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Old American?

Cenla Agent

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1000 Post Club
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Anyone know anything about Old American? Their niche is marketing final expense policies to seniors. They generate leads via telemarketing, direct mail, etc. Their parent company is Kansas City Life. The website is http://www.oaic.com

I have received a few direct mail recruiting pieces from them and spoke to one of their managers a few weeks ago.


I wasn't sure whether to put this in this forum or the Senior products since all the threads in the Sr. forum seem to be focused on health products.
 
Anyone know anything about Old American? Their niche is marketing final expense policies to seniors. They generate leads via telemarketing, direct mail, etc. Their parent company is Kansas City Life. The website is http://www.oaic.com

Their AM Best financial rating is below A so your E&O will not cover you in your dealings with them- assuming you see the need for E&O.

Winter
 
Anyone know anything about Old American? Their niche is marketing final expense policies to seniors. They generate leads via telemarketing, direct mail, etc. Their parent company is Kansas City Life. The website is http://www.oaic.com

Their AM Best financial rating is below A so your E&O will not cover you in your dealings with them- assuming you see the need for E&O.

Winter

Yeah, I think their rating is B++ or B+. The parent company is at least A- but I guess that doesn't matter.

E&O only covers companies with ratings of A- or better?
 
are they captive?

I don't think so. I took notes from my conversation a couple of weeks ago but I don't have anything there about being captive. I'm sure I asked about it, and unless I have it confused with another conversation I had around the same time, I think the main thing is that they don't want you taking their leads and using them to sell competitors products, which is understandable. I seem to remember him saying that you could do whatever you wanted to do on the side but that once this got going you wouldn't have much time for anything else.

Also, renewals are vested from day one. I haven't been in the business long, but I've never seen a captive operation where renewals vest from day one. Most of the ones I've seen vest after 3-5 years.
 
I talked to them about 3 months ago. It sounded pretty good until I asked about the leads. $21 each. Which I've been told is very high for being captive. They do have a nice web site.
 
I talked to them about 3 months ago. It sounded pretty good until I asked about the leads. $21 each. Which I've been told is very high for being captive. They do have a nice web site.

That is correct. Either that or take a 30% commission cut and not have to pay for the leads up front.

Also, they would never send me a contract even after repeated attempts. They would only send the appointment form.
 
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