Monumental Debit Card

[Rearden]

Not just if you forget to get it signed...it applies to pending apps that were turned in before the form came out...

otherwise, moving forward, if you forget they'll send an amendment up till october...After that, they won't issue the policy without first getting the form.

Apparently they were audited over how they handle unclaimed money, and when and if they give it to the stated unclaimed money fund...something like that.

One can only imagine how messed up their process was before. ..there's a 50 page report online, of their audit, I didn't read the whole thing.

But the form itself...they want the benies address, phone, and ssn (as if they're all with us when the app is filled) and appears to be an extra CYA for the company in the event of unclaimed policies.

Transamerica -- Giving New Definition to the Phrase, "Death By A Thousand Papercuts."

 

[jdeasy]

I wonder if any of the IMO's are taking a stand against this new form?

I mean actually advocating on behalf of the their agents.

I haven't heard of one that is. Anyone?

 

[ims01]

...So Monumental will take debit/credit cards but from what I'm reading NOT the Direct Express Debit card?

We have a a good carrier that takes Direct Express for initial and subsequent premiums.

 

[TwiLight]

I wonder if any of the IMO's are taking a stand against this new form?

I mean actually advocating on behalf of the their agents.

I haven't heard of one that is. Anyone?

Taking a Stand publicly against Transamerica is not going to happen.....

Steering agents to a company that actually wants to write more business.... No Problem.

 

[jdeasy]

Taking a Stand publicly against Transamerica is not going to happen.....

Steering agents to a company that actually wants to write more business.... No Problem.

I wouldn't expect them to make it public but they can use their production to sway a company from a dumb decision.

An agent working alone wouldn't have an impact but the large IMO's can certainly get attention if they chose.

it seems they never do. Just accept whatever the company doles out and move on.

Maybe that's not how it is but that's how it appears.

 

[TwiLight]

I wouldn't expect them to make it public but they can use their production to sway a company from a dumb decision.

An agent working alone wouldn't have an impact but the large IMO's can certainly get attention if they chose.

it seems they never do. Just accept whatever the company doles out and move on.

Maybe that's not how it is but that's how it appears.

Transamerica IMO's do not do enough production to sway a policy change at AEGON. They tend to do this without regard to agent input.

EX: what RNA does in a month of agent production is about what TA does in one day.

Remember, the FE production that TA is less than 10% of what they do.

 

[Tearmann]

Hello,
I started using Monumental a couple of months ago.

I wrote a husband and wife together and asked if they had a checking or savings account. He told me checking but only uses his debit card. I took the card info and submitted it Monumental. They payed it out as earned even though it comes out of the same checking account. I was told that the persistantcy level was lower and therefore it goes as earned.

I thought it was kind of strange since it comes fron the same account?

You're better off taking the time to have the client call the 800 number on the back of the card and get the account info, or get their bank statement either on paper or online. Depending on the bank or CU most will give the client that info over the phone.

If the client refuses use another carrier that does monthly direct billing. When you compare the cost difference of PAC/ACH verses Direct billing...most clients will go the extra mile to get you the info. I do this and 9.5 out of 10 get me the info...the rest go with a carrier that does direct billing.

That being said...with all issues of late with AEGON; I for one am putting them on the very far back shelf until they get their act together. At this point I wouldn't trust them to get anything right with any product.

 

[pcbinsurance]

Ed Gentry
Insurance Marketing Systems
www.AgentWorkFromHome. com
All lines of insurance. Sell Life insurance and P&C over the phone.
*****************
Hey Ed...why ya selling your domain? Are you retiring?

 

[PaperHanger]

Just yesterday had a prospect on dialysis with a DE card...waiting for monu to come through with this...maybe ill call see if they'll let me do it.

 

[TIGIJ]

Most of the people at the insurance companies don't think we are all that necessary. They think people are lining up to buy their products and we are just filling the orders. Yes, they are that clueless.

I absolutely agree. Why they don't get it. They never sold a policy not even one. But they sure like their six figure SALARY that is because of our hard work.