What Percentage of Your Business is Replacements?

[Rearden]

Jacob -- American General is really common between Cleveland and Chattanooga, I've found. They have a lot of debits in inner-city Chattanooga. In fact, I think one of their major offices is off of Exit 2 or 3 on I-75 in the East Brainerd area of Chattanooga.

ALL of their SIWL stuff for FE is overpriced -- I imagine it's like replacing a LH policy -- pretty easy to do if you can show the value.

Come to think of it, AGLA's (American General) MedSupp's are overpriced, too. Replaced one of those and freed up $400-$500/year for a 68 year old female.

Maybe I have replaced more than I originally thought?

AARP & Globe. Lately I've come across a ton of American General also that was total crap.

I have a couple I am meeting with on Monday, they have med supps with one of my agents. She discovered (the agent) that they had two UL policies from the 80s with AGL that they are paying $200 per MTH for. $25,000 in cash value. When they bought them in 86, the agent told them they could retire off the cash value based on current interest rates. Haha....

I call AGL with them on a 3 way and found out that they are blowing up (CV going down- cost of ins. going up). So much for retiring off the cash huh?

Both are in perfect health, 65 yrs old. Gotta love those eh? Putting them in a GUL product with the target commission over 5k. They will get DOUBLE the death benefit for the same premium (using standard rating), by 1035ing over the cash. I'm splitting it with my downline since they basically brought the deal.

Oh by the way Reardon, I replaced 3 LH policies 2 weeks ago. Don't find them real often but always able to replace!

 

[jacobtn]

Yep, a ton of it around it for sure. I keep a copy of their surrender form in my briefcase, as they are hard to come by- the local office has to provide it.

I always call the main office in Nashville to get the non-forfeiture values, well I mean I call Manila Phillipines (all customer service calls are handled by a call center working at night in Manila).

I ask the customers if they like having to call a nighttime call center overseas... Of course none of them do. I agree they are really easy to replace. Liberty National is another that you see a lot around here, and they are also a cakewalk.

The two hardest companies to replace because of their conservation efforts are Oxford and Monumental captive written business. You will run up on some really fierce conservation. The Monumental customer svc dept in Baltimore is nothing but a bunch of rude, hateful african american women who act like you ruined their day when you call, and will not cooperate with you or the client at ALL.

Oxford is just as bad. I don't come across a lot of scenarios where I can replace Oxford fortunately.

Jacob -- American General is really common between Cleveland and Chattanooga, I've found. They have a lot of debits in inner-city Chattanooga. In fact, I think one of their major offices is off of Exit 2 or 3 on I-75 in the East Brainerd area of Chattanooga.

ALL of their SIWL stuff for FE is overpriced -- I imagine it's like replacing a LH policy -- pretty easy to do if you can show the value.

Come to think of it, AGLA's (American General) MedSupp's are overpriced, too. Replaced one of those and freed up $400-$500/year for a 68 year old female.

Maybe I have replaced more than I originally thought?

 

[jdeasy]

Yep, a ton of it around it for sure. I keep a copy of their surrender form in my briefcase, as they are hard to come by- the local office has to provide it.

I always call the main office in Nashville to get the non-forfeiture values, well I mean I call Manila Phillipines (all customer service calls are handled by a call center working at night in Manila).

I ask the customers if they like having to call a nighttime call center overseas... Of course none of them do. I agree they are really easy to replace. Liberty National is another that you see a lot around here, and they are also a cakewalk.

The two hardest companies to replace because of their conservation efforts are Oxford and Monumental captive written business. You will run up on some really fierce conservation. The Monumental customer svc dept in Baltimore is nothing but a bunch of rude, hateful african american women who act like you ruined their day when you call, and will not cooperate with you or the client at ALL.

Oxford is just as bad. I don't come across a lot of scenarios where I can replace Oxford fortunately.

I have replaced some Monumental and you nailed it to a T on how they act when you call.

I recently replaced an Oxford and you are right about that one, too. They have been very difficult on the case and the Oxford agent even filed a complaint with the Ky Dept of Ins.

Thing is, had he not had commission breath and put in a proper plan for her budget I could not have replaced it. He put her in a $120/mo+ plan when her budget was $60 to $75/mo.

The lady described Oxford and the agent as "harassing" after she replaced the coverage.

 

[WinoBlues]

Yep, a ton of it around it for sure. I keep a copy of their surrender form in my briefcase, as they are hard to come by- the local office has to provide it.

I always call the main office in Nashville to get the non-forfeiture values, well I mean I call Manila Phillipines (all customer service calls are handled by a call center working at night in Manila).

I ask the customers if they like having to call a nighttime call center overseas... Of course none of them do. I agree they are really easy to replace. Liberty National is another that you see a lot around here, and they are also a cakewalk.

The two hardest companies to replace because of their conservation efforts are Oxford and Monumental captive written business. You will run up on some really fierce conservation. The Monumental customer svc dept in Baltimore is nothing but a bunch of rude, hateful african american women who act like you ruined their day when you call, and will not cooperate with you or the client at ALL.

Oxford is just as bad. I don't come across a lot of scenarios where I can replace Oxford fortunately.

yeah, all those uppity black girls in Arizona.

 

[rousemark]

Jacob -- American General is really common between Cleveland and Chattanooga, I've found. They have a lot of debits in inner-city Chattanooga. In fact, I think one of their major offices is off of Exit 2 or 3 on I-75 in the East Brainerd area of Chattanooga.

ALL of their SIWL stuff for FE is overpriced -- I imagine it's like replacing a LH policy -- pretty easy to do if you can show the value.

Come to think of it, AGLA's (American General) MedSupp's are overpriced, too. Replaced one of those and freed up $400-$500/year for a 68 year old female.

Maybe I have replaced more than I originally thought?

Couldn't have been an AGLA Med Supp.. They haven't written them for years... Their small policy WL is way overpriced, especially if is set up for monthly collection or mail pay. Plus, it isn't simplified issue. Forms are available.

 

[Rearden]

Can AGLA agents cross-sell Med Supps from other companies?

Actually, I think it was an American Republic Med Supp.

...Yes, it was. Keep your eyes out on those Med Supps -- very overpriced and easy to knock out. FE policies are a little tougher, but definitely possible to do, as well.

 

[rousemark]

Can AGLA agents cross-sell Med Supps from other companies?

Actually, I think it was an American Republic Med Supp.

...Yes, it was. Keep your eyes out on those Med Supps -- very overpriced and easy to knock out. FE policies are a little tougher, but definitely possible to do, as well.

Captive AGLA agents aren't supposed to be licensed with another company.

 

[WinoBlues]

A (edit)majority of my business is replacement. Some months pushing 100%. A lot of it is Accumulator UL or term. Also some final expense policies. Almost all of them have been orphaned. Also many of them I have AOR'd a few years back.

On the $5,000.policy, depends. At first blush, I would leave it alone if it was not loaned out, old, or they had any health issues. If they needed more coverage but could only afford a few dollars more I would look at the reduced paid up option, maybe

 

[jacobtn]

If they have loans against their policies, makes it super easy to replace. I just subtract their loan balace from their original death benefit, and thats what i tell them they really have in terms of DB. They never realize that. Plus many arent paying back the loan, and their remaining cash value is going south daily. I write them a new one for the old death benefit minus their loan value.

I love policies with loans against them.
- - - - - - - - - - - - - - - - - -

I have replaced some Monumental and you nailed it to a T on how they act when you call.

I recently replaced an Oxford and you are right about that one, too. They have been very difficult on the case and the Oxford agent even filed a complaint with the Ky Dept of Ins.

Thing is, had he not had commission breath and put in a proper plan for her budget I could not have replaced it. He put her in a $120/mo+ plan when her budget was $60 to $75/mo.

The lady described Oxford and the agent as "harassing" after she replaced the coverage.

What was his complaint? What an ***. I recently replacd a 3 yr ROP a lady locally had taken from a local agent tin chattanooga through colombian. I replaced it with monumental level coverage and got her 4k more coverage to boot. Premium on both policies including one i replaced was just over $100, so decent sized case. The ladyn had copd in that was her only condition she was able to get level coverage. the agent called her everyday for 2 weeks the client said, harassed her, telling her she was uneducated on her ans machine and yelled at her on the phone. Said there wasn't an insurance company in the country that would give immediate coverage with copd. She called me out of desperation. I called the jackass from her home phone i told him she was going to file a police report for harrassment if he ever contacted her again.

 

[Rearden]

Jacob, lol -- what part of town were you in? Was the agent's first name Rob or Mike?

I run across A LOT of Columbian Life stuff -- they tend to be competitive on the smoker side, but ROP on COPD, etc.

Replaced a dude's CL ROP CL policy in East Lake in downtown Chattanooga super-easy like that. $1200 commission. Damn I love replacements....

If they have loans against their policies, makes it super easy to replace. I just subtract their loan balace from their original death benefit, and thats what i tell them they really have in terms of DB. They never realize that. Plus many arent paying back the loan, and their remaining cash value is going south daily. I write them a new one for the old death benefit minus their loan value.

I love policies with loans against them.
- - - - - - - - - - - - - - - - - -


What was his complaint? What an ***. I recently replacd a 3 yr ROP a lady locally had taken from a local agent tin chattanooga through colombian. I replaced it with monumental level coverage and got her 4k more coverage to boot. Premium on both policies including one i replaced was just over $100, so decent sized case. The ladyn had copd in that was her only condition she was able to get level coverage. the agent called her everyday for 2 weeks the client said, harassed her, telling her she was uneducated on her ans machine and yelled at her on the phone. Said there wasn't an insurance company in the country that would give immediate coverage with copd. She called me out of desperation. I called the jackass from her home phone i told him she was going to file a police report for harrassment if he ever contacted her again.