- 1,926
It seems all the carriers are taking longer to UW, I have just about had it with Genworth, as has my FMO, especially their screwing up with commissions. Any of you guys having this problem?
Banner Life
- Thread starter Winter_123
- Start date
How does Fidelity RD Term compare the Banner...? Sure, it may be slightly higher in prem, but in many cases ending up to be cheaper since their Height and weight limits is liberal for std issue. Simplified issue sure takes care of lots of waiting and lengthy time delays due to u/w.
Application being for someone who doesn't want to take a paramed, as well as lower face amts. Sure, if you are writing 250K and above, then the other more preferred carriers may be the ticket, but maybe not. Fidellity RD Term is up to 300K non-med and can be issued in less than a week in some cases.
Just a thought for some of these cases that aren't huge. And really, in a lot of cases if the client "can get it now" and "not hassle with a paramed" they might be willing to pay a little more for the protection. And you make it easy on yourself, plus get paid faster...
SN
- Thread starter
- #13
- 2,908
You show the client how much more they can get for the same premium by doing a paramed, without dumping a lot of NAA kind of talk on them to talk them out of it, and you will be surprised how few object to it. A standard rate for Fidelity or one of the other non-med products is about a Table D rating with an underwritten product.
I do a little bit of non-med but not much. If the client is seriously overweight and just wants a small face amount then they dont necessarily come out any worse by paying more for a plan that already assumes that that they are impaired risk, because they are. That doesnt mean that I sell it to folks who have other options by spinning a lot of tales about why they dont want a paramed. Even if they want it, I dont necessarily want to sell it to them so they should call NAA. It's just not the focus of my work. When it comes up and makes sense I flex and write a non-med but I end out there, I don't start there. To each his own.
Winter
This is exactly what I was referring to... those smaller cases, or the person who is going to be rated (table D) or worse if fully underwritten. If you have a nice clean case, sure you would be hanging yourself out to look foolish if compared to another preferred program. But each case is certainly different.
You didn't indicate who you currently represent, as compared to Banner. They often come up the best quote anyway, depending on a few circumstances, but who are you currently comparing them to...? (as in who do you currently already represent, or thinking of representing in lieu of Banner)?
- Thread starter
- #15
- 2,908
I am with ten or so of the major players, maybe more but you lose track of the ones that you never use. Occasionally I see Banner pop up as more competitive than say West Coast or Genworth or AIG, hence my original post.
Winter
- 14,809
I recommend non-med when I'm taking an app at the same time as the health app for clients who have not had a complete physical recently. Then at the one year mark I call back up and go over rates with an exam. I love Fidelity's rapid app.
- 1,926
I love to come across prospects with the non med term, after I explain they are paying table D rates, and compare rates for fully underwritten plans, plus they get free blood work, I have never had even one client not change. Why not give them the best rate from the get go?
- 14,809
Write the health app, client thinks everything is fine - applied and issued in 2 days. In the mean time write the life app, get the exam, three weeks later it comes back - high cholesterol. Client runs off to the doctor to get treatment and let the games begin. Go ahead and let that exam come back with high glucose levels.
G
Guest
Guest
What games? If the client had not been to the doctor for maybe 9 months to a year (not uncommon) and didn't know he had HPB or HCL, what is the issue? The worst the carrier (in CA) could do (in first two years of policy) is to APS to make sure there was no mention in doctor records of said conditions and that client had been notified. Otherwise, the carrier is not going to be able to rescind that policy (again in CA.)
Show me an actual case where what you describe has happened and there was no client fraud involved and the client had their health ins. rescinded.
Al
- 14,809
Instead of arguing about theories - write a health app on May 1st - get it issued on the 3rd. Have your client seek treatment within the same month for a condition (not accident) for something that was not stated on the app - then write your response. I won't argue theories. I live in the land of reality.
Will they rescind? Doesn't matter. Is that claim gonna get held up when they go into a very detailed claims review process? Absolutely. Why risk it for $15 more a month for a term life deal.
And by the way Al, the carrier can rescind by using the "prudent person" language. It doesn't matter if you've sought treatment - the policy can be yanked if they can prove you should have sought treatment.
A lady starts getting very nasty headaches - doesn't have coverage. She honestly thinks she can manage the headaches with OTC meds. You write the health app, she says nothing.
A month later she gives up - hits the doc office for treatment. The doc asks about the headaches - she said "...been fine all my life, all of a sudden 2 months ago I started having horrible headaches."
Claims review occurs - carrier sees that the client had symptoms before the app was written. Game, set and match.
Will they rescind? Doesn't matter. Is that claim gonna get held up when they go into a very detailed claims review process? Absolutely. Why risk it for $15 more a month for a term life deal.
And by the way Al, the carrier can rescind by using the "prudent person" language. It doesn't matter if you've sought treatment - the policy can be yanked if they can prove you should have sought treatment.
A lady starts getting very nasty headaches - doesn't have coverage. She honestly thinks she can manage the headaches with OTC meds. You write the health app, she says nothing.
A month later she gives up - hits the doc office for treatment. The doc asks about the headaches - she said "...been fine all my life, all of a sudden 2 months ago I started having horrible headaches."
Claims review occurs - carrier sees that the client had symptoms before the app was written. Game, set and match.
