24 month rate guarantee anyone?

Jul 1, 2008

  1. rapidrobert
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    rapidrobert Guru

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    I had a client tell me that someone offered them a company that had a 24 month rate lock in as opposed to a 12 month which I have several companies who offer that...

    What say you?
     
  2. TXINSURANCE
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    TXINSURANCE Guru

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    I would tell them Assurant is too expensive and sell them something for half the price. Every market I am in Assurant is very high.

    Also I keep hearing these commercials from Assurant on T.V. during my kids cartoons ..."for over 110 years..."

    Can someone verify who in the 1800's had Assurant? I need verification of this.
     
  3. Guest
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    Guest Guest

    I say get appointed with Assurant and start selling some HDHP/HSA's.

    Assurant as a company has been around since 1892.
    They offer 24/36 month rate guarantee.
    They offer a 10% deductible credit
    They offer condition specific deductibles
    they offer the 10% healthy discount

    it can be tough to outsell those incentives if another agent is selling those Assurant features.

    I'm not sure what markets you're in but it sounds like from your response above that you're offering/writing co pay plans pretty much exclusively.

    That means you're missing out on some good business with HDHP's (HSA qualified plans).

    Apologies if I'm wrong with my assumption.

    :embarrassed:
     
    Guest, Jul 1, 2008
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  4. Guest
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    Guest Guest

    And if I recall correctly, Assurant is dropping rates in some states. Staring tomorrow.

    Anyone know about this?
     
    Guest, Jul 1, 2008
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  5. somarco
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    somarco That Medicare Expert Guy

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    Nope. Assurant (as a brand) did not exist until a few years ago. However Time insurance (owned by Assurant) dates back to 1892.

    They offer a 24 (and 36) month rate lock as a gimmick. Same for the $25M lifetime max.

    When carriers fail to gain market share they resort to gimmicks.

    Like 12 month annualization of commissions . . .

    Not in all states.

    This is called betting on the come.

    Most buyers would rather have the cash discount now rather than waiting on something that may or may not happen.

    I have never had a problem selling away from Time. Most of the time they never even appear on my radar. When they do, I usually win.

    I have had a few situations slip away where some idiot State Farm agent proposed Right Start and the prospect hung his hat on the auto discount in exchange for buying a cheap ass health insurance plan that will bankrupt him on a major claim.

    You can't fight stupidity sometimes.

    Dang you are good.

    How did you divine that from Joe's (accurate) comment that Time is not competitive in most states?

    FWIW, in GA their copay plans are a non-starter and their HDHP is not even in the game in most situations. The handful of cases I have with Time are folks looking for the HSA with maternity. In that case, Time is the only real choice, albeit a very pricey one.

    My RSD sends me stuff all the time on rates dropping, new networks, bonus plans and now lead programs. So far nothing he has sent my way is incentive enough to offer a plan that is 20% or more above comparable plans, does not include a wellness benefit (unless the client wants to pay even more) and riders everything (no CSD's in GA).

    I'm sure your market must be different . . .
     
    somarco, Jul 1, 2008
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  6. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    It's not tough to outsell them here in Florida --at all.

    When someone tells me they/considering Assurant, my eyes get wide, and I start licking my chops!

    Consider:

    336 (Tampa) zipcode, M/F, both 51 yo, n/t. $5,700/$5,800 deductible HDHP:

    Golden Rule $330
    Assurant $679 (and that's "preferred"!)

    In addition, no healthy discount in FL.
     
  7. somarco
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    somarco That Medicare Expert Guy

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    Obviously you need more sales training.
     
    somarco, Jul 1, 2008
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  8. Crabcake Johnny
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    Crabcake Johnny Guru

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    Just come into MD

    Male 40, female 40, two kids: $5,800 HSA: $302. All day long.
     
  9. Guest
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    Guest Guest

    Okay so since the peanut gallery has spoken and has to selectively shoot down the incentives to hear themselves talk and sound knowledgeable, let's really break it down as if we were all morons.

    Assurant, Time, John Alden and Fortis, all the same company now. Just like saying UHC for Golden Rule.

    When Assurant is competitive, and it comes down to choosing one company over the other, what entices a client to choose one plan over the other?

    I had someone at 62 years old, took the 3 year rate guarantee, they're covered right to medicare.

    Psychologically knowing that your health insurance won't go up, has value in it to the customer.

    I sell many HSA qualified plans so those clients are more likely to get the 10% health discount upon renewal.

    And what about other markets for other agents?

    The condition specific deductibles are available in many, many states and don't people want their conditions covered, rather than get a decline or a rider?

    Let me ask you this.

    Did I really have to explain this?
    Did you forget the question posed that started the thread was from someone who never heard of the rate guarantee?
    Are your tactics to help people be prepared to do their job or to be argumentative?

    Check your head will ya!!

    :arghh:
     
    Guest, Jul 1, 2008
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  10. somarco
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    somarco That Medicare Expert Guy

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    Aetna $5,000 HSA $555
    CareFirst $2500 HSA $273
    GR $5800 HSA $283

    Quite a range.
     
    somarco, Jul 1, 2008
    #10
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