Are MOO Captive Agents Pulling A Fast One?

Tell your prospect if they want that rate they will have to move to Florida, and then explain how those MOO COLA increases really work . . .

:laugh:

Not sure how the agent came up with that rate without looking up the zip code... do they NOT use zip codes in Floriduh?
 
This is from the email he sent to the prospect after telling him that he has been a licensed agent for 10 1/2 years:
[FONT=&quot]
"I really appreciate the opportunity of assisting you with your Medicare supplement [/FONT]
[FONT=&quot]i[/FONT][FONT=&quot]nsurance. Mutual of Omaha is a great company[/FONT][FONT=&quot].[/FONT][FONT=&quot] Mutual of Omaha has been around for over 100 years and we are an A+ rated Company. [/FONT]
[FONT=&quot]Plan F is the most comprehensive plan that works with Medicare. Plan F will pay for all the Co[/FONT][FONT=&quot]-[/FONT][FONT=&quot]pays and Deductibles that Medicare[/FONT][FONT=&quot]part A & B do not pay. [/FONT]
[FONT=&quot]Plan G is a great Plan as well. The only difference between Plan F and Plan G, is that the Plan G requires you to pay the Medicare annual deductible of $140.00. [/FONT]
[FONT=&quot]With either of these Medicare supplement plans you can go to any doctor or hospital in the country that accepts Medicare.[/FONT]
[FONT=&quot]Please review the attachment and/or call and ask [/FONT][FONT=&quot]for [agent's name redacted] with any of your questions,and for the actual price of a Mutual of Omaha supplement for you.The plan G rate for you is $ 131.93 and the rate for plan F is $ 157.75[/FONT]
[FONT=&quot]As we discussed you are in a issued age state. Your will pay the 66 yr old male for the rest of your policy life."

[/FONT]
- - - - - - - - - - - - - - - - - -
So this agent pretty much told the prospect that I was unaware of the "new" rates that recently came out... and that is the reason why he is quoting a lower premium than Ritter or the rate sheets that I have for Georgia...

So.... I logged into MOO and downloaded the "latest" rate sheet and looked at the premium for a non smoking male age 66 in zip code 302... and I still don't see the rate he is quoting.

So.... I logged into Florida's state insurance website and pulled up this agent's record...

Anyone care to venture a guess as to what I found?
- - - - - - - - - - - - - - - - - -
Oh - forgot to mention - the MOO agent told the prospect that there will be some "cost of living" increases... but not a rate increase...

LOL

This agent is in Georgia and he's quoting a male age 66 in the 302 zip code at $157.75 for Plan F and $131.93 for Plan G? If so, he's quoting with the 7% discount. You should tell him New Era is $142.40 for Plan F and $117.73 for Plan G.
 
This agent is in Georgia and he's quoting a male age 66 in the 302 zip code at $157.75 for Plan F and $131.93 for Plan G? If so, he's quoting with the 7% discount. You should tell him New Era is $142.40 for Plan F and $117.73 for Plan G.

That's what I thought, as well... but he claims he is not. LOL

I did quote New Era... but the prospect has reservations regarding their A.M. Best B+ rating... and yes, I did explain how the prospect isn't really at any risk, since should New Era become unable to pay claims, he would be guaranteed acceptance with another carrier.
 
That's what I thought, as well... but he claims he is not. LOL

I did quote New Era... but the prospect has reservations regarding their A.M. Best B+ rating... and yes, I did explain how the prospect isn't really at any risk, since should New Era become unable to pay claims, he would be guaranteed acceptance with another carrier.

How about Continental Life? Plan F is $152.94 and Plan G is $135.86. An A rated carrier.

If the client falls for this guys lies, the first thing he'll see is that the rate isn't what he said. The second thing he'll see is that within a couple of years his rates will be much higher.

I still have United of Omaha's pre-Modernized rates. From time to time I will show a prospective client what their rate was then and what it is now. For example, someone applying in January of 2010 (male age 66 in 302 zip) Plan F would have been $138.95 before any discounts. Today it's $169.63 before any discounts.

Sometimes you have to let a person make a mistake as this prospect appears to be doing. If he does go with this other agent, as soon as you hear about the next rate increase with United of Omaha, I'd call this prospect up and ask him if he's ready to make a change.
 
I just showed the prospect the evidence that the MOO captive agent was not being honest about his licensure of 10+ years... and needless to say, he wasn't too thrilled about it, as the agent was only licensed and appointed 7 months ago...

I won't be surprised if he goes up the food chain to complain to someone at MOO about this. Perhaps he should tell MOO that this agent promised an 8 minute enrollment complete with a policy number.

:D
 
I just feel bad for all the other clients this 'agent' has told won't have rate increases. Cost of living increases? what a bunch of baloney. How can an agent be in the business for 7 months and still not know this stuff? I understand it takes time to be proficient, but this is some basic stuff.
 
I just showed the prospect the evidence that the MOO captive agent was not being honest about his licensure of 10+ years... and needless to say, he wasn't too thrilled about it, as the agent was only licensed and appointed 7 months ago...

I won't be surprised if he goes up the food chain to complain to someone at MOO about this. Perhaps he should tell MOO that this agent promised an 8 minute enrollment complete with a policy number.

:D

Is the agent located in Georgia? I assume you have his email address since you got a copy of the email? I might would send him some "friendly" advice if I were you. Nothing threatening, just remind him people can easily check how long he's been licensed and he should be careful about putting false information in print (i.e. - an email) as it could lead to him losing his license and at the very least to lose his appointment with a carrier.
 
Is the agent located in Georgia? I assume you have his email address since you got a copy of the email? I might would send him some "friendly" advice if I were you. Nothing threatening, just remind him people can easily check how long he's been licensed and he should be careful about putting false information in print (i.e. - an email) as it could lead to him losing his license and at the very least to lose his appointment with a carrier.

The agent is in Florida...

Although I can appreciate the sentiments - I think I'll let this guy learn the hard way.
- - - - - - - - - - - - - - - - - -
I just feel bad for all the other clients this 'agent' has told won't have rate increases. Cost of living increases? what a bunch of baloney. How can an agent be in the business for 7 months and still not know this stuff? I understand it takes time to be proficient, but this is some basic stuff.

Yep - 7 months was plenty of time to go online; do his research; find this forum; and hire Frank Stastny to train him.

In a way, I kinda hope my client (the prospect) does report his sorry ass...
- - - - - - - - - - - - - - - - - -
In the final analysis, the prospect did the right thing and let me enroll him in New Era for maximum savings.
 
Last edited:
Could he have been quoting the newest Mutual of Omaha company, they do have lower rates than Mutual of Omaha/United of Omaha in most states. I forget the name of the new company....Omaha insurance or something like that.
 
Back
Top