- 847
Ok, here is some background on this client. He is kind very timid individual that has been taken advantage of by several agents in the past few months.
I received a DM piece for this client and originally met with him on a Saturday. He kept mentioning that he had a few policies but that he didn’t have them with him since he had mailed them to the beneficiaries. He said that the policies were being mailed back to him from the beneficiaries because he said the Bene felt uncomfortable having the policies.
I decided that I would do a follow up with this guy later on in the week. When I did come back to visit with him I started doing some research. Come to find out he originally had two Foresters policies that were over two years old, well an agent came in in April and told him that since Foresters was a Fraternal that if they went bankrupt then his polices would be worthless. This agent then wrote him up two 6K policies with Sentinel Life.
The prospect then said he had also spoken to another agent with North American and had taken out a 10K policy with them. I was confused since I knew that North American didn’t have anything that small.
The prospect then also said that he had met with a SL rep and the agent from North American was slamming them. Well, turns out it wasn’t SL but an IMO in South Florida that goes by Senior Life Services. So this other agent from “North American” was slamming another company/agent she had no clue about.
I asked the prospect if he had received his policies back from the beneficiary and he stated no. I then asked if he had any paperwork at all from the other agents since there were no policies to speak of except the Sentinel Policies. He said “No.” I then asked for business cards. The prospect produced two business cards; one from an agent with Senior Life Services, and another from NASB.
Now I know where the prospect was getting North American from and how he was confused.
Since there were no other policies that I could see I went on the Department of Insurance website to look up the agents. I called the one company that the agent with Senior Life Services was with and they had no record of any policy or application.
I then called the companies that the agent from NASB was contracted with and found out that he had applied for a 5-Star policy that was downgraded to a graded product based on PHI. The rep from 5-Star gave me the name of the submitting agent and it was neither of the cards that I had in front of me. The policy with 5-Star was not accepted.
I then called Monumental and they said they did have a policy pending for the prospect. The Policy was for 25K and was just submitted. I was then transferred to an underwriter who also said that the prospect had an active policy as well for 10K that was issued in the beginning of May. I asked the underwriter how the policy was issued and she said Preferred NT and the one in underwriting was also Preferred NT. I then asked if prospect rides a scooter on a daily basis would they qualify for Preferred, (I knew the answer but wanted the client to hear) the underwriter said no that it would be a graded policy. The client then jumped into the conversation saying he told the other agent that he did use a scooter both times on the application. The underwriter said that both applications were marked no but that she was now going to order a PHI. I told them not to worry but to withdraw the policy in underwriting and that we were going to Free Look the policy that was just issued.
I then added up all the monies from all the policies that he had and that were pending. He was paying 250/month for 47K of insurance. He said there was no way in hell he could afford all that. Come to find out the other agents had spread out his draft dates so that everything didn’t come out at once. The client said he could only afford about 130/month.
I would up writing him a 25K policy with Americo, everything on the up and up. I filled out replacement forms on the active policies but not on the policy that was still in underwriting.
The agent from NASB then started harassing my now client. She started calling saying that I lied to Americo, that he lied to her about the scooter, (You can’t miss this scooter, it’s in his living room in a very small apartment. Your sitting at a table next to it.) She kept saying that it was in his best interest to come back to Monumental and take the now graded policy.
The agent then states that she will be coming to his house to have him sign reinstatement forms and will also be bringing an application of Americo to “Show” the client where I lied.
I told the client to ignore her. Then the client calls me yesterday saying that the agent from NASB has sent him a nasty letter that she didn’t sign it though. She went on to state in the letter that I lied about his Ht/Wt, which wasn’t true, that I lied on the application about him using a walker for a chronic illness, which wasn’t true. The client used a walker for two days almost six months ago for Gout. I even called Americo and asked them if Gout was considered a Chronic Illness and they said no, that a walker for Gout was fine.
This has been going on since the end of May when I replaced her policy. What the hell is up with the damn NASB agents especially when they are doing unethical things.
Sorry for the long post. Any advice?
I received a DM piece for this client and originally met with him on a Saturday. He kept mentioning that he had a few policies but that he didn’t have them with him since he had mailed them to the beneficiaries. He said that the policies were being mailed back to him from the beneficiaries because he said the Bene felt uncomfortable having the policies.
I decided that I would do a follow up with this guy later on in the week. When I did come back to visit with him I started doing some research. Come to find out he originally had two Foresters policies that were over two years old, well an agent came in in April and told him that since Foresters was a Fraternal that if they went bankrupt then his polices would be worthless. This agent then wrote him up two 6K policies with Sentinel Life.
The prospect then said he had also spoken to another agent with North American and had taken out a 10K policy with them. I was confused since I knew that North American didn’t have anything that small.
The prospect then also said that he had met with a SL rep and the agent from North American was slamming them. Well, turns out it wasn’t SL but an IMO in South Florida that goes by Senior Life Services. So this other agent from “North American” was slamming another company/agent she had no clue about.
I asked the prospect if he had received his policies back from the beneficiary and he stated no. I then asked if he had any paperwork at all from the other agents since there were no policies to speak of except the Sentinel Policies. He said “No.” I then asked for business cards. The prospect produced two business cards; one from an agent with Senior Life Services, and another from NASB.
Now I know where the prospect was getting North American from and how he was confused.
Since there were no other policies that I could see I went on the Department of Insurance website to look up the agents. I called the one company that the agent with Senior Life Services was with and they had no record of any policy or application.
I then called the companies that the agent from NASB was contracted with and found out that he had applied for a 5-Star policy that was downgraded to a graded product based on PHI. The rep from 5-Star gave me the name of the submitting agent and it was neither of the cards that I had in front of me. The policy with 5-Star was not accepted.
I then called Monumental and they said they did have a policy pending for the prospect. The Policy was for 25K and was just submitted. I was then transferred to an underwriter who also said that the prospect had an active policy as well for 10K that was issued in the beginning of May. I asked the underwriter how the policy was issued and she said Preferred NT and the one in underwriting was also Preferred NT. I then asked if prospect rides a scooter on a daily basis would they qualify for Preferred, (I knew the answer but wanted the client to hear) the underwriter said no that it would be a graded policy. The client then jumped into the conversation saying he told the other agent that he did use a scooter both times on the application. The underwriter said that both applications were marked no but that she was now going to order a PHI. I told them not to worry but to withdraw the policy in underwriting and that we were going to Free Look the policy that was just issued.
I then added up all the monies from all the policies that he had and that were pending. He was paying 250/month for 47K of insurance. He said there was no way in hell he could afford all that. Come to find out the other agents had spread out his draft dates so that everything didn’t come out at once. The client said he could only afford about 130/month.
I would up writing him a 25K policy with Americo, everything on the up and up. I filled out replacement forms on the active policies but not on the policy that was still in underwriting.
The agent from NASB then started harassing my now client. She started calling saying that I lied to Americo, that he lied to her about the scooter, (You can’t miss this scooter, it’s in his living room in a very small apartment. Your sitting at a table next to it.) She kept saying that it was in his best interest to come back to Monumental and take the now graded policy.
The agent then states that she will be coming to his house to have him sign reinstatement forms and will also be bringing an application of Americo to “Show” the client where I lied.
I told the client to ignore her. Then the client calls me yesterday saying that the agent from NASB has sent him a nasty letter that she didn’t sign it though. She went on to state in the letter that I lied about his Ht/Wt, which wasn’t true, that I lied on the application about him using a walker for a chronic illness, which wasn’t true. The client used a walker for two days almost six months ago for Gout. I even called Americo and asked them if Gout was considered a Chronic Illness and they said no, that a walker for Gout was fine.
This has been going on since the end of May when I replaced her policy. What the hell is up with the damn NASB agents especially when they are doing unethical things.
Sorry for the long post. Any advice?