40 Yr Old W/ NO Checking Account Needs FE Policy

[VolAgent]

Companies will take money orders.. Actually they even have to take cash after a policy has been issued.. It is legal tender for all debts and there is no provision in the insurance contract for them to refuse to accept payment.

They can refuse to accept cash or money orders with an application because there is no contract in force..

Well there you go! His bank account is empty, but he does have the cash.

I can only imagine red flags that would go off if someone tried to pay a large annual premium in cash. Also, actually getting it to them would be a problem. I believe agents are prohibited from collecting cash by contract. So you'd have to mail it or personally deliver it to the HO and find someone to accept it.

 

[Norwayguy]

I don't Chase direct pay business however if I am there and they refuse draft I will offer quarterly I figure I am already there might as well take the app and move one. I am not in the FE market though so most of my quarterlies have bank accounts just refuse to do a draft.

 

[rousemark]

Well there you go! His bank account is empty, but he does have the cash.

I can only imagine red flags that would go off if someone tried to pay a large annual premium in cash. Also, actually getting it to them would be a problem. I believe agents are prohibited from collecting cash by contract. So you'd have to mail it or personally deliver it to the HO and find someone to accept it.

We are talking FE.. Not normally going to be a "large" annual premium..usually, it is going to be less than 2K.

it is not unusual for seniors to keep decent sums of money hidden around the house.. I have had clients disappear into another room and come back with a couple of thousand in cash to pay annual premiums many times. This often happened in homes where you would least expect it. Nothing nefarious about it, they just like paying cash for things because they have done it that way all their life. Sure was nice in the days of submitting nets. It doesn't happen as often now as it did 15 - 20 years ago but it still happens.

Agents collect the cash, buy a money order in the clients name and send it in all the time.

 

[VolAgent]

We are talking FE.. Not normally going to be a "large" annual premium..usually, it is going to be less than 2K.

it is not unusual for seniors to keep decent sums of money hidden around the house.. I have had clients disappear into another room and come back with a couple of thousand in cash to pay annual premiums many times. This often happened in homes where you would least expect it. Nothing nefarious about it, they just like paying cash for things because they have done it that way all their life. Sure was nice in the days of submitting nets. It doesn't happen as often now as it did 15 - 20 years ago but it still happens.

Agents collect the cash, buy a money order in the clients name and send it in all the time.

Yes, but I was playing it out to its logical end.

And you know good and well why he guaranteed payment on a 105% contract and it had nothing to do with them paying cash.

 

[rousemark]

Yes, but I was playing it out to its logical end.

And you know good and well why he guaranteed payment on a 105% contract and it had nothing to do with them paying cash.

Who?... Me??? .

 

[goillini52]

Hi everyone, I have a lady whos in need of insurance.

I have found her 25K with SNL but need to find an additional 25K for her...

Heres the scenario...

40 yr old Female
Florida
No checking account, can pay with Money orders.
Has Lupus SLE, diabetic (pills) and vertigo (dizzy spells)

Any suggestions?
The health is not the main issue on getting her insurance its finding a company that accepts money orders.

Thank you.

American Continental takes money orders.

 

[Cyborg7]

I actually have a guy right now that had a heart attack in December 2012

No bank account

Yes he does have a DE card

BUT I think Kemper said no thank you without a bank account if I remember correctly

 

[Newby]

I actually have a guy right now that had a heart attack in December 2012

No bank account

Yes he does have a DE card

BUT I think Kemper said no thank you without a bank account if I remember correctly

Settlers Silver 2 does monthly billing and is 2st day full coverage if heart attack was longer than 6-months ago if he has only had 1heart attack. Keeper would be 2-year graded even if they did take it.

 

[jdeasy]

American Continental takes money orders.

You think AmCon is going to write a 40 year old? And they don't do monthly direct billing. They would have to pay quarterly and they will also have to wait 5 years to apply.

Other than that it's spot on advice.

 

[goillini52]

You think AmCon is going to write a 40 year old? And they don't do monthly direct billing. They would have to pay quarterly and they will also have to wait 5 years to apply.

Other than that it's spot on advice.

My bad on the age...they start at 45. The original post said nothing about monthly direct...only wondering what companies will take money orders.

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Settlers Silver 2 does monthly billing and is 2st day full coverage if heart attack was longer than 6-months ago if he has only had 1heart attack. Keeper would be 2-year graded even if they did take it.

Kemper's Guaranteed Issue(1st 2 years is 120% return of premium), not graded. They won't take the card.