Foresters Life

tex · 09-28-2009, 05:08 PM

I have appointment paperwork pending for Foresters since I need a few simplified issue options for tomorrow.

Client wants SI despite higher prices.

I called Foresters today to get quotes and was told he would give me the quotes, but not until he was able to identify my IMO in the system.

Which he could not do despite our best efforts..

Long story short, the rates you give your client IS DIFFERENT based on who your IMO is - to me this puts FORESTERS into some type of NAA equivalent category of trickery and deception.

I mean, I want to educate my client and help them see what is best for the, more to the point i want to do what ever is best for them, but this shows me the client's zip and it's actuarial data are irrelevant, at least in part.

This rubs me wrong. I don't like this type of slide of hand.

jdeasy · 09-28-2009, 05:14 PM

Originally Posted by tex

I have appointment paperwork pending for Foresters since I need a few simplified issue options for tomorrow.

Client wants SI despite higher prices.

I called Foresters today to get quotes and was told he would give me the quotes, but not until he was able to identify my IMO in the system.

Which he could not do despite our best efforts..

Long story short, the rates you give your client IS DIFFERENT based on who your IMO is - to me this puts FORESTERS into some type of NAA equivalent category of trickery and deception.

I mean, I want to educate my client and help them see what is best for the, more to the point i want to do what ever is best for them, but this shows me the client's zip and it's actuarial data are irrelevant, at least in part.

This rubs me wrong. I don't like this type of slide of hand.

The rates are the same for the client no matter who you work for. Someone at Foresters may have told you that, but, they were wrong if they did.

Thatguy · 09-28-2009, 05:17 PM

The rates do not change with the IMO. You've been misinformed or you misinterpreted.

TristanTLC · 09-28-2009, 05:23 PM

Originally Posted by tex

I have appointment paperwork pending for Foresters since I need a few simplified issue options for tomorrow.

Client wants SI despite higher prices.

I called Foresters today to get quotes and was told he would give me the quotes, but not until he was able to identify my IMO in the system.

Which he could not do despite our best efforts..

Long story short, the rates you give your client IS DIFFERENT based on who your IMO is - to me this puts FORESTERS into some type of NAA equivalent category of trickery and deception.

I mean, I want to educate my client and help them see what is best for the, more to the point i want to do what ever is best for them, but this shows me the client's zip and it's actuarial data are irrelevant, at least in part.

This rubs me wrong. I don't like this type of slide of hand.

I am an NMO with Foresters, one of only a handful in the U.S; and I assure you the rates do not change with the NMO or IMO.

Call 800-543-0611, option 2 and tell them the details and ask for an illustration. If they have a problem with it, get the person's name and I will take care of it personally with home office.

If you want to give me the details, I'll run the illustrations for you; but I don't sell their FE product so I don't know much about it. I sell their UL product only.

tex · 09-29-2009, 12:35 PM

Ok, well I believe you all and I wish I had recorded that quote request. If for nothing else to identify who was rendering this info, but I sware to God all mighty that is what he said and i even challenged him on it and his explanation didn't change.

I told him this didn't seem right, and I probably wouldn't offer his products since i coun't get a quote based on the idea that since he couldn't identify my IMO he couldn't give me accurate quotes.

He said some IMO's have a special contract with them which effects the rates.

That is how we left it. On the table, and I wrote it on WRL where
I have a 115% contract - so I guess Foresters lost out.

Two Appointments / 2 Applications = 2 for Tuesday

Love Tuesdays...

Markingriffin · 09-29-2009, 02:05 PM

Originally Posted by TristanTLC

I am an NMO with Foresters, one of only a handful in the U.S;

Handful?? I don't know who lied to you. I know of at least 8 of them just on this forum. I think just about every IMO has them. Including me now.

I even have them on my website now. CLick Here to see it.

I bet there are at least 100 BIG imo for Foresters.

Marpol · 09-29-2009, 02:12 PM

The carrier can not change the rates on a product based on the IMO. What they can do in is create a new product (normal it the same pruduct with a slightly different name) with different rates for and IMO or group. An example of this is the M Group who owns there own Reinsurance company that takes on some of the risk for there own proprietary product at many carriers. Basicly they can offer virtually the same product at lower rates. (fyi for those that don't know...the M Group is by invitation only).

theinsuranceman · 09-29-2009, 02:44 PM

What comm.% do NMO's receive and what are prod. requirements for Foresters (or any other co.'s you know about)?

TristanTLC · 09-29-2009, 02:44 PM

Thank you for clarifying sir. It was a pleasure to speak with you today

Marpol · 09-29-2009, 04:23 PM

Originally Posted by theinsuranceman

What comm.% do NMO's receive and what are prod. requirements for Foresters (or any other co.'s you know about)?

Each NMO will be on a different comp scale based on there volume and relationship with the carrier. I doubt any of them will tell you exactly how much they make, but it is normally over 100% (except NY)

superINS · 11-04-2009, 11:14 AM

I am directly signed up with Foresters and have good friends that are with NAA and with both of our computers doing the same scenarios mine is ALWAYS cheaper for the client. I also have higher limits for SI products

Thatguy · 11-14-2009, 07:22 PM

Originally Posted by superINS

I am directly signed up with Foresters and have good friends that are with NAA and with both of our computers doing the same scenarios mine is ALWAYS cheaper for the client. I also have higher limits for SI products

That's the biggest bunch of croc I've heard in a while. Carriers do not change rates for IMO/FMO. They might give you some different incentives for marketing, but they do not change rates

irelandgroup · 11-14-2009, 08:09 PM

Hello:
Foresters only has one set of rules and underwriting quotes for all products. They would not be compliant otherwise.
We are an IMO and frankly all of our agents know who we are and we, them.
You really need to get a hold of whoever recruited you and have a deep conversation.
I am concerned that you are attempting a quote without first being appointed. This is not how Carriers operate (Foresters included).
If you still have problems getting appointed, talk to us.

Originally Posted by tex

I have appointment paperwork pending for Foresters since I need a few simplified issue options for tomorrow.

Client wants SI despite higher prices.

I called Foresters today to get quotes and was told he would give me the quotes, but not until he was able to identify my IMO in the system.

Which he could not do despite our best efforts..

Long story short, the rates you give your client IS DIFFERENT based on who your IMO is - to me this puts FORESTERS into some type of NAA equivalent category of trickery and deception.

I mean, I want to educate my client and help them see what is best for the, more to the point i want to do what ever is best for them, but this shows me the client's zip and it's actuarial data are irrelevant, at least in part.

This rubs me wrong. I don't like this type of slide of hand.

maniacagent · 11-14-2009, 08:20 PM

I had a very strange experience with Foresters Life.

I sent in a man for a non-med app under $99000. The FMO ran a proposal for me and I filled out the premium on the application according to the FMO proposal. I sent in the app and it was approved. Then I got a call from Foresters telling me the premium was going to be $4 higher than what the FMO had sent me.

I asked "why" as the customer was not rated and everything was being issed as applied for. They told me it was because Forester's home office software said a different premium than the FMO premium. The FMO then called up Foresters and discussed what was going on as now the FMO was being made to look bad.

Foresters told me it was because for one 24 hour period the home office software generated rates which differed from the FMO.. Foresters told me they would remedy the problem.

GET THIS----Foresters told me that in order for the premium to be the same as the FMO premium Foresters would backdate the policy by 2 years! This is what they did. Even the VP of customer service (for agents or something)called me and discussed this with me. I said I had been in business over 25 years and never had such a thing happened before.

Go figure. They issued it backdating two years. Strangest thing I ever had happen.

Thatguy · 11-14-2009, 08:23 PM

If they issued a policy and back dated 2 years, that policy is immediately out of contestibility. Big risk for them to agree to do that, but I wouldn't look a gift horse in the mouth.

dgoldenz · 11-14-2009, 09:18 PM

If they backdated it 2 years, they'd also need 2 years of premium from your client....I'd check into that one a little further and get everything in writing.

irelandgroup · 11-15-2009, 09:35 AM

Sounds like Foresters IT department had a glitch loading the correct data for the illustrators.

It also sounds like they were not "back-dating" anything as much as honoring the mistake.

Be real here guys. There are no double standards for anyone.
If you have a different rate than what the Underwriters (they are the final say and your quotes is only a ball-park figure until then), I would think that there was either an entry difference or a program update at issue.

That's how the real world works!

NoFault · 12-24-2009, 05:47 PM

Now I believe this story...a few former NAA reps who just join my team running the same Foresters scenario, his rate is 50% higher.

jody108 · 12-24-2009, 09:19 PM

Well, regardless, Foresters is a great company to work with for Final Expense. I wouldn't put any other company first. Great rates, great agent services, easy underwriting and good name recognition.

TristanTLC · 12-28-2009, 08:20 AM

Originally Posted by NoFault

Now I believe this story...a few former NAA reps who just join my team running the same Foresters scenario, his rate is 50% higher.

Directly from the US Sales Program Director:

"you are correct the product rates do not change depending on the NMO. NAA does have 2 exclusive products (these products are not available to other distribution). "

As everyone else who has been in the industry for any length of time stated: The pricing does NOT change with one NMO to another. Some NMO may have access to a product that others do not, but product for product - the pricing does not change!