United of Omaha-12 Month Rate Guarantee

[insurance0707]

Has anyone else had problems with United of Omaha not truly honoring the 12 month rate guarantee. They seem to be going by when the applicant signed the application....not the issue date for the 12 month rate guarantee.

For example, you write someone in Oct 2008 for a Jan 1 2009 issue date, That client should have a 12 month rate guarantee until Jan 1 2010. Instead their getting the rate increase Oct 2009 because that's when they signed the application. They're not giving them a 12 month rate guarantee

What's up with that??????????????????????????/

 

[Guest]

Has anyone else had problems with United of Omaha not truly honoring the 12 month rate guarantee. They seem to be going by when the applicant signed the application....not the issue date for the 12 month rate guarantee.

For example, you write someone in Oct 2008 for a Jan 1 2009 issue date, That client should have a 12 month rate guarantee until Jan 1 2010. Instead their getting the rate increase Oct 2009 because that's when they signed the application. They're not giving them a 12 month rate guarantee

What's up with that??????????????????????????/

The only logical explanation I can think of is this:

The client is getting the rate frozen from when they sign and pay the first month premium, in your example October 1st.

Meaning if the October 1 rate is $135 per month, and the rate for January 1st, would be $145, the client locks in he lower rate.

If anyone else can verify this, please do.

 

[dhecker]

They recently changed their policy. It used to be a 12 month guarantee from the date signed, and now they have changed it to 12 months from effective date.

 

[insurance0707]

does that apply to just new policies....if so, when did it take effect

 

[G.Gordon]

does that apply to just new policies....if so, when did it take effect

New issues only. You'll need to call the company. Seems like the notice went out early this year. Rates locked from date of sig. 12 month guaranteed from effective date.

 

[MrMack]

Why people continue to write for this company is beyond me. In a few years U of Omaha rates will be as high as UWL, then they will roll out a new "United of Mutual" or whatever, and yet AGAIN lower the agents commission. Then like a flock of sheep, they will herd to the new company to take it up the backside.


The rate increase in Iowa was a modest 9%. Not as bad as other companies I have heard about.

 

[jacobtn]

Why people continue to write for this company is beyond me. In a few years U of Omaha rates will be as high as UWL, then they will roll out a new "United of Mutual" or whatever, and yet AGAIN lower the agents commission. Then like a flock of sheep, they will herd to the new company to take it up the backside.

Their customer service hold time is a joke, they take weeks longer than everyone else to issue policies, commissions so low they should be illegal, etc. So they are a familiar name to the seniors? Not worth the above IMO.

 

[jacobtn]

Huh? Mutual increased the commission on United of Omaha products. The comp is 3 points over the same level United World commission level.

As for your other issues, I have yet to find a carrier that
is as good as Mutual of Omaha. Maybe you might want to
revisit your issues with your upline, because I can get a underwriter or a customer service rep on the phone in less than a minute 99% of the time.

Sorry but you are wrong on your entire post. First off, here in TN United World was 22%. Then they rolled out United of Omaha, at 16%. Now they increased it 3 pts to 19, but if they are over 80, it is TEN percent. Whoopee.

What does my upline have to do with cust service? I don't need my upline to look into anything. Heck they make money for nothing, I go direct whenever possible with all my contracts.

Most of the time, when I call Mutual, I get the "Due to heavy call volume, we are unable to take your call. Please call later". Or if you're lucky you get to leave a number for automated callback.

And don't get me started on their inability to issue comboapps for life/Medsupp on one application (the life would never be keyed in, then they did two separate PHIs by mistake, sent the client their check back for the life and said they overpaid (!), etc.)

Too much hassle for me. I'll stick to Genworth/ACI for my healthy seniors. I make more $$ and fewer issues.

 

[G.Gordon]

Tell us how you really feel Jocob. Don't hold back.


The market will allways dictate who gets sold or not. Lower price makes them attractive, but lower commissions makes some agents choose to sell a client something else. I do that myself. If choice A is $105/mo and it pays me 10%, but choice B is $108/mo and pays me 18 or 23%... guess what I push. I'm still helping the client, but I pad my pocket a bit more in the process. But... for agents to only sell B over A regardless of the impact to the client is wrong. I loved those agents selling Standard for the 25% commissions. Guess what they ended up with... 0%. I flipped so many Standard policies in 06/07 it wasn't funny and most were less than a year old.

Mutual is OK. They don't give much with commissions in MO, but that is due to our GI law. It's sort of a sweet/sour law IMO. They are an easy sale, I've not had issues with service waits, or issue times, and they keep the rates about as steady as any in MO.

 

[The Brokerage Resource]

Why people continue to write for this company is beyond me. In a few years U of Omaha rates will be as high as UWL, then they will roll out a new "United of Mutual" or whatever, and yet AGAIN lower the agents commission. Then like a flock of sheep, they will herd to the new company to take it up the backside.

Their customer service hold time is a joke, they take weeks longer than everyone else to issue policies, commissions so low they should be illegal, etc. So they are a familiar name to the seniors? Not worth the above IMO.

Huh? Mutual increased the commission on United of Omaha products. The comp is 3 points over the same level United World commission level.

As for your other issues, I have yet to find a carrier that
is as good as Mutual of Omaha. Maybe you might want to
revisit your issues with your upline, because I can get a underwriter or a customer service rep on the phone in less than a minute 99% of the time.