Chargebacks

[Jack12345]

And you think all those people aren't seeing half of their business fall of the books?

You have to budget for it if you are going to use the FFL model of jamming folks into Americo policies. Heck, this is just the initial fall off. Just wait until your policies get to month 23 and Americo rescinds then and you get hit with multiple full year charge backs.

Have a good bankruptcy attorney in your cell phone contacts.

What do you mean multiple full year charge backs? I get a small residual after year 1, are you saying you can get chargebacks on those too?

 

[Jack12345]

Is another IMO even going to offer a contract with a three month persistency of around 50 percent and almost 20k in debt. Not trying to knock you and I do not recruit, but if I did... I would be hesitant.

It's around 10k of chargebacks right now after multiple months of premiums paid, not 20k. And other IMO's won't take you with existing chargebacks, you have to pay them off first but yeah I've been in touch with others, it won't be a problem long term if I choose to stay in the industry.

 

[DayTimer]

What do you mean multiple full year charge backs? I get a small residual after year 1, are you saying you can get chargebacks on those too?

Americo is known to rescind policies in year 2 right before they can no longer contest the claim. In those cases they will charge back your full first year commission as well as any renewals you have been paid.

Lots of fun!

 

[suranceman]

Americo is known to rescind policies in year 2 right before they can no longer contest the claim. In those cases they will charge back your full first year commission as well as any renewals you have been paid.

Lots of fun!

That plan G thing should be outright illegal.

 

[Jack12345]

Americo is known to rescind policies in year 2 right before they can no longer contest the claim. In those cases they will charge back your full first year commission as well as any renewals you have been paid.

Lots of fun!

How can they chargeback first year commissions if the client paid all the premiums? That sounds straight up illegal... How has nobody at FFL told me this and if this is possible why do they push Americo sooo hard then over other carriers?

 

[Life Hawk]

Also, even those months that I have put up 20k plus of issue paid business, it felt like the entire model/system was sort of harassing clients 'I'm the local guy required to drop this off, I have to come out there,' jamming the appointment down their throat and multiple agents in the same area all calling prospects 15 plus times in a day and literally hundreds of times over multiple months.

That there says much about your prospective, and your prospective drives how you work, which in turn will drive how you handle yourself in front of clients. That's not a very pretty picture from what you just said. Could that attitude be coming across during your presentations? I would start there.

Pressure: When we as agents feel pressure (financial, work, family), it is doubly important to make sure we are not passing it on to our prospects and clients.

Just an aside, if you are putting too much pressure on setting the appointment, like "buggy" people to come see them, you may be shooting a hole in your canoe before you even get the in.

 

[Jack12345]

That there says much about your prospective, and your prospective drives how you work, which in turn will drive how you handle yourself in front of clients. That's not a very pretty picture from what you just said. Could that attitude be coming across during your presentations? I would start there.

Pressure: When we as agents feel pressure (financial, work, family), it is doubly important to make sure we are not passing it on to our prospects and clients.

Just an aside, if you are putting too much pressure on setting the appointment, like "buggy" people to come see them, you may be shooting a hole in your canoe before you even get the in.

Yeah 100%, but the question is how do I change this then?

 

[DayTimer]

How can they chargeback first year commissions if the client paid all the premiums?

Because when the rescind the policy they refund all the premiums to the client. You pay back your commissions.

Lots of fun!

 

[Life Hawk]

Yeah 100%, but the question is how do I change this then?

In the old days we would call this a "check-up from the neck up". Our professional is a Very, Very mental one. Most of the time it is you overcoming you.

One to the best ways to get past some of what might be an issue for you, is to have someone listen on your presentations. An agent/mentor with some time under their belt who has shown they know what they are doing. This can give you a professional outside perspective. Give you a heads up on how closely you are to script and how much pressure you may be applying in the wrong places. They might pick up on voice inflections and non verbals that you are not seeing. Also, let someone listen in on how you are setting appointments.

Do a review of your process, and how you are working that process.

Out side prospective, who is suggesting premium cost? Are you pushing higher premiums?

 

[Misti Smith]

I wish I had some answers for you but FFL tried to recruit me too. It’s the reason I got licensed but then….the lady above had the exact same issues you’re having with chargebacks and now I have no idea which companies are scammy and which ones are legit. I don’t want to go into financial ruin when the whole reason I’m doin this is to find financial freedom. Lol I’m sorry this is happening to you. (And if anyone has legit suggestions of who to go with I’m all ears as I feel like I can’t trust any company and yet I want to do this!!! )