Alzheimer's???

[goillini52]

Thanks for the info, but one more question. Are all modified plans rop? If so, they still have to qualify for it, but the gi plans are rop as well just no qualifying. Am I right? If I am are you saying you don't write any modified plans? If I'm incorrect please straighten me out lol, thanks

Sounds like you've got it. There's level, graded and modified. The difference between modified and GI is that the modified usually asks if they have Aids or are in the hospital or nursing home/GI asks no questions. The big difference for the agent is that on GI, if the customer dies in the 1st year...you pay back the full years commission...even if they die after 11 months, and modified pays a better % than GI in most cases.

 

[jdeasy]

Sounds like you've got it. There's level, graded and modified. The difference between modified and GI is that the modified usually asks if they have Aids or are in the hospital or nursing home/GI asks no questions. The big difference for the agent is that on GI, if the customer dies in the 1st year...you pay back the full years commission...even if they die after 11 months, and modified pays a better % than GI in most cases.

Not really. It's simply terminology. Some companies and agents call ROP plans graded or modified. Presidential's pretend GI was ROP but they called it "graded". MoO's GI plan is a true GI and is ROP for the 1st two years +10%. They call it "graded benefit whole life".

The chargeback rules vary by company. Not by what the plan is called.

 

[John Galt]

Not really. It's simply terminology. Some companies and agents call ROP plans graded or modified. Presidential's pretend GI was ROP but they called it "graded". MoO's GI plan is a true GI and is ROP for the 1st two years +10%. They call it "graded benefit whole life".

The chargeback rules vary by company. Not by what the plan is called.

Thats true, the UoO graded plan that one guy had was basically explained to him as a GI, and he was approved but had lapsed. I told him his best bet was to talk with them and retroactivate the policy by paying back premiums, he called me today and he did just that so he has his coverage back.

 

[noah]

UHL has a GI with a 3 year wait. It pays as earned. I don't see any big benefit on writing GI ? Can someone help me understand why writing GI is such a big deal if theres no significant money in it, and the fact that it poses a charge back issue ? Isn't an agent better off writing mainly express,immediate issue,and some graded, modified, and walking from GI ?

 

[John Galt]

UHL has a GI with a 3 year wait. It pays as earned. I don't see any big benefit on writing GI ? Can someone help me understand why writing GI is such a big deal if theres no significant money in it, and the fact that it poses a charge back issue ? Isn't an agent better off writing mainly express,immediate issue,and some graded, modified, and walking from GI ?

Im beginning to head that way of thought myself. I guess my experience so far has been the few GI I have written I have been very careful as to make sure they are not knocking on deaths door. Yes the commissions suck, but I dont like leaving money on the table if I can help it. Im already there and if they can walk, talk, cook and smoke that cigarette and they dont have a terminal case thats gonna send them to the other side very soon Ill write it. But its few and far between from what I hear, but my luck...I see on average about 1 to 2 of these cases every week.

 

[goillini52]

Not really. It's simply terminology. Some companies and agents call ROP plans graded or modified. Presidential's pretend GI was ROP but they called it "graded". MoO's GI plan is a true GI and is ROP for the 1st two years +10%. They call it "graded benefit whole life".

The chargeback rules vary by company. Not by what the plan is called.

I'm sure it varies by company, and you'd know better than me. To me ROP and modified are the same thing. You referred to ACI...they have level, graded and modified. The modified has the return of premium in the 1st 2years of 110% of premium. I just looked at my contract and I stand corrected on the chargebacks...ACI charges back the 1st year commissions if the customer dies within the 1st year on the modified. I was thinking only GI did that.

 

[John Galt]

I'm sure it varies by company, and you'd know better than me. To me ROP and modified are the same thing. You referred to ACI...they have level, graded and modified. The modified has the return of premium in the 1st 2years of 110% of premium. I just looked at my contract and I stand corrected on the chargebacks...ACI charges back the 1st year commissions if the customer dies within the 1st year on the modified. I was thinking only GI did that.

Funny thing is, they still have to "qualify" for modified if offered by the carrier, but GI is just that, GI. Both rop, aka modified, GI all seem to have the same charge back stipulation.

Thanks for the great clarification goillini, appreciate it.

 

[jdeasy]

UHL has a GI with a 3 year wait. It pays as earned. I don't see any big benefit on writing GI ? Can someone help me understand why writing GI is such a big deal if theres no significant money in it, and the fact that it poses a charge back issue ? Isn't an agent better off writing mainly express,immediate issue,and some graded, modified, and walking from GI ?

UHL's GI is not really GI. It's a pretend GI and you have to to write 3 or 4 of their other crap plans for every one of the pretend GI plans you write. And it's overpriced to boot.

I agree with not writing them. I don't write any ROP plans by any name. If it's ROP for 2, 3 or how many years I refer them to MoO or Newby for Vantis.

I'm not contracting with Gerber to write their GI. I don't know if it's a true GI like MoO or a pretend GI like UHL and don't care to know the details.

 

[HoosierLife]

Look at SNLs 2 year ROP product. Not a true GI, but they gotta be real sick and big not to qualify. 90% comp with renewals and no crazy chargeback rules.

 

[WinoBlues]

Why does it matter if company A has zero questions and company B has three knock out questions? Most of us can read and if the proposed insured does not fit in B we can move down the list. Not any different than SIWL, if A does not work move down to B no big deal. Am I missing something?