Sprout files for bankruptcy

[walthamny]

I guess this happened few months ago. I am sure they owe me few hundred dollars on some of my term sales. So I received a notice from the bankruptcy court. Lets see if I bother to file a claim or if the insurance companies will chase me and pay me my residuals. I never had an IMO that I do business file for bankruptcy so this is interesting.

 

[adjusterjack]

I wouldn't count on ever seeing your money.

The latest article is May 1 about the company declaring insolvency with a debt of $2.2 million dollars.

From $200 million valuation to insolvency: Insurtech startup Sproutt heading for bankruptcy | CTech

The Israeli startup raised $38 million since its founding in October 2017, but struggled to generate income and turned to the court due to its inability to pay its debts

www.calcalistech.com

 

[RickyBA]

I used Sproutt since they had better commission than Ethos. I'm back to researching other IMOs that offer a client facing link for my website. Any suggestions?

 

[Tahoe Ray]

I used Sproutt since they had better commission than Ethos. I'm back to researching other IMOs that offer a client facing link for my website. Any suggestions?

Make your own form using all of the questions from several of the eApp providers. Then port the info over to whatever carrier fits them best.

 

[briangreenberg]

It's a bummer how many agentless carriers are going out of business.
Ethos still has products. Assurity has an option for a consumer-facing application.
Assurity has options that few people know about. It looks like this [EXTERNAL LINK] - Insurist - Term Life Insurance
Quility has some interesting options. It is a Symmetry company.

I don't hear much about the group life insurance products that are available, which are great because they have just a few health questions.

I'll work on building a resource for all the options that are still available.

 

[dandonovan20]

Sproutt was never going to make it. They had good people in the beginning and then brought in Ben Reder and his agents and shortly after went under. Wonder if he ever got his money to jump over.

 

[rousemark]

I guess this happened few months ago. I am sure they owe me few hundred dollars on some of my term sales. So I received a notice from the bankruptcy court. Lets see if I bother to file a claim or if the insurance companies will chase me and pay me my residuals. I never had an IMO that I do business file for bankruptcy so this is interesting.

The reason you should never sign an LOA contract. I learned this way back in the day. If the company does not pay the commissions direct to you ...... Run