Discussion in 'Disability Insurance Forum' started by Davery123, Oct 30, 2016.
If you could only write disability with one company... who would it be??
That would depend on who I was selling to.
What would be the situation where you could only write one company? Are you entertaining being captive in some form?
Oh, and the state you're selling in might also be a factor.
No but just like life insurance I like to have 1 "GO TO" carrier. I would like to know who is the best overall and if situations via occupation and/or need arise then I can always shop around.
You can't really do this because of the carriers and their occ classifications/types of coverage.
DI is very different than life.
If you had to only pick one:
Depending on your state, you could write Standard, Principal, or Ohio National for a lot of your cases. Principal and ON would be much stronger on renewals than the Standard.
If I could only pick one, Guardian. Best product, pricing is good for many occupations, discounts available, A++ financial rating and long-term DI commitment as a carrier, eApps, great eSignature process for policy delivery, lifetime renewal comp (most carriers stop after 10 years), can get up to 17.5% renewals for life with production/persistency, others generally are 10% or less.
Still best to have 4-5 companies to offer since there are so many underwriting variables. Most of my business last 2-3 years has been Guardian and MetLife, looks like it will probably be Guardian and Ohio National going forward given their product/pricing changes.
How is Ohio National underwriting is it fairly quick?
Very fast for someone in good health. Just had one approved and issued in less than two weeks including the time taken to do the medical exam. If they have health issues it's always going to depend on how quickly they get records back from the doctors.
It is impossible to have just one carrier in your pocket UNLESS you have only one specific client base (same occupation, same health conditions, same income and same ages).
By that I mean that suppose you focus on Doctors only (same occupation) however, your traditional white collar carriers (doesn't matter which ones) will still decline if there are certain health issues, the doctor is older, or if they need more coverage than the maximum benefit under the one carriers issue limits.
While there may be good arguments for have a "primary" carrier to address "Most" of your clients (again if you stay solely in a single market), you are still going to need access to other carriers for impaired health, older ages, or excess layers for higher incomes.
If you are just starting out, this is an excellent reason to utilize the services of a DI brokerage outlet which can offer you solutions for any situation giving you the "BEST" for each scenario.
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