Global Atlantic Bankruptcy ?

[11worldseries]

Is Global Atlantic going bankrupt or having some tremendous financial difficulties? The service is beyond horrible, they will not return calls if you are disconnected from a customer service rep, the supervisors do not accept phone calls, you can request a phone call from a supervisor but they will never call you, there is no follow up on transfers unless you hound them and even then nothing changes. I have multiple cases out there for over 60 days. It took them 6 weeks to fax a transfer form to Fidelity, and when they sent it they sent an unsigned form. They tell you they will “expedite” your case and nothing happens. Seriously, I cannot make this up. In my years of experience the only time supervisors will not accept calls and will not return calls is when a firm is facing bankruptcy or in dire financial straits. Anyone know or heard anything?

 

[Tahoe Ray]

Is Global Atlantic going bankrupt or having some tremendous financial difficulties? The service is beyond horrible, they will not return calls if you are disconnected from a customer service rep, the supervisors do not accept phone calls, you can request a phone call from a supervisor but they will never call you, there is no follow up on transfers unless you hound them and even then nothing changes. I have multiple cases out there for over 60 days. It took them 6 weeks to fax a transfer form to Fidelity, and when they sent it they sent an unsigned form. They tell you they will “expedite” your case and nothing happens. Seriously, I cannot make this up. In my years of experience the only time supervisors will not accept calls and will not return calls is when a firm is facing bankruptcy or in dire financial straits. Anyone know or heard anything?

Ha. They took in 12000 new applications in December alone.

That being said, it is terrible. Call backs are hit or miss, holding isn't even an option at over 4 hours. We are just having business issue now that was written in December. The bottleneck is clearing a little but I agree, it is a rough go if you're looking for service.

 

[Newby]

There was a time when that company had the best agent services in the entire industry. Back when it was ForeThought up until near the end of those years the phone would ring twice and a competent human would answer the phone.

 

[Tahoe Ray]

There was a time when that company had the best agent services in the entire industry. Back when it was ForeThought up until near the end of those years the phone would ring twice and a competent human would answer the phone.

Frankly, service has been rough for many annuity carriers since rates started going up. Specifically, those with great MYGA rates. We've been giving agents the option of writing the highest rate that will take months to process or a really competitive rate that will take weeks.

Service is brutal out there.

 

[LostDollar]

Frankly, service has been rough for many annuity carriers since rates started going up. Specifically, those with great MYGA rates. We've been giving agents the option of writing the highest rate that will take months to process or a really competitive rate that will take weeks.

Service is brutal out there.

Do the annuity carriers have the same problem on "the other side of the coin" too; people and time problems with putting the money to work to earn more than the current MYGA rates they are paying out?

 

[Tahoe Ray]

Do the annuity carriers have the same problem on "the other side of the coin" too; people and time problems with putting the money to work to earn more than the current MYGA rates they are paying out?

No. Very different roles.

 

[sman]

Frankly, service has been rough for many annuity carriers since rates started going up. Specifically, those with great MYGA rates. We've been giving agents the option of writing the highest rate that will take months to process or a really competitive rate that will take weeks.

Service is brutal out there.

Who are you seeing who is competitive and only take weeks? I've got one I need to move now from F&G. I don't know why they won't make the renewal rate the same as their current rate. I mean, I know why. But it would be nice if they just renewed at their current rate offering so the client could just stay put. The renewal rate is 1.5% lower than their current rate.

The other frustrating part about the MYGA market is all the offerings that pay cash value at death instead of full value. Not sure why anybody would go that route for a few bps more.

 

[Tahoe Ray]

Who are you seeing who is competitive and only take weeks? I've got one I need to move now from F&G. I don't know why they won't make the renewal rate the same as their current rate. I mean, I know why. But it would be nice if they just renewed at their current rate offering so the client could just stay put. The renewal rate is 1.5% lower than their current rate.

SBLI, Oceanview, Pacific Guardian Life, and a few others.

The other frustrating part about the MYGA market is all the offerings that pay cash value at death instead of full value. Not sure why anybody would go that route for a few bps more.

I don't understand why people would buy them either, especially given the demographics of the average MYGA buyer.

 

[sman]

SBLI, Oceanview, Pacific Guardian Life, and a few others.

Thank you sir. Know anything about CL Life? I just received an email from an agency on them. Rates and commissions seem good.

I don't understand why people would buy them either, especially given the demographics of the average MYGA buyer.

The other rhetorical question is why are carriers designing plans to only pay the cash value at death. We all know why and it's a terrible business practice as far as the consumer is concerned.

 

[Tahoe Ray]

Thank you sir. Know anything about CL Life? I just received an email from an agency on them. Rates and commissions seem good.

No. They aren't in most of the states that we write in and they're B++ so I really don't know anything about them.

The other rhetorical question is why are carriers designing plans to only pay the cash value at death. We all know why and it's a terrible business practice as far as the consumer is concerned.

A lot of those products let you "buy down" the rate to get a free and clear death benefit. That normally puts them in line with other carriers as far as rate goes.

I'm guessing it's so they show up at the top of the raters when a carrier screen is run. Like naming your business AAAAAAAA Medicare back in the old yellow pages days.