American Amicable

[MIM]

I don't understand. Why do IMOs love these guys so much ? (Maybe they're hierarchy friendly ?) Their prices aren't that great. I was going to write them when I was in the process of getting appointed with them a few years back until I found out about the lawsuit they had with the SEC. I turned real sour on wanting to write them when I found out the details. So I never turned in an app and just let my contract go. (I'm a vet so you already know what I think.)


MIM

 

[WinoBlues]

I don't understand. Why do IMOs love these guys so much ? (Maybe they're hierarchy friendly ?) Their prices aren't that great. I was going to write them when I was in the process of getting appointed with them a few years back until I found out about the lawsuit they had with the SEC. I turned real sour on wanting to write them when I found out the details. So I never turned in an app and just let my contract go. (I'm a vet so you already know what I think.)


MIM

Ditto. Even if they lower their premiums I will not write them.

…...............

 

[pcbinsurance]

I'm with Wino....I wouldn't write them in a million years.

 

[kempho]

I remember a few years ago they decided they would start taking credit cards but to make the numbers work they had to raise the modal factor for all monthly payments. A couple of months later they scrapped the credit card program but wouldn't lower the modal factor. That decision priced them out of the market at least back then.

 

[Todd King]

I don't understand. Why do IMOs love these guys so much ? (Maybe they're hierarchy friendly ?) Their prices aren't that great. I was going to write them when I was in the process of getting appointed with them a few years back until I found out about the lawsuit they had with the SEC. I turned real sour on wanting to write them when I found out the details. So I never turned in an app and just let my contract go. (I'm a vet so you already know what I think.)


MIM

As an IMO, we have them but we certainly don't "love" them. Their prices are pretty high. I think the only things they have going for them is that they don't cut commissions for the graded product and they are pretty easy to do business with. I know some disagree with that, but I've never experienced any problems with doing business with them.

Their ROP term product is pretty good.

 

[mbiallas]

I don't understand. Why do IMOs love these guys so much ? (Maybe they're hierarchy friendly ?) Their prices aren't that great. I was going to write them when I was in the process of getting appointed with them a few years back until I found out about the lawsuit they had with the SEC. I turned real sour on wanting to write them when I found out the details. So I never turned in an app and just let my contract go. (I'm a vet so you already know what I think.)

MIM

Now you have me curious. What was the lawsuit about?

 

[VolAgent]

As an IMO, we have them but we certainly don't "love" them. Their prices are pretty high. I think the only things they have going for them is that they don't cut commissions for the graded product and they are pretty easy to do business with. I know some disagree with that, but I've never experienced any problems with doing business with them.

Their ROP term product is pretty good.

So, do you return their commission checks or donate them to charity?

 

[MIM]

Now you have me curious. What was the lawsuit about?

Basically to make the long story short, they sent agents on military bases posing as financial advisors giving them financial and retirement advice by selling them over priced term with the belief that down the road they would have cash value. The SEC got wind of it and sued them. They were given the opportunity to make the client whole by returning back all the premium they took. American Amicable said no and just took the fine instead of $10 million dollars instead. That may seem much, but if you divide 10 million among 55 thousand clients (service members and their families) it really comes down to pennies. Service members make less than minimum wage workers to begin with. Even among the higher ranks, they still don't make much. So to take what little they have when they can barely feed their families leaves me little to no room in believing that they can benefit the client in any way possible let alone be someone I'd want to work with or even be affiliated with. Now if you want to market on military bases, you have to do extra paperwork and compliance. You know where to send your thank you card.


MIM

 

[tins]

Basically to make the long story short, they sent agents on military bases posing as financial advisors giving them financial and retirement advice by selling them over priced term with the belief that down the road they would have cash value. The SEC got wind of it and sued them. They were given the opportunity to make the client whole by returning back all the premium they took. American Amicable said no and just took the fine instead of $10 million dollars instead. That may seem much, but if you divide 10 million among 55 thousand clients (service members and their families) it really comes down to pennies. Service members make less than minimum wage workers to begin with. Even among the higher ranks, they still don't make much. So to take what little they have when they can barely feed their families leaves me little to no room in believing that they can benefit the client in any way possible let alone be someone I'd want to work with or even be affiliated with. Now if you want to market on military bases, you have to do extra paperwork and compliance. You know where to send your thank you card.


MIM

Wow, that's horrible.
Were these just rogue agents or this was straight from the company?

 

[VolAgent]

Basically to make the long story short, they sent agents on military bases posing as financial advisors giving them financial and retirement advice by selling them over priced term with the belief that down the road they would have cash value. The SEC got wind of it and sued them. They were given the opportunity to make the client whole by returning back all the premium they took. American Amicable said no and just took the fine instead of $10 million dollars instead. That may seem much, but if you divide 10 million among 55 thousand clients (service members and their families) it really comes down to pennies. Service members make less than minimum wage workers to begin with. Even among the higher ranks, they still don't make much. So to take what little they have when they can barely feed their families leaves me little to no room in believing that they can benefit the client in any way possible let alone be someone I'd want to work with or even be affiliated with. Now if you want to market on military bases, you have to do extra paperwork and compliance. You know where to send your thank you card.


MIM

That was great, up until they make less than minimum wage.

An E-1 makes 1500 a month and is quickly an E-2 at 1700. That doesn't seem like much until you realize they get food and housing for free on top of that (a junior enlisted is almost certainly not living off base and getting allowances). An O-1 is marking 2900 a month, plus allowances. Oh, and that O-1 just had college paid for, either through ROTC or a service academy. I have no doubt they earn every penny of it, but I'm pretty sure that compensation wise, lots of Americans would gladly trade places.

Military members aren't getting rich, but they aren't starving either. The ones I feel sorry for are senior NCOs. For what they do, they really aren't paid very well. At least higher ranking officers can jump ship into civilian work as a director or other nice job based on their experience. I don't believe that really works for senior NCOs.