Shenandoah Life Sales Suspended

[jdeasy]

Chesapeake LIfe U.L. and Term Div.
F and G / Old Mutual.

and more will come out soon I bet.

Chesapeake still takes whole life apps. OM still takes life apps.

I know a guy that did $4000 ap with OM this week. What makes you think they are not taking business?

 

[Mark]

Chesapeake still takes whole life apps.

OM still takes life apps.

I know a guy that did $4000 ap with OM this week. What makes you think they are not taking business?

That is why I said term and U.L. Div with Chesapeake Life.

I guess I need to better explain what I meant about F and G / Old Mutual. They stopped taking new business on their best products.

 

[retread]

Thanks. Why have they quit taking new business?

I noticed the other companies that were affiliated with the company that was buying Shenandoah are "A" rated. Wonder why OneAmerica backed out?
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May have something to do with the $70 million they lost last year (out of a $1.6 billion portfolio). Duh!

44% loss... Guess they got caught too heavily leveraged in RE, along with others that forgot the basic principle of diversification! Just a guess...

 

[Todd King]

So...how many of you Shenandoah agents out there need a new company and a better contract than you had anyway?

 

[SportsNut]

The former Shenandoah Life.....A.M. Best Downgrades Ratings of Shenandoah Life Insurance Company

You can always count AM Best.... especially after the receiver steps in... Duh, isn't a rating agency supposed to be out front warning of the financial strength of a company... more than a few hours...?

The horses are gone... we better lock the barn door... huh...?

 

[Newby]

What other companies have quit taking new business?

Seems like I saw where Americo dropped some of their UL products this month.

 

[jdeasy]

That is why I said term and U.L. Div with Chesapeake Life.

I guess I need to better explain what I meant about F and G / Old Mutual. They stopped taking new business on their best products.

Homecertain was OM's best product. YourTerm took it's place and is a better product.

 

[Mark]

Seems like I saw where Americo dropped some of their UL products this month.

You will start to see some other companies tighten up very soon.

I know of a couple of companies that I don't work with that will start taking back an agents commissions if they lapse it anytime in the 1st year. I'm talking about if it lapse in month 11, they will take all 12 months back.

Example ForeThought is already doing it and Aviva will release very soon, ,well I better not let that cat out of the bag.

You will see prices start to go up on R.O.P. Products, you will see companies get tougher on lapses, you will see the interest rates on U.L. keep going down, and you will see companies pulling products, and you will see a few more companies stop taking new business. Just out of the blue and no warning.

I can't tell you how many companies I've been with and all of hte sudden they were gone. A lot of them got bought by other companies. I used to be with U.P.I. until Conseco bought them. It was the best company in the world, until they bought them and then they closed the doors about 3 months later. I still miss U.S. Financial.

I would highly recommend that you have more then one company. Don't ever put all of your eggs in one basket.

 

[insuranceexec]

You will start to see some other companies tighten up very soon.

I know of a couple of companies that I don't work with that will start taking back an agents commissions if they lapse it anytime in the 1st year. I'm talking about if it lapse in month 11, they will take all 12 months back.

Example ForeThought is already doing it and Aviva will release very soon, ,well I better not let that cat out of the bag.

You will see prices start to go up on R.O.P. Products, you will see companies get tougher on lapses, you will see the interest rates on U.L. keep going down, and you will see companies pulling products, and you will see a few more companies stop taking new business. Just out of the blue and no warning.

I can't tell you how many companies I've been with and all of hte sudden they were gone. A lot of them got bought by other companies. I used to be with U.P.I. until Conseco bought them. It was the best company in the world, until they bought them and then they closed the doors about 3 months later. I still miss U.S. Financial.

I would highly recommend that you have more then one company. Don't ever put all of your eggs in one basket.

Great post there Mark. There is a whole economic side to these companies pulling products, that I think a great deal of agents miss.

 

[Russ]

May have something to do with the $70 million they lost last year (out of a $1.6 billion portfolio). Duh!

44% loss... Guess they got caught too heavily leveraged in RE, along with others that forgot the basic principle of diversification! Just a guess...

You seem to have all of the answers. That's good.

$70 million doesn't seem like that much....anymore.

Just a guess, since I didn't get my commission from them this morning...bye-bye commission. I guess $208.66 is too much to Shenandoah Life....oh well, I've got plenty of forms to throw on my next pit-burning of leaves.

Time to replace...just call me flipper............

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Great post there Mark. There is a whole economic side to these companies pulling products, that I think a great deal of agents miss.

I bet those policyholders won't miss this.....

"HOW DO I PRESENT A CLAIM FOR ANNUITY
SURRENDER?
Answer: Your annuity surrender should be presented in writing on the
form provided by the company for that purpose and signed by
the person entitled to payment. You should do so by mail.
However, you should note that a moratorium has been
temporarily imposed on such surrenders and no payment can
therefore be made at this time."...........


Uh...sorry friend that I see all of the time at my local Wal-Mart....no, you can't get your money. This is why I'm not in love with investing in insurance companies. Sorry...I don't trust them anymore.
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You will start to see some other companies tighten up very soon.

I know of a couple of companies that I don't work with that will start taking back an agents commissions if they lapse it anytime in the 1st year. I'm talking about if it lapse in month 11, they will take all 12 months back.

Example ForeThought is already doing it and Aviva will release very soon, ,well I better not let that cat out of the bag.

You will see prices start to go up on R.O.P. Products, you will see companies get tougher on lapses, you will see the interest rates on U.L. keep going down, and you will see companies pulling products, and you will see a few more companies stop taking new business. Just out of the blue and no warning.

I can't tell you how many companies I've been with and all of hte sudden they were gone. A lot of them got bought by other companies. I used to be with U.P.I. until Conseco bought them. It was the best company in the world, until they bought them and then they closed the doors about 3 months later. I still miss U.S. Financial.

I would highly recommend that you have more then one company. Don't ever put all of your eggs in one basket.

I knew Shenandoah was in trouble...they got downgraded....then OneAmerica was buying them....then the 11th of February they say no...the next day...Shenandoah is history.

Good post! And you're right...don't put all of your eggs in one-basket.

Reality...if M of O goes under, I'd be screwed, big-time.
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One more point....in the entire 2 links that Joe Moore provided, that are also available on the Shenandoah Life website...one thing that's never answered or even brought up...the agents that worked for this company and their commissions. Not a F'n word.