TransAmerica-Sets Aside $for Future PayOut?

[Prtzl]

I was listening to a 2 hour interview with Tim Winders, and he mentioned Trans America was one of his favorite Carriers to write business for;

A) They are a good carrier who can cover almost anybody..

B) They "set aside" a %/portion of the sales reps earnings on each deal for a future payment in one lump sum. I guess this is a safety net for TA. Tim said he would get a "big chunk" of money from TA in the future and once contracts were consistent he was getting quarterly/monthly payouts separate and on top of, his present production.

Is TransAm the only carrier that does this? How do you like this arrangement?

**Note-This interview was 2014 so I'm not sure if it's the same now.

 

[Bcrane0305]

I was listening to a 2 hour interview with Tim Winders, and he mentioned Trans America was one of his favorite Carriers to write business for;

A) They are a good carrier who can cover almost anybody..

B) They "set aside" a %/portion of the sales reps earnings on each deal for a future payment in one lump sum. I guess this is a safety net for TA. Tim said he would get a "big chunk" of money from TA in the future and once contracts were consistent he was getting quarterly/monthly payouts separate and on top of, his present production.

Is TransAm the only carrier that does this? How do you like this arrangement?

**Note-This interview was 2014 so I'm not sure if it's the same now.

Trans is able to cover almost anybody because they do not pay contestable claims. So essentially they have literally 0 risk within 2 yearS of policy starting. I've never heard of a contestable polciy paid by trans and I doubt I ever will.. not paying contestable claims opens up a lot of different covering options ect

 

[indiana260]

Trans is able to cover almost anybody because they do not pay contestable claims. So essentially they have literally 0 risk within 2 yearS of policy starting. I've never heard of a contestable polciy paid by trans and I doubt I ever will.. not paying contestable claims opens up a lot of different covering options ect

They have to pay if the agent and client both provided accurate information at the time off the application

 

[Bcrane0305]

They have to pay if the agent and client both provided accurate information at the time off the application

Lol. When I have proof that a contestable claim is paid by trans I'll be proven wrong but I doubt that day will ever come... everyone knows trans has a terrible record of contestabale claims being paid out.

 

[Baseball7]

Trans is able to cover almost anybody because they do not pay contestable claims. So essentially they have literally 0 risk within 2 yearS of policy starting. I've never heard of a contestable polciy paid by trans and I doubt I ever will.. not paying contestable claims opens up a lot of different covering options ect

I had a policy written Trans standard 5/16, client died 11/16, claim paid 1/17. PM me if you want w copy of the claim letter.

Transamerica pays your "backend" money each month, but other then that I imagine each IMO can have different deals. For what it's worth around tax season they only 10-99 earned income.

 

[Rearden]

Lol. When I have proof that a contestable claim is paid by trans I'll be proven wrong but I doubt that day will ever come... everyone knows trans has a terrible record of contestabale claims being paid out.

I've had two contestable claims pay with Transamerica:

-$25,000 claim on an 85 year old who had 18 months into the plan.
-$8,000 claim on a 62 year old with COPD and no other health issues.

 

[Ehollenkamp]

I have had TA pay a contestable claim.
10K on a 70 year old male. He only made two payments and had a heart attack

 

[Prtzl]

Lol. When I have proof that a contestable claim is paid by trans I'll be proven wrong but I doubt that day will ever come... everyone knows trans has a terrible record of contestabale claims being paid out.

Have you had client's contestable claim go unpaid by Trans?

 

[rousemark]

I know a lot on here will not agree and we don't seem to have any data one way or the other but I think the majority of contestabe period claims end up paid. I have had several paid over the years and never had one denied.

 

[Prtzl]

I know a lot on here will not agree and we don't seem to have any data one way or the other but I think the majority of contestabe period claims end up paid. I have had several paid over the years and never had one denied.

Why the bad taste for TA?