Rearden and Louis - notice how neither one of you mentioned rates when asked what factors are involved when choosing an insurance company. Both had good answers, but what the concern I see with how you answered and what was stated previously (forgive me for assuming) is that when it comes to replacing - cheaper is better. When it comes to working with a great insurance company, it's not about rates. Maybe I read your responses wrong, it's early, but that is point I make. Cheaper isn't better. The example you gave regarding settlers life, isn't a rarity in this business. Insurance companies flip there books. So let me give you this example - I sold a man a policy, it was a while back so I forgot the details. I sold him a policy with either BL or transamerica. After i.sold him, less than a week later he calls me wanting to cancel because he found something cheaper. After looking into what he had, he was saving around $10 a month with some company I never heard of. I did research on that company and they have only been around for 15 years they were rated b- with am best and had a decrease in rating the previous year. Yes the man bought something cheaper, but was he better off taking a chance with a company with a much lower financial score and not as much history than he would of been by going with a company that has been around for a hundred years with strong financial backing? I saved him. But in your opinion, was I wrong here? I don't remember the other insurance companies name, I'll look into my contacts management system and check my notes.
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What are you asking, should you replace that? Again, like everything else I have posted, on price sure. But just to say "new carrier" means that all you were focused on is rates. That is where I'm disagreeing. All insurance companies are not created equal. Example liberty Bankers life runs a very small operation. Because they run such a small operation and initially they didn't require a phone interview they had cheap rates. But it took forever for policies to get issues, when my customer when call in, they wouldn't speak to them and deferred it back me. There staff is not trained as adequately as other companies I've worked with. They are behind on there online portal to check business. But they have good rates. I don't want good rates, I want a good company that I know if I died in a car accident tomorrow, my customers will still be taken care of. Not a company that wants to charge a customer money to send out a new policy to them.
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6 Month old LH $78/mo 10K w/25k Rider
New Carrier 60/mo 10K
Child 25K Policy 10.50/mo
CB thoughts?
What are you asking, should you replace that? Again, like everything else I have posted, on price sure. But just to say "new carrier" means that all you were focused on is rates. That is where I'm disagreeing. All insurance companies are not created equal. Example liberty Bankers life runs a very small operation. Because they run such a small operation and initially they didn't require a phone interview they had cheap rates. But it took forever for policies to get issues, when my customer when call in, they wouldn't speak to them and deferred it back me. There staff is not trained as adequately as other companies I've worked with. They are behind on there online portal to check business. But they have good rates. I don't want good rates, I want a good company that I know if I died in a car accident tomorrow, my customers will still be taken care of. Not a company that wants to charge a customer money to send out a new policy to them.