Problems with SBLI's Bank Verification

[Abrasax]

Has anyone had problems with SBLI's automatic account verification? I thought I had heard previously that you could just push an app through if the account wouldn't verify but yesterday I had an app get locked for failing the bank verification. I wound up putting her with MoO.

Also, they read a FIVE MINUTE disclaimer on the call-in voice signature. I don't remember it being that long before, but it may be because she was a CA resident. Anyone know about that?

 

[jdeasy]

SBLI has really turned into a junk company rather quickly.

And with their insane chargeback rule there's real reason to avoid them if possible.

 

[closing time]

I've had the same issue on the bank verification. Her bank wouldn't verify on adding new coverage to an existing SBLI policy - same account number!!

 

[jdeasy]

The banking stuff is just normal insurance company ***ing up.


The chargeback thing is criminal

 

[Abrasax]

The banking stuff is just normal insurance company ***ing up.


The chargeback thing is criminal

I haven't been bit by that one yet. If anything it certainly incentivizes placing high quality business. They offer 10% higher comp than most so that may wash out most of this negative aspect?

 

[jdeasy]

I haven't been bit by that one yet. If anything it certainly incentivizes placing high quality business. They offer 10% higher comp than most so that may wash out most of this negative aspect?

They charge the agent back 100% for any death in the first two years. Doesn't matter if they pay the claim or not. The agent is charged back.

They are one my lowest commission companies so that will never make up for an undeserved chargeback.

 

[DonP]

They charge the agent back 100% for any death in the first two years. Doesn't matter if they pay the claim or not. The agent is charged back.

They are one my lowest commission companies so that will never make up for an undeserved chargeback.

Lowest commission carriers? I'm at 130% with them and i barely use them. What's there chargeback client must make 3 full payments or full chargeback ? So i assume they chargeback on lapses on as earned .

 

[DayTimer]

I haven't been bit by that one yet. If anything it certainly incentivizes placing high quality business.

I'm with @jdeasy 100% on this. SBLI's chargeback policy is criminal. It is their product and their underwriting. The agent is only responsible for bringing them customers that their own product underwriting accepts.

SBLI is a final expense company that wants to put most of the risk of acquiring new business squarely and solely on the agent.

 

[Rick Lee]

Their CB rule pretty much ensures they will only get junk business. Why not try to get a near GI prospect approved by SBLI?

 

[jdeasy]

Lowest commission carriers? I'm at 130% with them and i barely use them. What's there chargeback client must make 3 full payments or full chargeback ? So i assume they chargeback on lapses on as earned .

Yes, they have that. The client must pay 4 months or it's 100% chargeback. That doesn't bother me too much. But, they charge back 100% for all deaths in the first 2 years. Even if they pay they claim.

I don't know what to tell you if SBLI is not one of your lower commission companies. Maybe you need a new IMO?