Telephone Sales Illegal?

[rousemark]

Received a new agent package from a company today. They permit Med Sup sales by telephone. However, they say they do not allow telesales of Life (FE) products because the Patriot Act requires a F@F interview..

I do know most companies require you document identity as required by the AML rules which si what I assume they are talking about. But if that is required how the telesales companies like SL get around it??

 

[Josh]

I'll admit i'm a bit fuzzy on my patriot act, but did they actually point out a reference?

Telephone sales of life insurance is perfectly legal.

 

[TDFnCali]

Received a new agent package from a company today. They permit Med Sup sales by telephone. However, they say they do not allow telesales of Life (FE) products because the Patriot Act requires a F@F interview..

I do know most companies require you document identity as required by the AML rules which si what I assume they are talking about. But if that is required how the telesales companies like SL get around it??

If that were really true....how would Colonial Penn sign up 100's a day for their product?

 

[Norwayguy]

If that were really true....how would Colonial Penn sign up 100's a day for their product?

There are other ways of meeting patriot act requirements beyond f2f and viewing a drivers license. It is the same way these web brokerages meet the requirements. Now a carrier may require F2F because they don't want to pay for other methods.

 

[rousemark]

I'll admit i'm a bit fuzzy on my patriot act, but did they actually point out a reference?

Telephone sales of life insurance is perfectly legal.

No reference. Just the statement, "These telephone applications do not include an option to purchase life insurance because the USA PATRIOT ACT requires a face-to-face interview for life insurance sales."
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If that were really true....how would Colonial Penn sign up 100's a day for their product?

Never gave cos. like CP any thought. I remember the days when you called in and they sent you an application in the mail.

 

[VolAgent]

No reference. Just the statement, "These telephone applications do not include an option to purchase life insurance because the USA PATRIOT ACT requires a face-to-face interview for life insurance sales."

Sounds like a company that doesn't know its head from a hole in the wall or is spouting BS to cover up not wanting to pay to verify identity using other methods.

Never gave cos. like CP any thought. I remember the days when you called in and they sent you an application in the mail.

Call'em up, I bet you CP would gladly send you an app in the mail. In fact, I bet they will send you one a month from now until the end of time.

 

[rousemark]

Sounds like a company that doesn't know its head from a hole in the wall or is spouting BS to cover up not wanting to pay to verify identity using other methods.




Call'em up, I bet you CP would gladly send you an app in the mail. In fact, I bet they will send you one a month from now until the end of time.

Oh.. I'm sure.. Once you reply to them in any way, you have doomed a lot of innocent trees. I was referring to the old days when they would not do an app over the phone. Guess I thought they still did business that way.. Never gave it a thought that they were now taking the actual app over the telephone..

 

[0b1kanobee]

Seeing people F2F eliminates this problem. You do have to get out of your PJ's though.

 

[rousemark]

Seeing people F2F eliminates this problem. You do have to get out of your PJ's though.

Doggone it! There is always a catch!

 

[deadhead]

verify identities? Uh I ain't ever dunn thayutt