Opinions on Columbian Life

[rousemark]

so rousemark what does a ga direct contract pay with Columbian on dignified?And if you can sell the gi whats the commission? I've never seen anyone on here saying they pay more than 66% and 12% renewals on the GI product.Newby can answer this. I've had a imo offer me 76% on gerbet gi before were gerber pays the writing agent 60% and he sends me 16% monthly. What does an imo make on a gerber 80%? Also a company like ngl pays 70% and kemper pays 65%. Whats does an imo make 15% on top of that with a gi product?

The GA commission on the GI is an odd amount.. 67.45% on bank draft with 15% years 2-4, then drops to 9%...I would think 60/15 is a fair amount for a down-line. Most IMOs and GAs keep a larger override than than that.

The commission is a little higher if an agent writing the GI on the MDO mode (71.25% first year and 20.50%) renewal for the life of the policy because the modal premium is higher to cover the higher commission. I have never written an MDO even though I have an account set up for it simply because I don't want to collect premiums.

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Going back to what JD was saying about the check not being received by the company. Columbian has a system on faxed applications I have never seen with another company.. If you collect a check at the time of application (they will draft first premium if requested) the client signs a form authorizing a faxed check. Then when you fax the application, you simply fax the check and the company does an EFT for it. Perhpas the agent did not fax the check in for some reason? I don't know how he would gain by that but then I am not smart enough to be a criminal.. If a GA has an MDO account, he can deposit checks made payable to the company into the account but that wouldn't be the case with JD's scenario since they said the policy was issued on bank draft.

Of the business I have written with them, I have only written one FE plan (becasue of underwriting reasons). The others have been their ordinary series. I have a great Regional Manager and I have found the company very easy to deal with.

As for the "crooks" you find them in every company and they seem to flock together within certain agencies. The ones I used to have problems with several years ago were a couple of agents with Royal Neighbors.. You would not believe how far they stretched the "guaranteed" fraternal benefits. Some were telling people that if their children did not use the scholarship grants for school, it would be paid to them in cash.

 

[jdeasy]

The GA commission on the GI is an odd amount.. 67.45% on bank draft with 15% years 2-4, then drops to 9%...I would think 60/15 is a fair amount for a down-line. Most IMOs and GAs keep a larger override than than that.

The commission is a little higher if an agent writing the GI on the MDO mode (71.25% first year and 20.50%) renewal for the life of the policy because the modal premium is higher to cover the higher commission. I have never written an MDO even though I have an account set up for it simply because I don't want to collect premiums.

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Going back to what JD was saying about the check not being received by the company. Columbian has a system on faxed applications I have never seen with another company.. If you collect a check at the time of application (they will draft first premium if requested) the client signs a form authorizing a faxed check. Then when you fax the application, you simply fax the check and the company does an EFT for it. Perhpas the agent did not fax the check in for some reason? I don't know how he would gain by that but then I am not smart enough to be a criminal.. If a GA has an MDO account, he can deposit checks made payable to the company into the account but that wouldn't be the case with JD's scenario since they said the policy was issued on bank draft.

Of the business I have written with them, I have only written one FE plan (becasue of underwriting reasons). The others have been their ordinary series. I have a great Regional Manager and I have found the company very easy to deal with.

As for the "crooks" you find them in every company and they seem to flock together within certain agencies. The ones I used to have problems with several years ago were a couple of agents with Royal Neighbors.. You would not believe how far they stretched the "guaranteed" fraternal benefits. Some were telling people that if their children did not use the scholarship grants for school, it would be paid to them in cash.

She wrote a check. Not authorization to for a fax check. I don't know why he set it up on bank draft and held the check. I was just guessing at his reason for that.

 

[rousemark]

She wrote a check. Not authorization to for a fax check. I don't know why he set it up on bank draft and held the check. I was just guessing at his reason for that.

With the system I was talking about, they actually write a check payable to the company. The FAX authorization is a part of the app and just requires a signature. I kind of like the system.. It allows you to solidify the sale by collecting money with the app but the app processing is not delayed waiting on the check and/or the app to be received in the mail.

 

[goillini52]

With the system I was talking about, they actually write a check payable to the company. The FAX authorization is a part of the app and just requires a signature. I kind of like the system.. It allows you to solidify the sale by collecting money with the app but the app processing is not delayed waiting on the check and/or the app to be received in the mail.

ACI has the same thing. The Electronic Check Authorization. It does set it up as a bank draft, so if the customer wants it direct bill, you just call the company after the policy's been issued and tell them to direct bill it. The customer doesn't need to do it or sign anything.

 

[rousemark]

ACI has the same thing. The Electronic Check Authorization. It does set it up as a bank draft, so if the customer wants it direct bill, you just call the company after the policy's been issued and tell them to direct bill it. The customer doesn't need to do it or sign anything.

You collect a check with the application but you don't send them the actual check? Just a fax copy of it?

 

[goillini52]

You collect a check with the application but you don't send them the actual check? Just a fax copy of it?

That's correct. I've only used it a couple of times for those that don't want to do a bank draft. I still have the original checks.

 

[yogooglethis]

What is everyone's opinion on them? I was told their underwriting is pretty liberal and their rates are mediocre. But great renewals! Please give me your opinion on them. Thanks.

I was curious about Columbian life as well.I ran in to a very healthy 69 year old lady a couple of weeks ago who loves to buy FE insurance whenever she has the extra money .She showed me among other FE policies a 20,000 policy she had just taken out with Columbia ( within the last 90 days) for somewhere around 125.00 a month .She qualified for Oxford 97.34 and all the other well known FE companies that were lower so I was wondering why would her long time " inshawence man " sell her Columbia instead of the other lower priced policies?

 

[Gooner]

I was curious about Columbian life as well.I ran in to a very healthy 69 year old lady a couple of weeks ago who loves to buy FE insurance whenever she has the extra money .She showed me among other FE policies a 20,000 policy she had just taken out with Columbia ( within the last 90 days) for somewhere around 125.00 a month .She qualified for Oxford 97.34 and all the other well known FE companies that were lower so I was wondering why would her long time " inshawence man " sell her Columbia instead of the other lower priced policies?

probably because that's all he sells. I don't find a lot of Columbian agents that offer more than 2-3 carriers.

 

[rousemark]

I was curious about Columbian life as well.I ran in to a very healthy 69 year old lady a couple of weeks ago who loves to buy FE insurance whenever she has the extra money .She showed me among other FE policies a 20,000 policy she had just taken out with Columbia ( within the last 90 days) for somewhere around 125.00 a month .She qualified for Oxford 97.34 and all the other well known FE companies that were lower so I was wondering why would her long time " inshawence man " sell her Columbia instead of the other lower priced policies?

Was she on bank draft?

 

[yogooglethis]

Was she on bank draft?

Yes.This lady is very responsible,good credit etc.