Top 3-5 Go-to Carriers for New Agent

[jdeasy]

Are they running random MIB's on approved active clients months later checking current health status? If they see a change in health they don't like it is rescinded? If so that's dirty biz.

I just contracted with them so this is need to know info.

It's called plan F. It's a subscription to MIB. MIB continues reporting medical history to the company during the 2 year contestable period.

Many companies subscribe to plan F. Forethought was doing this a few yeats ago. Rescinding policies after issue. They got so much pushback from agents they stopped doing it. Same for 5 Star. They started doing it and then stopped because of agent pushback.

I have some friends that had their State Farm life policies rescinded about 1 year in.

It's not news that companies can do this. I know of 3 cases where Americo rescinded policies in the last year. All were in the 18th month range. When they do it they don't inform the agent that anything is amiss. The only way the agent knows anything about it before they get the chargeback is if the client tells the agent.

Even then Americo will not discuss the case with the agent.

If they are getting pushback from the agents, and I would think they are?, it's not fazing them in the least.

 

[HoosierLife]

Are they running random MIB's on approved active clients months later checking current health status? If they see a change in health they don't like it is rescinded? If so that's dirty biz. I just contracted with them so this is need to know info.

What JD said. .

 

[Rearden]

Are they running random MIB's on approved active clients months later checking current health status? If they see a change in health they don't like it is rescinded? If so that's dirty biz.

I just contracted with them so this is need to know info.

More accurately, it is based off of information allegedly NOT on the MIB that should have been there when the policy was originally approved.

For example - if the client had dementia for 6 months prior to becoming your client, lied about the diagnosis but was approved Level regardless - if this shows up after the fact when it should have been originally reported, then they can rescind the policy.

It's an extremely rare event that it happens; I've had it happen twice - once with 5-Star (got that stopped) and Foresters.