Shenandoah Life Sales Suspended

[Joe Moore]

We hate to be the bearer of bad news, and we are sending this same email to all our Shenandoah agents. Shenandoah Life has the following information posted on the front page of www.shenlife.com:


To our Valued Policyholders:
Earlier today we announced that the merger with OneAmerica would not take place. Many of you have had questions about our company's next steps.
Below please find a press release issued by the State Corporation Commission this morning.
Also attached is an initial Question and Answer document that should help provide you with some immediate answers.
Both the press release and the Question and Answer document are being posted to our agent website, StarNet, as well as our public website.
Additional information regarding the changes at Shenandoah Life will be provided as soon as possible.
Thank you for your patience.
Sincerely,
Robert W. Clark, FLMI
President and Chief Executive Officer
SCC Named Receiver of Shenandoah Life Insurance Company
Questions and Answers

 

[Russ]

I've been writing for them for over 10 years and have placed a great deal of my life business with them. Numerous policyholders within a 50 mile radius of where I live.

I'm probably voicing my opinion at the wrong time, but .......this is bullshit and I'm 99.9% convinced, this job is.

25 years of selling insurance. I wouldn't wish this job on my worst enemy.

 

[Justin Bilyj]

So what happens to your books? what happens to your clients policies? etc. Doesn't Equita push them big time?

 

[sman]

I've been writing for them for over 10 years and have placed a great deal of my life business with them. Numerous policyholders within a 50 mile radius of where I live.

I'm probably voicing my opinion at the wrong time, but .......this is bullshit and I'm 99.9% convinced, this job is.

25 years of selling insurance. I wouldn't wish this job on my worst enemy.

Maybe that's part of the problem, you view it as a JOB (and I'm not trying to be ugly). I enjoy what I do. I don't look at it as a job. I get to solve problems for people and get paid to do it. Of course, if I were starting over every week with no renewal income, I'd probably get tired of it. As a matter of fact, I did. That's why my focus shifted several years ago away from life sales to investments and health insurance (individual, group and Med Supps).

When I first started in the business back in 1989, life sales were my only source of income. That lasted until around 1998. Now commissions from life insurance makes up about 5%-10% of my income. I'm probably missing out on some income by not marketing life insurance, but that's ok with me. The only life insurance I sell now is when someone asks me about it. My only regret is that I didn't have a real business plan for many years and just floundered around making decent money, but not really good money. Now I'm getting to the really good money category (at least I think it is). And I couldn't imagine doing anything else.

 

[Newby]

I hate to dump on them but this is just thinning of the herd.

I tried to do a little business with Shenandoah and they were always useless when I called them for anything. They absolutely didn't know anything about insurance from my dealings with them.

 

[Russ]

Maybe that's part of the problem, you view it as a JOB (and I'm not trying to be ugly). I enjoy what I do. I don't look at it as a job. I get to solve problems for people and get paid to do it. Of course, if I were starting over every week with no renewal income, I'd probably get tired of it. As a matter of fact, I did. That's why my focus shifted several years ago away from life sales to investments and health insurance (individual, group and Med Supps).

When I first started in the business back in 1989, life sales were my only source of income. That lasted until around 1998. Now commissions from life insurance makes up about 5%-10% of my income. I'm probably missing out on some income by not marketing life insurance, but that's ok with me. The only life insurance I sell now is when someone asks me about it. My only regret is that I didn't have a real business plan for many years and just floundered around making decent money, but not really good money. Now I'm getting to the really good money category (at least I think it is). And I couldn't imagine doing anything else.

5-10% of my income is in life...maybe 15%. And yes, I enjoy what I do. What I don't enjoy is companies that don't pay you for 2 months with no correspondence why....M of O....and now this....yeah, I view it as a job....a job to get my money!

Oh...do you know anyone that will take a 50 year-old insurance agent with prior kidney failure, on a term policy at a decent rate. You see, I have my term with Shenandoah too! I'm not only an agent, I'm their customer too.

I've had a company go under before...First National Life, until American Pioneer bought them out. Shenandoah needs another buyer or else bye-bye agents commission, forever.

Also...I called Shenandoah to talk to someone in commissions. Got the standard...."their in a meeting now". I see why was my response to the nice lady. I wonder if I'll get my money tomorrow from them?
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The former Shenandoah Life.....A.M. Best Downgrades Ratings of Shenandoah Life Insurance Company

 

[Mark]

We have all seen this coming. When knew they were down graded and was up for sale.

A lot of companies have stop taking new business lately.

It is always good to have more then one company to work with.

 

[Russ]

We have all seen this coming. When knew they were down graded and was up for sale.

A lot of companies have stop taking new business lately.

It is always good to have more then one company to work with.

What other companies have quit taking new business?

 

[Mark]

What other companies have quit taking new business?

Chesapeake LIfe U.L. and Term Div.
F and G / Old Mutual.

and more will come out soon I bet.

 

[Russ]

Chesapeake LIfe U.L. and Term Div.
F and G / Old Mutual.

and more will come out soon I bet.

Thanks. Why have they quit taking new business?

I noticed the other companies that were affiliated with the company that was buying Shenandoah are "A" rated. Wonder why OneAmerica backed out?
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More on Shenandoah Life....State places Roanoke-based Shenandoah Life in receivership - Roanoke.com