Knights of Columbus LTC

[Arthur Rudnick]

Try this outfit, it may help..........

 

[yankee466]

that should clinch the deal for sure........

Better than showing up with my Harley jacket on.

 

[Coog]

I could not find any old threads.......so does anyone have any idea what i am up against besides respecting a fellow knight and A++ ratings?

I'll assume decent rates, limited choices, and a captive audience.

Thanks

Don't bother trying to replace KofC.
In virtually all circumstances, you will be doing something unethical.
You could earn points with a client by being honest about not being able to compete with KofC.
KC is non-profit and agents work long hours and deal in high volume. The commissions are very modest and there is no fat anywhere in the organization.
The choices are not limited and the plans are highly customizable.
The agents do the job out of a deep sense of duty to the order, despite obviously being able to earn more elsewhere. The top ethics rankings are prizes above all else.
Education is constant and the clients have usually been educated on the ins and outs of contracts and become difficult to trick by outside companies.

 

[Charlie456]

Don't bother trying to replace KofC. In virtually all circumstances, you will be doing something unethical. You could earn points with a client by being honest about not being able to compete with KofC. KC is non-profit and agents work long hours and deal in high volume. The commissions are very modest and there is no fat anywhere in the organization. The choices are not limited and the plans are highly customizable. The agents do the job out of a deep sense of duty to the order, despite obviously being able to earn more elsewhere. The top ethics rankings are prizes above all else. Education is constant and the clients have usually been educated on the ins and outs of contracts and become difficult to trick by outside companies.

How much have they paid out in claims?

 

[Newby]

Don't bother trying to replace KofC. In virtually all circumstances, you will be doing something unethical. You could earn points with a client by being honest about not being able to compete with KofC. KC is non-profit and agents work long hours and deal in high volume. The commissions are very modest and there is no fat anywhere in the organization. The choices are not limited and the plans are highly customizable. The agents do the job out of a deep sense of duty to the order, despite obviously being able to earn more elsewhere. The top ethics rankings are prizes above all else. Education is constant and the clients have usually been educated on the ins and outs of contracts and become difficult to trick by outside companies.

Sounds like someone has drank the Kool Aid. KoC is a strong company but definitely not untouchable like you are stating.

Just another captive Fraternal. Decent rates on healthy people. Not competitive on less healthy seniors.

Like all fraternals they sell certificates not policies. Some states REQUIRE you to explain the difference. Others do not. But they are different. And the agents selling them never really explain that to the consumers.

ALL mutual companies are not for profit. Snore!

 

[scagnt83]

Fraternals are also not covered by many E&O policies. And are never covered by State Guarantee Associations. The SGA issue can often win the competition over a fraternal in most situations... especially since the coverage with a Fraternal is no better than a traditional carrier. In short, you are exposing your client to increased risk, possibly yourself as well depending on your E&O.

 

[ltcadviser]

Don't bother trying to replace KofC.
In virtually all circumstances, you will be doing something unethical.
You could earn points with a client by being honest about not being able to compete with KofC.
KC is non-profit and agents work long hours and deal in high volume. The commissions are very modest and there is no fat anywhere in the organization.
The choices are not limited and the plans are highly customizable.
The agents do the job out of a deep sense of duty to the order, despite obviously being able to earn more elsewhere. The top ethics rankings are prizes above all else.
Education is constant and the clients have usually been educated on the ins and outs of contracts and become difficult to trick by outside companies.

Any other threads from 2011 you want to revive?

 

[Coog]

Fraternals are also not covered by many E&O policies. And are never covered by State Guarantee Associations. The SGA issue can often win the competition over a fraternal in most situations... especially since the coverage with a Fraternal is no better than a traditional carrier. In short, you are exposing your client to increased risk, possibly yourself as well depending on your E&O.

What you stated you do in regard to SGA is strictly illegal. It also indicates that you have a lack of understanding.

I now see what I fallen into here and will exit as quickly as I arrived. Sorry I can't help here.

 

[ltcadviser]

None of this conversation really matters. Consumers make long term care insurance buying decisions based upon 3 possible factors: price, financial ratings of the insurance company, relationship to the agent.

Knights of Columbus has excellent rates, superior financials, and a trusted relationship.

It will win the business today when it is involved.

 

[scagnt83]

What you stated you do in regard to SGA is strictly illegal. It also indicates that you have a lack of understanding.

I now see what I fallen into here and will exit as quickly as I arrived. Sorry I can't help here.

What I stated was not illegal. You sir are the one who has a lack of understanding.

Even with NAIC Model Act 520 (I think it was 520...) passed in 2009; SGA regulations are state specific these days. Many states have relaxed regulations on SGA disclosures by agents. Some states (like CA) actually require a disclosure to the consumer if a policy is not covered by the CA SGA.

No states allow advertising using the SGA. But many states allow the agent to direct consumers to the states SGA website. FL for example probably has the most relaxed SGA regs in the nation.

In a sales situation in most states you can mention that the SGA exists in that state, give the web link, and then tell the consumer "they can search the website to find out which carriers are covered and which are not".

Also, if a consumer asks, in some states you are allowed to say yes or no if a carrier is covered or not. But only if they ask. Other than that all you can do is direct them to the website and tell them they can search and find out which ones are and which ones are not.


It sucks for you that no one here cares about your obviously biased and uninformed opinion. Come back and play when you have more than 1 year of experience.

----------

None of this conversation really matters. Consumers make long term care insurance buying decisions based upon 3 possible factors: price, financial ratings of the insurance company, relationship to the agent.

Knights of Columbus has excellent rates, superior financials, and a trusted relationship.

It will win the business today when it is involved.

I would never sell a Fratenral... why take on extra risk and lack of regulatory safety when you dont have to. Insurance is about reducing risk. A Fratenral carries a higher amount of risk than a non-Fraternal.

That being said, Knights of Columbus does have a very good reputation in the industry.