Shenandoah Life Sales Suspended

That's a great idea Joe. Do you think you may want to add something saying the action was client initiated and not agent initiated? Otherwise I worry that some attorney for the receivership could try to say the client insisted only after you talked them into it by calling them first.
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You bring up a good point. In today's climate should we suggest multiple policies from different insurance companies to keep them within the 300k limits on death claims and also the 100k limits on cash for annuities? If we don't could they then sue us?


In my opinion it's always a good idea to keep annuity contracts under the thresholds of your respective state's guarantee association.

In my state we have 300K; so it is a little easier. In your state with a 100K cap it is more difficult.

As far as the RMD's are concerned Newby is exactly right. If the client's entire qualified portfolio was invested with a company that was in receivership; I would assume you would have to petition the deputy receiver to have the money released. At the very least the IRS should waive the penalty; but I have seen the IRS do far less.......... Good Question!
 
What is the old saying: "No News is Good News"?
I am not sure this is always true, but after the first initial shock, seems there has been no real negative news coming out of the situation.

The latest info we have gotten is there may be as many as seven major reliable "suitors" reviewing Shenandoah's situation, and possibly putting together their best offers. At the present time, I do not think anyone can predict exactly what will happen, but it appears with this much serious interest there may be a positive outcome.

We also have been told it may not be more than 1-2 months. This may have been pure speculation but this is seemingly better than no news at all.
 
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What is the old saying: "No News is Good News"?
I am not sure this is always true, but after the first initial shock, seems there has been no real negative news coming out of the situation.

The latest info we have gotten is there may be as many as seven major reliable "suitors" reviewing Shenandoah's situation, and possibly putting together their best offers. At the present time, I do not think anyone can predict exactly what will happen, but it appears with this much serious interest there may be a positive outcome.

We also have been told it may not be more than 1-2 months. This may have been pure speculation but this is seemingly better than no news at all.

That's good news....sounds like it may or may not be "Shenandoah Life" anymore though? I wonder about the home office employees?
 
Are you Shenandoah Agents getting a lot of lapses now? Is business staying on the books or have you already replaced all of your business?
 
Are you Shenandoah Agents getting a lot of lapses now? Is business staying on the books or have you already replaced all of your business?

I've had a few that had term policies with me that simply canceled. I've had a few that wanted a different company. Most have stayed with Shenandoah Life.
 
I'll say this much for Shenandoah Life....they were always prompt in issuing policies....unlike, Lafayette Life...that takes 6 days for an underwriter to decide on a case that required a paramed exam and had received all of the information requested(paramed, urine specimen, and blood profile). Six days! Shenandoah always decided within 1 day when all of the requirements were received. Plus Lafayette Life takes 3-4 days to issue a policy after it's been approved!

I've also started writing United of Omaha life products. Half of the cases I've written and placed with them were issued with an incorrect spelling of the insured. My printing isn't great but how do you leave an "L" off of the name Russell?:nah:
 
I'll say this much for Shenandoah Life....they were always prompt in issuing policies....:nah:

Shenandoah had their act together in most areas of the insurance business. They would sometimes go through cycles of driving agents bonkers with too many "amendments" and picky-picky perfection issues on applications.

When the "Golden Promise" first hit the street, it was one of the best Final Expense policies on the market. When sales on this product went from $12 million/year to $4 million/year (mainly because of underwriting issues), they finally decided it was time to do something else in this market. Thus, came the New Vista which was on it's way to bringing back Shen in the Final Expense business. They were also profitable with most of their other products, and then along came Fannie Mae, Freddie Mac and Sigma Financial.

I have not even talked to anyone at Shenandoah this week, but last week the information was there were possibly at least seven companies looking to acquire them. I believe this story will have a decent ending.
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Are you Shenandoah Agents getting a lot of lapses now? Is business staying on the books or have you already replaced all of your business?

We have probably lost less than 2-3% of the policies on the books. Most folks are doing like my family is personally doing, keeping the coverage.

We could make much more money by replacing the policies, but really do not want to help destroy the company. Seems to me the right thing to do.
 
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Strictly my uneducated opinion.....

Odds of someone buying Shenandoah's blocks of business....65%.
Odds of Shenandoah emerging as Shenandoah, out of receivership and back in business....33%.
Odds of Shenandoah being liquidated....2%.


Joe...I agree, their Golden Promise was fun to write when I started writing for them over 10 years ago. I miss that product. I miss their prompt service and issuing of policies.
 
Strictly my uneducated opinion.....

Odds of someone buying Shenandoah's blocks of business....65%.
Odds of Shenandoah emerging as Shenandoah, out of receivership and back in business....33%.
Odds of Shenandoah being liquidated....2%.


Joe...I agree, their Golden Promise was fun to write when I started writing for them over 10 years ago. I miss that product. I miss their prompt service and issuing of policies.

Thank you Danny Sheridan... for the odds making. :D

Now, give me something more relevant, that I can work with... like tonights NBA games... Celtics at Chicago Bulls... the paper has it at Bulls - 1.5 pts... Who do YOU like Russ... I mean Danny Sheridan...? Oh, who do you like in the Lakers at the Utah Jazz game... paper has that one at Lakers - 2.5 pts...

This site is multi-faceted and now we can come here for the latest in odds making... My prayers have bee answered... Now if only I can close a few deals today... What are the odds on that one Danny....?

:D:1tongue::D
 
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