Forethought...you're Kidding, Right?

[Todd King]

They do this because this business is not profitable for them and does not stay on the books. They offer this as service to their agents. (this is the line I get) Most of my agents now use other carriers for their near GI polices. Also sense they got rid of golden promise and went to new vista I do not see much use for them. The golden promise 2 was a great product and was unlimited in number an agent could right.</IMG></IMG>

This is just one of the reasons I stay away from Shenandoah. Settler's life is the same way. People keep asking what I can get them with Shenandoah...Tsk, Tsk, Tsk! My only reply is to try and educate them.
As for forethough, I got contracted but something told me not to do anything with them...glad I followed my gut.

 

[Russ]

They do this because this business is not profitable for them and does not stay on the books. They offer this as service to their agents. (this is the line I get) Most of my agents now use other carriers for their near GI polices. Also sense they got rid of golden promise and went to new vista I do not see much use for them. The golden promise 2 was a great product and was unlimited in number an agent could right.

Agree....Golden Promise was a much better policy series. Rate book was compact and easy to look through. New Vista 3 is a book! Not impressed with this new policy series.

 

[Newby]

ForeThought has changed more in the last three years than any company I've ever seen. They used to be awesome. You have to have known where they've come from to really appreciate how bad they have become.

I'm assuming they have MAJOR growing pains. But I think they're headed for worse shrinking pains.

Went to switch my ForeLife contract with them to a different FMO last week and the first one THEY referred me to just instantly gave me a sales pitch on why I DON"T want to sell ForeThought and made me a much better deal on a different company.

I'm not planning to put much with ForeThought in 2009. And this comes from a guy who has ForeThought logos on half my wardrobe including my bath towels.

 

[policy doctor]

So what's the flavor you'll be promoting in FE Market Square?

Americo, American-Amicable, Mutual of Omaha? Always good to read those contracts you sign....or before you produce business. Those weasel clauses will bite you in the a**!!

 

[retread]

So what's the flavor you'll be promoting in FE Market Square?

Americo, American-Amicable, Mutual of Omaha? Always good to read those contracts you sign....or before you produce business. Those weasel clauses will bite you in the a**!!

Just spent an entire day studying my new FE contracts. One I will refuse to sign, the others I will not sign advanced commission requests. I think we all need to realize that getting those advanced commissions is not in our best interest. The carrier likes them.... It puts hooks into their agents.

Take commissions as earned and preserve your independence.

 

[policy doctor]

Just spent an entire day studying my new FE contracts. One I will refuse to sign, the others I will not sign advanced commission requests. I think we all need to realize that getting those advanced commissions is not in our best interest. The carrier likes them.... It puts hooks into their agents.

Take commissions as earned and preserve your independence.

Oh I agree with you there! Especially if they will dock you a whole year's worth because a client slipped up. Knew an agent who figured out she owed 18 months of commissions (based on her then production level)because of the chargebacks/svc fees/lead cost before she was free and clear. And with the economy tanking....there will be more of the no pays and slow pays.

Beware: to the new agents. If you're tight on money, perhaps a mix of advances and as earned. Otherwise, hit the ground running if you're on advances only. Writing enough business will overcome some debits. But I have a friend whose annuity case reversed, and now she has to repay $$10,000.....ouch ouch

Thank you TRK for posting this alert. This is a good thread to alert of other weasel clauses in those contracts we sign.

 

[Todd King]

Oh I agree with you there! Especially if they will dock you a whole year's worth because a client slipped up. Knew an agent who figured out she owed 18 months of commissions (based on her then production level)because of the chargebacks/svc fees/lead cost before she was free and clear. And with the economy tanking....there will be more of the no pays and slow pays.

Beware: to the new agents. If you're tight on money, perhaps a mix of advances and as earned. Otherwise, hit the ground running if you're on advances only. Writing enough business will overcome some debits. But I have a friend whose annuity case reversed, and now she has to repay $$10,000.....ouch ouch

Thank you TRK for posting this alert. This is a good thread to alert of other weasel clauses in those contracts we sign.

You're very welcome! Like I said before, this justifies my thinking on Forethought all along. I just knew there wasn't something right about this company.
As for the new flavor of FE...I'm still doing my Loyal American, UTA and Americo. The UTA is just so hard to beat. Didn't really want this to turn into an "offers" thread, but....If anybody wants to look into these I do offer the top contracts with them. Just call if you're interested.

 

[myinsurebiz]

Went to switch my ForeLife contract with them to a different FMO last week and the first one THEY referred me to just instantly gave me a sales pitch on why I DON"T want to sell ForeThought and made me a much better deal on a different company.

May I ask who you contracted with and are they competitive in both rates and commissions?

Please PM if necessary.

Thanks,

Tom

 

[Newby]

May I ask who you contracted with and are they competitive in both rates and commissions?

Please PM if necessary.

Thanks,

Tom

No, I'm keeping mine quiet for now. I don't think anyone had ever heard of ForeThought on this forum until I started pumping them up a couple of years ago and look what's happened to them. Their customer service has gone from a 10+ to a 2-

There are really a LOT of good choices out there. I don't see any one company haveing a huge advantage over any other.

Find one that has good rates, gives you a good contract and buy your own leads. That's MY recipe for success. Keep a 2nd company that will take some people that your first will decline and possibly a 3rd if you need one.

 

[SportsNut]

Their customer service has gone from a 10+ to a 2-

I believe that it had something to do with their change in ownership 4-5 yrs ago... Losing the deep pockets of Hillenbrand Industries didn't help matters. Forethought was not the primary profit center for HB, and as such they were less compelled to make the buffalo jump off the nickel.

Hillenbrand sells Forethought