Assurant Indemnity Plans
- Thread starter rswaze
- Start date
proplushealth
New Member
- 8
I've been selling SLAICO (Standard Life and Insurance company), they have a very good indemnity plan that on average cost $200/month with great coverage, no deduct, etc.. They pay out on a 9 month advance at 30% if you get top tier commission level. If you want to know what GA I signed up through to get those commissions, I can let you know. My problem right now is med leads dried up on me after the enrollment period ended. I like to do Live Transfer Leads but am getting nothing from Norvax (Broker Office) or DataLot rt now....I also tried dial "1" but they were horrible. What are you doing for Med Leads?
sofloagent
New Member
- 14
I personally wouldn't recommend selling either Assurant Health Access or SLAICO.
Believe it or not the price for the Assurant plans are good but they do not pay most of their claims. Hence why the price looks so good for what you get. Compared to MOST Indemnity plans the benefits look good on paper.
SLAICO's benefits are probably the best when they come to indemnity plans especially for the price.
My main issue with both:
With Assurant you will most likely take an advance and never work your wait out of it especially with the fact that if the client doesn't make their 5th payment they will even charge back the first 4 months. So everything will look good for the first 2 or 3 months when the checks start rolling in until people start cancelling (and they will) then your checks drop and if you stop writing at that point you will go in the red and Assurant will pull your contract and send it to collections and good luck getting any appointments with other carriers after that.
With SLAICO it's almost the same concept. Most people selling it started last year pre-healthcare reform and to have your book break even on an indemnity plan with a 3 month advance takes roughly 18 months. On a 9 month advance on such a low cost premium that has the ability of a short life span because most of those people will then realize they qualify for financial assistance through healthcare.gov all you are doing is digging your self into a hole you will never get out of. Most people just haven't realized it yet because they haven't been selling it for too long.
In conclusion: If you are going to sell an indemnity plan you want to sell it as earned or on a very small advance like 2,3 maybe 4 months so that way you can eventually have your book of business at least break even with the advance you are receiving on average each month. I have been selling indemnity plans along with major medical, and STM for over 7 years as an independent agent and in call center agencies, and in my opinion that is the way to go along with some ancillary plans.
If your interested in some other indemnity plans or even some ancillary plans that you can add with your products. Shoot me a PM and maybe we can help each other out. Good luck and happy selling!
Believe it or not the price for the Assurant plans are good but they do not pay most of their claims. Hence why the price looks so good for what you get. Compared to MOST Indemnity plans the benefits look good on paper.
SLAICO's benefits are probably the best when they come to indemnity plans especially for the price.
My main issue with both:
With Assurant you will most likely take an advance and never work your wait out of it especially with the fact that if the client doesn't make their 5th payment they will even charge back the first 4 months. So everything will look good for the first 2 or 3 months when the checks start rolling in until people start cancelling (and they will) then your checks drop and if you stop writing at that point you will go in the red and Assurant will pull your contract and send it to collections and good luck getting any appointments with other carriers after that.
With SLAICO it's almost the same concept. Most people selling it started last year pre-healthcare reform and to have your book break even on an indemnity plan with a 3 month advance takes roughly 18 months. On a 9 month advance on such a low cost premium that has the ability of a short life span because most of those people will then realize they qualify for financial assistance through healthcare.gov all you are doing is digging your self into a hole you will never get out of. Most people just haven't realized it yet because they haven't been selling it for too long.
In conclusion: If you are going to sell an indemnity plan you want to sell it as earned or on a very small advance like 2,3 maybe 4 months so that way you can eventually have your book of business at least break even with the advance you are receiving on average each month. I have been selling indemnity plans along with major medical, and STM for over 7 years as an independent agent and in call center agencies, and in my opinion that is the way to go along with some ancillary plans.
If your interested in some other indemnity plans or even some ancillary plans that you can add with your products. Shoot me a PM and maybe we can help each other out. Good luck and happy selling!
proplushealth
New Member
- 8
Thanks, that is good advice. I am actually getting paid as-earned with Slaico because they set me up that way, which makes it tough starting out. To offset, I am adding Dental and ADD which pays in advance, or it would really be tough. My biggest issue has been Leads. I am going to give Katalyst a try....they have a weekly fee with unlimited live transfer and exclusive leads...hopefully I can get an increase with them. This will be the 5th lead company I've tried in 6 weeks.
sofloagent
New Member
- 14
Not trying to solicit just offering help and advice.
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Thanks, that is good advice. I am actually getting paid as-earned with Slaico because they set me up that way, which makes it tough starting out. To offset, I am adding Dental and ADD which pays in advance, or it would really be tough. My biggest issue has been Leads. I am going to give Katalyst a try....they have a weekly fee with unlimited live transfer and exclusive leads...hopefully I can get an increase with them. This will be the 5th lead company I've tried in 6 weeks.
That's the way I would do it. Leads have definitely been rough lately but in my experience you have to give a few of them a chance for a good minute before you can get a really good idea of how good they are. I always say that a lead is someone that is still looking for the services you are offering. The rest is on is as agents to make it a good lead. Of course that takes money and that can be rough. Good luck!
Assurant's plan from my memory doesn't pay anything for the operating room same with Standard Life. The operating room alone can easily cost $10 grand. The only Indemnity plan I like is Philadephia American. I only sell it if the client understands what they are buying and for some people it's OK.
Happy Texan
Expert
- 87
It depends on the type of indemnity plan you want to sell.
Hospital indemnity plans are available to sell only to those who have minimum essential coverage under the ACA.
Don Levit
Hospital indemnity plans are available to sell only to those who have minimum essential coverage under the ACA.
Don Levit
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