Senior Life Insurance Company in Thomasville

[Newby]

I posted this on another thread but I thought I'd try this one too to see if anyone had any insight on this situation. I was with Senior Life for a few months last year and wrote 2 policies. They advanced me $402. Today I receive a letter from them saying I owe them $845. I checked Feb's commission statement and both policies are still in force. Even if both lapsed I shouldn't owe them double what they advanced me. What are they doing? Do they seriously believe I'm going to pay a chargeback when my policies are still in force and they're still receiving commissions??

Your big problem is lack of volume. On two policies you will lose 100% but when you sell 50 policies you will only lose 22%!

Once you sell 92 policies per month you will start to make a profit which is called the rule of 92 and is very exciting for the new agent. The thing you have to remember is your upline at SL is right behind you all the way. They feel your pain and shed MANY tears for you. They know that Indiana and Kentucky are ripe with people wanting to buy life insurance over the phone from SL.

Get back out there and do it! If you don't then who will?

 

[aacards8]

Your big problem is lack of volume. On two policies you will lose 100% but when you sell 50 policies you will only lose 22%!

Once you sell 92 policies per month you will start to make a profit which is called the rule of 92 and is very exciting for the new agent. The thing you have to remember is your upline at SL is right behind you all the way. They feel your pain and shed MANY tears for you. They know that Indiana and Kentucky are ripe with people wanting to buy life insurance over the phone from SL.

Get back out there and do it! If you don't then who will?

They must be the most profitable co. on earth - charging back agents on policies that are still in force.

I'm ready for all the "I told you sos" from all of you who tried to talk me out of it. I of course have no intention of giving them a dime but it will be a headache for awhile,
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I'm sorry to hear about them doing that to you. In my humble opinion, it sounds like they tacked on a lead charge to your advance commission debt with some interest. Realistically if you were with them for just a few months, your upline should actually be responsible for the bill as per the provisions within the independent agent contract. Upon termination, all sub-agent debt is charged to the managing agent's backend/paythru account and its the managing agent's responsibility to recoup losses at his/her discretion.

This really serves as another example that Senior Life insurance company acts outside the sphere of the very contract they drafted in the state of Georgia and simply just do whatever the hell they want. They get away with this because if any dispute within the contract were to arise, they know most agents will not be willing to spend $1000/day for arbitration costs.

In the long run, I would not be surprised if a class action lawsuit was filed against Senior Life Insurance Co. by its former agents for a laundry list of violations. Just a matter of time.

I just left a message with Mandy Fletcher (who sent the letter) so I'll keep you all posted. I wasn't supposed to be charged for leads in exchange for taking a 70% contract. If that's it I have all the documentation showing that agreement with my upline.

 

[Guest]

Too many times as I have said on another part of this forum on what we were taught a lead is and what makes a lead good is if you work it because even a blind hog can find acorn every once in awhile.

 

[Sammm222]

I have worked for this company. Their back office is terrible and they overcharge for leads. I have called and left messages with management or the various departments to set up meetings only to be blown off day after day. I would call to re-set up the phone meeting only to be blown off again. Getting leads is nearly impossible. They do not have an abundance of leads in all 50 states and on avg it took at least a week or longer and numerous phone call to get anyone in the leads department to give you the leads you order. They charge you to use their phone system 100$ a month.Needless to say after several months of working there I left. If they treat their customers the way they treat their agents then I would worry

 

[KayEhm]

That is such a terrible shame that there are companies out there practicing these tactics still. What's the point? All it does is shame their business in the end, is it worth the dollars you can get prior to your business crashes? Ugh. I've been though situations like this before, that's why I'm doing a lot more research before I sign my mother-in-law up for any plans via an agency. Right now I'm looking at KillianInsure.com...They give free consultations and quotes regarding retirement funding, long-term care funding, life insurance, medicare supplements, dental/vision, etc. so that is already a good sign. Any input please let me know!