now.

 

[jacobtn]

same here Joe. we got several calls from our Morristown and Jefferson county clients today too!

 

[Joe Moore]

same here Joe. we got several calls from our Morristown and Jefferson county clients today too!

I had one of yours in Morristown call us yesterday-Hopkins. I think I settled her, but she was not too stressed to start with, just inquiring.