Are All Bankers Life & Casualty Agents ...

Chazm

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Orlando
Lol, just kidding...sort of.

I usually work the t65 crowd so I rarely have to convince someone that choosing the cheapest medigap policy is easy, who's the cheapest.

To fill you in, Bankers no longer offers their own Medigap plan anymore here in FL, they have been writing Colonial Penn (CP) since last June. In comparison their F plan is $198/month compared to UHC or Gerber which is $161/month.

I met with a lady this Tuesday who had already signed up with Colonial Penn (Bankers) and I proceeded to explain to her that the only difference in Medigap plans is the premium. I showed her the "Choosing a Medigap" book and showed her in writing.

Her only question was, "Well the Bankers guy said that his premiums will NEVER go up". I told her this is definitely NOT true and I told her I would call CP for her. CP said they could not confirm or deny this and that I should call Bankers. I called the Bankers agent (who happened to be the manager) and he said he didn't say that. He said he told her that she can't be singled out for a rate increase.

I hung up and told her that he is telling the truth. She can't be singled out, just like every company. She seemed very happy and signed up with me. She also told me that the Bankers guy would be by the next day and that she was going to cancel his policy.

Then of course, the next day, he stopped by her house and convinced her that her policy will never increase because they "supposedly" never had in increase in 2 years. So she is keeping her policy with him.

Now, my 2nd encounter with Bankers was 4 weeks ago. He convinced the lady to pay and additional $500/year because he said that Gerber and UHC were group policies and can cancel her at any time. I told her, that was not true. And, the policy states she can only be cancelled if she doesn't pay her premiums.

Why do Bankers agents feel the need to lie? I would never bad mouth any company to a client. I even tell the clients that I meet with that CP has a good policy. Just like UHC, Gerber and MoO. They are all the same. But why pay more for the same policy just to put extra $ in the agents pocket.

ps. All my appointments are done in their home, not over the phone and I have a good 15 minute convo with them before getting to business
 
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Re: Are All Bankers Life & Casualty Agents Liars?

11 Years ago I was a bankers agent and I never lied to any prospects or clients...But then again I saw agents lie all the time...It mainly happened when an agent from the S. Portland office got into a clients home and they already had a policy with a bankers agent from the Bangr office. The new agent would say they no longer work with Bankers rip up the card in front of them and say Bankers sent them out to introduce them as their new servicing agent and Bankers was concerned because the former agent (Who was still an active Bankers agent) was let go because he wasn't doing the best job for the clients and look how this plan whatever would meet your needs better than the current plan.

It wasn't until years later when I found the Topgunproducers website that I realized how to spot a slimeball company by how they along one agent to rip out business from another active agent.

Oh I hope you go back to that client as soon as Colonial Penn has their increase...There is no company out there that can keep Med Supp premiums the same forever with the rising cost of medical care and the increasing cost each year of medicare deductibles etc. I hope you laughed when she told you the other agent said they wouldn't have an increase based on not having an increase in two years.
 
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Re: Are All Bankers Life & Casualty Agents Liars?

the answer to the original question is
YES THEY DO, its the only way they can keep business on the books, they get paid 600 bucks up front for a supp and bonuses quarterly and tons of chargebacks.
 
Re: Are All Bankers Life & Casualty Agents Liars?

Not all but most would be my answer!
 
Re: Are All Bankers Life & Casualty Agents Liars?

Their model worked before people could easily jump online and get rates from several companies. I assume they now feel they can only win in competitive situations if they create FUD about more affordable options.
 
Re: Are All Bankers Life & Casualty Agents Liars?

how can i find out their prices on med supps in my area, i looked online and medicare.gov has no information at all.
 
Re: Are All Bankers Life & Casualty Agents Liars?

Maybe not all, but.....
A Blandon, Pa., man who pleaded guilty to insurance fraud has had his Pennsylvania insurance license revoked.
Matthew Joseph Harter had the license taken away by the Pennsylvania Insurance Department in April, according to department records.
He pleaded guilty in May 2010 in the Luzerne County Court of Common Please to the insurance fraud/intent to defraud charge, for which he was sentenced to 24 months of probation, records show. He was arrested Nov. 13, 2009, in connection with the falsification of more than 20 insurance applications while he worked for Bankers/Conseco.
Prosecutors say he falsified the applications to fraudulently obtain commission payments.
[Excerpt from IFAwebnews.com PA Edition]
 
Re: Are All Bankers Life & Casualty Agents Liars?

i have been on hold with them for 23 minutes just for med supp rates, great customer service so far lol
 
Re: Are All Bankers Life & Casualty Agents Liars?

I haven't run in to too many that lie...yet. So far, I've had several T65's show me their folder from CP and ask me how much our rates will go up. The clients say that the CP policies will have small rate increases.

Seems like that is their big "selling point" - stability.

A small percentage on a plan that is $60 per month more than my company is still a greater dollar amount!!

I have one client who is going through hoop after hoop trying to get her CP policy cancelled.
 
Re: Are All Bankers Life & Casualty Agents Liars?

They hire desperate people and don't train them.

"Senior Solutions" is actually worse in my area.
 
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