Shenandoah Life Sales Suspended
- Thread starter Joe Moore
- Start date
- 19,667
Yes, I get a deposit from them every Fri.
- Thread starter
- #303
- 307
Seems a lot of new stories about insurance companies financials will continue to surface:
Penn Treaty May Need More Than $1 Billion for Claims (Update4) - Bloomberg.com
Buyers are simply spooked when it comes to parting with their liquid assets, and with today's financial climate, what is really a "Good-Deal"?. Today's good-deal could be the bankruptcy idea of tomorrow.
Under normal conditions, Shenandoah should have already been melded into a larger company, and back to virtually be operating as usual. These times are not normal conditions.
We could be looking at uncertainity for years down the road.
Penn Treaty May Need More Than $1 Billion for Claims (Update4) - Bloomberg.com
Buyers are simply spooked when it comes to parting with their liquid assets, and with today's financial climate, what is really a "Good-Deal"?. Today's good-deal could be the bankruptcy idea of tomorrow.
Under normal conditions, Shenandoah should have already been melded into a larger company, and back to virtually be operating as usual. These times are not normal conditions.
We could be looking at uncertainity for years down the road.
I just had a small life policy with Shenandoah where the insured passed. Shenandoah was pretty quick at paying the death benefit.
If anyone has a term policyholder where their term-period is running out, they can still convert it with a Shenandoah Whole Life or UL policy.
If anyone has a term policyholder where their term-period is running out, they can still convert it with a Shenandoah Whole Life or UL policy.
If anyone out there wonders if Shenandoah Life had all of their ducks in a row when they dumped a majority of their money in bad investments and wound up in receivership, I have an interesting case to talk about.
I have a lady that took out a life policy with me with Shenandoah Life in June of 2007, paying $27.64 a month for a $10,000 Golden Promise policy. I've known the lady for over 20 years. Always a very good payer...never any problems. I got the 9 month advance....she continued paying premiums. Paid the balance of the first year and subsequent renewals up through November 2009, or so I thought....
I received a call from her the first of this week. Shenandoah Life called her to inform her she owed almost $800 in back premiums on the policy. They had NEVER drafted the first payment from her account for the policy, but had always paid me the renewal commissions each month on the policy. She needed to pay almost $800 to catch up the policy.
They told her she could make partial payments to catch it up.....they apologized to her, etc. She called them today and informed them she wasn't going to.
I understand it's her responsibility to make sure her payments are being drafted, but she's a busy woman...works. Her husband works. They have several policies with me.
They now have one less. Nice going Shenandoah. I just got charged back the commissions I was paid, minus the first month I had collected when the policy was taken out, BEFORE I EVER knew what was going on.
Minus $334.72......nice going Shenandoah Life....or whatever you're called now. Glad she didn't die!
What a load of BS.
I have a lady that took out a life policy with me with Shenandoah Life in June of 2007, paying $27.64 a month for a $10,000 Golden Promise policy. I've known the lady for over 20 years. Always a very good payer...never any problems. I got the 9 month advance....she continued paying premiums. Paid the balance of the first year and subsequent renewals up through November 2009, or so I thought....
I received a call from her the first of this week. Shenandoah Life called her to inform her she owed almost $800 in back premiums on the policy. They had NEVER drafted the first payment from her account for the policy, but had always paid me the renewal commissions each month on the policy. She needed to pay almost $800 to catch up the policy.
They told her she could make partial payments to catch it up.....they apologized to her, etc. She called them today and informed them she wasn't going to.
I understand it's her responsibility to make sure her payments are being drafted, but she's a busy woman...works. Her husband works. They have several policies with me.
They now have one less. Nice going Shenandoah. I just got charged back the commissions I was paid, minus the first month I had collected when the policy was taken out, BEFORE I EVER knew what was going on.
Minus $334.72......nice going Shenandoah Life....or whatever you're called now. Glad she didn't die!
What a load of BS.
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Re: Shenandoah Life Sales Suspended Got a good one about another
unbelievable about your chg back. I got a good one about a final expense company{not Shenandoah} that was doing business in my state a few years back. I had written a lady small final expense policy. her husband was a US Marshall. I surely wanted to make sure everything went well because I knew they also wanted to buy LTC Insurance. I also wrote a another member of her family. About 8 months after policy issued I received a chg back of all advanced comm. on her policy? I found out that this company was back tracking on their policies ..doing a script search.. this was in the 9th month after issue. They wrote her a LTR. cancelled her pol. and chg back all of advance. I called company and shortly after this they pulled out of State. I of course did not know what else to do and this also happened to other agents. The client had no ins. I could have written her with another company but she was so upset she just did nothing. This company had marketed itself on liberal underwriting...a few health questions and only a MIB. I have learned that if it sounds to easy "STAY AWAY"
unbelievable about your chg back. I got a good one about a final expense company{not Shenandoah} that was doing business in my state a few years back. I had written a lady small final expense policy. her husband was a US Marshall. I surely wanted to make sure everything went well because I knew they also wanted to buy LTC Insurance. I also wrote a another member of her family. About 8 months after policy issued I received a chg back of all advanced comm. on her policy? I found out that this company was back tracking on their policies ..doing a script search.. this was in the 9th month after issue. They wrote her a LTR. cancelled her pol. and chg back all of advance. I called company and shortly after this they pulled out of State. I of course did not know what else to do and this also happened to other agents. The client had no ins. I could have written her with another company but she was so upset she just did nothing. This company had marketed itself on liberal underwriting...a few health questions and only a MIB. I have learned that if it sounds to easy "STAY AWAY"
Case #2 that shows Shenandoah Life doesn't know what the hell they are doing....
I have a lady that has/had a term policy with me that let it lapse. She then called me to inform me she wanted to catch up the back payments and reinstate the policy.
I printed the application form to reinstate the policy....completed what Shenandoah lists as being required, got her to sign it....sent it in to them, along with 4 months payment + the signed HIPPA form.
Five weeks after mailing in what was needed, I get a letter from Shenandoah today stating they need the exact same form completed(reinstatement form), that I had sent in + one more months payment + the signed HIPPA form again.
I call Shenandoah this morning......Darlene tells me the application form for reinstatement didn't include the children's rider completed. Uh...the instructions don't list that as one of the requirements.
I asked her why it took so long to catch the error. She tells me it wasn't caught when they initially received it and was just caught when an underwriter looked at the reinstatement form. She also informed me the HIPPA form wasn't needed again even though the letter I got today says it is.
These people don't know what the hell their doing anymore. Maybe they never did.
I sure wish I could replace my policy with them.
I have a lady that has/had a term policy with me that let it lapse. She then called me to inform me she wanted to catch up the back payments and reinstate the policy.
I printed the application form to reinstate the policy....completed what Shenandoah lists as being required, got her to sign it....sent it in to them, along with 4 months payment + the signed HIPPA form.
Five weeks after mailing in what was needed, I get a letter from Shenandoah today stating they need the exact same form completed(reinstatement form), that I had sent in + one more months payment + the signed HIPPA form again.
I call Shenandoah this morning......Darlene tells me the application form for reinstatement didn't include the children's rider completed. Uh...the instructions don't list that as one of the requirements.
I asked her why it took so long to catch the error. She tells me it wasn't caught when they initially received it and was just caught when an underwriter looked at the reinstatement form. She also informed me the HIPPA form wasn't needed again even though the letter I got today says it is.
These people don't know what the hell their doing anymore. Maybe they never did.
I sure wish I could replace my policy with them.
I can't replace mine because of health issues.
I suggested to the client about replacing hers, but her children are now beyond 18 and wouldn't be eligible for a children's term rider under a new plan/company, so she wanted to get her Shenandoah reinstated.
Mr. Goss is DOI rep. running Shenandoah Life in VA> He is very strict but fair. I would write to him and appeal case and contact your State Guaranty Assn. The State Guaranty Assn. is separate from the DOI in every state. If you could get the right person on phone then you might have a chance. Just a suggestion but you have nothing to lose.
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