Replacement Rant

[WinoBlues]

The irony is that this rant is in the FE forum. This is what they do for a living, and most are trained to do these types of replacements.

If it makes you feel any better, I had a five year $10K each whole life couple in their 70's get replaced for higher priced newly contestable fe and their Med Supps were replaced in the same meeting and they were paying more for those as well.

The good news is stuff like that doesn't happen very often, obviously, it's a new thing for you, and you've been at this a while.

Btw, I think it's hilarious the way we keep hijacking the FE forum. If you notice the absence of any of the real FE agents when any of us considered non FE post in this hood.

Not a new thing. Back when I did much more "FE" on a daily basis and started AOR'g Orphans I saw it a lot. Pretty much the same type of salesmen. I really do not get replaced often. Maybe once or twice a year, if that. As far as I know. This lady lives in a small mostly Spanish speaking lower income Ag town.

I am not against replacements as a whole. I will do them. Not often, but I will. I just replaced two Bankers policies. But the owners of the policy are in a much better situation. In this situation, I fail to see how this 80plus yo lady will be better off.

Anyway, It was just a 20 minute call and unless this Dbag is stupid enough to want to meet at the client's home I am done with it.

 

[bill3173]

I am not against replacements as a whole.

Sure, replacements are part of the business, without them, we're in a real mess, but not the way these guys do it..hah, I'll correct myself, the way they do it is "their business".

You ranting on the FE board about something that comes as naturally to them as a duck treading water is what was funny, and I figured you knew that anyway.

 

[shonceman]

I am not against replacements as a whole. I will do them. Not often, but I will. I just replaced two Bankers policies. But the owners of the policy are in a much better situation. In this situation, I fail to see how this 80plus yo lady will be better off.

There it is. I posted a “semi-rant” earlier indicating that I’m against replacements. I took it back down, partly because I thought your “rant” was enough. But I also realized that what I had written wasn’t exactly what I think. I’m not against replacements. Like you, I’ll replace if (and only if) it puts the client in a better position. But, while I don’t agree with @bill3173 that unethical replacements are the rule for the average FE agent, I see far too many that are questionable. When I come across them, I want to say “Ms Jones, this agent worked you. You were better off before. So drop him, and let me rewrite it.” But if I can’t improve her situation, for conscience sake I leave her with what she has, even though I’d love to help the unethical agent get a chargeback!

 

[rousemark]

Sure, replacements are part of the business, without them, we're in a real mess, but not the way these guys do it..hah, I'll correct myself, the way they do it is "their business".

You ranting on the FE board about something that comes as naturally to them as a duck treading water is what was funny, and I figured you knew that anyway.

And, what makes you think all FE agents are alike? You seem to think that all of them or sleazy and dishonest..

 

[WinoBlues]

OK, The nephew just called. He is pissed. He is going to become the owner on the policy. He is the Bene now. He also sent me the policy numbers and authorization to review his and his wife's policy. He also said he know he is under insured so we need to talk. I should send that other agent the cost of the lead back.

 

[Newby]

I actually got a phone call today from a client I sold eight years ago. And I also had sold her mother a Transamerica policy for $12,000.
Five years after I sold that a bankers life and casualty agent who is a friend of a different daughter replaced my trans policy with a $7500 bankers life and casualty preferred Final Expense. At this point the lady was not only extremely obese (Trans) but also had congestive heart failure and kidney disease. This was not a healthy woman. But the bankers agent had convinced the other daughter that my Transamerica policy was a term policy and it would end within a few more years. I’m pretty sure that that daughter was getting a split commission from the bankers agent because she was willfully ignorant when I showed her on her mothers policy that it was whole life. But at this point I’m fighting an uphill battle and working for free just trying to preserve it so I let them do what they wanted to do which was keep the bankers.
So today I get a call from the other daughter to add some coverage on hers several years have passed. So I ask if mom is still living end it turns out she is.
I hate it when the scumbags get away with that stuff. But it’s even worse when they’ll live through contestability and works out for them so they will never get in trouble for it.

 

[rousemark]

I actually got a phone call today from a client I sold eight years ago. And I also had sold her mother a Transamerica policy for $12,000.
Five years after I sold that a bankers life and casualty agent who is a friend of a different daughter replaced my trans policy with a $7500 bankers life and casualty preferred Final Expense. At this point the lady was not only extremely obese (Trans) but also had congestive heart failure and kidney disease. This was not a healthy woman. But the bankers agent had convinced the other daughter that my Transamerica policy was a term policy and it would end within a few more years. I’m pretty sure that that daughter was getting a split commission from the bankers agent because she was willfully ignorant when I showed her on her mothers policy that it was whole life. But at this point I’m fighting an uphill battle and working for free just trying to preserve it so I let them do what they wanted to do which was keep the bankers.
So today I get a call from the other daughter to add some coverage on hers several years have passed. So I ask if mom is still living end it turns out she is.
I hate it when the scumbags get away with that stuff. But it’s even worse when they’ll live through contestability and works out for them so they will never get in trouble for it.

I would almost willing to give odds the Banker's Agent is no longer in the business... or at least not with Bankers now..

 

[goillini52]

I would almost willing to give odds the Banker's Agent is no longer in the business... or at least not with Bankers now..

Actually, he's a manager with Bankers now.

 

[WinoBlues]

I would almost willing to give odds the Banker's Agent is no longer in the business... or at least not with Bankers now..

Maybe he is in California and tried to replace a 20 year old $10,000 $28mo policy with a $4,300 $60mo Foresters policy today. Not today Dbag, Not today!

 

[bill3173]

And, what makes you think all FE agents are alike? You seem to think that all of them or sleazy and dishonest..

I didn't say all FE Agents were like that, but I do see how that could have been inferred. There is a large segment of the people in that business that are that way, some because it suits them, and others because of training.

When I first started, the situation that Wino described is exactly what I was taught to do by our group manager. Trick people into thinking that they have hidden money that needs to be removed from the policy and write another one. I thought that was horse manure back then, and still feel the same way.

I'm sorry if that offended you, but that situation is too common to be ignored. Besides, nobody in the FE forum cares what I think anyway. It's practically unbearable for them that we are starting threads up in this piece.