Ohio National - Demutualization

[scagnt83]

I know agents who had financed some of their 10 pays.....what a nightmare!

ON was actively seeking that type of business if Im not mistaken. Their compliance was almost non-existent with some of the cases I heard about getting through over there. Agents liquidating 401k funds to put into 10 pays... someone making $75k a year suddenly dumps $500k into a 10pay and they just waive it on through without any meaningful questions about "where did the $500k come from?".

 

[pfg1]

I know agents who had financed some of their 10 pays.....what a nightmare!

Oh boy...

 

[pfg1]

ON was actively seeking that type of business if Im not mistaken. Their compliance was almost non-existent with some of the cases I heard about getting through over there. Agents liquidating 401k funds to put into 10 pays... someone making $75k a year suddenly dumps $500k into a 10pay and they just waive it on through without any meaningful questions about "where did the $500k come from?".

Yep, I've seen that happen. I think its one of the reasons many of those folks worked with ON.

I can't imagine a scenario where there won't be lawsuits. I know the folks that have made a living doing it this way say "no way, we disclosed everything", but I'm not buying it. If I drained my retirement funds (ie: 401k, etc) and went into a product sold as the holy grail that now only delivers HALF what they said it would, I'd be pissed.

 

[Allen Trent]

Yep, I've seen that happen. I think its one of the reasons many of those folks worked with ON.

I can't imagine a scenario where there won't be lawsuits. I know the folks that have made a living doing it this way say "no way, we disclosed everything", but I'm not buying it. If I drained my retirement funds (ie: 401k, etc) and went into a product sold as the holy grail that now only delivers HALF what they said it would, I'd be pissed.

And depending on licenses held or date of sale, some may have violated fiduciary or best interest obligation to insured

 

[AZSHIS]

And depending on licenses held or date of sale, some may have violated fiduciary or best interest obligation to insured

There is a guy who calls himself Mr. Tax Free in my town that wrote way too many of the aforementioned ON products to be in any way compliant or ethical. I hope that litigation comes to the "agents" that oversold the concept and the ON product to the unsophisticated middle market.

 

[marindependent]

What - Only 204 Replies to "Ohio National - Demutualization"?

The Ohio DeMutualization must be going well then.

 

[WPM]

Joseph M. Belth: No. 431: Executive Compensation in the Insurance Industry—Data for 2020 from 2021 Filings with Nebraska

Looks like they only paid Doc Huffman $16.5 million to run it into the ground

 

[walthamny]

I already received the warning email that they are watching replacements and if I do too many replacements my contract will get cancelled. I will do 2 more replacements today

 

[AZSHIS]

I already received the warning email that they are watching replacements and if I do too many replacements my contract will get cancelled. I will do 2 more replacements today

As if??? I have no desire to see their future offerings.

 

[walthamny]

As if??? I have no desire to see their future offerings.

I have clients that have had their health change since underwriting. IN theory, when their term is near the end, I could be looking at partial conversions. But this is not the end of the world. There is no shortage of permanent insurance carriers at any given health.