North American or Midland National Life

[VolAgent]

I may not be bashing them with every post, but I also wouldn't be lining up to get screwed over again.

As they say, fool me once, shame on you, fool me twice shame on me.

And as I said, I would steer clear of any product from Midland I felt pushed the boundaries. The reality is, most agents are never going to speak to a lawyer about a product until after things have gone bad. They are trusting companies to have done their due diligence that a product meets all applicable laws and regulations.

 

[scagnt83]

They are trusting companies to have done their due diligence that a product meets all applicable laws and regulations.

In Midlands defense the policies did meet all applicable laws and regulations.

Selling association policies with a Situs in other states is a very common practice across the nation. The CA ruling was a first and was not based on any written laws at that time.

How can a carrier perform due diligence against laws that are not written?
How can a carrier perform due diligence against an arbitrary ruling not based on any written law?

Glenn Neasham sold a policy that met all applicable laws and regs and look what happened... should he blame Allianz or CA?

 

[VolAgent]

In Midlands defense the policies did meet all applicable laws and regulations.

Selling association policies with a Situs in other states is a very common practice across the nation. The CA ruling was a first and was not based on any written laws at that time.

How can a carrier perform due diligence against laws that are not written?
How can a carrier perform due diligence against an arbitrary ruling not based on any written law?

Glenn Neasham sold a policy that met all applicable laws and regs and look what happened... should he blame Allianz or CA?

I'm sure that is a lot of consolation to the agents who had to give back the commissions they thought they had earned.

 

[0b1kanobee]

Is 85% FYC with North American on their GUL about right or am I getting hosed? I'm used to at least 100% (with most carriers) but my IMO is saying 85% is what I get with their permanent product. I don't feel like mentioning the IMO but they are one of the more popular ones. THANKS

 

[scagnt83]

Is 85% FYC with North American on their GUL about right or am I getting hosed? I'm used to at least 100% (with most carriers) but my IMO is saying 85% is what I get with their permanent product. I don't feel like mentioning the IMO but they are one of the more popular ones. THANKS

Im pretty sure that 95% is street for NAs GUL. Either 90 or 95. I know its 95 for the IUL. There is a good bit of room in that contract too if they are a large producer...

 

[Tahoe Ray]

Im pretty sure that 95% is street for NAs GUL. Either 90 or 95. I know its 95 for the IUL. There is a good bit of room in that contract too if they are a large producer...

Their GUL is normally 5 points less than whatever you're at for their IUL.

 

[MNLU]

Is 85% FYC with North American on their GUL about right or am I getting hosed? I'm used to at least 100% (with most carriers) but my IMO is saying 85% is what I get with their permanent product. I don't feel like mentioning the IMO but they are one of the more popular ones. THANKS

I apologize for not directly addressing your question because I don't know their current commission scheme.

That being said I believe that Sammons Financial Group (North American and Midland National's parent corp) is using NA in the role they had been using a company called Investors Life. The Investors' commissions were always 10% lower than Midland's.

Another thing to consider - with all of the negative stuff on the internet about NA and Midland I would ONLY sell either product to a prospect that 1) I KNOW won't check them out after I leave the house, OR that 2) KNOW will give me a chance to conserve the business if they learn about their reputation.

I have had discussions with two different agents within the last month that have lost cases they placed with Midland National and one with NA because the competition walked the client through the internet. Another agent told me he was convinced he didn't write a 250K Midland annuity for the same reason. When he called to confirm the writing appointment the prospect wouldn't even let him back in the house.

Maybe things just need to cool down for a while and no new ugliness develops......................................

 

[0b1kanobee]

Well this marketer (new guy they have me with) has been Johnny on the Spot so far (great service) so I'm willing to go along (5 points if that is what it is). I just wanted to make sure I wasn't getting hosed big time.

 

[scagnt83]

I apologize for not directly addressing your question because I don't know their current commission scheme.

That being said I believe that Sammons Financial Group (North American and Midland National's parent corp) is using NA in the role they had been using a company called Investors Life. The Investors' commissions were always 10% lower than Midland's.

In other words its just another post bashing a company without telling us why you have a personal vendetta against them...

And NA pays higher first year comp than Midland does.

 

[BNTRS]

Anyone remember that guy who showed up here a few years ago with all the horror stories about parameds' doing incorrect blood draws all in an attempt to promote his paramed services?

A lot of this conversation reminds me of that thread...plenty of horror story sensationalism...little actual substance.