NavidRahmani
New Member
- 5
People who were already able to afford health care began to stop paying for it so they could get it for free
Best Overall Disability Company
- Thread starter Davery123
- Start date
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- Tags
- disability
Caryn Montague
Expert
- 30
At the risk of giving away my age, let me tell you there is no one "good company" that meets the bar year in and year out. In addition to the sage advice raised above, let me suggest the one issue we're leaving out....who's the best when it comes to paying your clients' claims?
It takes years for your book of business to begin seeing the ravages of claims. Most of the IDI I sold was with the large, popular insurers. During economic downturns, when the industry went through upheavals, so, too, did claims. Recovering from years of issues resulting in the largest Multistate Settlement Agreement, Unum (by then a mishmash of many of "the best IDI insurers") left many in financial ruin. Other carriers followed suit. Your clients and mine paid the price after, sadly, having bought the "best coverage" available at the time.
You really want to know who I think is best? The companies I've seen handle their claimants the best are not the ones I'd have thought. I'd have figured own occ carriers with high premiums and lots of bells and whistles to have been the best. Over the almost 20 years since having transitioned to helping claimants, drumroll.....I've found the best claims' payors to be USAA, Ohio National, MoO, Lloyd's...and, some in bankruptcy! (Yes, even for doctors, lawyers, and non-professionals.)
Surprised, huh! And, for those of you still thinking your clients will never receive SSDI "if they can sell pencils on street corners".... Social Security is actually more fair, IMHO, than many disability carriers claims departments.
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It takes years for your book of business to begin seeing the ravages of claims. Most of the IDI I sold was with the large, popular insurers. During economic downturns, when the industry went through upheavals, so, too, did claims. Recovering from years of issues resulting in the largest Multistate Settlement Agreement, Unum (by then a mishmash of many of "the best IDI insurers") left many in financial ruin. Other carriers followed suit. Your clients and mine paid the price after, sadly, having bought the "best coverage" available at the time.
You really want to know who I think is best? The companies I've seen handle their claimants the best are not the ones I'd have thought. I'd have figured own occ carriers with high premiums and lots of bells and whistles to have been the best. Over the almost 20 years since having transitioned to helping claimants, drumroll.....I've found the best claims' payors to be USAA, Ohio National, MoO, Lloyd's...and, some in bankruptcy! (Yes, even for doctors, lawyers, and non-professionals.)
Surprised, huh! And, for those of you still thinking your clients will never receive SSDI "if they can sell pencils on street corners".... Social Security is actually more fair, IMHO, than many disability carriers claims departments.
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kpbdy99
Super Genius
- 162
There is no "one company," because there is no "one client." Everyone's needs are different. But, if I absolutely HAD to choose from the carriers out there today, to offer one product that would meet the needs of a broad range of clients, I'd probably go with Standard. I've had very good experience with them from both an underwriting and claims perspective.
DIBrokerage
New Member
- 10
Having been in the DI Brokerage business for more than 10 years now I can tell you there is no one carrier that an agent should be working with. Each clients specific medical, financial and occupational background will determine which carrier is best for them. Working with a DI focused general agent with access to all the carriers is the best way for a producer to sell DI. Plus working with a wholesale agency versus going direct to the carrier has no difference in commission. A DI focused general agency has the Knowledge and access to the proper carriers for each individual client. This is extremely important for setting the tone for your future sales as a financial professional to each client.
Jordan
Metrodi.com
Jordan
Metrodi.com
I'd be using Assurity or Illinois Mutual all day long if I was in the Blue Collar DI Market....aka Plumbers, Electricians, Barbers........
DIBrokerage
New Member
- 10
Absolutely agreed. As I tell every carrier when I go to their company meetings you have to know the market you want to be in and yoy have to be aggressive in that market. I prefer to wholesale Assurity simply because they are A rated and Illinois mutual is B rated. Every company has their place and the way to maximize your DI sales is to have access to all of them through a brokerage general agent providing unbiased opinions
Assurity and Illinois Mutual are both A-
DIBrokerage
New Member
- 10
Ah I see that checking the ratings now. You are correct. My apologies I guess it's been a little while since I last looked at Illinois mutuals ratings. We seemed to have had better experience working with Assurity. Plus they offer the GBDI so for clients who have significant medical history. They still write them
